03:44 PM EDT, 09/03/2025 (MT Newswires) -- Energy stocks declined late Wednesday afternoon with the NYSE Energy Sector Index falling 2.1% and the Energy Select Sector SPDR Fund (XLE) dropping 2.5%.

The Philadelphia Oil Service Sector Index lost 3%, and the Dow Jones US Utilities Index shed 0.2%.

West Texas Intermediate crude oil declined 2.7% to $63.83 a barrel, and global benchmark Brent dropped 2.4% to $67.48 a barrel. Henry Hub natural gas futures rose 1.8% to $3.06 per 1 million BTU.

In corporate news, Diamondback Energy ( FANG ) shares fell 5.4% after KeyBanc cut its price target on the company to $176 from $180. Johnson Rice also cut its price target to $190 from $200.

Chevron ( CVX ) signed a preliminary agreement with Angola's ANPG to explore for oil in offshore block 33/24, Reuters reported. Chevron ( CVX ) shares dropped 2.7%.

ConocoPhillips ( COP ) will shed 20% to 25% of its workforce, Reuters reported, citing a company spokesperson. ConocoPhillips ( COP ) shares fell 4.6%.

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 lost 1.5%.

NuScale Power ( SMR ) shares jumped 8.8% 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.