While S&P/ASX 200 Index (ASX: XJO) shares in most sectors suffered last year, one bright spot was the energy sector.
With a war in Ukraine disrupting supplies from Russia, energy prices rocketed and the industry benefited from a favourable supply-demand ratio.
Despite the boom in 2022, many experts reckon energy stocks will continue their golden run into 2023.
"The energy sector is quite cheap. We're overweight energy," Schroders portfolio manager Ray David told The Motley Fool last week.
"The multiples that they're trading on are still quite low. They're trading on about six or seven times earnings."
If you agree with this thesis, here are two energy-related ASX 200 shares that experts have named as buys this week:
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'Favourable industry dynamics paint a bright outlook'
Oil and gas producer Santos Ltd (ASX: STO) is one that David named as an example of a cheap buy, and Medallion Group analyst Jean-Claude Perrottet agreed.
"Santos' fourth quarter result met production expectations. Sales revenue hit record levels of US$7.8 billion in fiscal year 2022, up 65% on the prior year," Perrottet told The Bull.
"Favourable industry dynamics paint a bright outlook for the energy sector."
The Santos share price is actually 7.3% down over the past 12 months, while paying out a 2.8% dividend yield.
Another reason to buy Santos stock now, for Perrottet, is a just-announced sweetener.
"Santos recently announced an increase in its share buy-back, offering an additional US$350 million increase to now total US$700 million."
Santos shares are a favourite among David and Perrottet's peers too.
According to CMC Markets, all 18 analysts covering the stock recommend it as a buy. Fourteen of them rate it as a strong buy.
Profit up 100% but stock's the same price as a year ago
On the other end of the energy supply chain, Ampol Ltd (ASX: ALD) is going well in the retail space.
Bell Potter Securities investment advisor Christopher Watt would buy it right now.
"Australia's largest refined fuel retailer reported a statutory net profit after tax of $695.9 million in the 2022 first half," he said.
"It represented an increase of more than 100% on the prior corresponding period."
The Ampol share price, surprisingly, has dipped 1.44% over the past year. And that's only after a 10.47% rally since the start of 2023.
The stock does pay out an attractive 5.23% dividend yield.
Watt is positive about the business looking ahead.
"We expect stronger refiner margins and capital management to drive future success," he said.
"The stock offers attractive fully franked dividends."
