Nexen was recently awarded Oilweek’s 2004 Annual Report Award for Financial Statements and Analysis in the senior oil and gas category. Now in its thirtieth year, the Oilweek Annual Report Awards exemplify outstanding achievement in the areas of financial statements and analysis and editorial and graphic design for Calgary-based energy and utility companies.

From a financial perspective, each year Nexen’s corporate accounting group works tirelessly to ensure its financial information is reported completely and is readily understandable. Over the last few years, external accounting regulations and reporting guidelines have continued to change, often quite rapidly and with little notice.

“The entire organization plays a part in our annual reporting. This award is a testament to our ability to stay on top of the external accounting changes and react to them by producing best-in-class financial reporting and analysis,” said Mike Harris, Nexen’s Controller.

As one of the judges noted, Nexen’s annual report represented the fullest disclosure of all reports entered.

Last year Nexen took a different approach to external reporting by dividing the annual report into four sections: a shareholder letter, Form 10-K, corporate profile and sustainability report. Through this new approach, Nexen has been better able to articulate its key messages to diverse stakeholders in a comprehensive yet plain-language manner.

The annual report is one piece of Nexen’s larger communications strategy, which focuses on transparent and timely disclosure throughout the year.

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