03:47 PM EDT, 08/02/2024 (MT Newswires) -- Energy stocks fell late Friday afternoon with the NYSE Energy Sector Index dropping 2.5% and the Energy Select Sector SPDR Fund (XLE) slumping 2.8%.

The Philadelphia Oil Service Sector Index tumbled 5.4%, and the Dow Jones US Utilities Index rose 0.4%, erasing earlier losses..

West Texas Intermediate crude oil fell 3.4% to $73.74 a barrel, while global benchmark Brent dropped 3.1% to $77.02 a barrel. Henry Hub natural gas futures rose 0.1% to $1.97 per 1 million BTU.

In corporate news, the list of bidders for Houston-based oil refiner Citgo Petroleum narrowed to CVR Energy ( CVI ) and a group of creditors that includes miner Gold Reserve, Reuters reported. CVR Energy ( CVI ) shares dropped 7%.

Chevron ( CVX ) reported Q2 adjusted earnings of $2.55 per diluted share, down from $3.08 a year earlier and below the Capital IQ consensus analyst estimate of $3. The shares fell 2.7%.

Exxon Mobil ( XOM ) reported Q2 earnings of $2.14 per diluted share, up from $1.94 a year earlier and above the Capital IQ consensus analyst estimate of $2.03. The shares shed 0.4%.

SLB (SLB) said its OneSubsea joint venture was awarded a "major contract" by Petrobras (PBR) to provide presalt subsea production systems and related services. SLB shares declined 3.9%, and Petrobras fell 3.2%.