03:54 PM EST, 02/26/2025 (MT Newswires) -- Energy stocks fell late Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.6% and the Energy Select Sector SPDR Fund (XLE) shedding 0.9%.

The Philadelphia Oil Service Sector index retreated 0.8%, while the Dow Jones US Utilities index added 0.3%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 2.3 million barrels in the week ended Friday following a rise of 4.6 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 2.3 million after a gain of 4.6 million in the previous week, against a 2.4 million increase expected in a Bloomberg survey.

West Texas Intermediate crude oil declined 0.1% to $68.89 a barrel, while the global benchmark Brent crude contract shed 0.3% to $72.82 a barrel. Henry Hub natural gas futures slumped 6.4% to $3.91 per 1 million BTU.

In corporate news, Par Pacific ( PARR ) shares fell 10% after the company reported a Q4 swing to a loss in the previous day.

Chevron ( CVX ) is open to buying Phillips 66's (PSX) stake in a chemicals joint venture that activist investor Elliott Investment is pushing the oil refiner to sell, Bloomberg reported. Chevron ( CVX ) shares shed 0.9%, and Phillips 66 fell 0.7%.

NRG (NRG) jumped 10% after the firm said it joined GE Vernova ( GEV ) and Kiewit's Industrial unit to form a venture to boost electricity generation capacity to meet demand for computing power and generative AI. GE Vernova ( GEV ) shares rose 6%.

BP (BP) reported a "fundamentally reset strategy" in which it will seek to reduce and reallocate capital expenditures, increase oil and gas investments and cut its share buybacks to increase cash flow. BP shares were falling 1.5%.