March 23, 2017 11:08 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Nexen Energy ULC

Company Overview

Nexen Energy ULC operates as an independent energy company worldwide. The company’s Conventional Oil and Gas segment explores for, develops, and produces crude oil and natural gas from conventional sources. This segment operates in the United Kingdom, Canada and the United States, and offshore West Africa, Colombia, and Yemen. Nexen’s Oil Sands segment develops and produces synthetic crude oil from the Athabasca oil sands in northern Alberta. The company’s Shale Gas segment explores for and produces unconventional gas from shale formations in northeastern British Columbia. The company was formerly known as Nexen Inc. and changed its name to Nexen Energy ULC in June, 2013. The company was fou...

801-7th Avenue SW

Calgary, AB T2P 3P7

Canada

Founded in 1971

3,228 Employees

Phone:

403-699-4000

Fax:

403-699-5800

Key Executives for Nexen Energy ULC

Vice Chairman and Chief Executive Officer
Age: 54
Chief Financial Officer
Age: 51
Senior Vice President of Oil Sands
Age: 56
Principal Accounting Officer, Vice President of Insurance and Controller
Age: 47
Senior Vice President of Natural Gas Canada, Operational Services & Technology
Age: 51
Compensation as of Fiscal Year 2016.

Nexen Energy ULC Key Developments

Nexen Energy ULC to Eliminate 350 Jobs in 2016

Nexen Energy ULC it will eliminate 350 jobs in 2016 after deciding not to repair its Long Lake oilsands upgrader in northern Alberta following an explosion in January. Nexen plans to continue producing bitumen from Long Lake and to make a decision about whether to again pursue upgrading at the site later this year, taking into consideration changing market conditions. The explosion of a hydrocracker in the upgrader that killed two Nexen employees is among recent challenges for CNOOC in Canada, which also included a pipeline leak last year at Long Lake and a May wildfire that forced production offline. Production at the site is ramping up from just under 15,000 bbls a day currently to a targeted 27,000 bbls a day in August.

Nexen Energy ULC Lays Off 120

Nexen Energy ULC has laid off 120 Canadian employees as a result of the current downturn.

Nexen Energy ULC Receives Second Amendment Order to the Suspension Order from Alberta Energy Regulator

CNOOC Limited announced that suspension order issued by Alberta Energy Regulator on August 28, 2015 to Nexen Energy ULC regarding the oil sands operations located at Long Lake (Long Lake), Alberta, Canada. The board of directors of the company announced that on September 16, 2015, Nexen received a second amendment order to the suspension order from AER, together with a previous amendment order received by Nexen from AER, the application of the suspension order to a portion of the pipelines is lifted and Nexen is able to resume 100% of its Long Lake oil sands operations. Nexen is committed to managing its operations in a safe, environmentally and socially responsible manner. Nexen is complying with the requirements of the AER's Suspension Order, as amended (including addressing the remaining suspended pipelines which are not currently required for operations), with the aim of lifting the suspension order in its entirety. AER will continue to review the matter and determine the level of enforcement action (if any) that Nexen may face once the investigation is completed.

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Recent Private Companies Transactions

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