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Nexen announces positive progress in 2009 |
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Written by Newswire
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CALGARY, AB — Nexen has announced positive results for 2009, noting that it made significant progress on its three corporate strategies relating to the Athabasca oil sands, Horn River shale gas, and conventional exploration and development. Strong proved reserve adds allowed the company to replace over 200% of its production, according to a recent release. During the year, the company generated cash flow of $2.2 billion and earnings of $536 million driven by outstanding results in the fourth quarter.
"We achieved major milestones at our Long Lake oil sands project as we successfully brought the upgrader on stream," the company announced in a statement. "We are now creating our own fuel source and producing premium synthetic crude oil. In the Horn River, we moved our shale gas costs down. Our exploration program delivered significant discoveries and we brought new production on stream in the North Sea and the Gulf of Mexico. As we move into the new year, our priorities include the ongoing ramp up of Long Lake, building on the success of our Horn River shale gas program, the development of our offshore Usan project, and ongoing exploration and development in our core areas."
"We had a strong fourth quarter which has set us up well for 2010," commented Marvin Romanow, Nexen's President and Chief Executive Officer. "At Long Lake steam volumes are at record levels and we are steaming more wells than ever before. On the exploration and appraisal front, our Appomattox and Knotty Head wells in the Gulf of Mexico are progressing well. And in the Horn River area, our winter drilling campaign is underway."
www.nexeninc.com
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