01:43 PM EST, 11/12/2024 (MT Newswires) -- Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index falling 1% and the Energy Select Sector SPDR Fund (XLE) down 0.5%.

The Philadelphia Oil Service Sector index dropped 1.3%, and the Dow Jones US Utilities index shed 1.3%.

Front-month West Texas Intermediate crude oil was rising 0.5% to $68.40 a barrel while the global benchmark Brent crude contract was advancing 0.4% to $72.13 a barrel. Henry Hub natural gas futures were 0.5% lower at $2.90 per 1 million BTU.

In corporate news, Adams Resources & Energy ( AE ) shares surged past 36% after the company said Tuesday it has agreed to be bought by an affiliate of Tres Energy in an all-cash deal valued at about $138.9 million.

Exxon Mobil ( XOM ) has agreed to sell conventional oil-drilling assets in the Permian Basin to Hilcorp Energy for about $1 billion, Reuters reported. Exxon shares were easing 0.1%.

Cadiz (CDZI) has agreed to buy 180 miles of steel pipe from the terminated Keystone XL Pipeline Project for the construction of a network connecting the company's groundwater bank in the Mojave Desert. Cadiz shares fell 1.7%.