01:01 PM EDT, 09/03/2025 (MT Newswires) -- Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index falling 1.6% and the Energy Select Sector SPDR Fund (XLE) dropping 2%.

The Philadelphia Oil Service Sector index was sliding 2.3%, and the Dow Jones US Utilities index was shedding 0.7%.

Front-month West Texas Intermediate crude oil declined 2.1% to $64.19 a barrel, and the global benchmark Brent crude contract was dropping 1.9% to $67.81 a barrel. Henry Hub natural gas futures rose 1.5% to $3.05 per 1 million BTU.

In corporate news, ConocoPhillips ( COP ) will be laying off 20% to 25% of its workforce, Reuters reported, citing a company spokesperson. ConocoPhillips ( COP ) shares were falling 4%.