01:42 PM EDT, 08/30/2024 (MT Newswires) -- Energy stocks fell Friday afternoon with the NYSE Energy Sector Index decreasing 0.9% and the Energy Select Sector SPDR Fund (XLE) down 0.5%.

The Philadelphia Oil Service Sector index dropped 1.3%, and the Dow Jones US Utilities index eased 0.2%.

West Texas Intermediate crude oil fell 2.9% to $73.68 a barrel, while global benchmark Brent dropped 1.4% to $78.79 a barrel. Henry Hub natural gas futures declined 0.6% to $2.12 per 1 million BTU.

In corporate news, Equinor ( EQNR ) plans to downsize its renewables division and is starting talks with unions about the impact on employees, Bloomberg reported. Equinor ( EQNR ) shares fell 1.4%.

Talos Energy ( TALO ) shares slumped 5.1%. Chief Executive Officer Tim Duncan stepped down, and Joseph Mills was named interim CEO until a permanent successor is in place.

TotalEnergies (TTE) signed a $100 million agreement with Anew Climate and Aurora Sustainable Lands to support projects in the US designed to protect forests. TotalEnergies shares fell 1.4%.