Nexen’s biggest problem at the Long Lake site in Fort Mc was spending the 6 billion at the phase 1 site when what it should have done was spend that money at phase 2 in Anzac to begin with. It would have been far more profitable which would have helped keep the investment community at bay. Phase1 was supposed to yield 72,000 bbl/day and it has never been any where close to that, that decision to start there falls squarely on the shoulders of Gary Nieuwenburg and Marvin Romanow, really unfair that both these individuals needed to bring Brink’s trucks to the building when they were shown the door in 2012.
As far as the clown who suggested that there were not that many layoffs the best I can summarize is that this person has been living in a rainforest in the Amazon for the past 5 years. Layoffs continue there on a weekly basis. I will bet money that the Calgary HQ presence will eventually no longer be required, I’m pretty sure it’s not required now, most profitable assets they have and that’s not many are being managed at location, North Sea is run out of Aberdeen, Scotland (Buzzard field is winding down)and Deep Water in the gulf is run out of Houston. The little drips that come out of offshore Nigeria and inland Columbia aren’t even worth looking at and the Canadian assets Long Lake will never be profitable and Shale in North East BC might have been a good project but without an LNG facility in St Rupert it’s just an asset that’s spinning its wheels.
Couldn't agree more