Sector Update: Energy Stocks Fall Monday Afternoon
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Energy stocks declined Monday afternoon, with the NYSE Energy Sector Index down 1.2% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1.4%. Oil and natural gas prices also fell. Phillips 66 announced a $2.4 billion capital budget for 2026. Berry's merger with California Resources was approved, but shares of both companies fell. Equinox Gold agreed to sell its Brazilian operations for up to $1.02 billion, and Braskem shares rose 1.7% after a binding agreement notice.
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