April 29, 2008 / 10:52 AM / 10 years ago

Nexen profit surges on Buzzard production

TORONTO (Reuters) - Nexen Inc NXY.TO said on Tuesday that first-quarter profit jumped more than 400 percent and it doubled its quarterly dividend as Canada’s No. 4 independent oil explorer benefited from strong oil and gas production from its Buzzard field in the North Sea.

The company, which is nearing first production at the C$6.1 billion Long Lake oil sands project in Alberta, earned C$630 million, or C$1.19 a share, up from C$121 million, or 23 Canadian cents a share, a year earlier.

($1=$1.01 Canadian)

Reporting by Scott Anderson; Editing by Lisa Von Ahn

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