Talisman reports $111M loss

Calgary-based Talisman Energy Inc. Wednesday reported a $111-million net loss on the fourth quarter on lower oil and gas prices.

That was a sharp reversal for the international oil and gas producer from the same period a year earlier, when it earned a net profit of $1.2 billion.

The loss amounted to 11 cents per share, compared with net profit of $1.17 per diluted share a year earlier.

"With lower oil and natural gas prices brought on by the economic downturn, we saw netbacks fall by over 40 per cent in 2009, and these lower commodity prices had a substantial impact on our financial results," chief executive officer John Manzoni said in a statement.

Netbacks is the oil industry term for revenue from oil and gas sales minus costs such as pipeline tolls. 

For the past year and a half, Talisman has been refocusing its business around a few key strategic areas: North American shale natural gas, Southeast Asia and the North Sea.

In November, Talisman announced it would be reorganizing its North American operations into two divisions — shale and unconventional — in a move that led to about 200 jobs being cut.