Energy stocks declined Thursday afternoon with the NYSE Energy Sector Index falling 1.1% and the Energy Select Sector SPDR Fund (XLE) dropping 1.6%.

The Philadelphia Oil Service Sector index fell 3.3%, and the Dow Jones US Utilities index dropped 0.4%.

West Texas Intermediate crude oil shed 0.6% to $70.61 a barrel, while global benchmark Brent fell 0.5% at $74.26 a barrel.

US natural gas stocks fell 174 billion cubic feet in the week ended Friday, below the decrease of 171 billion expected in a survey compiled by Bloomberg and following a drop of 321 billion in the previous week.

Henry Hub natural gas futures rose 1% to $3.40 per 1 million BTU.

In corporate news, Altus Power (AMPS) shares jumped 28% after the company agreed to be bought by TPG (TPG) via its TPG Rise Climate Transition Infrastructure strategy for $5 per Class A common share in cash, valuing Altus Power at $2.2 billion, including outstanding debt. TPG dropped 0.3%.

Shell (SHEL) and TotalEnergies (TTE) signed liquefied natural gas deals with Egypt worth about $3 billion to supply 60 cargoes to satisfy demand for 2025, Reuters reported. Shell shares fell 0.6%, and TotalEnergies rose 1%.

ConocoPhillips (COP) shares fell 0.5% after the company reported lower Q4 adjusted earnings and revenue.