Energy stocks declined premarket Thursday as the Energy Select Sector SPDR Fund (XLE) fell by 0.9% recently.

The United States Oil Fund (USO) was down 0.7% and the United States Natural Gas Fund (UNG) was 0.6% lower.

Front-month US West Texas Intermediate crude oil was 0.2% lower at $79.85 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 0.2% to $81.86 per barrel, and natural gas futures were up 0.6% at $4.11 per 1 million British Thermal Units.

Borr Drilling (BORR) shares were over 1% higher even after the company said it has received a notice to temporarily suspend its Galar, Gersemi, and Grid rigs in Mexico.

BP (BP) confirmed in an email to MT Newswires that it plans to cut about 4,700 positions internally and 3,000 contractor jobs. BP shares were up 0.3% pre-bell.

Equinor (EQNR) and Standard Lithium (SLI) said the US Department of Energy has finalized the $225 million grant for the South West Arkansas Lithium project. Equinor shares fell past 2% premarket.