Talisman Energy Posts Q1 Profit - Quick Facts

(RTTNews) - Talisman Energy Inc. (TLM, TLM.TO) said that its net income for the first-quarter of 2014 was $491 million, compared to a net loss of $213 million in the first quarter last year, mainly due to higher gas and liquids prices in North America, increased liquids volumes and the sale of part of the company's Montney acreage which closed in the first quarter. On a per share basis, net income was $0.43 compared to a loss of $0.21 in the year ago quarter.

Net income also improved over last quarter due to a reduction in impairment expenses, from $1.6 billion, including the company's share of joint venture results, to $130 million the latest-quarter on a pre-tax basis.

Earnings from operations for the quarter was $79 million, compared to a loss of $60 million in the prior year quarter.

Total revenue and other income for the quarter grew to $1.341 billion from last year's $1.123 billion.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.05 per share and revenues of $1.29 billion for the quarter. Analysts' estimates typically exclude special items.

The company has declared a quarterly dividend on the company's common shares of $0.0675 per share. The dividend will be paid on June 30, 2014 to shareholders of record at the close of business on June 13, 2014.