Talisman Energy is reporting a sharp fall in its second-quarter profit and revenue due to weaker commodity prices and higher operating costs.
The Calgary-based company says net income fell to $196 million US, or 19 cents per share, from $698 million, or 68 cents per share. Revenue declined to $1.87 billion from $2.23 billion and earnings from operations fell to $71 million or seven cents per share from $168 million or 16 cents per share.
Talisman says exploration and development spending in the quarter was $1 billion. Like many natural gas producers, Talisman has been coping with stubbornly low natural gas prices in North America by drilling in areas rich in valuable liquids.
