For those Fools not following along at home, oil sands projects keep sinking. With Total SA
The oil sands still have a few fans, as seen in Nexen's
This move definitely caught me by surprise. Last I heard, Nexen and Opti Canada were slowing the project's expansion, on account of the markets going somewhere very warm in a handbasket.
That's the notable thing about Nexen, though. How many companies of its size -- Nexen's peers include the likes of Southwestern Energy
I'm not terribly familiar with the Long Lake asset, but given Nexen's willingness to increase its stake, it's no wonder that fellow oil sands dweller Total has been rumored to be courting the company. If you're unshaken by oil's plunge, and remain a long-term commodity hound, I think Nexen's one worth sniffing around.
Fool contributor Toby Shute recently bum-rushed the ranks of the top 50 CAPS players. You can find him tossing thumbs around under the name TMFSmashy. He doesn't have a position in any company mentioned. The Motley Fool has a disclosure policy.