t was not surprising to see more highly rated companies in the top quartile overall (CXO, HILCRP); however, it was surprising to see companies like Parsley (PE) and Penn Virginia (PVA) with CCC ratings there. Looking more closely at these two - they are in some of better US unconventional plays (Permia

ch show superior growth-FCF equations compared to their peers. We acknowledge the top quality core assets of Higher Quality Oily names - but except Parsley (OAS: 248 bps), the other names (OAS: 179-213 bps) already rade inside the broader-BB index and it is therefore difficult to see much further upsid

how superior growth-FCF equations compared to their peers. We acknowledge the top quality core assets of Higher Quality Oily names - but outside of Parsley these already trade inside the broader-BB index and it is therefore difficult to see much further upside. Neutral on Higher Quality gassy namos L