11-6-13 7:33 AM EST | Email Article
     By Judy McKinnon 
 

Talisman Energy Inc. (TLM) narrowed its third-quarter loss from a year earlier when it recorded a large impairment charge, though hedging and foreign-exchange losses and lower North American gas prices weighed on results.

The Calgary, Alberta-based oil and gas producer said it lost $54 million, or 5 cents a share, compared with a loss of $731 million, or 71 cents, a year earlier.

Adjusted to exclude items, Talisman lost 4 cents a share, in line with its year-earlier adjusted loss. The Thomson Reuters mean estimate was for a loss of 1 cent a share.

Cash flow edged down to $573 million from $693 million, which the company attributed to the sale of a 49% stake in its U.K. North Sea business in December 2012. It said it's on track to reach its cash flow target of $2.1 billion to $2.3 billion for the year.

Talisman has been hit hard by slumping North American natural-gas prices, and is undertaking the sale of up to $3 billion of assets to raise cash.

"We remain committed to our $2 billion to $3 billion disposition target and we expect to have more to say on this in the near future," Hal Kvisle, Talisman president and chief executive, said in the earnings statement.

Talisman said it's now focused on two core regions - the Americas and Asia-Pacific.

"Our internal analysis, together with external advice, confirms that a two-region model, with disciplined capital programs and steady operational improvements, is the best route to higher value for Talisman shareholders," said Mr. Kvisle, who took the helm a year ago.

Early last month activist investor Carl Icahn said he bought nearly 6% of the company, giving the company's stock a boost.

Shares closed Tuesday in Toronto at C$12.82.

 

Write to Judy McKinnon at judy.mckinnon@wsj.com

 

Order free Annual Report for Talisman Energy, Inc.

Visit http://djnweurope.ar.wilink.com/?ticker=CA87425E1034 or call +44 (0)208 391 6028

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(END) Dow Jones Newswires

November 06, 2013 07:33 ET (12:33 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.
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