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Tuesday, 02 December, 2008, 02:20 GMT | more >>

Talisman hit by output drop



By Upstream staff 

Canada's Talisman Energy said its third-quarter profit fell 33% on lower production volumes, asset sales and other factors, including non-cash charges.

Talisman said net income for the quarter was C$352 million (US$370.6 million), down from C$524 million a year earlier.

Talisman's earnings from continuing operations, which removes most one-time gains and charges, fell to C$246 million, from C$350 million in third-quarter 2006.

Revenue rose to C$2 billion from C$1.8 billion.

Talisman chief executive John Manzoni said the quarter should be the low point for Talisman's underlying production.

"With a heavy capital program through this year, we have suffered from a number of delays, which are also impacting the fourth quarter somewhat," he said.

"We will now begin to see the benefits of projects coming on line in the third and fourth quarters, including higher production volumes and lower unit costs."

Fourth-quarter volumes are also expected to increase, particularly in the North Sea, with a full quarter of production from the Blane and Duart fields and commissioning of the Wood and Tweedsmuir Phase B facilities.

That will be partly offset by the sale of the Brae properties, Manzoni said.


Friday, 02 November, 2007, 02:53 GMT  | last updated: Friday, 02 November, 2007, 03:00 GMT

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