Talisman Energy reports Q1 earnings of $466 million
- Talisman Energy Inc. (TSX:TLM) reported first quarter earnings of $466 million, down 10 per cent from the same period last year after the sale of certain non-core assets.
Net income compared to $520 million or 49 cents per share a year ago, when Talisman recorded a $277 million gain on asset sales. The profit amounted to 46 cents per share.
The Calgary-based energy company said production for the quarter averaged 419,000 barrels of oil equivalent per day, down 11 per cent from the same period last year because of the sale of non-core assets.
The company still expects a production range of 435,000 to 460,000 boepd for the year.
During the quarter, the company spent $1 billion on exploration and development, down from $1.3 billion in the same quarter of the previous year.
"During the quarter, we continued to build our position in the Outer Foothills with the acquisition of RSX Energy, which will provide many drilling locations," said CEO John Manzoni.
"In line with our intent to focus our portfolio further on our core areas, we recently entered into agreements for the sale of our assets in Denmark and Lac La Biche.
Work on the strategy is going smoothly and, as previously indicated, we will be providing details in the third week of May."
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