Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index falling 1.1% and the Energy Select Sector SPDR Fund (XLE) dropping 1.3%.
The Philadelphia Oil Service Sector index retreated 1.4%, and the Dow Jones US Utilities index shed 0.6%.
Front-month West Texas Intermediate crude oil was falling 2.7% to $68.77 a barrel while the global benchmark Brent crude contract was dropping 2.7% to $72.76 a barrel. Henry Hub natural gas futures rose 1.4% to $4.05 per 1 million BTU.
In corporate news, Sempra (SRE) shares fell past 19% after it reported Q4 earnings and revenue that missed analyst estimates, while cutting its 2025 EPS guidance.
BP (BP) is expected to announce a strategic turnaround, maintaining oil and gas production and potentially selling its lubricants business, due to pressure from activist investor Elliott Investment Management, Bloomberg reported. BP shares were shedding 1.5%.
Civitas Resources (CIVI) shares fell over 15% following its Q4 results that missed estimates. KeyBanc downgraded the stock to sector weight from overweight.