Drilling, rigging and other support activities for mining and oil and gas extraction picked up in July, rising 4.7 per cent as Canada's overall real GDP rose 0.6 per cent after a miserable June in which it declined 0.5 per cent. (Larry MacDougal/Canadian Press)
Talisman Energy had a $1.59 billion US net loss in the fourth quarter of 2014, mostly as a result of writedowns of asset values in response to the recent decline in oil prices.
Among other things, the Calgary-based company recognized a $614-million partial impairment at its Eagle Ford shale gas properties in Texas and a $234-million writeoff of Block K44 in the Kurdistan region of Iraq.
In total, Talisman recognized $1.37 billion of asset impairments in the quarter.
Talisman's net loss for the quarter ended Dec. 31 was equal to or $1.54 per share compares with a loss of $1 billion, or 98 cents per share, in the same quarter a year earlier.
It also reported a loss from operations of $143 million in the fourth quarter of the year compared with a loss of $116 million in the same period of 2013.
Like other major oil and gas producers in Canada and other countries, Talisman's share price dropped significantly after crude oil prices began to drop sharply in late November.
In mid-December, Talisman agreed to be purchased by Spanish energy giant Repsol in a deal worth about $13 billion US ($15.1 billion Cdn).
Repsol will acquire all outstanding common shares of Talisman at $8 US each ($9.33 Cdn), which values the company's total equity excluding debt at $8.3 billion US. Talisman shares closed Monday at $9.41 on the Toronto Stock Exchange.
The transaction, which is targeted to close in the second quarter of this year, is subject to customary closing conditions, including court approval.
Talisman chief executive Hal Kvisle said that Repsol is dedicated to maintaining a strong commitment to Canada and other places where Talisman operates.
"Talisman's assets and people will have an important place in the combined enterprise, as we will roughly double Repsol's upstream business," Kvisle said.
Talisman said Tuesday that its capital spending in 2014 was approximately $3 billion, down $156 million from 2013 and below the company's original full year guidance of $3.2 billion. It didn't include guidance for 2015 in Tuesday's announcement.
Its cash flow for 2014 was about $2.2 billion, including $508 million in the fourth quarter — down from $580 million in the fourth quarter of 2013.
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