Talisman Energy profit soars to record $906 million
Surging prices and rising oil and gas production combined to give Talisman Energy a record $906 million profit last year ($6.41 a share), more than five times higher than its 1999 earnings.
Fourth-quarter net earnings came in at $268.4 million ($1.90 a share), triple the $92.2 million reported in the year-ago quarter.
Cash flow in the quarter rose to $689 million, up more than 50 per cent from Q4 1999.
"These are outstanding results and the numbers speak for themselves," Talisman chief executive Jim Buckee said in a release.
Buckee predicted that 2001 would be another "stellar" year. Talisman is Canada's biggest international oil producer.
- FROM JAN. 23, 2001: Talisman to spend $1.7 billion on exploration
Talisman shares rose $1.10 to close at $60.25 Tuesday.