01:48 PM EDT, 09/29/2025 (MT Newswires) -- Energy stocks declined Monday afternoon with the NYSE Energy Sector Index falling 1.8% and the Energy Select Sector SPDR Fund (XLE) dropping 2.2%.

The Philadelphia Oil Service Sector Index shed 2.2%, and the Dow Jones US Utilities Index eased 0.1%.

West Texas Intermediate crude oil slumped 4.1% to $63.04 a barrel, and global benchmark Brent dropped 3.6% to $66.71 a barrel. Henry Hub natural gas futures rose 1.7% to $3.26 per 1 million BTU.

In corporate news, TotalEnergies (TTE) expects net capital expenses to be $16 billion in 2026 and in the range of $15 billion to $17 billion from 2027 through 2030, down $1 billion per year from its prior outlook. Shares fell 2.6%.

BP (BP) shares were down 2.7% after it said Monday it approved the $5 billion Tiber-Guadalupe drilling project in the Gulf of Mexico.

American Resources ( AREC ) shares jumped 11% after it said Monday its ReElement Technologies unit signed a long-term offtake partnership with POSCO International America to boost US rare earth refining capacity.

Occidental Petroleum ( OXY ) is working with advisers to sell its OxyChem unit in a deal likely to be worth at least $10 billion, the Financial Times reported Sunday. Occidental shares rose 1%.