Energy stocks slumped late Friday afternoon with the NYSE Energy Sector Index falling 8.5% and the Energy Select Sector SPDR Fund (XLE) dropping 8.1%.

The Philadelphia Oil Service Sector index plunged 12%, and the Dow Jones US Utilities index declined 4.8%.

West Texas Intermediate crude oil fell 6.8% to $62.41 a barrel, and global benchmark Brent crude dropped 5.9% to $66.04 a barrel. Henry Hub natural gas futures tumbled 7.8% to $3.82 per 1 million BTU.

In corporate news, Brookfield Infrastructure (BIP) agreed to buy the assets of pipeline operator Colonial Enterprises from a group of five owners, including Shell (SHEL), for $9 billion. Shell shares fell past 7%, and Brookfield Infrastructure declined 6.4%.

Duke Energy (DUK) restored power for most of its customers affected by power outages in Indiana after Wednesday's storm. Duke shares fell 3.1%.

BP (BP) said its board initiated a succession process to appoint a new chair, with Helge Lund likely to step down in 2026. BP shares fell 9%.

Matador Resources (MTDR) sold its remaining Eagle Ford shale assets in South Texas for proceeds topping $30 million. Matador shares tumbled past 13%.