01:50 PM EDT, 10/14/2025 (MT Newswires) -- Energy stocks increased Tuesday afternoon, with the NYSE Energy Sector Index 0.1% higher and the Energy Select Sector SPDR Fund (XLE) up 0.3%.

The Philadelphia Oil Service Sector Index was 0.2% lower, and the Dow Jones US Utilities Index added 1.1%.

Front-month West Texas Intermediate crude oil declined 1% to $58.88 a barrel, and the global benchmark Brent crude contract dropped 1.2% to $62.58 a barrel. Henry Hub natural gas futures fell 2.9% to $3.03 per 1 million BTU.

In corporate news, BHP's (BHP) Chief Executive Mike Henry said that the company is weighing resurrecting defunct mines in the US, owing to a changing government policy, the Financial Times reported. In an interview with the FT, Henry said that initiatives under President Trump have led the company to increase its exploration activities in the US, with BHP now reviewing options for its four defunct mines in Arizona's Globe-Miami region. BHP shares gained 2%.

Standard Lithium ( SLI ) and Equinor's ( EQNR ) joint venture Smackover Lithium said Tuesday that it has filed a definitive feasibility study on its South West Arkansas project, recommending that the project is ready for a final investment decision. Standard Lithium ( SLI ) shares fell 2.1%, and Equinor ( EQNR ) was down 1.6%.

BP (BP) said in a regulatory filing that it now expects upstream output to be higher in Q3 compared with the prior quarter. BP shares shed 1.1%.

Cenovus Energy ( CVE ) said it has bought about 21.7 million shares of MEG Energy as part of its bid to acquire the Toronto-listed firm. Cenovus shares eased 0.1%.