Energy stocks were advancing premarket Wednesday, with The Energy Select Sector SPDR Fund (XLE) up 0.1%.

The United States Oil Fund (USO) was down 0.1% and the United States Natural Gas Fund (UNG) was 1.6% lower.

Front-month US West Texas Intermediate crude oil was up 0.2% at $69.04 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil slightly advanced to $73.03 per barrel, and natural gas futures were 2.4% lower at $4.07 per 1 million British Thermal Units.

DT Midstream (DTM) shares were up past 3% after the company reported Q4 operating earnings above analysts' expectations. The company also increased its quarterly dividend to $0.82 per share.

BP (BP) unveiled a "fundamentally reset strategy" in which it will seek to reduce and reallocate capital expenditures, increase oil and gas investments and cut its share repurchases in an effort to increase cash flow. BP stock was down more than 2% premarket.

BKV (BKV) shares were down 2.4% after the company posted lower Q4 revenue.