Canadian energy company Nexen has reported a net loss of C$181 million for the fourth quarter ended December 31, 2008, compared to a net income of C$194 million for the same period of 2007.
The company has reported a net income of C$1.71 billion for the year 2008, compared to C$1.09 billion for the year 2007. For the year 2008, Nexen has reported net sales of C$7.42 billion, compared to C$5.58 billion for the year 2007.
Nexen has reported net sales of C$1.27 billion for the fourth quarter ended December 31, 2008, compared to C$1.59 billion for the same period of 2007.
According to the company, in 2008, it generated good cash flow in excess of $4.2 billion and earnings of approximately $1.7 billion, reflecting sound production from Buzzard field in the North Sea. The company also benefited from industry-leading cash netbacks, driven by low royalties and low company-wide conventional operating costs, which averaged $8.68/boe last year.
Marvin Romanow, president and CEO of Nexen, said: “In the first half of 2008, we saw record oil prices but these quickly disappeared when the recession took hold and demand for oil fell for the first time in almost 30 years. While the current environment is challenging from both a commodity price and credit perspective, Nexen is well positioned.”
