Talisman Energy Inc. (NYSE: TLM) detailed its year-end 2013 financial results, specifically for North and South America and Asia-Pacific, Feb. 14. Capital spending decreased both year over year (Y/Y) and quarterly, the company said. But both cash flow and production in each region grew over the year, the company added.
Capital spending throughout 2013 was down 20% from 2012, at $3.2 billion, the company said. Fourth quarter capex spending was $774 million, down from $849 in the third quarter, the company added.
Despite this, year-end production averaged 373,000 barrels of oil equivalent per day (BOE/d), up 12% from the first to fourth quarters, the company said, noting that cash flow was roughly $2.2 billion.
In just the fourth quarter, production averaged 373,000 BOE/d, up from the third quarter’s 371,000 BOE/d, the company said.
In the fourth quarter alone, cash flow was $580 million, up from the third quarter’s $573 million, the company added.
"We continue to build a strong foundation in our Americas and Asia-Pacific core businesses to deliver sustainable shareholder value and cash flow growth," said Hal Kvisle, president and CEO.
"In 2013, we set four priorities and built significant momentum behind each one. We reduced capital spending by 20%, improved our operating efficiency and reduced costs, including an underlying 20% year-on-year reduction in net G&A. In addition, we announced over $2 billion in assets sales in 2013. . . . In 2014, we will continue to focus on creating value in our two core areas by directing capital towards our highest quality opportunities and improving margins through better execution," he added.
Talisman Energy, based in Calgary, explores for, and produces, oil and natural gas around the world.
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