DBRS Rates Nexen Inc.’s New Issue at BBB with a Stable Trend

DBRS has today assigned a rating of BBB with a Stable trend to Nexen Inc.’s (Nexen) $300 million of 6.20% and $700 million of 7.50% senior unsecured notes, maturing on July 30, 2019 and July 30, 2039, respectively (the Notes). These Notes are being issued under a Prospectus Supplement dated July 27, 2009, and are expected to settle on July 30, 2009.

The Notes will rank equally with Nexen’s existing and future unsecured and unsubordinated indebtedness, and the net proceeds from the offering will be used for general corporate purposes, including the repayment of outstanding debt under Nexen’s credit facility and the funding of its capital expenditure program.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating Oil & Gas Companies, which can be found on the DBRS website under Methodologies.

This is a Corporate rating.