Business

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.

It has significant operations in the North Sea, Indonesia, and Sudan, where it's attracted a great deal of controversy in recent years. Sudanese opposition forces have accused Talisman of siding with the government in its bloody civil war.

Talisman shares rose $1.10 to close at $60.25 Tuesday.