01:39 PM EST, 02/11/2025 (MT Newswires) -- Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 1.1% and the Energy Select Sector SPDR Fund (XLE) adding 1.2%.

The Philadelphia Oil Service Sector index climbed 1.2%, while the Dow Jones US Utilities index was down 0.2%.

Front-month West Texas Intermediate crude oil was rising 1.3% to $73.25 a barrel while the global benchmark Brent crude contract was advancing 1.4% to $76.93 a barrel. Henry Hub natural gas futures rose 2% to $3.51 per 1 million BTU.

In corporate news, Schlumberger ( SLB ) is reorganizing some business functions and continuing workforce reductions, Reuters reported. Its shares added 2.2%.

Phillips 66 (PSX) activist investor Elliott Investment Management said Tuesday the company's midstream business should be sold or spun off. Phillips 66 shares popped 4.7%.

Chevron's ( CVX ) oil and gas reserves have fallen to their lowest level in at least a decade, Reuters reported Tuesday. The amount of oil and gas that Chevron ( CVX ) can potentially extract dropped to 9.8 billion barrels of oil equivalent as of the end of 2024 from 11.1 billion in 2023, the report said. Chevron ( CVX ) shares were rising 1.4%.