The award held that Nexen had breached an obligation to offer a subsidiary of Occidental Petroleum the right to acquire a 50-percent interest in these areas and that Oxy is entitled to monetary damages.
Damages will be determined during a second and final phase of the arbitration. Nexen said that the amount of damages cannot be reasonably estimated at this time. The company does not expect the resolution of the dispute to have a material adverse effect on its liquidity, consolidated financial position, or operations results.
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