I believe investors should use the following data visuals to manage overall oil and natural gas E&P exposure as well as overall "delta to SMOG" exposure (indicated in the dashboards within the visuals), as the delta to SMOG could be closed (to parity) or taken negative in a worst-case or crisis-selling scenario. For some of these names, that's some distance away from a market cap to SMOG standpoint.
For others, as indicated in the bullet points above, the delta to SMOG has already more than been closed. For some, market caps have adjusted well beneath full-year 2014 SMOG calculations. For this particular grouping of names, there might be relative value present as capitulation might have presented or be presenting an opportunity to add at way oversold levels. I believe the "stressed" names within the data visuals often express this. In any and every case, I believe the data-based, BI-derived visuals present a valuable source of total-analysis information.
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Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.