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  • 23/11/2017
    Fixed Income
    Audra Delport
    As energy companies focus more on balance-sheet strength and less on maximising growth, the sector is likely to become more attractive to credit investors. Back when commodity prices were peaking, production volumes were arguably the key drivers of Exploration & Production (E&P) companies’ equity valuations. The underlying logic was simple: the faster the company grew production, the more barrels of oil it could sell at high prices. Expansion strategies were justified by high internal rates of return, exceeding those of returning capital to shareholders.