Energy stocks rose Monday afternoon with the NYSE Energy Sector Index up 0.2% and the Energy Select Sector SPDR Fund (XLE) increasing 0.4%.

The Philadelphia Oil Service Sector index gained 0.6%, and the Dow Jones US Utilities index eased 0.1%.

West Texas Intermediate crude oil rose 0.5% to $70.74 a barrel, while global benchmark Brent advanced 0.5% to $74.81 a barrel. Henry Hub natural gas futures slumped 5.6% to $4 per 1 million BTU.

In corporate news, Kosmos Energy (KOS) swung to a Q4 loss amid lower-than-projected oil production, with the company forecasting Q1 output to be impacted by planned facility shutdowns. The shares fell over 7%.

BP (BP) will scrap its renewable generation capacity growth target as it returns its focus on fossil fuels in a bid to drive earnings, Reuters reported. BP shares were easing 0.1%.

Chevron (CVX) said Monday it's consolidating its oil, products and gas organization into two segments: upstream and downstream, midstream and chemicals. Its shares added 0.5%.