It's been the year to be invested in energy with global events sending energy commodity prices soaring. And plenty of ASX energy stocks have benefited from their rise.
Russia's invasion of Ukraine saw oil, gas, and coal prices rocket as many nations placed sanctions on exports from the major energy producer.
Now, European nations are stocking up on energy resources ahead of the upcoming winter while India aims to fill its coal inventories, as my Fool colleague Aaron reports.
All this, and more, has seemingly bolstered sentiment for ASX energy stocks.
Indeed, the S&P/ASX 200 Energy Index (ASX: XEJ) is the S&P/ASX 200 Index (ASX: XJO)'s top-performing sector of the year so far. It's gained 29% compared to the broader index's 11% fall.
But which shares have received the most love from the market? Here are three that have more than doubled since the start of this year.
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These ASX energy stocks have gained more than 100% in 2022
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price has taken off in 2022, rocketing to new all-time highs.
At the time of writing, stock in the ASX energy giant is trading at $8.39. That's 221% higher than it was at the start of the year – certainly nothing to scoff at.
The company also posted $4.92 billion in revenue for financial year 2022 – a 216% year-on-year improvement – while its after-tax profits surged to a record $1.95 billion.
Yancoal Australia Ltd (ASX: YAL)
Takeover target Yancoal has also seen its share price surge 121% since the start of 2022. It's trading at $6.14 at the time of writing. And there's been plenty of drama in the company's camp this year.
On top of outside influences, Yancoal has battled a takeover offer flagged by its parent company and majority shareholder Yankuang Energy Group. The Chinese company said it intended to put forward a bid worth $5.07 per share in May.
The company's board hit back, saying it wouldn't support such an offer. After a period of back and forth, the bid was binned.
Yancoal's earnings also surged 677% in the first half to reach approximately $3.1 billion while its after-tax profits rocketed a whopping 1,247% to $1.7 billion.
New Hope Corporation Limited (ASX: NHC)
In its peer's footsteps, the New Hope share price has lifted 146% year to date to trade at $5.48 today.
The ASX energy stock is a pure-play coal producer. Thus, the same tailwinds that have driven stock in Whitehaven and Yancoal have likely inflated its wings as well.
