Canadian oil and gas firm Talisman Energy Inc. (TLM.TO, TLM) Wednesday reported a loss for the first quarter, compared to a profit last year, as production declined year over year.
The company reported a net loss of $213 million or $0.21 per share for the quarter compared to net income of $291 million or $0.24 per share last year. The prior year results have been restated.
Excluding non-operational items, loss from operations per share was $0.06 per share compared to a profit of $0.16 per share last year. On average, 11 analysts polled by Thomson Reuters expected earnings of $0.02 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue and other income declined to $1.123 billion from $2.056 billion. Analysts expected revenues of $1.46 billion.
Production for the quarter declined to 372,000 barrels of oil equivalent per day or boe/d from 424,000 boe/d in the prior year. The company attributed the drop to the sale of a 49 percent equity interest in Talisman's UK North Sea business in December 2012, with an impact of around 17,000 boe/d.
Talisman said its production guidance range for 2013 is unchanged, with liquids volumes expected to rise in the second half of 2013 in North America, Colombia, Malaysia and Vietnam.
Hal Kvisle, President and CEO, said, ''We expect to see significant growth in higher margin liquids production in the second half of this year and into 2014...we are taking steps to improve operating efficiency and lower costs.''
TLM settled at $11.89 on Tuesday. TLM.TO closed up 1.2 percent at C$12.08.
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