01:47 PM EDT, 08/27/2024 (MT Newswires) -- Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.8% and the Energy Select Sector SPDR Fund (XLE) falling 1%.

The Philadelphia Oil Service Sector index was posting a 1.3% drop, and the Dow Jones US Utilities index was shedding 0.8%.

Front-month West Texas Intermediate crude oil was falling 2.5% to $75.49 a barrel while the global benchmark Brent crude contract was dropping 2.2% to $79.63 a barrel. Henry Hub natural gas futures were 3.1% lower at $1.90 per 1 million BTU.

In corporate news, Exxon Mobil ( XOM ) is looking to sell a host of traditional oil assets in the Permian Basin for about $1 billion as it focuses on shale production, Bloomberg reported Tuesday. Exxon shares fell 0.9% in recent trading.

BWX Technologies ( BWXT ) shares added 0.4% after it said Monday it won a contract to conduct a yearlong study for the National Nuclear Security Administration on options for establishing a centrifuge pilot plant for domestic uranium enrichment for national security purposes.

Woodside Energy ( WDS ) has received interest from potential equity partners for the US ammonia project it's acquiring from OCI Global for $2.35 billion, The Wall Street Journal reported. Woodside shares were rising 1.9%.