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Talisman sees cash flow and North Sea production dip

Industry news
Talisman news

Talisman Energy has seen its cash flow drop by 11% from the last quarter.

The firm dipped oil prices and lower liquid volumes fro the fall.

The company recorded a cash flow of $507million while its net income was $425million, compared with a net loss of $237million the previous quarter.

Total production averaged 353,000BOED (Barrels of Oil Equivalent Per Day), but the company said production was down quarter-over-quarter due to a planned turnaround activity across its portfolio.

Hal Kvisle, chief executive officer, said: “Our third quarter results highlight our continued focus on improving the financial and operating reliabilityand performance of our business.

“Positive drilling results in the Duvernay, Edson, the Friendsville area of the Marcellus and at Akacias in Colombia reflect the strong performance of our core areas.

“We’ve delivered an impressive ramp-up in production at Kinabalu in Malaysia as a result of facility improvements and successful infill drilling, and recently, we’ve seen indications of positive exploration results at Nueva Esperanza in Block CPO-9 in Colombia and at Red Emperor in Block 136 in Vietnam.

“With three quarters behind us, our performance against our 2014 guidance remains strong.

“Expected full-year production from ongoing operations is in line with the 350-365 mboe/d range we guided to, despite the sale of 6.5 mboe/d of dry gas production over and above our original guidance target.

“Our year-to-date capitalspending is $2.2billion reflecting our commitment to focus our capital program, and as a result we are lowering our capital spending guidance from $3.2 billion to approximately $3billion.

“Cash flow of $1.7billion for the first nine months of the year is also in line with guidance, but due to lower commodity prices in the fourth quarter, we anticipate lower cash flow in the fourth quarter.”

Talisman said its North Sea production averaged at 12,000BOED, which was down 37% from the previous quarter and 43% year-over-year.

The dip in production was a result of planned turnarounds at Claymore, Piper, Buchan and the Bleoholm FPSO.

Last month, it emerged the company could end up under French ownership in a potential takeover bid by GDF Suez.

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