Talisman Profit Surges in Q2
CALGARY, Aug 2 (Reuters via energy24.com) - Talisman Energy Inc., Canada's biggest international oil producer, said on Tuesday its second-quarter profit surged twelve-fold on the strength of high oil and gas prices and rising production.
Talisman, known for exploration and production in Canada, the North Sea, Sudan and Indonesia, said earnings in the quarter rose to C$208 million ($140 million) or C$1.51 a share from year-earlier C$17 million or 15 Canadian cents a share. The earnings per share result beat an average estimate of C$1.46 among analysts surveyed by Reuters.
Cash flow, a key measure of an oil company's ability to fund its operations, was C$573 million or C$4.14 a share, up 154 percent from C$226 million or C$1.89 a share in the second quarter of 1999.
"Operations are going exceptionally well, with total production running ahead of targets," Talisman chief executive Jim Buckee said in a statement. "Prices are up and unit operating costs are down."
The company's oil production in the quarter averaged 252,000 barrels a day, up 77 percent from a year earlier. Its average oil sales price rose to C$35.61 a barrel including hedging activities, up 64 percent. Natural gas output climbed 13 percent to 978 million cubic feet a day, while the average price was up 63 percent to C$3.89 a thousand cubic feet.
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