Sunday, August 2nd32.0°C
27107
26015

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 TSX14468.44+85.68
S&P CDNX594.31+6.01
DJIA17689.86-56.12
Nasdaq5128.28-0.50
S&P 5002103.84-4.79
CDN Dollar0.7621-0.0021
Gold1096.90+0.60
Oil47.53-1.69
Lumber252.10+0.50
Natural Gas2.883+0.062

 
Okanagan Companies
Pacific Safety0.17-0.01
Knighthawk0.010.00
QHR Technologies Inc1.42+0.00
Cantex0.035-0.005
Anavex Life Sciences0.9101+0.1101
Metalex Ventures0.05+0.00
Russel Metals19.40-0.05
Copper Mountain Mining0.79+0.01
Colorado Resources0.065+0.005
ReliaBrand Inc0.0049+0.0004
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.095-0.045
Decisive Dividend Corp2.55+0.05

 





FEATURED Property
1899922#155-9020 Jim Bailey Road
3 bedrooms 2 baths
$179,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...


Income from home equity

Photo: Thinkstock.comWhen retirement funds run low, seniors often ask if tapping into the equity in their home is the right way to retain financial independence. To see if this option might be a good ...

_



26376




Member of BC Press Council


26916