Editors’ note: When you’re gearing up to ride a prospective recovery in a battered sector, it’s critical to be sure you’re riding the swiftest and surest horses. And that means keeping an eagle eye on individual company performance. Here are our initial takeaways from the Q3 earnings reports and guidance updates we’ve seen.

Q: What’s your most important takeaway from the energy sector bellwether companies reporting results so far?

RC: That the best run, best capitalized companies in the oil and gas business have effectively absorbed this year’s body blow of Covid-19 fallout on demand. And perhaps more importantly, they’ve adapted to the lower for longer price environment and its impact on the profitability of North American shale production.