Introduction
The Energy Minerals Sector is comprised of 619 companies. And, as it is with every sector, they come in all shapes, sizes and colors. However, a common attribute that is shared by most companies in this sector is a significant amount of cyclicality in their operating results, i.e., earnings and cash flows. As a result, capital appreciation results can be both unpredictable and even poor for extended periods of time. On the other hand, the dividend records of many companies in this sector, especially the Major Integrated Oil Producers tend to be more consistent