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Canadian oil and gas company Nexen, Inc.

In a statement, president and chief executive officer, Marvin Romanow said, "We had a strong fourth quarter which has set us up well for 2010. At Long Lake steam volumes are at record levels and we are steaming more wells than ever before. On the exploration and appraisal front, our Appomattox and Knotty Head wells in the Gulf of Mexico are progressing well. And in the Horn River area, our winter drilling campaign is underway."

Fourth Quarter Results

The Calgary, Alberta-based company reported net income of C$259 million or C$0.49 per share for the fourth quarter, compared to a net loss of C$181 million or C$0.35 per share in the prior-year quarter.

Cash flow from operations for the quarter rose to C$836 million or C$1.60 per share from C$559 million or C$1.08 per share in the year ago quarter, reflecting the impact of higher commodity prices during the quarter.

Net sales for the quarter grew to C$1.55 billion from C$1.27 billion in the year-ago quarter. Revenues and other income for the quarter increased to C$1.82 billion from C$1.70 billion in the same quarter last year.

Delivering the strongest quarterly production volumes since early 2008, the company averaged 265 mboe/d or 235 mboe/d after royalties, compared to 214 mboe/d or 184 mboe/d after royalties, in the year-ago quarter.

In a statement, president and chief executive officer, Marvin Romanow said, "We had a strong fourth quarter which has set us up well for 2010. At Long Lake steam volumes are at record levels and we are steaming more wells than ever before. On the exploration and appraisal front, our Appomattox and Knotty Head wells in the Gulf of Mexico are progressing well. And in the Horn River area, our winter drilling campaign is underway."

Fourth Quarter Results

The Calgary, Alberta-based company reported net income of C$259 million or C$0.49 per share for the fourth quarter, compared to a net loss of C$181 million or C$0.35 per share in the prior-year quarter.

Cash flow from operations for the quarter rose to C$836 million or C$1.60 per share from C$559 million or C$1.08 per share in the year ago quarter, reflecting the impact of higher commodity prices during the quarter.

Net sales for the quarter grew to C$1.55 billion from C$1.27 billion in the year-ago quarter. Revenues and other income for the quarter increased to C$1.82 billion from C$1.70 billion in the same quarter last year.

Delivering the strongest quarterly production volumes since early 2008, the company averaged 265 mboe/d or 235 mboe/d after royalties, compared to 214 mboe/d or 184 mboe/d after royalties, in the year-ago quarter.

Source: RTT News

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