Energy Sector Review: Exxon and Nexen Hit the News
Nexen Inc. (NYSE:NXY):Following the resignation of CEO Marvin Romanow, as well as one of the company’s executive VPs, Nexen drops 9.3%. Shares have declined drastically over the past year due to concerns about Nexen’s poorly performing C$6.1B ($5.94B) Long Lake oil sands project.
Exxon Mobil Corporation (NYSE:XOM): Hugo Chavez announced that Venezuela will withdraw from the ICSID, a World Bank-affiliated arbitration panel, and won’t accept any of its rulings. Suits include Exxon’s multi-billion dollar claim for a nationalized oil project. However, even if Chavez follows through, it’s unlikely to hit arbitrations already started. The shares closed at $85.72, up $0.22, or 0.26%, on the day. Its market capitalization is $410.87 billion.