Energy stocks plunged Friday as crude and natural gas prices dropped to levels not seen in more than a year.

Shares of energy giant Exxon Mobil Corp. hit their lowest point in more than two years Friday as crude prices dropped and concern continued to escalate on the state of the global economy.

Shares of large oil and natural gas companies dropped Friday morning as the broader markets and energy prices tumbled on continued fear about the state of the global economy.

By Kristina Cooke

By Kristina Cooke

The Energy Department will likely report an 85 billion cubic feet to 90 billion cubic feet boost to natural gas reserves on Thursday for the week ended Oct. 3, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

Oil and gas interests, trial lawyers, real estate moguls and wealthy investors are dumping millions of dollars into the fight for control of the Texas Legislature.

Recurrent violence in oil-rich parts of Nigeria may provide a sobering lesson for oil companies hoping to work in Iraq — a place that is much more dangerous despite the fact that attacks are at their lowest level in more than four years.

Investors sent stock prices of the major oil companies and others that work in the oil patch generally higher Friday after the House approved the $700 billion bailout package.

A record 47 companies applied for offshore oil exploration licenses for blocks near existing finds off Norway in the North Sea, the Norwegian Sea and the Barents Sea as a deadline ran out Friday, the Norwegian oil minister said.

Exxon Mobil Corp. said Thursday its chemical division has finished an expansion of a Singapore-based facility, boosting production capacity by 130,000 tons per year to more than 500,000 tons.

By Scott Malone

The European Union on Wednesday imposed one of its highest ever cartel fines — almost $1 billion — on a "paraffin mafia" accused of fixing prices and markets for everyday household products like chewing gum, tires and candles.

Shares of some top oil companies were down at the close of trading:

Record profits, massive share buybacks and big dividends did no spare big oil companies from the economic pain seen in almost every other financial sector during the third quarter.