Tuesday January 11, 6:56 pm Eastern Time
Talisman CEO expects big jumps in output, cash flow
CALGARY, Jan 11 (Reuters) - Talisman Energy Inc. (Toronto:TLM.TO - news), Canada's biggest global oil producer, should pump out a 25 percent increase in cash flow this year versus 1999 due to an expected strong rise in production, its chief executive said on Tuesday.
Calgary-based Talisman, whose stock price has suffered recently amid controversy surrounding its operations in civil war-torn Sudan, is expected to generate cash flow of C$11 a share in 2000, up from an expected C$8.80 in 1999, Talisman chief Jim Buckee said in a statement.
The prediction was based on the company's targets of producing 400,000 barrels of oil equivalent a day (BOED) this year, up 29 percent from 1999, Buckee said, adding that output could be 500,000 (BOED) in 2002. He also said it assumed benchmark U.S. oil prices averaging $19 a barrel, or $6.77 less than Tuesday's New York Mercantile Exchange closing price.
Of the total production figures, Buckee said he expected Talisman's average oil production to rise by 44 percent in 2000 to 230,000 barrels a day, and natural gas production to climb 12 percent to 1.01 billion cubic feet a day. The company plans to boost capital spending this year by 19 percent to C$1.2 billion.
Talisman's shares closed up 5 Canadian cents to C$37.60 on the Toronto Stock Exchange on Tuesday, down 23 percent from a year high of C$49.15.
($1=$1.46 Canadian)
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