Energy stocks are enjoying their best market performance in years. They are also enjoying the best performance on the S&P 500 this year—at least so far. After years of poor earnings, poor market returns, and investors pulling out of oil and gas stocks, conventional energy stocks have come back with a bang. Oil rallied above $100 a barrel after Russia invaded Ukraine. Still, public U.S. shale firms have refrained from returning to their old spending ways of sinking all their cash flow (plus a lot of borrowed money) into drilling…
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