01:42 PM EDT, 08/01/2025 (MT Newswires) -- Energy stocks were lower Friday 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 decreasing 3.3%, while the Dow Jones US Utilities index was up 0.7%.

Front-month West Texas Intermediate crude oil declined 2.7% to $67.39 a barrel, and the global benchmark Brent crude contract dropped 2.8% to $69.67 a barrel. Henry Hub natural gas futures were 0.4% lower at $3.09 per 1 million BTU.

In corporate news, Chevron ( CVX ) and Exxon Mobil ( XOM ) reported better-than-expected Q2 results on Friday, buoyed by higher oil production despite lower crude prices. Separately, Exxon Mobil ( XOM ) is exploring opportunities for acquisition of smaller rivals, a year after buying Pioneer for $60 billion, to create shareholder value by combining capabilities rather than simply growing larger, Bloomberg reported, citing CEO Darren Woods. Chevron ( CVX ) shares shed 0.6%, and Exxon shares were down 2.1%.

Imperial Oil ( IMO ) shares fell 1.2% after it reported Q2 results that decreased year-over-year with revenue missing analyst expectations.

TXNM Energy (TXNM) shares were fractionally lower after it reported Q2 ongoing net earnings that declined from a year earlier and fell short of consensus forecasts.