Energy stocks were lower Friday afternoon, with the NYSE Energy Sector Index falling 0.9% and the Energy Select Sector SPDR Fund (XLE) dropping 1.7%.

The Philadelphia Oil Service Sector index slumped 3.2%, and the Dow Jones US Utilities index shed 0.2%.

Front-month West Texas Intermediate crude oil was declining 2.4% to $70.71 a barrel while the global benchmark Brent crude contract was dropping 2.3% to $74.74 a barrel. Henry Hub natural gas futures jumped 3.4% to $4.29 per 1 million BTU.

In corporate news, ConocoPhillips (COP) said it signed a deal to sell its interests in the Ursa and Europa Fields and Ursa Oil Pipeline Company to Shell's (SHEL) subsidiaries for $735 million. ConocoPhillips was falling 3%, and Shell was down 2.3%.

Diamondback Energy (FANG) on Thursday said Travis Stice will step down as chief executive but remain as executive chairman through the company's 2026 annual meeting. Diamondback shares were down 3.3%.

Solaris Energy Infrastructure (SEI) shares jumped 25% after it reported an increase in Q4 revenue, while adjusted earnings declined.