01:26 PM EST, 12/06/2024 (MT Newswires) -- Energy stocks were in the red Friday afternoon, with the NYSE Energy Sector Index falling 1.7% and the Energy Select Sector SPDR Fund (XLE) dropping 1.5%.

The Philadelphia Oil Service Sector index slumped 3.1%, and the Dow Jones US Utilities index was shedding 1.2%.

Front-month West Texas Intermediate crude oil was declining 1.2% to $67.47 a barrel while the global benchmark Brent crude contract was dropping 1% to $71.36 a barrel. Henry Hub natural gas futures were adding 0.4% to $3.09 per 1 million BTU.

In corporate news, Chevron ( CVX ) said Friday it expects capital expenditure of between $14.5 to $15.5 billion for consolidated subsidiaries in 2025. The company also revealed a capex budget slated for affiliates in the range of $1.7 to $2 billion next year. The total budget represents a reduction of $2 billion year-over-year as the company focuses on cost reductions and capital discipline. Chevron ( CVX ) shares fell 2%.