Ongoing North Sea Exploration Success Highlights Nexen's Second Quarter Results

CALGARY, ALBERTA--(Marketwire - July 16, 2009) - Nexen announces second quarter results highlighted by exploration success in the UK North Sea. A summary of the quarter is as follows:

- Cash flow of $443 million ($0.85/share) and net income of $20 million ($0.04/share)

- Production before royalties of 240,000 boe/d-impacted by scheduled downtime at Buzzard and Syncrude

- Current production volumes approximately 260,000 boe/d; third quarter volumes expected to be lower as a result of planned maintenance downtime; fourth quarter volumes expected to be higher as new fields ramp up

- Ongoing exploration success in the UK North Sea at Hobby-significant development potential for the Golden Eagle area

- Long Lake-record steam injection driven by water treatment modifications; bitumen volumes ramping up; reservoir performing well

http://www.nexeninc.com/Newsroom/News_Re...