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Monday, March 23, 2015

CNOOC's Nexen closing down crude oil trading division - sources, (NYQ: CEO)

Nexen Energy, a wholly owned subsidiary of China's CNOOC Ltd, is closing its crude oil trading division following a round of job cuts announced last week, four market sources said on Monday.The Calgary-based company, which was acquired by state-controlled CNOOC in 2013 for $15.1 billion, cut 400 jobs last week in North America and the United Kingdom in response to plunging global oil prices.Three sources said Nexen was closing down its trading operations worldwide, although the majority of activity takes place in Calgary. The company will continue to market its own crude.Nexen did not immediately respond to requests for comment.

CNOOC Limited is an investment holding company. The Company, along with its subsidiaries, is a producer of offshore crude oil and natural gas and an independent oil and gas exploration and production company. Shares of CEO fell by 1.18% or $-1.61/share to $135.06. In the past year, the shares have traded as low as $124.16 and as high as $202.33. On average, 184877 shares of CEO exchange hands on a given day and today's volume is recorded at 65195.