Talisman Energy Slips To Loss In Q2 - Quick Facts

(RTTNews) - Talisman Energy Inc. (TLM, TLM.TO) has incurred a net loss of $237 million, or $0.24 a share in the second quarter of 2014, as against a profit of $97 million, or $0.06 a share, in the prior-year period, driven mainly by a $171 million movement relating to cash settlements and non-cash mark-to-market loss on commodity derivatives. Further, the company lowered the credit adjusted discount rate applied to its asset retirement obligation liabilities across the portfolio by 100 basis points, resulting in an after-tax impairment of $50 million in the UK and $12 million in Norway.

Year-over-year, quarterly loss from operations narrowed to $9 million, from a $27 million loss.

During the quarter, total revenue and other income, however, grew to $1.24 billion, from $1.19 billion a year ago.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.06 per share and revenues of $1.33 billion for the quarter. Analysts' estimates typically exclude special items.

Total production averaged 375,000 boe/d in the quarter, up 4% year-on-year. This includes production of 11,000 boe/d in the quarter from the firm's Monkman, Ojay and Southeast Sumatra assets that have either been sold or held for sale.