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Heads roll as Nexen aims to up its game

Like a struggling hockey team, the front bench of Canada’s Nexen has been shaken up with the surprise resignation of its chief executive and senior vice-president, amid claims of poor operational performance

Marvin Romanow and Gary Nieuwenburg left the Calgary-based company with immediate effect. Chief financial officer Kevin Reinhart will continue as the firm’s interim president until a replacement is found. Nexen, Canada’s fifth-largest independent oil and gas producer, has struggled with a sagging share price and missed production targets at its Long Lake oil-sands project, which is yet to hit design production rates more than three years since it was first commissioned. Both Romanow and Nieuwenberg were strong proponents of Long Lake and its disappointing results – present output of about 28,000 barrels a day (b/d) is less than half its rated capacity of about 70,000 b/d – was likely a key

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