Sector Snap: Oil companies fall with market

The Dow Jones industrials dropped as much as 705 points. On Monday afternoon, lawmakers voted down a plan that was different from what the Bush administration had originally proposed. Investors were hoping for a speedy approval of the package to ameliorate deteriorating credit conditions in the marketplace.

Shares of Exxon Mobil Corp., the world's largest publicly traded oil company, fell $3.96, or nearly 5 percent, to $76.69, while Chevron Corp., the second-biggest U.S. oil company, saw its shares slide $6.55, or about 7.5 percent, to $80.40.

No. 3 ConocoPhillips was down $8.73, or 11 percent, to $67.51.

Oilfield services companies were off sharply too.

Halliburton's shares fell $4.44, about 13 percent, to $29.56. The Houston-based company said Monday that disruptions from hurricanes Gustav and Ike in the Gulf of Mexico could reduce revenue by about $80 million in the third quarter, and earnings by 4 cents per share.

Shares of larger competitor Schlumberger Ltd. also took a hit, declining $11.34, or about 13 percent, to $74.69. Baker Hughes was down about 10 percent, off $6.39 to $57.01.