Chinese oil and gas giant CNOOC Ltd. (CEO) said Monday that it has completed its acquisition of Nexen Inc. (NXY, NXY.TO). Total consideration of about US$15.1 billion was paid for Nexen's common and preferred shares.
The deal was origianlly announced in July 2012.
Nexen will operate as a wholly-owned subsidiary of CNOOC, and will continue to be led by CEO, Kevin Reinhart, who has been with Nexen for over 18 years.
A new Board of Directors comprised of CNOOC, existing Nexen management and Canadian independent directors has been established, with Li Fanrong as Chairman of the Board.
Nexen's common and preferred shares are expected to be delisted from the Toronto Stock Exchange in a few trading days. Nexen's common shares are expected to cease being traded on the NYSE prior to the market opening on February 26, and will subsequently be delisted.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.