Monday, July 6th14.3°C
26667
26096

Chinese-owned Nexen Energy says it's replacing CEO Kevin Reinhart

CALGARY - Nexen Energy, the Calgary-based oil and gas company acquired last year by Chinese state-owned firm CNOOC Ltd., is replacing Kevin Reinhart as CEO.

CNOOC made the decision because it wanted to bring in someone with "operational and technical depth," said spokeswoman Diane Kossman.

Reinhart ushered Nexen through its contentious sale to CNOOC last year for $15.1 billion. He previously served as the company's chief financial officer.

Prior to the takeover, announced in mid-2012, investors had been losing patience with performance at Nexen's Long Lake oilsands project. Kossman said the leadership change is "not associated with any one thing."

The deal caused Ottawa to rethink its rules on ownership of Alberta's vast oilsands resources by state-owned foreign enterprises.

CNOOC executive vice-president Fang Zhi will be Nexen's new boss.

The company says Fang is well known to Nexen's leadership and that the company's strategy and priorities remain unchanged.

Kossman said the CEO switch does not conflict with any commitments CNOOC would have made to Ottawa to get the deal through.

"Nexen's senior management team does continue to lead the organization and there are no issues associated with our personnel management. It's like any other organization: we're continually reassessing business needs and need to make the necessary adjustments."

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14682.39+44.40
S&P CDNX670.58-1.00
DJIA17730.11-27.80
Nasdaq4970.12-39.09
S&P 5002065.79-10.99
CDN Dollar0.7907-0.0027
Gold1162.20-0.80
Oil55.24-2.37
Lumber288.50+0.40
Natural Gas2.748-0.074

 
Okanagan Companies
Pacific Safety0.17+0.00
Knighthawk0.010.00
QHR Technologies Inc1.52-0.03
Cantex0.035-0.015
Anavex Life Sciences0.455+0.004
Metalex Ventures0.075+0.010
Russel Metals22.78-0.09
Copper Mountain Mining1.17+0.03
Colorado Resources0.09+0.03
ReliaBrand Inc0.006+0.000
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.165+0.005
Decisive Dividend Corporation3.00+0.50

 



24947

FEATURED Property
22987502519 Hillsborough Rd
5 bedrooms 4 baths
$1,195,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Increase property value

Photo: Thinkstock.comHere are five of the best renovations you can do to your home to increase property value. These five renovations can sometimes have a return on investment five to six times what t...


Active listening

Has this ever happened to you? You had an initial meeting with a prospect. You asked that prospect what seemed to be all the right questions. You had what felt to you like a good conversation, and bas...


The price of money

Money is not a commodity. By definition, a commodity is a generic product that is bought and sold on price alone. Money, Canadian bills for example, look the same, smell somewhat the same, and are ava...

_





26928


Member of BC Press Council


26916