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Talisman sinks into the red

CALGARY— The Canadian Press
Published Wednesday, May. 04, 2011 6:48AM EDT

Talisman Energy (TLM-T21.15-1.28-5.71%) to a first-quarter loss of $326-million (U.S.), but the oil and gas producer said Wednesday it is poised for growth after completing several key acquisitions.

Calgary-based Talisman, which reports results in U.S. dollars, said the loss amounted to 32 cents per share and compared to profit of $371-million or 36 cents per share in the same period a year earlier.

The loss reflected non-cash charges in held-for-trading financial instruments, higher taxes and the impact of an increasing share price on share-based compensation. Revenues increased to $2-billion from a year-earlier $1.84-billion.

“We have a great deal of activity in the portfolio this year in order to drive our growth,” president and CEO John Manzoni said in a statement.

“Our main priority during 2011 is to execute these projects in a world class way. Our focus is on safe execution as we end the period of portfolio transition, and enter one of growing the business.”

Overall production in the quarter was up 6 per cent at 444,000 barrels of oil equivalent per day. The company said the higher volumes were driven by increased natural gas volumes in North America and Southeast Asia.

Earnings from operations rose to $157-million from $155-million in the same period of 2010 and were unchanged on a per share basis at 15 cents.

The company left its production growth guidance unchanged at between five and 10 per cent, excluding its operations in Colombia, where volumes are expected on average at about 11,000 barrels per day. However, Manzoni said Talisman is now looking at the lower end of that range after experiencing issues with its Yme project in Norway.

Talisman has operations around the world with its three main operating areas being North America, the North Sea and Southeast Asia.

Like many natural gas producers, Talisman has been coping with stubbornly low natural gas prices by drilling in areas rich in valuable liquids. Natural gas liquids, used to make plastics and petrochemicals, track oil prices more closely than they do ordinary dry natural gas.

In the fall, Talisman bulked up its presence in a liquids-rich part of the Eagle Ford shale in Texas, alongside Norway's Statoil.

Another strategy natural gas producers have adopted recently is to ink joint-venture deals. In December, Talisman agreed to sell a 50-per-cent stake in some of its shale lands in northeastern British Columbia to South Africa's Sasol for $1.05-billion.

Talisman will continue to run the Farrell Creek assets in the Montney shale gas field.

The two companies said they will also collaborate on a study to find out whether it's economically feasible to build a plant in Western Canada that would convert natural gas into liquid fuels.

The firm also has holdings in Quebec's Utica shale and the Pennsylvania and New York portions of the Marcellus shale. Talisman's other key areas of focus include offshore production in the North Sea and Southeast Asia, as well as operations in South America and the Middle East.