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Nexen earnings down on production delays
Cites platform delays at Buzzard field in the U.K. North Sea
Nexen Inc.’s net income for 3Q11 was down 65% thanks to a 2010 property sale of heavy oil properties that resulted in a large gain last year. Revenues dipped slightly thanks to lower production. Net income for the quarter was $200 million compared with net income of $581 million for 3Q10. Revenues were $1.4 billion compared with revenues of $1.45 billion for last year’s third quarter. Cash flow fell 14% to $516 million. Quarterly production was 186,000 boe/d. Production was below expectat...
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