UPDATE: Nexen Profit Falls on Lower Output, But Shares Still in the Green
Canada's oil and gas explorer Nexen Inc. (NXY.TO) added 5 cents to its value in the morning even after announcing that fourth quarter profit fell, hurt by lower production and charges totalling $317 million, Reuters reports.
Reuters said the company's results were hampered by an after-tax charge of C$190 million ($190.5 million) taken after the company changed its upgradation strategy for the Alberta-based Long Lake oil sand project.
The company earned C$43 million, or 8 Canadian cents a share, down from year-earlier C$160 million, or 30 Canadian cents a share. Cash flow rose 5% to C$585 million, or C$1.11 a share.
NXY is now trading at $18.99 a share with more than 483,000 shares changing hands.
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