03:40 PM EDT, 03/26/2025 (MT Newswires) -- Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each adding 0.6%.

The Philadelphia Oil Service Sector index advanced 0.2%, and the Dow Jones US Utilities index rose 0.7%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.1 million barrels in the week ended March 21 following an increase of 2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 3.3 million barrels after a 1.7-million-barrel gain in the previous week, compared with the 2-million-barrel increase expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil rose 1% to $69.71 a barrel, and the global benchmark Brent crude contract advanced 1.1% to $73.82 a barrel. Henry Hub natural gas futures gained 0.3% to $3.85 per 1 million BTU.

In corporate news, Exxon Mobil ( XOM ) said Wednesday it plans to lay off about 250 UK employees by the end of 2026 as part of a business reorganization. Separately, Exxon said Wednesday it will spend $100 million to revamp its Baton Rouge, Louisiana, chemical plant to produce 99.99% pure isopropyl alcohol for cleaning semiconductor chips. Exxon shares were rising 1.5%.

BP (BP) said Wednesday it has obtained final ratification from the Iraqi government to redevelop several giant oil fields in Kirkuk in the north of Iraq. BP shares were fractionally up.

Phillips 66 (PSX) said it has nominated four candidates to stand for election to the board for the upcoming annual shareholders' meeting. Phillips 66 shares rose 0.8%.

VivoPower ( VVPR ) shares surged 78% after the firm said it's in advanced talks with Abu Dhabi-based Energi on an unsolicited all-cash takeover offer at an enterprise value of $120 million.