Nexen 3Q09 Results

Current Production at Annual High Following Start-up of New Projects
Calgary, Alberta, October 28, 2009 –Throughout the third quarter, we made significant progress in
advancing our strategies. We successfully executed the planned turnaround at Long Lake, announced the
largest discovery in the UK North Sea in the last ten years after Buzzard, and moved our breakevens
down on our Horn River shale gas play. We also started up Ettrick in the North Sea and added
incremental volumes from successful infill drilling at Telford. Longhorn in the Gulf of Mexico started up
earlier this week. Current production rates are now at an annual high. A summary of our quarterly
results, together with recent highlights, is as follows:
• Cash flow of $379 million ($0.73/share) and net income of $122 million ($0.23/share)
• Production before royalties of 214,000 boe/d impacted by turnaround and maintenance activities
• Current production before royalties of 275,000 boe/d and increasing as Ettrick, Longhorn and
Long Lake continue to ramp up
• Successful turnaround at Long Lake; bitumen production ramping up; upgrader start-up
imminent
• Successful Telford step-out well in the North Sea and significant shale gas progress in the Horn
River
• Knotty Head appraisal well currently drilling

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