Several approaches have been applied for the evaluation of formation organic content. For further developments in the interpretation of organic richness, this research proposes a multivariate statistical method for exploring the interdependencies between the well logs and model parameters. A factor analysis-based approach is presented for the quantitative determination of total organic content of shale formations. Uncorrelated factors are extracted from well logging data using Jöreskog’s algorithm, and then the factor logs are correlated with estimated petrophysical properties. Whereas the first factor holds information on the amount of shaliness, the second is identified as an organic factor. The estimation method is applied both to synthetic and real datasets from different reservoir types and geologic basins, i.e., Derecske Trough in East Hungary (tight gas); Kingak formation in North Slope Alaska, United States of America (shale gas); and shale source rock formations in the Norwegian continental shelf. The estimated total organic content logs are verified by core data and/or results from other indirect estimation methods such as interval inversion, artificial neural networks and cluster analysis. The presented statistical method used for the interpretation of wireline logs offers an effective tool for the evaluation of organic matter content in unconventional reservoirs.