Canadian oil producer Talisman Energy saw third quarter losses narrow after increased output from its North Sea and Eagle Ford shale operations.
The company posted a loss for the three month period of £33.6million, compared to a £60million profit in the previous quarter. Losses were more than $1billion in the same period last year due to impairment charges, however.
Oil output for the quarter reached 134,000 barrels per day, up from 126,000 the previous quarter.
The company’s share of North Sea production was up 24% to 21,000 boed from the previous quarter, with that number set to be boosted further in the next few months after Talisman revealed production from Piper was due to resume by the end of the year, and from Claymore in early 2014.
Cash flow was down year on year 17% to £355million, although the same period last year saw the company sell a 49% stake in its North Sea business to Sinopec.
Recommended for you
