By the OGJ Online Staff
HOUSTON, July 30 -- Talisman Energy Inc., Calgary, reported second quarter net income of $237.2 million (Can.) on cash flow of $640.9 million. For the same quarter 2000, it had reported net income of $213.9 million on revenue of $572.7 million.
It said its 6-month results were its best ever. It reported $583 million in net income during the period on cash flow of $1.4 billion.
Second quarter production was 387,000 boe/d.
Jim Buckee, president and CEO, said, "Volumes for the second quarter came in slightly below first quarter.... However, we hope to enter August approaching 450,000 boe/d and to reach 500,000 boe/d later this year with higher Canadian gas and North Sea oil volumes."
For the second quarter, said Talisman, significantly higher North American natural gas prices and higher Canadian gas production were offset by reduced North Sea oil and natural gas production.
Total liquids production for the quarter was down 11% from a year ago at 224,085 b/d. North Sea production temporarily decreased because of maintenance shutdowns, including when Ross field was shut-in to allow modifications to the floating production, storage and offloading vessel, and also because of repairs to the Beatrice pipeline. However, Canadian production increased slightly because of increased drilling and property acquisitions, and Sudan production rose because of capacity expansions and the tie-in of new wells.
Indonesian liquids production dropped due to natural declines.
Talisman said gas production in Canada rose 8% because of record production in the Greater Arch area, the acquisition of Petromet Resources Ltd., Calgary (OGJ Online, June 4, 2001), and continued drilling success. North Sea gas production fell because of noncore property disposition.
Indonesian gas production also fell because of a lower recorded interest in the Corridor production-sharing contract and a temporary reduction in sales to Caltex. Talisman had been recording a 40% interest in the Corridor PSC. Pertamina's carried interest has been paid out; now Talisman's interest is 36%.
