CORRECTED-UPDATE 2-Talisman Energy posts loss as production falls

Wed May 1, 2013 8:16am EDT
 
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(Corrects paragraph 7 to say adjusted production was flat compared to 4th quarter, not year-earlier period)

* 1st-qtr loss $0.21 vs profit $0.28/shr year earlier

* Production falls 19 pct to average 372,000 boe/d

* Expects higher liquids production in H2 2013, 2014

May 1 (Reuters) - Talisman Energy Inc posted a quarterly loss as the sale of some North Sea assets hurt production but the oil and gas company said it expected significant growth in higher-margin liquids output in the second half of this year and into 2014.

The Canadian company, which has been refocusing operations to deal with low natural gas prices, completed the sale of a 49 percent stake in its North Sea operations to Sinopec Corp for $1.5 billion in December..

Chief Executive Hal Kvisle reiterated on Wednesday that Talisman hopes to unlock $2 billion-$3 billion in net asset value through sales or joint ventures, and to exit a number of non-core countries.

The company's plans include the sale of its holdings in the North Duvernay shale-gas region of Alberta and some of its assets in the Montney field, which straddles Alberta and northeastern British Columbia.

Talisman posted a net loss of $213 million, or 21 cents per share, in the first quarter, compared with a profit of $291 million, or 28 cents per share, a year earlier.   Continued...