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Energy discipline literally paying dividends

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Energy companies' capital discipline has elevated all three components of shareholder yield. OPEC+'s stated production cuts and planned refilling of the SPR should support crude prices and allow companies to continue to return capital. Elevated yields supported by continued discipline may make energy companies attractive on a relative basis if earnings for the broader market are pressured later this year.

Ned Davis Research | Thematic | On the Radar | Weekly

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