03:40 PM EDT, 05/29/2024 (MT Newswires) -- Energy stocks were declining late Wednesday afternoon, with the NYSE Energy Sector Index down 1.8% and the Energy Select Sector SPDR Fund (XLE) dropping 2%.

The Philadelphia Oil Service Sector index retreated 2.1%, and the Dow Jones US Utilities index shed 1.4%.

West Texas Intermediate crude fell 1% to $79.06 a barrel, while global benchmark Brent crude lost 1% to $83.38 a barrel. Henry Hub natural gas futures tumbled 3.8% to $2.49 per 1 million BTU.

In corporate news, Duke Energy ( DUK ) said Wednesday it signed agreements with Amazon (AMZN), Google (GOOG), Microsoft (MSFT), and Nucor (NUE) to explore ways to support carbon-free energy generation amid growing demand in the Carolinas. Duke shares were shedding 0.8%.

Chevron ( CVX ) recorded its highest production in 2023, with an annual output of 3.1 million barrels of oil equivalent per day, the company told its shareholders at the 2024 annual meeting on Wednesday. Its shares were falling 1.5%.

Exxon Mobil ( XOM ) shareholders re-elected 12 incumbent directors, with an average support of 95%, media outlets reported Wednesday. Exxon shares were down 1.3%.

ConocoPhillips ( COP ) agreed to buy Marathon Oil ( MRO ) for $22.5 billion in stock, including $5.4 billion of debt. ConocoPhillips ( COP ) shares fell 3.6%, and Marathon jumped 8.2%.