DBRS Discontinues Nexen’s Preferred Share Rating

DBRS has today discontinued the Preferred Shares - Cumulative rating of Nexen Inc. (Nexen).

The discontinuation of the Cumulative Preferred Shares rating reflects their repayment upon acquisition of Nexen by CNOOC Limited (CNOOC) on February 25, 2013.

CNOOC is China’s largest producer of offshore crude oil and natural gas, and one of the largest independent oil and gas exploration and production companies in the world, with market capitalization of approximately $83.4 billion, assets of $65 billion, and production of 909,000 barrels of oil equivalent (boe) per day. Operations are focused primarily in the South and South-East China Sea region.

Nexen became a wholly-owned subsidiary of CNOOC Limited on February 25, 2013. Nexen is focused on three growth strategies: oil sands and shale gas in western Canada and conventional exploration and development primarily in the North Sea, offshore West Africa and deepwater Gulf of Mexico.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

The applicable methodology is Rating Oil and Gas Companies, which can be found on the DBRS website under Methodologies.