03:40 PM EDT, 05/21/2024 (MT Newswires) -- Energy stocks declined late Tuesday afternoon with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each shedding 0.2%.

The Philadelphia Oil Service Sector index eased 0.1%, and the Dow Jones US Utilities index rose 0.4%.

West Texas Intermediate crude oil fell 0.9% to $79.06 a barrel, while global benchmark Brent crude dropped 1% to $82.87 a barrel. Henry Hub natural gas futures dropped 2.6% to $2.679 per 1 million BTU.

In corporate news, Edison International ( EIX ) unit Southern California Edison and Lotus Infrastructure Partners said they were selected by the California Independent System Operator to develop and maintain a new transmission infrastructure for delivering renewable energy to Southern California. Edison International ( EIX ) shares rose 0.7%.

Zachry said Tuesday the company and some of its subsidiaries filed for Chapter 11 bankruptcy to initiate a "structured exit" from the Golden Pass LNG export terminal project in Sabine Pass, Texas. Zachry is the lead contractor of the project owned by QatarEnergy and Exxon Mobil ( XOM ) . Exxon shares fell 0.3%.

Consol Energy ( CEIX ) shares jumped 3.7%. The company resumed coal shipments from its Marine Terminal in Baltimore.

Hess (HES) said in a regulatory filing that it is facing three lawsuits over its disclosures on the proposed merger with Chevron ( CVX ) . Hess shares fell 0.6%, and Chevron ( CVX ) shed 0.4%.