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  • Talisman Energy's Q3 Results Beat Estimates 0 comments
    Nov 2, 2010 10:28 AM | about stocks: TLM, EC, BP

    Talisman Energy (TSX:TLM, NYSE: TLM), a Calgary-based oil and gas producer, reported today that its bottom line jumped four-fold as oil prices increased.

    Talisman's third quarter profits jumped to CDN$121 million from CDN$30 million last year as WTI oil prices rallied 11.5% year-over-year.   Earnings per diluted share were 12 cents, up from 3 cents last year, topping analyst estimates of 11 cents.

    Revenue for the third quarter increased 20% year-over-year to CDN$1.7 billion.  Analysts estimated that the company would earn revenue of CDN$1.57 billion.

    Production from continuing operations for the third quarter averaged 0.39 million barrels of oil equivalent per day (boe/d), a 12% increase year-over-year.

    The company's natural gas Q3 production was up 6% year-over-year helped by a production increase at its Pennsylvania Marcellus shale project.  The project averaged 222 million cubic feet per day (mmcf/d) during the quarter, up from 38 mmcf/d a year ago.

    Talisman was also busy buying up assets during the period.  In August, Talisman announced it will jointly acquire BP's (NYSE:BP) Colombian subsidiary with Ecopetrol S.A. (NYSE: EC) for US$1.75 billion.  Talisman’s 49% ownership in the Colombian company will add over 12,000 boe/d to its production capacity.

    Just recently, the company agreed to buy a piece of land at the Eagle Ford shale formation in South Texas, doubling its land holdings in the region.  Talisman also agreed to buy interests in  a number of oil discoveries in Norway.

    For 2010, Talisman expects production to average around 0.42 million boe/d, above the company’s previous guidance of just over 0.4 million boe/d.

    On the Toronto Stock Exchange, Talisman's shares have advanced by 1.4% to trade at $18.69 as of 9:41 am ET.

    Disclosure: no position
    Stocks: TLM, EC, BP
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