01:19 PM EDT, 05/30/2025 (MT Newswires) -- Energy stocks were lower Friday afternoon, with the NYSE Energy Sector Index down 1% and the Energy Select Sector SPDR Fund (XLE) falling 1.3%.

The Philadelphia Oil Service Sector index slumped 2.2%, while the Dow Jones US Utilities index rose 0.3%.

Front-month West Texas Intermediate crude oil declined 0.8% to $60.43 a barrel, and the global benchmark Brent crude contract shed 0.4% to $63.88 a barrel. Henry Hub natural gas futures fell 1.5% to $3.47 per 1 million BTU.

In corporate news, EOG Resources ( EOG ) said Friday it agreed to buy oil and gas firm Encino Acquisition Partners for $5.6 billion, including debt, as it aims to expand its presence in the Utica shale basin. EOG shares were falling 1.3%.