Calgary-based Nexen Inc. became the latest producer to revise downward its oil and gas reserves, reclassifying 8% of its proved North American reserves last week. The company, which will take a C$175 million (C$1.40/share) writedown in fourth quarter earnings, blamed the revision on a cutback in spending on aging, conventional North American assets.
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Nexen Reclassifies 8% of Proved Reserves, Blames Drop on Spending Cutbacks
Calgary-based Nexen Inc. became the latest producer to revise downward its oil and gas reserves, reclassifying 8% of its proved North American reserves this week. The company, which will take a C$175 million (C$1.40/share) writedown in fourth quarter earnings, blamed the revision on a cutback in spending on aging, conventional North American assets.
February 5, 2004
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