Energy stocks declined late Wednesday afternoon with the NYSE Energy Sector Index dropping 0.8% and the Energy Select Sector SPDR Fund (XLE) falling 0.7%.

The Philadelphia Oil Service Sector Index slumped 1.8%, while the Dow Jones US Utilities Index rose 0.4%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell 100,000 barrels in the week ended Friday following a decrease of 4 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell 800,000 after a decline of 4.6 million in the previous week, a smaller drop than the decrease of 2.8 million expected in a survey compiled by Bloomberg.

West Texas Intermediate crude oil dropped 1.2% to $74.62 a barrel, and global benchmark Brent fell 1% to $78.73 a barrel. Henry Hub natural gas futures rose 1.4% to $1.93 per 1 million BTU.

In corporate news, Dominion Energy (D) got approval from the Nuclear Regulatory Commission to extend the operating licenses of the North Anna Power Station in Virginia by an additional 20 years. The stock was little changed.

TotalEnergies (TTE) shares fell 0.9% after its TOTSA TotalEnergies Trading unit was ordered to pay a $48 million fine by the Commodity Futures Trading Commission.

Dril-Quip (DRQ) said its board "strongly" disagrees with the report issued by Glass Lewis on the proposed Innovex Downhole Solutions merger. Dril-Quip shares rose 0.3%.

Texas Pacific Land (TPL) shares added 1.6% after the company closed two acquisitions for oil and gas mineral interests and surface acreage in the Permian Basin for $169 million in cash.