CALGARY, Alberta, June 29, 2012 /PRNewswire/ --
Nexen Inc. reported today the release of its 2011 Sustainability Report - a review of the company's health, safety, environmental, social and economic performance for the year. The report outlines Nexen's performance in 2011 and provides performance trends for the past three years.
"This report summarizes our commitment to being a responsible energy company in health, safety, environmental, social and economic performance," said Kelly Kowalchuk, Vice President Health, Safety, Environment & Social Responsibility. "It offers a candid look at the opportunities and challenges our company experienced in 2011 and our strategies to manage these going forward. At Nexen, we believe it's not just what we do that matters - it's how we get the job done. And this is ingrained in everything we do."
Highlights from the report include:
- Achievement of a record-setting Total Recordable Injury Frequency (TRIF). Nexen achieved a TRIF of 0.22 for employees only and 0.67 for employees and contractors combined in 2011.
- Improvements in reducing the volumes of spills over 2010. The volume of spills decreased by 67% and the number of crude oil, chemical and produced water spills decreased by nearly 5%.
- Establishment of a data management system to centralize waste and water data across the company.
- Steady investment in Nexen's three priority areas: education excellence and innovation; supporting community; and celebrating arts and culture. Nexen invested approximately $11.3 million to communities where we operate in 2011.
- Significant contribution to the economy. Nexen invested $2.5 billion in goods and services and contributed approximately $2.3 billion in income taxes and royalties.
Being a responsible energy developer means continuously working to make internal process improvements and Nexen's Sustainability Report identifies improvement areas, including steps to further strengthen safety performance and manage environmental exceedances. For 2012, Nexen has set sustainability commitments which include:
- Revising the company's Occupational Health and Industrial Hygiene procedures and ensuring awareness across the company.
- Advancing a water monitoring program at Nexen's shale gas operations in northeast British Columbia.
- Conducting a benchmark study on Nexen's approach to Aboriginal Relations and identifying improvement areas.
Nexen created the 2011 Sustainability Report using the Global Reporting Initiative (GRI) G3.1 guidelines - an internationally recognized standard in sustainability reporting (Application Level B+). For the past nine years, Nexen has engaged the guidance of an External Advisory Group (EAG) to provide feedback on the company's sustainability management, performance and disclosure. Members of the EAG are representatives from a diverse group of experts. Since 2004, Nexen has had select performance indicators assured by an external verifier; 2011 data was assured by Deloitte & Touche LLP.
Online disclosure, which includes articles, photos, data tables, charts and graphs and videos featuring Nexen employees, partners and stakeholders, provides comprehensive sustainability information that complements the print report. Both are now available at http://www.nexeninc.com/en/ResponsibleDevelopment/SustainabilityReport.aspx
Nexen Inc. is an upstream oil and gas company responsibly developing energy resources in some of the world's most significant basins - the UK North Sea, offshore West Africa, the Gulf of Mexico and Western Canada. The company is strategically focused on three businesses: conventional oil and gas, oil sands and shale gas. With a high-quality asset base and significant growth on the horizon, Nexen is well-positioned to deliver long-term shareholder value. Nexen is listed on the New York and Toronto stock exchanges under the symbol NXY.
This news release and both Nexen's print and online sustainability report, contain forward-looking statements and forward-looking information, including statements regarding: business strategies; expected production growth and developments; planned environmental and regulatory targets, performance, monitoring and initiatives; planned safety targets and programs; planned studies, evaluations and internal management system audits; planned emission monitoring, reporting, reduction and recovery; planned technological and systems advancements, developments, implementation, testing and initiatives; planned support of research; planned emissions offset and climate change policy; planned stakeholder collaboration; planned updates to Human Rights policy; planned Aboriginal relations policy and strategy; planned employee health initiatives; planned scholarship programs; planned community commitment including employee volunteer program, direct contributions and matching; statements about possible future events, conditions, results of operation or performance; and changes in any of the foregoing. All forward-looking statements in this report are based on Nexen's current expectations, estimates and projections, and are qualified by the assumptions that are stated or inherent in such forward-looking statements. Although we believe these assumptions are reasonable, readers should not place an undue reliance on these assumptions and such forward-looking statements. The forward-looking statements are subject to known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Except as required by law, Nexen undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained herein are expressly qualified by this cautionary statement. Readers should also refer to the Risk Factors contained in our 2011 Annual Information Form, and to the Quantitative Disclosures about Market Risk and our Forward-Looking Statements contained in our 2011 Management Discussion and Analysis. All financial information is in Canadian dollars.
For further information:
Manager, External Communications
801 - 7th Ave SW, Calgary, Alberta, Canada T2P 3P7
SOURCE Nexen Inc.