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President and CEO of Talisman Energy, John Manzoni, addresses the media following the company's annual meeting in Calgary, Wednesday, May 5, 2010. THE CANADIAN PRESS/Jeff McIntosh

Jeff McIntosh/THE CANADIAN PRESS

Talisman Energy Inc. reports profit $603-million in the second quarter compared with $63-million a year earlier.

The quarterly income also represents an increase of $375-million from the first quarter.

Talisman Energy says its cash flow during the quarter was $812-million, down from $897-million a year ago and $837-million in the previous quarter. The company's net debt at the end of the quarter was $1.3-billion, down from $2.1-billion at Dec. 31, 2009.

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The company has closed the sale of $1.5-billion of non-core assets in North America as of mid-July - $1.3-billion of that during the second quarter. Talisman says it is on track for $1.9-billion in sales this year.

"This was a strong quarter financially, and we are on track to deliver on our key promises for the year," said president and CEO John Manzoni in a statement.

"Year on year, our underlying production volumes have increased this quarter and we expect this trend to continue through the second half of 2010."

Mr. Manzoni added that in response to the "devastating incident in the Gulf of Mexico, we have conducted a thorough review of all facets of our drilling operations, including well design, procedures, training and equipment."

"This review gives us confidence in our operations, and reinforces the need to remain vigilant at every stage, he said.

Talisman was originally part of British Petroleum, now BP PLC, and was set up as a publicly traded independent Canadian oil and gas producer in 1992 and employed nearly 3,000 people at the end of 2008.

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