TALISMAN energy reports first quarter results

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Fuente:Marketwire.com

-- Cash flow(1) was $811 million compared to $805 million a year ago as
higher prices were largely offset by higher taxes. However, cash flow
was up 23% compared to the fourth quarter of 2010.

-- The company reported a net loss of $326 million, compared to net income
of $371 million in the first quarter of 2010, reflecting non-cash
charges in held-for-trading financial instruments, higher taxes, timing
of liftings and the impact of an increasing share price on share-based
compensation.

-- Earnings from operations(1) were $157 million compared to $155 million a
year earlier and $129 million in the previous quarter.

-- Production averaged 444,000 boe/d compared to 435,000 boe/d in the prior
year and 417,000 boe/d in the previous quarter. Production from ongoing
operations was up 14% compared to 389,000 boe/d a year ago.
-- Net debt(1) at March 31 was $2.5 billion, versus $2.6 billion at year
end 2010.
-- The company closed the acquisition of a 49% interest in BP Exploration
Company (Colombia) Limited, now called Equion Energia Limited.

-- Talisman completed the transaction to sell a 50% interest in its Farrell
Creek Montney shale assets to Sasol Limited (Sasol) and reached
agreement for a similar deal to sell 50% in its Cypress A holdings. The
partners have also started a feasibility study on a gas-to-liquids
facility in Western Canada.

-- The Jambi Merang project in Indonesia has been commissioned, with first
gas sales in early April.

-- The company participated in successful exploration and appraisal wells
in Papau New Guinea (PNG) and in Norway.


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