Sector Update: Energy Stocks Fall in Friday Afternoon Trading

Energy stocks declined Friday afternoon with the NYSE Energy Sector Index down 1% and the Energy Select Sector SPDR Fund (XLE) decreasing 0.9%.

The Philadelphia Oil Service Sector index slumped 2.7%, and the Dow Jones US Utilities index was down 0.5%.

West Texas Intermediate crude oil rose 0.2% to $78.78 a barrel, while global benchmark Brent crude advanced 0.3% to $82.96 a barrel. Henry Hub natural gas futures dropped 1.7% to $2.91 per 1 million BTU.

In corporate news, BWX Technologies (BWXT) said its PanTeXas Deterrence venture was awarded a contract worth up to $30 billion from the US Department of Energy's National Nuclear Security Administration to manage and operate the Pantex plant in the Texas Panhandle. BWX shares rose 0.6%.

Phillips 66 (PSX) has agreed to sell its 25% non-operated common equity interest in Rockies Express Pipeline to a Tallgrass Energy subsidiary for about $1.28 billion. Phillips 66 shares were falling 0.5%.

PNM Resources (PNM) shares eased 0.7% as it said Friday that its Texas-New Mexico Power unit received approval from the Public Utility Commission of Texas to recover more than $205 million in net distribution infrastructure investments.