Canadian pride: Talisman
Talisman rakes it in
Canadian independent Talisman Energy posted an 83% jump in fourth-quarter profit helped by gains on a number of derivative contracts.
Talisman's net income for the quarter climbed to C$1.20 billion (US$939 million), or C$1.17 per share, from C$656 million, or 63 Canadian cents, in the fourth quarter of 2007.
The results include unrealized C$805 million gain on the value of certain held-for-sale financial instruments.
Earnings from continuing operations were C$537 million, or 53 Canadian cents a share, up more than four times from C$123 million, or 12 Canadian cents a share, in the year-prior quarter.
The operating result beat the average estimate among analysts of 38 Canadian cents, as compiled by Reuters Estimates.
Talisman's cash flow rose to C$1.57 billion, or C$1.54 per share, from C$1.01 billion, or C$0.99 per share last year.
Production averaged 432,000 barrels of oil equivalent per day, down more than 3% from 446,000 boed in the fourth quarter of 2007.
Shares of Talisman, which sold lands in the prolific Bakken oil region for C$720 million to Tristar Oil & Gas and Crescent Point Energy Trust, closed at C$11.48 Wednesday on the Toronto Stock Exchange.