03:53 PM EDT, 08/13/2024 (MT Newswires) -- Energy stocks were declining late Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.6% and the Energy Select Sector SPDR Fund (XLE) shedding 1%.

The Philadelphia Oil Service Sector index was down 1%, while the Dow Jones US Utilities index was rising 0.5%.

Front-month West Texas Intermediate crude oil fell 2.2% to $78.27 a barrel while the global benchmark Brent crude contract declined 2% to $80.65 a barrel. Henry Hub natural gas futures were 1.4% lower at $2.16 per 1 million BTU.

In corporate news, Talen Energy ( TLN ) shares jumped 6%. The company reported Q2 earnings Tuesday of $7.60 per diluted share, up from $0.49 a year earlier.

Kodiak Gas Services ( KGS ) shares tumbled nearly 11%. The company reported Q2 earnings late Monday of $0.06 per share, down from $0.30 a year earlier. Two analysts surveyed by Capital IQ expected $0.49.

FirstEnergy ( FE ) said Tuesday it has reached a resolution for all outstanding proceedings with the Ohio Attorney General and the Summit County Prosecutor. Its shares were adding 0.4%.

Xylem (XYL) is likely poised for a multi-decade growth cycle, with the company propelled by multiple tailwinds, UBS said Tuesday in a research note. UBS started coverage of Xylem with a buy rating and a $165 price target. Xylem shares gained 2.7%.