09:22 AM EDT, 04/04/2025 (MT Newswires) -- Energy stocks were falling pre-bell Friday, with The Energy Select Sector SPDR Fund ( XLE ) down 3.4%.

The United States Oil Fund ( USO ) was down 7.2% and the United States Natural Gas Fund ( UNG ) was 4.8% lower.

Front-month US West Texas Intermediate crude oil was down 6.9% at $62.32 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell by 6.3% to $65.72 per barrel, and natural gas futures were 4.5% lower at $3.95 per 1 million British Thermal Units.

BP (BP) said its board had initiated a succession process to appoint a new chair after Helge Lund is likely to step down in 2026. Shares of BP were more than 5% lower premarket.

Matador Resources ( MTDR ) shares were down more than 4% after the company said it sold its remaining Eagle Ford shale assets in South Texas for proceeds of more than $30 million.

Phillips 66 (PSX) needs a new board lineup to reverse its long-term underperformance and improve its corporate governance, Elliott Investment Management said in a letter. Shares of Phillips 66 were down nearly 3% pre-bell.