01:41 PM EST, 12/06/2024 (MT Newswires) -- Energy stocks were in the red Friday afternoon, with the NYSE Energy Sector Index falling 1.6% and the Energy Select Sector SPDR Fund (XLE) dropping 1.5%.

The Philadelphia Oil Service Sector index slumped 3.2%, and the Dow Jones US Utilities index was shedding 1.2%.

Front-month West Texas Intermediate crude oil was declining 1.2% to $67.45 a barrel while the global benchmark Brent crude contract was dropping 1% to $71.37 a barrel. Henry Hub natural gas futures were adding 0.1% to $3.08 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 2.1%.

Genie Energy ( GNE ) shares shed 1.7% 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."

GFL Environmental's ( GFL ) environmental services business has attracted interest from three investment firms, Apollo Global Management (APO), EQT (EQT) and Stonepeak, Bloomberg reported. GFL Environmental ( GFL ) shares added 0.1%.