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U.S. Stock Market in 2022: Biggest Energy Winners



U.S. Stock Market in 2022: Biggest Energy Winners

U.S. Stock Market in 2022: Biggest Energy Winners

It’s been a relatively tough year in the equities market, but, as always, some sectors performed better than others.

2022 was an especially good year for energy companies on the S&P 500, with all companies in the industry finishing the year off in the green while the technology, communication services and consumer cyclical sectors predominantly sported red. 

Let’s take a closer look at the 2022 energy stock market based on Finviz’s S&P 500 Map

The Big Winners

As global energy prices soared in the ongoing aftermath of the Russia-Ukraine conflict, energy companies performed exceptionally well in 2022.

Significant gains were seen in nearly all sub-industries of the industry, with exploration and production leading the way. Midstream corporations lagged relatively behind in terms of year-to-date performances but still closed the year off with more than 30% gains on average. 

Here are the top five gainers from 2022. 

RankCompanyEnergy Sub-Industry2022 Performance
1Occidental Petroleum Corporation (OXY)Oil & Gas Exploration and Production +117%
2Hess Corporation (HES)Oil & Gas Exploration and Production +92%
3Marathon Petroleum Corp (MPC)Oil & Gas Refining and Marketing+82%
4ExxonMobil Corp (XOM)Oil & Gas Integrated+80%
5Schlumberger Limited (SLB) Oil & Gas Equipment & Services+79%

Collectively, the energy sector was the largest contributor to the S&P 500 earning growth in 2022.  

In December 2022, Texas-based ExxonMobil’s market value surpassed that of Tesla for the first time since 2020. On the other hand, Occidental Petroleum Corporation benefitted from Berkshire Hathaway accumulating a $12 billion position in the company throughout the year, eventually owning 20.9% of the stock. Occidental’s valuation more than doubled in the process.

It was a triumphant year in the energy sector, to say the least. Other well-performing industries in the S&P 500 in 2022, though there weren’t many, were healthcare and insurance. 

Looking Ahead to 2023

Even as 2023 predictions paint a gloomy picture for the global economy, the energy sector is expected to keep up its good performance into the new year, though with less volatility predicted in energy prices in comparison to 2022. 

There are a few things to keep an eye on as 2023 kicks off. The ongoing sanctions against Russia in many European countries, and the continent’s subsequent gas crisis, are likely to continue in 2023 as former big importers of Russian gas, such as Germany and Italy, look elsewhere to meet their needs. 

China’s reopening after its current COVID surge is also predicted to affect the energy market, with demand likely surging as the country eases the strict lockdowns currently in place, bringing oil prices up along with it. 

In general, a tighter oil market is predicted in 2023, potentially continuing the trends we saw in 2022.

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Real Assets

All the Metals We Mined in One Visualization

This infographic visualizes the 2.8 billion tonnes of metals mined in 2022.



All the Metals We Mined in One Visualization

Metals are a big part of our daily lives, found in every building we enter and all devices we use.

Today, major industries that directly consume processed mineral materials contribute 14% of the United States economy.

The above infographic visualizes all 2.8 billion tonnes of metals mined in 2022 and highlights each metal’s largest end-use using data from the United States Geological Survey (USGS).

Iron Ore Dominance

Iron ore dominates the metals mining landscape, comprising 93% of the total mined. In 2022, 2.6 billion tonnes of iron ore were mined, containing about 1.6 billion tonnes of iron.

Metal/OreQuantity Mined in 2022 (tonnes)% of Total
Iron ore2,600,000,00093.3%
Industrial metals185,111,8356.6%
Technology and Precious Metals1,500,0080.05%

Percentages may not add up to 100 due to rounding.

Iron ores are found in various geologic environments, such as igneous, metamorphic, or sedimentary rocks, and can contain over 70% iron, with many falling in the 50-60% range.

Combined with other materials like coke and limestone, iron ore is primarily used in steel production. Today, almost all (98%) iron ore is dedicated to steelmaking.

The ore is typically mined in about 50 countries, but Australia, Brazil, China, and India are responsible for 75% of the production.

Because of its essential role in infrastructure development, iron ore is one of the most crucial materials underpinning urbanization and economic growth.

Industrial Metals

Industrial metals occupy the second position on our list, constituting 6.6% of all metals mined in 2022. These metals, including copper, aluminum, lead, and zinc, are employed in construction and industrial applications.

Aluminum constituted nearly 40% of industrial metal production in 2022. China was responsible for 56% of all aluminum produced.

Industrial Metals2022 Mine Production (tonnes)% of Total
Titanium (mineral concentrates)9,500,0005.1%
Zirconium Minerals (Zircon)1,400,0000.8%

In the second position is chromium, which plays a primary role in rendering stainless steel corrosion-resistant. South Africa led chromium production, accounting for 44% of the total mined last year.

Technology and Precious Metals

Despite representing less than 1% of all the metals mined, technology metals have been on the news over the last few years as countries and companies seek these materials to reduce carbon emissions and improve productivity.

Technology and Precious Metals2022 Mine Production (tonnes)% of Total
Rare Earth Oxides300,00020.0%
Platinum Group Metals4000.03%

They include lithium and cobalt, used in electric vehicles and battery storage, and rare earths, used in magnets, metal alloys, and electronics. Many of them are considered critical for countries’ security due to their role in clean energy technologies and dependency on other nations to supply domestic demand.

However, despite increasing interest in these metals, they are still behind precious metals such as gold and silver regarding market size.

The gold market, for example, reached $196 billion in 2022, compared to $10.6 billion for the rare earths market.

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Real Assets

Visualizing Mining’s Footprint in British Columbia

Mining represents 7% of British Columbia’s GDP despite only accounting for 0.04% of the land use.



Mining Footprint in British Columbia

Visualizing Mining’s Footprint in British Columbia

British Columbia is considered a global leader in the development of socially and environmentally responsible resources.

An estimated 54% of the province’s total land is protected, making it one of the world’s greenest mining hubs.

This graphic by the B.C. Regional Mining Alliance (BCRMA) details mining’s footprint in the province.

A Tier 1 Jurisdiction for Mining

British Columbia covers almost 95 million hectares (234 million acres), more than any European country except Russia, and more than any U.S. state except Alaska.

As the largest mining province in Canada, BC registered $18 billion in revenue from the industry in 2022.

British Columbia stands as Canada’s sole producer of molybdenum, which finds applications in metallurgy and chemistry. Additionally, B.C. is the country’s leader producer of copper and steelmaking coal, besides gold and silver.

B.C. mined material breakdown

At the heart of British Columbia’s mining industry lies the Golden Triangle, one of the hottest mineral exploration districts in the world.

More than 150 mines have operated in the area since prospectors first arrived at the end of the 19th century. The region alone is endowed with minerals worth more than $800 billion.

How Green is B.C. Mining

Mining represents 7% of the province’s Gross Domestic Product (GDP), despite only accounting for 0.04% of the land use. In comparison, farmland demands 3% of the land, bringing $2.1 billion (0.8%) per year.

Land Use in B.C.Revenue (2022, CAD $)
Mining 0.04%$18.0 billion
Oil & Gas 0.4%$9.5 billion
Infrastructure1%$25.0 billion
Farmland3%$2.1 billion
Forest62%$13.3 billion

Mining operations are also supported by a stable, transparent, and effective policy environment. The province ranked as the world’s least risky for mining in 2017 and 2018.

In addition, mineral exploration has received ample support from local Indigenous communities. Today, mining accounts for over two-thirds of all indigenous people employed in the extractives sector.

According to the International Energy Agency, up to six times more minerals and metals will be needed by 2040 to accelerate the energy transition.

In this scenario, British Columbia is well positioned to support the transition to a low-carbon future and make a significant contribution to climate action.

The BCRMA is a strategic partnership between indigenous groups, industry, and government representatives that aims to promote B.C.’s mining opportunities internationally.

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