EFTA Document EFTA01357798

I3 January 2015 HY Corporate Credit Energy Commodity MI< Semen Despite bear oil markets, we still see oil mix driving higher per unit cash margin for the oilier E&Ps, especially a credit like offshore E&P Tullow (TLW) with significant assets in the development stage. We concede, in this analysis, E&Ps with long-dated and core natural gas reserves screen poorly here despite clear long term viability. For example, RRC, AR, and WPX are screened in the bottom quartile here despite roughly B