Talisman posts higher fourth-quarter profit

Talisman Energy Inc. stated a higher fourth-quarter profit, largely reflecting Canadian tax rate reductions.

Photo: Talisman posts higher fourth-quarter profit

Talisman Energy Inc. is one of Canada's largest petroleum SB companies. It was originally part of British Petroleum, known as BP Canada, but in 1992 it became an independent company named Talisman Energy.

Talisman, whose chief executive, John Manzoni, has been reviewing which assets the company intends to keep for the long term, earned C$656 million ($671 million), or 64 Canadian cents a share, up from C$598 million, or 55 Canadian cents a share in the year-ago quarter.

Analysts were expecting an average of 33 Canadian cents a share.

Cash flow, a glimpse into an oil company's ability to fund development project, slipped to C$1.01 billion, or 99 Canadian cents a share, from C$1.13 billion, or C$1.05 a share, due in part to lower volumes.

Revenue was C$2.09 billion, up from C$1.84 billion in the fourth quarter of 2006.

Talisman, known for operations in North America, the North Sea and Southeast Asia, said its results were helped by a significant contribution from gains on asset sales.

Production for the year averaged 452,000 barrels of oil equivalent, down 7 percent from the year before. ($1=$0.98 Canadian)