Talisman Energy Q3 Loss Narrows - Quick Facts

(RTTNews) - Talisman Energy Inc. (TLM, TLM.TO) reported that its third-quarter of 2013 net loss narrowed to $54 million or $0.08 per share, from $731 million or $0.71 per share in the same quarter last year, due to higher impairments recorded in 2012.

Impairment of latest-quarter was $2 million, compared to Impairment of $1.037 billion last year.

But, loss from operations for the quarter winded to $45 million from last year's $36 million. It included results and adjustments from subsidiaries and Talisman's share of equity accounted entities.

Loss from operations for the quarter was $0.04 per share, unchanged from last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.01 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue and other income for the quarter declined to $1.232 billion from $1.647 billion in the prior year quarter. Five analysts had consensus revenue estimate of $1.45 billion for the quarter.

"Our third quarter results reflect the progress the company has made against its four strategic priorities…Cash flow has steadily increased over the course of the year, and we are on track to reach full year cash flow and production targets. Year-to-date capital spending is down 17% from 2012 and we will continue to work towards balancing cash flows with our capital budget through 2014 and 2015," said Hal Kvisle, President and CEO.

"We remain committed to our $2 billion to $3 billion disposition target and we expect to have more to say on this in the near future," said Hal Kvisle.

The company has declared a quarterly dividend on the company's common shares of $0.0675 per share. The dividend will be paid on December 31, 2013 to shareholders of record at the close of business on November 18, 2013.