Talisman Energy Q2 profit up 123%, revenue down on sale of Sudan property

CALGARY, Jul 30, 2003 (The Canadian Press) — Talisman Energy Inc. reported a 123-per-cent increase in second-quarter profits Wednesday, although revenue was down slightly after the sale of the company’s oil property in Sudan.

Earnings were $210 million or $1.52 a share in the quarter ended June 30. That compared with $90 million, 62 cents a share, for the year-earlier period.

Quarterly sales were $993 million, versus $1.1 billion in last year’s second quarter.

The decline in revenue was partly due to the sale of Talisman’s Sudanese assets to India’s state oil company for $1.13 billion in the first quarter.

The company’s North American oil production was lower during the quarter, but high natural gas prices helped boost sales as Talisman increased natural gas production by five per cent.

“This quarter was operationally on plan, helped by strong commodity prices and I am looking forward to an exciting second half,” Jim Buckee, Talisman’s president and chief executive, said in a news release.

“We expect greater than 10 per cent production growth by year-end, we have a number of high-impact exploration wells drilling or about to drill, and Talisman has one of the strongest balance sheets in the sector.”

Talisman (TSX:TLM) is one of Canada’s most international energy producers, with major gas operations in Canada and oil production from the North Sea, Indonesia, Malaysia, Vietnam, Algeria and the United States.