Nexen earnings fall 86%

Calgary-based oil and gas producer Nexen Inc. reported an 86 per cent drop in third-quarter profit Wednesday.

It attributed the drop to lower production, downtime for maintenance and reduced sales volume.

Net income came in at $122 million or 23 cents a share for the three months ending in September. That compared with $886 million or $1.68 a share in the same period a year earlier.

Nexen operates an oilsands project called Long Lake and explores, and produces oil in the North Sea, the Gulf of Mexico, Yemen and West Africa. 

Nexen shares closed down 59 cents, or more than two per cent, at $23.40 on the Toronto Stock Exchange Wednesday.