03:43 PM EDT, 07/29/2024 (MT Newswires) -- Energy stocks were declining late Monday afternoon, with the NYSE Energy Sector Index down 1% and the Energy Select Sector SPDR Fund (XLE) dropping 1.1%.

The Philadelphia Oil Service Sector index fell 1.9%, while the Dow Jones US Utilities index was adding 0.4%.

Front-month West Texas Intermediate crude was fell 1.7% to $75.83 a barrel, and global benchmark Brent dropped 1.8% to $79.71 a barrel. Henry Hub natural-gas futures fell 0.2% to $2.05 per 1 million BTU.

In corporate news, Nut Tree Capital Management and Caspian Capital said Monday they have increased their offer to buy Martin Midstream Partners ( MMLP ) to $4.50 per unit from $4. Martin shares popped 8.6%.

Oil States International ( OIS ) shares jumped 14% after the company reported higher Q2 earnings and revenue.

Centuri ( CTRI ) , a Southwest Gas (SWX) spinoff that started trading on the New York Stock Exchange on April 18, reported Q2 adjusted earnings and sales Monday that missed analysts' expectations. Centuri ( CTRI ) shares tumbled 22%.

Vital Energy ( VTLE ) and Northern Oil and Gas ( NOG ) have signed a deal to jointly buy the assets located in the Delaware Basin of Point Energy Partners in an all-cash deal worth $1.1 billion, subject to adjustments. Vital shares were falling 1.4% and Northern Oil was marginally higher.