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Talisman Energy loses $1.59B Q4

Blames declining commodity prices, dry hole and writedowns.

February 10, 2015   by CANADIAN PRESS

CALGARY — Talisman Energy is reporting a loss of US$1.59 billion in the fourth quarter of 2014.

The loss compares with a loss of $1 billion in the same quarter a year earlier.

The Calgary-based energy company also reported a loss from operations of $143 million in the fourth quarter of the year compared with a loss of $116 million in the same period of 2013.

The company says the loss was primarily due to declining commodity prices, dry hole and writedowns during the quarter.

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For the year, Talisman lost $911 million, or 89 cents per share.

Capital spending in 2014 was approximately $3 billion, down $156 million from 2013 and below the company’s original full year guidance of $3.2 billion.

During the fourth quarter, in mid-December, Talisman said it had agreed to be purchased by Spanish energy giant Repsol in a deal worth about US$13 billion.

Repsol will acquire all outstanding common shares of Talisman at US$8 each (C$9.33), which values the company’s total equity excluding debt at US$8.3 billion.

The transaction, which is targeted to close in the second quarter of this year, is subject to customary closing conditions, including court approval.

© 2015 The Canadian Press


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