CALGARY, ALBERTA--(Marketwire - July 23, 2009) - Nexen announces that it is reviewing strategic alternatives for its natural gas and power marketing businesses, which may include the sale of all or part of these businesses. We have selected an advisor to assist with this initiative to continue the alignment of our ongoing marketing activities with our upstream oil and gas business. We remain committed to our customers and will ensure that we continue to deliver exceptional service through this period.
"One of the key strategies of our marketing group is to obtain competitive pricing for our global oil and gas production," said Marvin Romanow, Nexen's President and Chief Executive Officer. "We have no plans to give up this capacity with this strategic review particularly as it relates to our crude oil and shale gas businesses."
Nexen Inc. is an independent, Canadian-based global energy company, listed on the Toronto and New York stock exchanges under the symbol NXY. We are uniquely positioned for growth in the North Sea, Western Canada (including the Athabasca oil sands of Alberta and unconventional gas resource plays such as shale gas and coalbed methane), deep-water Gulf of Mexico, offshore West Africa and the Middle East. We add value for shareholders through successful full-cycle oil and gas exploration and development and leadership in ethics, integrity, governance and environmental protection.
Forward-Looking Statements
Certain statements in this report constitute "forward-looking statements" (within the meaning of the United States Private Securities Litigation Reform Act of 1995) or "forward-looking information" (within the meaning of applicable Canadian securities legislation). Such statements or information (together "forward-looking statements") are generally identifiable by the forward-looking terminology used such as "anticipate", "believe", "intend", "plan", "expect", "estimate", "budget", "outlook", "forecast" or other similar words and include statements relating to or associated with individual wells, regions or projects.
