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Leverage has become a naughty word in energy. With access to debt capital drying up and secondary offerings now quite often dilutive due to depressed valuations, midstream has been particularly hard hit due to the capital intensive nature of the business. No question, there is a lot of risk in chasing after highly indebted firms. It is a trap that many investors have fallen into in recent years; three companies on this list have seen their equity valuations blow out by 80% or more over the past several years. However, it is not a death