11:51 AM EST - Nexen Inc. : reported second-quarter 2012 operating and financial results and provided an update on strategic priorities. The second quarter financial results were strong, as the contribution from Usan and higher production volumes more than offset lower oil prices. Cash netbacks were fairly consistent with the first quarter as growth in our high-netback Usan production offset lower oil prices. This, combined with higher production, resulted in cash flow from operations increasing 6% compared to the prior quarter. Net income declined to $109 million from $171 million in the first quarter due to the charge for the previously announced unsuccessful Kakuna exploration well. Nexen Inc.
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