Talisman Energy Inc., Canada’s third-largest independent oil producer and explorer, posted a wider net loss on Wednesday, as higher stock-based compensation and taxes outweighed the benefits of rising commodity prices.
The company, whose North American operations are focused on shale gas, posted a net loss of C$304 million ($307 million), or 30 Canadian cents per share, compared with a loss of C$111 million, or 11 Canadian cents a share, in the fourth quarter of 2009.
The company said total expenses in the quarter were up 3 percent at C$1.8 million.
Excluding one-off items, the company earned C$84 million, or 8 Canadian cents a share from continuing operations, up from C$68 million, or 7 Canadian cents a share, in the year-earlier quarter.
Cash flow C$682 million, or 67 Canadian cents per share, from C$921 million, or 91 Canadian cents, a year ago.
Production at Talisman, which also operates in the North Sea and Southeast Asia, averaged 417,000 barrels of oil equivalent a day, down from 423,000 in the year-earlier quarter.
Talisman shares closed at C$22.85 on Tuesday on the Toronto Stock Exchange. The shares have risen 25 percent over the past 12 months, against a 21 percent rise in the exchange’s energy index. ($1=.9895 Canadian Dollar)
