Energy stocks were lower late Monday afternoon, with the NYSE Energy Sector Index down 1.1% and the Energy Select Sector SPDR Fund (XLE) dropping 1.5%.

The Philadelphia Oil Service Sector index fell 1.9%, while the Dow Jones US Utilities index was up 0.2%.

Front-month West Texas Intermediate crude oil gained 0.1% at $62.53 a barrel, and the global benchmark Brent crude contract shed 0.2% to $65.27 a barrel. Henry Hub natural gas futures sank 6.7% to $3.11 per 1 million BTU.

In corporate news, TotalEnergies (TTE) said it struck a deal with Ksi Lisims LNG to purchase 2 Mtpa of LNG for 20 years from the future plant located in Western Canada. Shares fell 0.7%.

TXNM Energy (TXNM) agreed to be acquired by Blackstone's (BX) infrastructure arm in a deal with a total enterprise value of about $11.5 billion. TXNM shares rose past 6%.

Sable Offshore (SOC) said it restarted production at the Santa Ynez Unit, with oil now flowing to Las Flores Canyon. Roth Capital raised its price target on Sable to $38 from $26 while maintaining its buy rating. Sable shares jumped 14%.

Crescent Energy (CRGY) said it appointed J.D. Hall as chief operating officer, effective June 2. Crescent shares were down 0.7%.