01:29 PM EDT, 05/02/2025 (MT Newswires) -- Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 0.9% and the Energy Select Sector SPDR Fund (XLE) up 0.7%.

The Philadelphia Oil Service Sector index climbed 1.5%, and the Dow Jones US Utilities index was adding 0.4%.

Front-month West Texas Intermediate crude oil was declining 2.1% to $58.00 a barrel, and the global benchmark Brent crude contract was dropping 1.7% to $61.05 a barrel. Henry Hub natural gas futures rose 3.9% to $3.61 per 1 million BTU.

In corporate news, Shell (SHEL) reported Q1 adjusted earnings Friday of $0.92 per share, down from $1.20 a year earlier but above the FactSet consensus of $0.82. Separately, Shell Chief Executive Wael Sawan prefers to repurchase more of the company's shares rather than launch a takeover bid for BP (BP), the Financial Times reported. Shell shares were rising 2.7% and BP was adding 0.5%.