Talisman Energy Inc. (TSX:TLM) says its net income was $491-million, or 47 cents per share, compared to a net loss of $213-million or 21 cents per share in the first quarter last year.
The Calgary-based oil and gas producer credits higher gas and liquids prices in North America, increased liquids volumes and the sale of part of the company's Montney gas properties in B.C. for $1.5-billion Net income also improved over last quarter due to a reduction in impairment expenses, from $1.6-billion (including the company's share of joint venture results) to $130-million this quarter on a pre-tax basis.
Talisman Energy also reports cash flow of $616-million in the quarter, up six per cent from the previous quarter and a six per cent boost in production to 360,000 barrels of oil equivalent per day.
The company says its North America portfolio delivered steady year-over-year liquids growth, driven by strong growth in the Eagle Ford and Greater Edson areas.
Talisman Energy's main operating areas are in North America, Colombia and the Asia-Pacific region.