It should be another good year for energy stocks, according to Goldman Sachs. The sector has outperformed the S&P 500 by 78% in 2022, and even without a big repeat, the backdrop is still constructive for energy equities, analyst Neil Mehta said in a note Tuesday. “We see Brent in the range of $80-$100/b for several years (above the forward curve), the equity ‘sweet spot’ and we see company-specific drivers in terms of capital return, project development and execution to drive a healthy upside/downside spread ,” he wrote. XLE 1Y mountain Energy Select Sector SPDR Fund strong performance Bottom price target upside Goldman shows 13% total weighted market cap return to energy stocks included. The company’s buy-rated stocks have an average total return of 26%. Investors should keep an eye on pullbacks in the space, Mehta said. There are three in 2021 and 2022, and he said he wouldn’t be surprised if there were similar frequency this year. “That said, each pullback creates an attractive entry point for investors who may have missed the early rounds of the rally,” he wrote. Of the shares Goldman bought, some have a rise north of 40% to the company’s price target. Here are 10 names on the buy list. The stocks with the highest total returns are Antero Resources and Cheniere Energy, both at 48%, according to Goldman Sachs. Antero Resources gains 77% in 2022 and is down almost 9% year to date. Natural gas exporter Cheniere Energy is up nearly 28% in 2022, but has so far fallen about 5% since the start of the year. Cheniere was also named a top confidence pick for 2023 by UBS in December, due to its low exposure to the liquefied natural gas industry. Meanwhile, energy services will provide the best earnings per share in 2023, Mehta said. In this space, he likes SLB, Halliburton and, especially, Baker Hughes. “Given the clear performance, the risk/reward looks particularly compelling for BKR from current levels as we move into 2023,” he wrote. Baker Hughes gained nearly 23% last year. Among the supermajors, Mehta favors Exxon Mobil and Conocophillips over Chevron. In an interview with CNBC’s Brian Sullivan on Friday, Mehta praised Conocophillips CEO Ryan Lance. He said under Lance’s leadership, the company became more focused on growth, repairing the balance sheet and acquiring Concho Resources in 2020. Conocophillips is now “the best department in the world,” Mehta said. Shares rise 63% in 2022. – CNBC’s Michael Bloom contributed reporting.