23 May 2013listing compliance notice▼ BadMajor
NEXEN INC terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Mar 2013listing compliance notice● NeutralMajor
NEXEN INC's exchange filed to remove a class of its securities from listing.
8 Mar 2013listing compliance notice▼ BadMajor
NEXEN INC terminated the registration of a class of securities, ending its reporting obligation for them.
26 Feb 2013listing compliance notice● NeutralMajor
NEXEN INC's exchange filed to remove a class of its securities from listing.
24 June 2010material agreement● Neutral
On June 21, 2010 Nexen amended and restated its July 2005 credit agreement with TD as agent. Maturity is extended from July 22, 2012 to July 22, 2014, a new financial covenant is added for the lenders, the pricing definition is changed, and some lenders are swapped for new ones. The filing does not state the facility size or the new covenant's terms.
30 July 2009material agreement● NeutralMajor
On July 27, 2009 Nexen priced a US$1 billion senior note offering (US$300 million of 6.20% notes due 2019 and US$700 million of 7.50% notes due 2039), with a pricing agreement signed with underwriters led by Banc of America, BNP Paribas, Deutsche Bank and HSBC. The press release says proceeds go to general corporate purposes, including repaying debt under the revolving bank credit facility and funding the capital program announced in December 2008.
30 July 2009debt financing● NeutralMajor
Nexen completed its US$1 billion senior note sale on July 30, 2009: US$300 million of 6.20% notes due 2019 and US$700 million of 7.50% notes due 2039. They were issued under the May 2007 indenture with Deutsche Bank Trust Company Americas, plus a Second Supplemental Indenture. This completes the offering priced three days earlier.
30 Apr 2008security holder rights change● Neutral
Shareholders approved an amended and restated shareholder rights plan (the 2008 Plan) at the April 29, 2008 meeting, replacing the 2005 plan with CIBC Mellon Trust Company as rights agent. It makes three changes: it clarifies that the plan continues if rights are redeemed after a withdrawn non-permitted take-over bid, limits amendments made before the 2011 meeting, and sets who must ratify the plan by 2011. Apart from these, the plan is identical to the 2005 plan in all material respects.
7 May 2007listing compliance notice▼ Bad
NEXEN INC withdrew a registration statement, abandoning the offering it covered.
7 May 2007debt financing● NeutralMajor
Nexen completed a US$1.5 billion senior note sale on May 4, 2007: US$1.25 billion of 6.40% notes due 2037 and US$250 million of 5.65% notes due 2017, under a new indenture with Deutsche Bank Trust Company Americas. The press release says substantially all net proceeds will repay outstanding bank debt, with the remainder for general corporate purposes. This follows the shelf registration and prospectus filings of the past week.
20 July 2006material agreement● Neutral
Nexen amended its July 2005 credit agreement, raising the facilities from US$2 billion to US$3 billion and extending maturity from July 22, 2010 to July 22, 2011. It also signed a standard director indemnification agreement with director A. Anne McLellan.
25 Aug 2005material agreement● Neutral
Nexen paid cash bonuses to employees for completing the sale of oil and gas properties in northeast British Columbia, the Alberta foothills and Saskatchewan, and the Canexus chemicals spin-off. Executive amounts: CEO Charles Fischer 300,000, CFO Marvin Romanow 175,000, General Counsel John McWilliams 100,000 and Roger Thomas 200,000 (currency not stated in the filing).
23 Aug 2005asset acquisition disposition● NeutralMajor
Nexen completed the sale of its sodium chlorate and chlor-alkali chemicals business to Canexus Limited Partnership, valued at about $1 billion. Canexus Income Fund's IPO raised $300 million (30 million units at $10), and Nexen kept a 63.5% interest through 52,285,714 exchangeable units. Nexen says it has not decided whether or when to sell its holding.
28 July 2005debt financing● NeutralMajor
Nexen signed a new unsecured revolving credit agreement of up to US$2 billion, maturing July 22, 2010, with Toronto-Dominion as lead agent. An initial US$780 million draw repaid all debt under three earlier credit agreements, which were cancelled. It carries a covenant limiting long-term debt to 3.5 times EBITDA.
11 Mar 2005debt financing● NeutralMajor
Nexen closed a sale of US$250 million of 5.20% notes due 2015 and US$790 million of 5.875% notes due 2035 (about US$1.04 billion in total), issued under its existing shelf registration. The filing does not say what the money is for; the amount fits the bridge borrowing for the North Sea purchase, but that is an inference.
7 Dec 2004asset acquisition disposition● NeutralMajor
Nexen completed the purchase of EnCana (U.K.) Limited for US$2.1 billion plus adjustments, as agreed in October 2004. It was funded partly by a Toronto-Dominion credit agreement: a US$1.5 billion bridge loan drawn December 1, 2004 (to be cut to US$750 million by November 25, 2005 and repaid by May 25, 2007) and a US$500 million development facility (due November 2007, extendable to May 2008). This closes the acquisition thread and the debt now has to be repaid.
3 Nov 2004material agreement▲ GoodMajor
Nexen agreed to buy EnCana (U.K.) Limited, EnCana's North Sea business, for US$2.1 billion cash, with closing scheduled for December 1, 2004. It includes a 43.2% interest in the Buzzard field (start-up expected by end of 2006, about 80,000 barrels a day net to Nexen at full production, per Nexen), plus interests in the Scott and Telford fields producing about 19,000 boe/d. Nexen arranged US$2.0 billion of bridge facilities with Toronto-Dominion Bank and expects to repay the debt from cash flow and about Cdn$1.5 billion of proceeds from selling mature assets. Closing needs UK government approval, and Nexen put up a US$200 million deposit.
15 July 2004other▲ Good
Second-quarter results: cash flow of $3.32 a share and earnings of $1.11 a share on high commodity prices, though production slipped to 240 thousand barrels equivalent a day from 280 a year earlier. The growth story was elsewhere - the Aspen field in Yemen reached about 30,000 barrels a day, Block 51 development started, and the Long Lake oil sands upgrader was reported on schedule and on budget.
23 Feb 2004listing compliance notice▼ BadMajor
NEXEN INC's securities were notified for removal from listing and registration on its exchange.
18 Dec 2003listing compliance notice▼ BadMajor
NEXEN INC's securities were notified for removal from listing and registration on its exchange.
29 Oct 2003listing compliance notice▲ GoodMajor
the New York Stock Exchange certified NEXEN INC's securities for listing, clearing them to begin trading.
17 July 2002auditor change● Neutral
A paper-only Form 8-K filed under the auditor-change item. The electronic record contains only a placeholder with a document control number and no text, so nothing about an auditor change (who, when, why) can be read from it.