Energy stocks were declining in early trading Friday with the Energy Select Sector SPDR Fund (XLE) 0.7% lower recently.

The United States Oil Fund (USO) was down 0.6% and the United States Natural Gas Fund (UNG) was 0.2% lower.

Front-month US West Texas Intermediate crude oil was down 0.6% at $70.75 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 0.6% to $74.40 per barrel. Natural gas futures were down 0.8% at $2.330 per 1 million British Thermal Units.

Sable Offshore (SOC) shares were down 15% after the company said it signed subscription agreements to issue 7.5 million shares of its common stock in a private placement to institutional investors for gross proceeds of around $150 million.

Diamondback Energy (FANG) shares were over 1.5% lower after it priced an underwritten public offering of about 12.8 million shares of its common stock, upsized from 11.3 million shares, by certain Legacy Endeavor stockholders.

Standard Lithium (SLI) and Equinor (EQNR) said their jointly-owned US subsidiary, SWA Lithium, has been selected for up to $225 million award negotiation by the US Department of Energy. Equinor shares were down 0.7% recently.