Nexen Posts Decline In Q4 Profit
Nexen Inc (NYSE: NXY) posted a drop in its fourth-quarter profit.
Nexen's quarterly earnings dropped to C$43 million, or 8 Canadian cents per share, from C$160 million, or 30 Canadian cents per share, in the year-ago period.
Nexen's cash flow surged 5% to C$585 million, or C$1.11 per share. Its average daily production, before royalties, declined 15% to 208,000 barrels of oil equivalent a day in the quarter.
Nexen shares closed at $18.91 yesterday.
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