We propose a novel mixed displacement-pressure formulation based on an energy functional that takes into account the relation between the pressure and the volumetric energy function. We demonstrate that the proposed two-field mixed displacement-pressure formulation is not only applicable for nearly and truly incompressible cases but also is consistent in the compressible regime. Furthermore, we prove with analytical derivation and numerical results that the proposed two-field formulation is a simplified and efficient alternative for the three-field displacement-pressure-Jacobian formulation for hyperelastic materials whose strain energy density functions are decomposed into deviatoric and volumetric parts.