Sector Update: Energy Stocks Mixed Late Afternoon

04:04 PM EDT, 08/28/2026 (MT Newswires) -- Energy stocks were mixed late Friday afternoon, with the NYSE Energy Sector Index easing 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) increasing 0.6%. The Philadelphia Oil Service Sector Index added 1%, and the Dow Jones US Utilities Index was falling 1.2%. In geopolitical news, mediators in the Iran war are stepping up efforts to get the Strait of Hormuz reopened, with Tehran agreeing to draw up a list of conditions to restore normal traffic after a Qatari emissary pressed the Iranians to respect freedom of navigation, Reuters reported. Front-month West Texas Intermediate crude oil shed 0.2% to $83.40 a barrel, and the global benchmark Brent crude contract shed 0.4% to $89.31 a barrel. Henry Hub natural gas futures fell 1.4% to $2.87 per 1 million BTU. In sector news, Venezuela is considering leaving OPEC as it deepens ties with the US, Bloomberg reported. The idea has been discussed with US officials, though no final decision has been made, according to the report. The potential exit comes as Washington takes greater control of Venezuela's oil sales and negotiates a possible stake in the country's oil fields, Bloomberg said. Venezuela produced 1.16 million barrels a day in July, according to a Bloomberg survey, with output rising this year. Bloomberg said Venezuela's departure would likely have little immediate impact on global oil markets given its diminished production, but may raise fresh questions about OPEC's cohesion and its ability to influence crude prices. In corporate news, Chevron (CVX) is nearing a deal to expand its operations in Venezuela by adding two new heavy-oil fields to its portfolio, The Wall Street Journal reported. Halliburton (HAL) is also in talks to provide its equipment to oil producers in Venezuela, the report said. Chevron shares rose 1%, and Halliburton gained nearly 2%. Evolution Petroleum (EPM) shares rose 2% after Northland upgraded the company to outperform from market perform. BW LPG (BWLP) shares fell 2.1% after it reported lower Q2 revenue. AES (AES) shares were down 0.2%. The company said late Thursday it has secured approval from the Committee on Foreign Investment in the US for its pending merger with Horizon Parent and Horizon Merger Sub.