Talisman shares opened lower, dropping 1.4 per cent from Tuesday's close. The shares were down
Its fourth-quarter net loss, reported in U.S. currency before the
Analysts had expected Talisman to break even on an operating basis and have a small net profit equal to
On another key measure for energy companies, Talisman reported
For the full year, Talisman's cash flow dropped to
Talisman's 12-month net loss was
The company also issued guidance Wednesday for what it expects to do in future.
Among other things, it plans to sell an additional
Regarding oil and gas production, Talisman says it expects to produce the equivalent of 350,000 to 365,000 barrels per day on average in 2014 _ up from 345,000 bpd from continuing operations last year.
Talisman's 2013 production also included 28,000 barrels per day from assets that are held for sale.
It's also planning a capital budget of
"In 2014, we expect more improvements in performance, with continued growth in high-margin liquids production generating increased cash flow,"
He said production will be lower due to asset sales, but production from ongoing operations in Talisman's two remaining core regions will grow four to seven per cent, with liquids volumes up 14 to 19 per cent.
"Our objective is to create sustainable value for our shareholders, and we will continue to position the company to achieve this by generating near-term steady cash flow from our best assets in our two core regions.
"Our goal as we move into 2014 and beyond is to deliver annual cash flow per share growth and maintain a strong balance sheet."
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