02:20 PM EST, 11/12/2025 (MT Newswires) -- Energy stocks fell Wednesday afternoon with the NYSE Energy Sector Index dropping 0.9% and the Energy Select Sector SPDR Fund (XLE) declining 1.3%.

The Philadelphia Oil Service Sector Index slumped 3.1%, and the Dow Jones US Utilities Index was little changed.

In sector news, the Organization of the Petroleum Exporting Countries kept global oil demand growth estimates unchanged, while the cartel raised its liquids supply outlook for this year.

West Texas Intermediate crude oil tumbled 4.1% to $58.53 a barrel, and global benchmark Brent slid 3.7% to $62.75 a barrel. Henry Hub natural gas futures fell 1.7% to $4.49 per 1 million BTU.

In corporate news, Shell (SHEL) agreed to divest a "substantial" portion of the Volta Media Network to Sydney-based Jolt. Shell shares fell 0.6%.

Chevron ( CVX ) expects annual EPS growth of greater than 10% at $70 Brent. The company lowered its capital expenditure guidance to $18 billion to $21 billion a year and said it intends to increase oil and gas production by 2% to 3% annually through 2030. Chevron ( CVX ) shares fell 2.1%.

FLEX LNG ( FLNG ) shares dropped 5.4% after the company reported lower Q3 adjusted earnings and vessel operating revenue.

Baytex Energy ( BTE ) agreed to sell its US Eagle Ford assets to an undisclosed buyer for $2.31 billion. Baytex shares jumped 10%.