On Tuesday, U.S. stocks went up, following to the hopes for a contract between Greece and its international creditors.

At 1:24 pm, the basic material sector’s summary was somewhat like this:

• Oasis Petroleum Inc (NYSE:OAS), is among the top loser of the sector, losing -9.13% from the share, and is now trading at $16.32.
• Tesoro Corporation (NYSE:TSO), recently hits new 52-week high of $88.57, and is now trading at $88.53.
• Geospace Technologies Corp (NASDAQ:GEOS), recently hits new 52-week low of $18.57, and is now trading at $19.22.
• SandRidge Energy Inc (NYSE:SD), is the most volatile stock in the meantime, and it remained 16.72% volatile for the week and 11.60% for the month.
• Alcoa Inc (NYSE:AA), is the most active stock for the session, and is now gaining volume of 12.58M.
• FMC Technologies, Inc (NYSE:FTI), will release their earning report, after the market close today.

Following are the details of few declining basic material stocks for the current trading session:

BPZ Resources, Inc. (NYSE:BPZ), declined sharply -23.18% and is now trading at $0.30, soon after, an independent oil and gas exploration and production company, declared the results of an independent evaluation of the Company’s certified year-end 2014 oil reserves at offshore Block Z-1. The following discussions comprises BPZ Energy’s 51% interest in oil reserves and associated production for the Albacora and Corvina fields at Block Z-1. Oil reserves are presented under the usual categories of proved developed producing (PDP), proved developed non-producing (PDNP), proved undeveloped (PUD), total proved (P1), probable (P2), and possible (P3) reserve estimates. These oil reserve estimates were prepared by the Company’s independent reserve auditors Netherland Sewell & Associates, Inc. (NSAI). No gas reserves have been certified by the Company under U.S. Securities and Exchange Commission (SEC) standards, as a commercial market is still under development. The Company continues to develop a gas strategy to supply natural gas to the regional market and for a multi-country project.

BPZ Resources, Inc. (NYSE:BPZ), is an independent oil and gas exploration and production company with license contracts covering 1.9 million net acres in four blocks located in northwest Peru. Current operations in these blocks range from early-stage exploration to production.

Shares of Oasis Petroleum Inc. (NYSE:OAS), dipped -9.41% and is now at $16.27, following the recent news that an independent exploration and production company, declared that administration is planned to take part in the following energy conferences and investor events:

March 2-4: Raymond James’ 36th Annual Institutional Investors Conference – Orlando, FL.

March 5-6: Simmons’ 2015 Energy Conference – Las Vegas, NV.

Oasis Petroleum Inc. (NYSE:OAS), is an independent exploration and production company focused on the attainment and development of unconventional oil and natural gas resources, primarily operating in the Williston Basin.

Paragon Offshore plc (NYSE:PGN), dropped -12.84% and is now at $2.92, soon after a global provider of offshore drilling rigs, declared that it plans to report financial results for the fourth quarter and full year 2014 on Thursday, February 19, 2015, after the close of trading on the New York Stock Exchange. Paragon also has planned a teleconference and webcast related to its fourth quarter and full year 2014 results on Friday, February 20, 2015, at 8:00 a.m. U.S. Central Standard Time.

Paragon Offshore plc (NYSE:PGN), is a global provider of offshore drilling rigs. Paragon’s drilling fleet comprises 33 jackups and eight floaters (five drillships and three semisubmersibles).

Shares of the Midstates Petroleum Company, Inc. (NYSE:MPO) dipped -13.85%, soon after an independent exploration and production company, offered an operational update for the fourth quarter of 2014, revealed the date of the fourth quarter earnings release and conference call, and declared the engagement of Evercore Group LLC as advisors to explore planned alternatives. Midstates also declared that it anticipates its fourth quarter 2014 earnings release will be issued on Tuesday, March 3, after the close of trading on the NYSE. The Company will host a conference call to talk about fourth quarter results the following morning, Wednesday, March 4 at 10:00 a.m. Eastern time (9:00 a.m. Central time).

Midstates Petroleum Company, Inc. (NYSE:MPO), is an independent exploration and production company focused on the application of modern drilling and completion techniques in oil and liquids-rich basins in the onshore U.S. Midstates’ drilling and completion efforts are presently focused in the Mississippian Lime oil play in Oklahoma and Anadarko Basin in Texas and Oklahoma.

Goodrich Petroleum Corp. (NYSE:GDP), dwindled -5.44% and is now at $3.13, following the news that an independent oil and gas exploration and production company, declared year-end 2014 reserves and its revised preliminary 2015 capital expenditure budget. Goodrich Petroleum Corporation stated proved reserves of 273.7 Bcfe as of December 31, 2014, with future net cash flow of $1.3 billion and present value of the future net cash flow before revenue taxes discounted at 10% of $650.6 million. Proved oil reserves grew by about 13 million barrels of oil or 92% from December 31, 2013. Year-end reserves were comprised of 59.3% oil, 38.3% natural gas and 2.4% natural gas liquids, which does not comprise about 103.1 Bcfe of natural gas reserves due to the Securities and Exchange Commission’s (“SEC”) five year rule and 140.3 Bcfe of reserves (as of December 31, 2013) that were sold in December of 2014. SEC pricing for the year-end report was $94.99 per barrel of oil, $4.35 per MMBtu for natural gas and $44.84 per barrel of natural gas liquids. Proved reserves from the Tuscaloosa Marine Shale grew by 14.9 million barrels of oil equivalent (89.7 Bcfe) and $311 million of PV-10 contrast to December 31, 2013, and now comprises 42.1% of the Company’s reserves and 60.4% of the Company’s PV-10.

Goodrich Petroleum Corp. (NYSE:GDP), an independent oil and natural gas company, is engaged in the exploration, development, and production of oil and natural gas. The company holds interest in the Eagle Ford Shale Trend located in South Texas.