01:54 PM EDT, 05/30/2025 (MT Newswires) -- Energy stocks were lower Friday afternoon, with the NYSE Energy Sector Index falling 1% and the Energy Select Sector SPDR Fund (XLE) dropping 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, to expand its presence in the Utica shale basin. EOG shares were falling 1.3%.

The US Energy Department has terminated 24 awards issued by the Office of Clean Energy Demonstrations totaling over $3.7 billion issued during former President Joe Biden's administration, the department said Friday. The cancellations include about $332 million award to an Exxon Mobil's ( XOM ) project at Baytown, Texas refinery complex, Reuters reported. Exxon shares were down 1%.

Sempra's ( SRE ) Infrastructure unit said the US Department of Energy issued a permit for the Port Arthur LNG phase 2 development project in Texas allowing the export up to 13.5 million metric tons of liquefied natural gas to countries without a free-trade agreement with the US. Sempra ( SRE ) shares added 0.2%.