Exploration & Production | Operational Updates
Nexen Announces 3Q 2011 Horn River Results
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Nexen Inc. today reported third quarter 2011 operating and financial results as well as continued progress on our major initiatives.
We generated cash flow from operations of $516 million ($0.98/share) and net income of $200 million ($0.38/share). Our financial results reflect quarterly production of 186,000 barrels of oil equivalent per day (boe/d).
Production was below our expectations primarily due to pipeline constraints and longer time to commission the fourth platform at our Buzzard facility in the UK North Sea. Production at Buzzard has since returned to 208,000 boe/d (gross) during October. All other areas met their production expectations during the quarter.
Horn RiverWe successfully advanced our shale gas operations in the Horn River basin as we achieved targeted cost…
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