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Nexen’s CEO Charlie Fischer to Retire at Year End

By Amarendra Bhushan for CEOWORLD Magazine Updated:October 29, 2008

Nexen Inc. announced today that Charlie Fischer, President and Chief Executive Officer, has announced his intention to retire at the end of the year. Charlie will also retire from the Board of Directors at the same time.

Charlie joined Nexen in 1994 as Senior Vice President, North American Operations and in 1997 he was promoted to Executive Vice President and Chief Operating Officer. In 2001 he was appointed President and Chief Executive Officer and joined the Board of Directors.

Under Charlie’s leadership, we have experienced significant growth and success. The acquisition of our North Sea assets has added significant value, our oil sands development at Long Lake is ready to deliver and positioning early in the Horn River Basin has given us access to a substantial shale gas resource in northeast British Columbia.

During Charlie’s tenure, we have been widely recognized as an international leader in a number of areas which include environment, sustainability, safety and governance. Charlie has also given freely of his personal time to make a difference in many aspects of the community.

“I am proud of the many accomplishments of our employees and I am proud of our achievements as a company,” said Charlie Fischer. “The company is in tremendous shape and well positioned for the future. I am confident it will continue to grow and be very successful.”

The Board of Directors is pleased to announce the appointment of Marvin Romanow as President and Chief Executive Officer and a Director, effective January 1, 2009. Marvin has been Chief Financial Officer since 1998 and was promoted to Executive Vice President in 2001.

An engineering graduate with great distinction from the University of Saskatchewan, Marvin also holds a Masters of Business Administration degree and is a graduate of Harvard’s Management Development Program and INSEAD’s Advanced Management Program. He was named 2006 Energy Executive of the Year by the Petroleum Economist Magazine and in 2007 he was named CFO of the Year by PricewaterhouseCoopers LLP, Financial Executives International and Caldwell Partners International.

Marvin’s career has spanned many operating and financial roles, including roles in drilling and reservoir engineering, exploration and development, business development, corporate finance and planning. In his current role as Chief Financial Officer, he has played a key role in developing our long term financing plans and hedging strategies, which have greatly contributed to the excellent financial position we currently enjoy in today’s economic climate.

“The Board wants to recognize Charlie Fischer for his leadership and dedication to making Nexen one of Canada’s top energy companies. With the industry experience and business judgment that Marvin Romanow brings to the table, we are confident in the future of the company under his leadership,” said Francis Saville, Nexen’s Chairman.

Nexen Inc. is an independent, Canadian-based global energy company, listed on the Toronto and New York stock exchanges under the symbol NXY. We believe we are uniquely positioned for growth in the North Sea, Western Canada (including the Athabasca oil sands of Alberta and unconventional gas resource plays such as coalbed methane and shale gas), deep-water Gulf of Mexico, offshore West Africa and the Middle East. We add value for shareholders through successful full-cycle oil and gas exploration and development and leadership in ethics, integrity, governance and environmental protection.

Charlie Fischer
President and Chief Executive Officer
Holdings as of March 3, 2008

Charlie Fischer, 57, has been Nexen’s President and CEO since June 1, 2001. Formerly, he was Executive Vice President and Chief Operating Officer responsible for our conventional oil and gas business in Western Canada, the US Gulf Coast and all international locations, as well as oil sands, marketing and information systems activities worldwide. He joined Nexen in 1994 following service with Dome Petroleum Ltd., Hudson’s Bay Oil & Gas Ltd., Bow Valley Industries Ltd., Sproule Associates Ltd. and Encor Energy Ltd.

Charlie graduated from the University of Calgary with a Bachelor of Science degree in Chemical Engineering in 1971 and a Masters Degree in Business Administration, Finance in 1982. He has an Honorary Doctorate of Law degree from the University of Calgary and an Honorary Bachelor of Applied Technology degree from Southern Alberta Institute of Technology (SAIT).

Charlie does not serve on any other public company board. He is Co-Chair of Alberta Climate Change Central, a member of the board of the Alberta Energy Research Institute and a member of the board of governors of the University of Calgary. Charlie currently resides in Calgary, Alberta.

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