Nexen's First Quarter Results: Generating Solid Cash Flow and Earnings in a Low Price Environment
CALGARY, ALBERTA--(Marketwire - April 28, 2009) - Nexen delivered solid first quarter results. Highlights include:
- Cash flow of $557 million ($1.07/share)
- Net income of $135 million ($0.26/share)
- Production before royalties of 252,000 boe/d-9% increase quarter over quarter
- Expanded exploration success in the UK North Sea at Hobby in the Golden Eagle area
- Long Lake-upgrader started-up; first sale of Premium Synthetic Crude (PSC(TM)); reservoir performing well; water handling upgrades implemented
- Testing commenced from Horn River shale gas wells
- Financial position remains strong-liquidity of over $3.3 billion
- Strong contribution from our core physical marketing business

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