03:41 PM EST, 12/06/2024 (MT Newswires) -- Energy stocks fell late Friday afternoon, with the NYSE Energy Sector Index dropping 1.8% and the Energy Select Sector SPDR Fund (XLE) sliding 1.6%.

The Philadelphia Oil Service Sector index slumped 3.5%, and the Dow Jones US Utilities index shed 1.3%.

Front-month West Texas Intermediate crude oil declined 1.7% to $67.15 a barrel while the global benchmark Brent crude contract dropped 1.4% to $71.06 a barrel. Henry Hub natural gas futures were adding 0.1% to $3.08 per 1 million BTU.

In corporate news, Energy Transfer ( ET ) said Friday it has made a final investment decision to build a $2.7 billion intrastate pipeline that will carry natural gas from the Permian Basin to key markets and trading hubs. Its shares rose 1.2%.

Exxon Mobil ( XOM ) will invest up to $15 billion to build carbon storage facilities in Indonesia, Nikkei Asia reported, citing the country's Minister of Investment Roeslani Rosan. Exxon shares were shedding 0.9%.

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 2.2%.

Genie Energy ( GNE ) shares dropped 2.3% after the company said Friday it expects to pay premiums of about $40 million in Q4 to its new "captive" self-insurance subsidiary for expanded insurance coverage that will address "various additional risks."