Energy stocks declined Monday afternoon with the NYSE Energy Sector Index falling 1.2% and the Energy Select Sector SPDR Fund (XLE) dropping 1.4%.

The Philadelphia Oil Service Sector index fell 1.7%, and the Dow Jones US Utilities index slumped 2.7%.

West Texas Intermediate crude oil declined 2.3% to $72.97 a barrel, while global benchmark Brent dropped 2.1% to $76.87 a barrel. Henry Hub natural gas futures tumbled 9.6% to $3.64 per 1 million BTU.

In corporate news, Diversified Energy (DEC) shares gained 2.7% after the company agreed to buy Maverick Natural Resources, an EIG portfolio company, for $1.28 billion in cash, shares and assumed debt.

Williams (WMB) said the Federal Energy Regulatory Commission has reinstated the certificate and abandonment authorization to Transco for the Regional Energy Access Expansion project. Williams shares fell 9.3%.

Chevron (CVX) said its Cabinda Gulf Oil operations in Angola resumed normal operations after an oil sheen and debris were found nearby along the Atlantic Ocean coastline, Bloomberg reported. Chevron shares rose 1%.