Talisman profit up threefold<\/p>\n
CALGARY, Alberta (Reuters): Talisman Energy Inc. pumped out a
\nnearly threefold jump in fourth-quarter profit on Tuesday, as
\nCanada's third-largest oil and gas explorer and producer reaped
\nrewards from strong prices and rising production.<\/p>\n
Talisman, known for operations in Canada, the North Sea, Sudan
\nand Indonesia, also joined a long list of international oil
\ncompanies in reporting record annual results, and predicted an
\neven stronger showing this year.<\/p>\n
Despite a spending budget of C$1.7 billion ($1.1 billion),
\nplans for asset acquisitions and a continued stock buyback,
\nexcess cash flow will likely lead Talisman to start paying
\ndividends, chief executive Jim Buckee said.<\/p>\n
Quarterly profit hit C$268.4 million, or C$1.90 a share, up
\nfrom year-earlier C$92.2 million, or 62 Canadian cents a share.
\nCash flow, a key measure of an oil firm's ability to fund its
\nprojects, jumped 64 percent to C$689 million, or C$4.98 a share,
\nfrom C$419 million, or C$3 a share.<\/p>\n
For all of 2000, profits were C$906 million, or C$6.32 a
\nshare, up more than five times from the C$177 million, or C$1.30
\na share, it reported for 1999. Annual cash flow more than doubled
\nto C$2.4 billion, or C$17.25 a share, from year-earlier C$1.1
\nbillion or C$8.85 a share.<\/p>\n
In 2000, production averaged 409,000 barrels of oil equivalent
\na day, up 32 percent from 1999. Most of the jump was thanks to
\nhigher oil output in the North Sea, where it acquired a number of
\nassets last year. The company forecast 2001 output at 475,000
\nbarrels of oil equivalent a day.<\/p>\n
The company projected oil production to grow by 10-15 percent
\nthis year, with four oil fields coming on stream in the North Sea
\nand a boost in processing capacity in Sudan. Natural gas output
\nwas expected to be up 5 percent in Canada.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/talisman-profit-up-threefold-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}