01:44 PM EDT, 10/02/2025 (MT Newswires) -- Energy stocks were lower Thursday afternoon, with the NYSE Energy Sector Index decreasing 0.8% and the Energy Select Sector SPDR Fund (XLE) down 0.7%.

The Philadelphia Oil Service Sector Index was falling 2.1%, and the Dow Jones US Utilities Index was easing 0.3%.

Front-month West Texas Intermediate crude oil was declining 2% to $60.57 a barrel, and the global benchmark Brent crude contract was falling 1.8% to $64.15 a barrel. Henry Hub natural gas futures were 0.8% lower at $3.45 per 1 million BTU.

US natural gas stocks rose by 53 billion cubic feet in the week ended Sept. 26, smaller than the 66 billion gain expected in a survey compiled by Bloomberg and following an increase of 75 billion cubic feet in the previous week.

In sector news, the US Department of Energy said Thursday it has terminated 321 financial awards totaling $7.56 billion across 223 projects after determining that they did not "adequately advance the nation's energy needs, were not economically viable, and would not provide a positive return on investment of taxpayer dollars."

In corporate news, Berkshire Hathaway (BRK.A, BRK.B) said Thursday it has agreed to acquire Occidental Petroleum's ( OXY ) chemical business, OxyChem, for $9.7 billion in cash. Occidental shares were down 7.5%.

Eni (E) said Thursday that it and its partners have reached a final investment decision to develop a floating liquefied natural gas facility in Mozambique. Eni shares were shedding 0.7%.

Infinity Natural Resources ( INR ) shares rose 2.2% after it said Thursday its lenders increased the borrowing base under its credit agreement to $375 million from $350 million.