The traditional approach to investing in the energy sector going back decades has often come down to making sure a portfolio has exposure to the "majors" — integrated oil and gas stocks like Exxon Mobil and Chevron , which have also paid reliable dividends.

There are times when it hasn't worked well in recent history — such as during the peak existential fears over the past decade about an oil industry on the way out as a global source of power — but it has done reasonably well since that panic ended. Over the past five years, whether it's the market performance of Exxon Mobil, or the Energy Select Sector SPDR ( XLE ), returns have been strong after bottoming out.

But this year, even as Exxon Mobil, Chevron, and energy stocks as a category have produced posi

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