Nexen Inc.
 |
|
| Subsidiary | |
| Industry | Oil and gas, energy |
| Founded | July 12, 1971 |
| Headquarters | Calgary, Alberta, Canada |
|
Key people
|
Fang Zhi (CEO) Li Fanrong (Chairman) |
| Revenue | $6.7 billion CAD (2012) |
| $333 million CAD (2012) | |
| Total equity | $8.8 billion CAD (2012) |
|
Number of employees
|
3,000 (2013) |
| Parent | CNOOC Limited |
| Website | nexencnoocltd |
Nexen is a Canadian oil and gas company based in Calgary, Alberta. On 25 February 2013, Nexen became a wholly owned subsidiary of Hong Kong-based CNOOC Limited.
It has three growth strategies: oil sands and shale gas in western Canada as well as conventional exploration and development primarily in the North Sea, offshore in West Africa, and exploration in the Gulf of Mexico.
Nexen started in 1969 as Canadian Occidental Petroleum Ltd. (CanOxy), and was 80% owned by Occidental Petroleum, an oil company based in Los Angeles. In the first decade of its existence, CanOxy was fairly Canadian-oriented. During the 1980s and 1990s they increased their international holdings, first in the Gulf of Mexico, then into places like Yemen and the North Sea. Further Canadian assets were also acquired.
In the 1990s, Nexen, then known as CanOxy, purchased the assets of what once was the first state-owned oil and gas company in North America; Wascana Energy Inc., formerly known as SaskOil. Founded by Saskatchewan New Democratic Party Premier Allan Blakeney in 1973, Saskoil was privatized in 1986 by Progressive Conservative Premier Grant Devine.
CNOOC Limited, a major subsidiary of CNOOC headquartered in Beijing, acquired Nexen on February 25, 2013, Nexen. Nexen's shareholders received cash proceeds of USD$27.50, without interest, whereas shareholders of Nexen received cash proceeds of CAD$26, plus accrued and unpaid dividends without interest.
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Wikipedia