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BUSINESS BRIEFS.(TO THE POINT)

Investor's Business Daily

| September 02, 2005 | COPYRIGHT 2005 Investor's Business Daily, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

ENERGY

Valero updates refinery situation

The oil and gas firm is now North America's No. 1 oil refiner with 18 refineries, following the closing of its $8.4 bil acquisition of Premcor. However, 2 of the purchased refineries were in the path of Hurricane Katrina, forcing the closure of one for an estimated 2 weeks and minor damage to another forcing it to operate at minimum capacity. Valero Energy, which is expected to benefit from surging demand due to the shutdown of rival refineries, rose 3% to 109.50.

Gas firm sees plants back on line

Enterprise Products Partners, a natural gas transport and storage company, said its properties escaped some of the ruinous storm effects suffered by many of its neighbors. Eight of its 11 natural gas processing plants on the Gulf Coast are up and running or will be in a few days.

** Pioneer Natural Resources, an independent oil and gas driller, said it will buy back $1 bil of its stock, raise its dividend 20% and exit exploration in the deepwater Gulf of Mexico. Shares rose 9% to 53.69.

** Royal Dutch Shell will settle 4 shareholder lawsuits related to its oil reserves scandal. The ...

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