Nexen received $821 million for shale gas venture with INPEX
CALGARY – Nexen Inc. reported third quarter operating and financial results and provided an update on strategic priorities.
Cash flow from operations decreased to $560 million from $707 million in the second quarter, primarily due to the lower production and higher operating costs associated with the planned turnarounds. Net income decreased to $59 million from $109 million in the second quarter. This reflects lower cash flow associated with the scheduled turnarounds and the impact of several non-recurring items.
Our previously announced shale gas joint venture with INPEX Gas British Columbia Ltd. (IGBC) closed in August and we received $821 million of cash upon closing.
As well, our 18-well pad in the Horn River achieved start up in late September ahead of schedule.
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