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Barclays analysts, in restarting coverage of E&Ps, presented anti-hydrocarbon investors with “a reality check on energy transition.”

Barclays’ re-initiation of E&P stock coverage includes a message to anti-E&P investors: “Unapologetic oil and gas.”

The start is on 18 hydrocarbon tickers—a mix of integrateds and independents, ranging from Exxon Mobil to Antero Resources, plus minerals firm Sitio Royalties.

E&P “companies have done what investors demanded—and more,” new Barclays analyst Betty Jiang wrote after markets closed on April 9. “We believe the sector offers a better value proposition than ever before.”

Among the 18 stocks, “we see strong balance sheets, low cash flow breakeven prices and significant free cash flow generation, with the group on pace to return some 20% of their market cap on average through dividends and buybacks over the next three years—at strip pricing.”

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