Talisman Energy +7%, returning to profit as N. America output soars 45%

Talisman Energy (TLM +7.2%) shoots higher after posting strong Q1 earnings, helped by higher North American gas and liquids prices, increased liquids volumes and a gain on the sale of assets.

Q1 production from ongoing operations totaled 360K boe/day, up 6% Y/Y; overall liquids production rose 10% to 142K boe/day, with North American liquids volumes up 45%.

Completed the C$1.5B sale of part of its western Canadian shale properties to Malaysia’s Petronas during the quarter and used the proceeds to cut net debt by nearly $1B; says it expects to sell C$2B more in assets over the next 18 months.

Realized natural gas prices overall gained 8% Y/Y.

Cash flow rose 19% to $616M.

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