UPDATE 3-Talisman CEO signals age of austerity for oil producer
* 2013 capital spending cut to $3 billion
* Proceeds from North Sea sale to be used to cut debt
* CEO says no suitors have surfaced
* 3rd qtr net loss $731 mln; loss of $36 mln excluding items
* Shares sink 5 percent in Toronto
By Jeffrey Jones
CALGARY, Alberta, Oct 30 (Reuters) - Talisman Energy Inc's new chief executive on Tuesday announced a push into a new period of austerity for the Canadian oil producer, with a 25 percent cut in capital spending, plans to exit unprofitable regions and a promise to chop costs in the name of shoring up a lagging share price.
The announcement of the new strategy, delivered as Talisman reported a $731 million quarterly net loss after a series of writedowns, prompted a selloff in Talisman's shares as investors weighed the impact of a $1 billion cut in capital spending next year that will deliver one of its biggest hits to high-risk "wildcat" exploration.
The shares closed down 5 percent to C$11.50 on the Toronto Stock Exchange. They are down 11 percent this year. Continued...