July 28, 2011 / 10:24 AM / 7 years ago

UPDATE 1-Talisman Energy Q2 profit up; sees slow output growth

* Q2 EPS $0.68 vs $0.56 year ago

* Q2 production up slightly at 420,000 boe/d

* Sees full-year output of 430,000-440,000 (Follows alerts)

July 28 (Reuters) - Talisman Energy Inc’s second-quarter earnings rose 22 percent, helped by higher oil prices, but the company expects delays in projects and production ramp-ups to squeeze output for the year.

Canada’s third-largest independent oil explorer expects to produce 430,000-440,000 barrels of oil equivalent per day this year.

“It is, nonetheless, below our minimum expectation of 5 percent absolute growth for the year and I am very disappointed to miss our own target for the first time since I joined the company,” said Chief Executive John Manzoni, who joined Talisman in September 2007.

April-June net income was $698 million, or 68 cents a share, up from $572 million, or 56 cents a share, a year ago.

Earnings from operations, which exclude one-time items, were $168 million, or 16 cents a share, up from $148 million or 15 cents a share a year ago.

Quarterly production rose 2 percent to 420,000 barrels of oil equivalent per day.

Talisman shares closed at C$18.75 on Wednesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Maju Samuel)

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