July 17, 2008 / 10:55 AM / in 10 years

Flat production, charge crimps Nexen's results

TORONTO, July 17 (Reuters) - Nexen Inc NXY.TO said on Thursday its second-quarter profit rose slightly as flat production and a C$330 million charge for stock-based compensation offset the benefits of high oil prices.

The company, which is nearing completion of it C$6.1 billion Long Lake oil sands project, earned C$380 million, or 70 Canadian cents a diluted share for the quarter ended June 30, up slightly from C$368 million, or 68 Canadian cents a diluted share for the same time last year.

The company earned 72 Canadian cents a basic share compared with 70 cents a basic share a year earlier. ($1=$1.000 Canadian) (Reporting by Scott Anderson; Editing by Derek Caney)

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