The S&P 500 ended 2022 down 20% from its peak in early January, putting it in a bear market. Most stocks succumbed to the bear market and ended the year down sharply. 

However, Diamondback Energy (NASDAQ: FANG) bucked that trend. Its stock price rose more than 22% from the start of the bear market to the end of the year, according to data provided by S&P Global Market Intelligence. Here's a look at what fueled the oil stock's outperformance and whether it can continue winning. 

Diamondback Energy cashed in on higher crude oil prices last year. The oil company produced a record $1.3 billion of free cash flow during the second quarter as oil prices soared following Russia's invasion of Ukraine. It continued its free-cash-flow gusher in the third quarter, producing another $1.2 billion. 

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Source Fool.com