03:41 PM EDT, 10/08/2024 (MT Newswires) -- Energy stocks declined late Tuesday afternoon with the NYSE Energy Sector Index falling 2.4% and the Energy Select Sector SPDR Fund (XLE) dropping 2.5%.

The Philadelphia Oil Service Sector index slumped 2.8%, and the Dow Jones US Utilities index rose 0.4%.

West Texas Intermediate crude oil dropped 4.3% to $73.81 a barrel, while global benchmark Brent fell 4.3% to $77.42 a barrel. Henry Hub natural gas futures shed 0.8% to $2.72 per 1 million BTU.

In corporate news, Chevron ( CVX ) is in talks to sell its east Texas natural gas assets to Tokyo Gas in a deal that may be valued at up to $1 billion, the Financial Times reported. Chevron ( CVX ) shares fell 1.4%.

Alternus Clean Energy ( ALCE ) shares fell 0.2% after the company said it has shed $100 million in debt and payables with the sale of its Solis Bond unit.

SolarBank ( SUUN ) plans to develop a 13.8 megawatt DC ground-mount community solar power project in Lancaster County, Pennsylvania. The shares rose 1.2%.

Exxon Mobil ( XOM ) plans to offer $172 million of floating rate notes due 2074 in an underwritten offering. Exxon dropped 2.3%.