Bloomberg: Talisman 1st-Qtr Profit Rose 68 Percent on Higher Gas Prices
By Gene Laverty
Calgary, Alberta, May 1 (Bloomberg) -- Talisman Energy Inc., Canada's sixth-biggest oil company, said earnings rose 68 percent in the first quarter, beating analysts' expectations, as natural- gas prices surged and its oil production rose in the Canada and Sudan.
Net income rose to C$346 million ($225.6 million), or C$2.51 a share after payment of preferred dividends, from C$206 million, or C$1.45, a year earlier. Revenue rose 29 percent to C$1.19 billion from C$922.9 million, the company said in a statement issued by Canada NewsWire.
Talisman was expected to earn C$2.32 a share, the average estimate of analysts polled by IBES International Inc. Estimates ranged from C$1.96 to C$2.95 a share.
The Calgary, Alberta-based company said natural-gas production fell to 993 million cubic feet a day from 1.04 billion cubic feet. The price it got for gas almost tripled to C$8.24 a thousand cubic feet from C$3.11.
Talisman's oil output rose to 240,550 barrels a day from 238,600 barrels. The average price it got for oil fell to C$35.64 a barrel from C$37.33 a year earlier. Talisman produces oil and gas in Canada, the U.K. North Sea and Sudan.
Talisman shares fell 40 cents to C$62.20 in midmorning Toronto trading. They had risen 42 percent in the last year.
(Talisman will hold a conference call to discuss first- quarter earnings tomorrow at 1 p.m. New York time. To participate call (800) 240-2134.) |
