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 firstname.lastname@example.org
Order free Annual Report for Talisman Energy, Inc.
Visit http://djnweurope.ar.wilink.com/?ticker=CA87425E1034 or call +44 (0)208 391 6028
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 06, 2013 07:33 ET (12:33 GMT)Copyright (c) 2013 Dow Jones & Company, Inc.
|Talisman Energy Posts $1 Billion Loss on Impairment Charges -- Update (2014/2/12)|
|Abercrombie Posts 3rd-Quarter Loss (2013/11/21)|
|Sears Posts Wider 3rd-Quarter Loss ()|
|WaterFurnace Renewable Energy, Inc. 3rd Quarter Results: Net Income up 51% (2013/11/11)|
|OGE Energy Corp. 3rd Quarter 2013 Earnings Webcast (2013/10/8)|
|Ingersoll-Rand Posts 3rd-Quarter Revenue, Orders Growth -- Update (2013/10/18)|
|J.P. Morgan Swings to 3rd-Quarter Loss on Massive Legal Expense - Update (2013/10/11)|
|Prologis 3rd-Quarter Loss Narrows as Rental Revenue Growth Continues (2013/10/23)|
|Liberty Global 3rd-Quarter Loss Widens on Derivative Losses, Higher Expenses (2013/11/5)|
|J.C. Penney 3rd-Quarter Loss Widens ()|
|Start Premium Trial||Register For Free|
|P||F||Fund Financial Data (13,000+ funds)|
|P||F||Stock Financial Data (7,000+ stocks)|
|P||F||Stock and Fund Screeners (basic)|
|P||F||Investing Articles and Market Commentary|
|P||F||Articles Archive (>30 days)|
|P||F||Discuss (dozens of stock, fund, bond, and general bulletin boards)|
|P||F||Portfolio Manager (basic)|
|P||F||Morningstar Investment Classroom|
|P||F||Access Your Portfolio Anytime, Anywhere via Your Mobile Device|
|P||Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)|
|P||Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)|
|P||Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)|
|P||Portfolio Monitor (monthly and on-demand personalized portfolio statements)|
|P||Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)|
|P||Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters|
|P||Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)|
|P||Discounts on Morningstar newsletters, books, seminars, and more|
Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.
Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.