{"id":41715,"date":"2015-02-11T00:01:50","date_gmt":"2015-02-10T16:01:50","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=41715"},"modified":"2015-02-11T00:01:50","modified_gmt":"2015-02-10T16:01:50","slug":"talisman-energy-loses-1-59-billion-in-fourth-quarter-of-2014","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2015\/02\/11\/talisman-energy-loses-1-59-billion-in-fourth-quarter-of-2014\/","title":{"rendered":"Talisman Energy loses $1.59 billion in fourth quarter of 2014"},"content":{"rendered":"
\"Talisman<\/a>
Talisman Energy oil refinery<\/figcaption><\/figure>\n

CALGARY — Talisman Energy had a US$1.59 billion net loss in the fourth quarter of 2014, mostly as a result of writedowns of asset values in response to the recent decline in oil prices.<\/p>\n

Among other things, the Calgary-based company recognised a $614-million partial impairment at its Eagle Ford shale gas properties in Texas and a $234-million writeoff of Block K44 in the Kurdistan region of Iraq.<\/p>\n

In total, Talisman recognized $1.37 billion of asset impairments in the quarter.<\/p>\n

Talisman’s net loss for the quarter ended Dec. 31 was equal to or $1.54 per share compares with a loss of $1 billion, or 98 cents per share, in the same quarter a year earlier.<\/p>\n

It also reported a loss from operations of $143 million in the fourth quarter of the year compared with a loss of $116 million in the same period of 2013.<\/p>\n

Like other major oil and gas producers in Canada and other countries, Talisman’s share price dropped significantly after crude oil prices began to drop sharply in late November.<\/p>\n

In mid-December, Talisman agreed to be purchased by Spanish energy giant Repsol in a deal worth about US$13 billion.<\/p>\n

Repsol will acquire all outstanding common shares of Talisman at US$8 each (C$9.33), which values the company’s total equity excluding debt at US$8.3 billion. Talisman shares closed Monday at $9.41 on the Toronto Stock Exhange.<\/p>\n

The transaction, which is targeted to close in the second quarter of this year, is subject to customary closing conditions, including court approval.<\/p>\n

Talisman chief executive Hal Kvisle said that Repsol is dedicated to maintaining a strong commitment to Canada and other places where Talisman operates.<\/p>\n

“Talisman’s assets and people will have an important place in the combined enterprise, as we will roughly double Repsol’s upstream business,” Kvisle said.<\/p>\n

Talisman said Tuesday that its capital spending in 2014 was approximately $3 billion, down $156 million from 2013 and below the company’s original full year guidance of $3.2 billion. It didn’t include guidance for 2015 in Tuesday’s announcement.<\/p>\n

Its cash flow for 2014 was about $2.2 billion, including $508 million in the fourth quarter — down from $580 million in the fourth quarter of 2013.<\/p>\n","protected":false},"excerpt":{"rendered":"

CALGARY — Talisman Energy had a US$1.59 billion net loss in the fourth quarter of 2014, mostly as a result …<\/p>\n","protected":false},"author":44,"featured_media":41802,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,18],"tags":[],"class_list":["post-41715","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-news-ca","mauthors-the-canadian-press1"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/41715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=41715"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/41715\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/41802"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=41715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=41715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=41715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}