UPDATE: Talisman Energy Posts Wider Q4 Loss

Canada's

reported a wider loss for the fourth quarter. The Calgary, Canada-based company posted a quarterly net loss of $1.59 billion, or $1.54 per share, versus year-ago loss of $1.01 billion, or $0.98 per share. The latest quarter included $1.37 billion in after-tax impairments, primarily as a result of a deterioration in forward commodity prices. Excluding items, the company posted an adjusted loss of $0.14 per share. However, analysts were expecting a loss of $0.03 per share. In the latest quarter, Talisman recorded a loss from operations of $143 million, versus earnings of $48 million in the third quarter. Its revenue declined 95% to $44 million in the quarter. "Our 2014 results reflect the significant progress we made throughout the year to improve the reliability and predictability of our company," said Hal Kvisle, President and CEO. "Production from ongoing operations for the year averaged 357,000 boe/d, up 6% over 2013, with liquids accounting for approximately 40% of production. Capital spending was approximately $3 billion in 2014, down approximately 5% from 2013, reflecting our disciplined commitment to focus our capital program. Cash flow 1 was $2.2 billion in 2014, in line with 2013, despite the significant decline of the global commodity price environment in the second half of last year." Talisman Energy shares declined 0.13% to close at $7.56 yesterday.