01:49 PM EDT, 08/19/2024 (MT Newswires) -- Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each rising about 1%.

The Philadelphia Oil Service Sector index increased 0.7%, and the Dow Jones US Utilities index was up 0.4%.

Front-month West Texas Intermediate crude oil was dropping 2.8% to $74.51 a barrel while the global benchmark Brent crude contract was falling 2.4% to $77.80 a barrel. Henry Hub natural gas futures jumped 5% to $2.23 per 1 million BTU.

In corporate news, Occidental (OXY) shares edged up 0.1%. The company said it has cut about $3 billion of its debt in Q3 and expects to eliminate further debt by the end of the quarter.

APA (APA) is looking into the sale of oil and gas drilling properties across the Permian basin in Texas and New Mexico for about $1 billion, Reuters reported Monday. Its shares added 0.7%.

Prairie Operating ( PROP ) said that Watermill Capital Partners and its affiliates have exercised their series E B warrants to buy 4 million Prairie shares, generating $24 million in proceeds. Prairie shares were fractionally higher.