Talisman Profit Soars on Strong Oil, Gas Prices
08:54 EDT Wednesday, July 30, 2003
TORONTO (Reuters) - Talisman Energy Inc. , Canada's second-largest oil explorer and producer, said on Wednesday second-quarter profit jumped 123 percent due to high oil and gas prices.
Calgary, Alberta-based Talisman, known for operations in Canada, the North Sea and southeast Asia, earned C$201 million ($145 million), or C$1.50 per diluted share, up from year-earlier C$90 million, or 61 Canadian cents a share.
That beat an average estimate of C$1.14 a share among analysts surveyed by Thomson First Call.
Cash flow, a glimpse into an oil company's ability to fund developments, fell to C$600 million, or C$4.65 a share, from C$652 million or C$4.84 a share in the previous year's quarter.
"We expect greater than 10 percent production growth by year end," Talisman Chief Executive Jim Buckee said.
Sales during the quarter were C$1.17 billion, down from C$1.31 billion in the year-ago period because of the sale of the company's Sudan operations in March.
Expenses increased to C$875 million from C$788 million as the company spent C$105 million in the second quarter on stock-based compensation.
Talisman said its expects 2003 cash flow to fall between C$21 a share and C$22 a share.
($1=$1.39 Canadian)
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