01:35 PM EDT, 09/03/2025 (MT Newswires) -- Energy stocks declined Wednesday afternoon with the NYSE Energy Sector Index falling 1.7% and the Energy Select Sector SPDR Fund (XLE) dropping 2%.

The Philadelphia Oil Service Sector Index lost 1.9%, and the Dow Jones US Utilities Index shed 0.6%.

West Texas Intermediate crude oil declined 2.1% to $64.19 a barrel, and global benchmark Brent dropped 1.9% to $67.81 a barrel. Henry Hub natural gas futures rose 1.5% to $3.05 per 1 million BTU.

In corporate news, ConocoPhillips ( COP ) will shed 20% to 25% of its workforce, Reuters reported, citing a company spokesperson. ConocoPhillips ( COP ) shares fell 3.9%.

Shell (SHEL) subsidiary Shell Nederland Raffinaderij won't proceed with its planned biofuels facility at the Shell Energy and Chemicals Park in Rotterdam after an in-depth competitiveness reassessment. Shell shares fell 1.2%.

NuScale Power ( SMR ) shares jumped 13% after the company's partner, ENTRA1 Energy, agreed to provide the Tennessee Valley Authority up to 6 gigawatts of NuScale's small modular reactor capacity.