The fine-grained rocks in the Paleogene Shahejie Formation in Nanpu Sag, Huanghua Depression, Bohai Bay Basin, are extremely important source rocks. These Paleogene rocks are mainly subdivided into organic-rich black shale and gray mudstone. The average total organic carbon contents of the shale and mudstone are 11.5 wt.% and 8.4 wt.%, respectively. The average hydrocarbon (HC)-generating potentials (which is equal to the sum of free hydrocarbons (S1) and potential hydrocarbons (S2)) of the shale and mudstone are 39.3 mg HC/g rock and 28.5 mg HC/g rock, respectively, with mean vitrinite reflectance values of 0.82% and 0.81%, respectively. The higher abundance of organic matter in the shale than in the mudstone is due mainly to paleoenvironmental differences. The chemical index of alteration values and Na/Al ratios reveal a warm and humid climate during shale deposition and a cold and dry climate during mudstone deposition. The biologically derived Ba and Ba/Al ratios indicate high productivity in both the shale and mudstone, with relatively low productivity in the shale. The shale formed in fresh to brackish water, whereas the mudstone was deposited in fresh water, with the former having a higher salinity. Compared with the shale, the mudstone underwent higher detrital input, exhibiting higher Si/Al and Ti/Al ratios. Shale deposition was more dysoxic than mudstone deposition. The organic matter enrichment of the shale sediments was controlled mainly by reducing conditions followed by moderate-to-high productivity, which was promoted by a warm and humid climate and salinity stratification. The organic matter enrichment of the mudstone was less than that of the shale and was controlled by relatively oxic conditions.
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