BUSINESS BRIEFS.(TO THE POINT)

ENERGY

Chevron Q3 gains on oil prices

The No. 2 U.S. oil company made $1.38 a share ex items, a penny over views and 50% over a year ago. Revenue rose 32% to $40.72 bil, aided by record fuel prices -- which are up 60% for the year. ChevronTexaco's average crude oil price rose 40% to $36.26 a barrel. The firm was hurt by storms, and Q4 production is likely to drop by 50,000-60,000 barrels daily. Shares rose 1% to 53.06.

Anadarko profits from gas prices

The oil and gas producer earned $1.87 a share ex items in Q3, up 28% and 19 cents over views. Revenue rose 16% to $1.56 bil, boosted by a 31% rise in oil prices and a 9% increase in natural gas prices from the year ago. Anadarko Petroleum plans to sell 25% of its oil and gas producing properties to buy back stock and reduce debt. In Q3 it redeemed $750 mil in debt and has bought back 9 mil shares since June. Shares fell 9 cents to 67.45.

Nexen to buy North Sea stake

Canada's No. 4 oil producer is buying EnCana's U.K. assets for $2.1 bil, giving it the No. 1 stake in the North Sea's Buzzard Field. EnCana's also planning to divest its Ecuador and Gulf of Mexico ops, part of its refocus on U.S. ops, while Nexen gets the No. 1 stake in the field at 43%; it plans to pump 200,000 barrels a day starting in '06. Nexen fell 2% to 42.56; EnCana shares rose 3.5%.