Investors are a critical part of the shale picture. Without big investors putting big money into shares of stock, and without private investors financing drilling programs, E&Ps (exploration and production) companies would cease to exist. Which is the aim of the divestment movement we sometimes talk about. However, the focus of this post is that the way investors size up and decide whether (and how much) to invest in an E&P is changing. The ratios and numbers investors track to help them make investment decisions is shifting.