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Sector Update: Energy Stocks Decline Monday Afternoon

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Energy stocks were lower Monday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each falling 1.2%.

The Philadelphia Oil Service Sector Index dropped 2.6%, and the Dow Jones US Utilities Index was up 0.9%.

Front-month West Texas Intermediate crude oil fell 2% to $85.31 a barrel, and the global benchmark Brent crude contract declined 1.8% to $92.68 a barrel. Henry Hub natural gas futures increased 0.1% to $2.78 per 1 million BTU.

In corporate news, ExxonMobil (XOM) plans to expand automated drilling technology to half of its Permian Basin rig fleet by 2028 as it seeks to improve efficiency and increase oil production, Reuters reported Monday, citing an executive. The oil giant currently operates two automated rigs in the Permian and plans to raise that share to 25% next year, using robotics to reduce workers' exposure to high-risk areas and accelerate drilling, the report said, citing Bart Cahir, Exxon's senior vice president of unconventionals. Exxon shares were down 1.4%.

Shell (SHEL) has drawn interest from potential bidders including ExxonMobil, LyondellBasell (LYB) and Apollo Global Management (APO) for its US chemicals assets, which could fetch up to $8 billion, the Financial Times reported. Shell shares decreased 0.5%.

Eni (E) is expanding its investment in nuclear fusion, targeting a commercial fusion plant in Europe by the early 2040s or sooner, the Financial Times reported. Eni shares were down 2.2%.

TotalEnergies (TTE) will invest in the Fujairah oil export pipeline expansion in Abu Dhabi and continue investing in the Middle East despite ongoing conflict in the region, Reuters reported Monday, citing CEO Patrick Pouyanne at the ONS energy conference in Norway. TotalEnergies shares were shedding 0.8%.

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