Energy stocks were mixed Wednesday afternoon, with the NYSE Energy Sector Index fractionally lower and the Energy Select Sector SPDR Fund (XLE) 0.1% higher.

The Philadelphia Oil Service Sector index was up 0.9%, and the Dow Jones US Utilities index rose 1.4%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 8.9 million barrels in the week ended Jan. 31 following an increase of 3.7 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 8.7 million barrels after a 3.5-million-barrel gain in the previous week, a larger gain than the 1.9-million-barrel increase expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was declining 2.2% to $71.10 a barrel while the global benchmark Brent crude contract was dropping 2% to $74.71 a barrel. Henry Hub natural gas futures rose 0.4% to $3.27 per 1 million BTU.

In corporate news, Chevron (CVX) is in talks with the Trump administration amid calls from some Republicans to revoke the company's license to operate in Venezuela, Bloomberg reported Wednesday. Chevron shares were fractionally lower.

Equinor (EQNR) reported Q4 adjusted earnings that lagged analyst expectations in addition to posting lower revenue and other income for the quarter. Its shares fell 5.3%.

TotalEnergies (TTE) shares rose 1.9% after it reported Q4 adjusted earnings and revenue that exceeded market expectations.