Energy covers oil & gas exploration/production, refining, pipelines, and oilfield services. Performance is primarily driven by crude oil and natural gas prices.

Key Holdings: ExxonMobil, Chevron, ConocoPhillips, EOG Resources

Drivers: Oil/gas prices, OPEC+ policy, U.S. shale production, energy transition pace

Characteristics: High dividend yields; cyclical with commodity prices; capital discipline shift post-2020