To call the High Yield Energy List we launched last May a disappointment so far would be the understatement of the year. The one thing that went right was that none of the initial 10 recommendations has cut its dividend, with the exception of EnLink Midstream (NYSE: ENLC).

That affirms our analysis of dividend safety, based on the five criteria highlighted above. And it sets the list members apart from the several score coverage universe energy companies that have cut and eliminated dividends in the last 10 months or so.

Unfortunately, in the sector selloff we’ve seen in recent months, even consistently increasing dividends has mattered little to share price performance. Neither has superior distribution coverage, aggressive debt reduction, shareholder-friendly changes in governance or any other measure of underlying business strength. Rather, everything to do with energy has sold off fast.