Dominion Lending Centres Clearlease Reports Talisman Energy (TSE:TLM) posts Q1 loss

Dominion Lending Centres Clearlease Reports Talisman Energy (TSE:TLM) posts Q1 loss

VANCOUVER, BRITISH COLUMBIA – (May 4, 2011) Clearlease Reports Shares in Talisman Energy Inc. (TSE:TLM) sank nearly seven per cent Wednesday, after the global energy producer reported a first-quarter net loss due partly to a sudden oil profits tax hike in the United Kingdom.

The stock was trading at $20.91 around mid-day on the Toronto Stock Exchange, a loss of $1.52.

Calgary-based Talisman, which recently began reporting in U.S. dollars, said its net loss during the first quarter was $326 million, or 32 cents per share, reversing profits of $371 million, or 36 cents per share during the same 2010 period.

Earnings from operations rose to $157 million from $155 million in the same period of 2010 and were unchanged on a per share basis at 15 cents. Revenues increased to $2 billion from a year-earlier $1.84 billion.

The results missed analyst estimates of 31 cents in earnings per share and revenues of $2.15 billion, according to Thomson Reuters.

One of Talisman’s key operating areas is the British sector of the North Sea. In March, the U.K. government raised its cash flow tax from 50 per cent to 62 per cent, surprising many energy companies drilling for oil offshore.

The hike dealt a $250-million blow to Talisman’s bottom line during the quarter, and the future of its operations in the region is uncertain, said chief executive John Manzoni.

“The U.K. tax change, of course, has an influence on future projects. We’re in the process of reviewing our development plans carefully right now, and I believe we may reconsider some of them,” he told a conference call with analysts Wednesday.

“But I don’t want to rush into that. We’ll consider them carefully and I plan to discuss them with the U.K. government before taking any action.”

Talisman’s earnings were also squeezed by the fact that more of its oil was sent straight to inventory and by its hedging activities.

The company entered contracts to sell its crude at between $92 and $98 per barrel as a means to shield itself from swings in commodity prices. Since crude prices traded much higher than that range during the quarter, the gap counts as a loss for Talisman.

Chief financial officer Scott Thomson said the hedging loss amounted to $320 million.

Overall production in the quarter was up 14 per cent from a year ago at 444,000 barrels of oil equivalent per day.

The company left its production growth guidance unchanged at between five and 10 per cent, excluding its operations in Colombia, where volumes are expected on average at about 11,000 barrels per day.

However, Manzoni said Talisman is now looking at the lower end of that range after delays at its Yme project in Norway.

“This project continues to cause problems, and I’m frustrated by the quality of the work undertaken by our contractor, which is requiring considerable rework in the yard,” Manzoni told the conference call.

“The good news, I suppose, is we can take advantage of the platform being in the yard to complete the work faster than we would be able to do offshore. But I’m now anticipating that the field will be on stream by the end of the fourth quarter rather than July as we had previously hoped.”

Talisman has operations around the world with its three main operating areas being North America, the North Sea and Southeast Asia. It also has holdings in the Middle East and South America.

Like many natural gas producers, Talisman has been coping with stubbornly low natural gas prices by drilling in areas rich in valuable liquids. Natural gas liquids, used to make plastics and petrochemicals, track oil prices more closely than they do ordinary dry natural gas.

In the fall, Talisman bulked up its presence in a liquids-rich part of the Eagle Ford shale in Texas, alongside Norway’s Statoil.

Another strategy natural gas producers have adopted recently is to ink joint-venture deals. Talisman agreed to sell a 50 per cent stake two of its shale properties in northeastern British Columbia to South Africa’s Sasol for $1.05 billion each.

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: clearlease@gmail.com
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease

###

Video Link: http://youtu.be/f_kk7WJa7Uk

Dominion Lending Centres Clearlease Reports Talisman Energy (TSE:TLM) posts Q1 loss

VANCOUVER, BRITISH COLUMBIA – (May 4, 2011) Clearlease Reports Shares in Talisman Energy Inc. (TSE:TLM) sank nearly seven per cent Wednesday, after the global energy producer reported a first-quarter net loss due partly to a sudden oil profits tax hike in the United Kingdom.

The stock was trading at $20.91 around mid-day on the Toronto Stock Exchange, a loss of $1.52.

Calgary-based Talisman, which recently began reporting in U.S. dollars, said its net loss during the first quarter was $326 million, or 32 cents per share, reversing profits of $371 million, or 36 cents per share during the same 2010 period.

Earnings from operations rose to $157 million from $155 million in the same period of 2010 and were unchanged on a per share basis at 15 cents. Revenues increased to $2 billion from a year-earlier $1.84 billion.

The results missed analyst estimates of 31 cents in earnings per share and revenues of $2.15 billion, according to Thomson Reuters.

One of Talisman’s key operating areas is the British sector of the North Sea. In March, the U.K. government raised its cash flow tax from 50 per cent to 62 per cent, surprising many energy companies drilling for oil offshore.

The hike dealt a $250-million blow to Talisman’s bottom line during the quarter, and the future of its operations in the region is uncertain, said chief executive John Manzoni.

“The U.K. tax change, of course, has an influence on future projects. We’re in the process of reviewing our development plans carefully right now, and I believe we may reconsider some of them,” he told a conference call with analysts Wednesday.

“But I don’t want to rush into that. We’ll consider them carefully and I plan to discuss them with the U.K. government before taking any action.”

Talisman’s earnings were also squeezed by the fact that more of its oil was sent straight to inventory and by its hedging activities.

The company entered contracts to sell its crude at between $92 and $98 per barrel as a means to shield itself from swings in commodity prices. Since crude prices traded much higher than that range during the quarter, the gap counts as a loss for Talisman.

Chief financial officer Scott Thomson said the hedging loss amounted to $320 million.

Overall production in the quarter was up 14 per cent from a year ago at 444,000 barrels of oil equivalent per day.

The company left its production growth guidance unchanged at between five and 10 per cent, excluding its operations in Colombia, where volumes are expected on average at about 11,000 barrels per day.

However, Manzoni said Talisman is now looking at the lower end of that range after delays at its Yme project in Norway.

“This project continues to cause problems, and I’m frustrated by the quality of the work undertaken by our contractor, which is requiring considerable rework in the yard,” Manzoni told the conference call.

“The good news, I suppose, is we can take advantage of the platform being in the yard to complete the work faster than we would be able to do offshore. But I’m now anticipating that the field will be on stream by the end of the fourth quarter rather than July as we had previously hoped.”

Talisman has operations around the world with its three main operating areas being North America, the North Sea and Southeast Asia. It also has holdings in the Middle East and South America.

Like many natural gas producers, Talisman has been coping with stubbornly low natural gas prices by drilling in areas rich in valuable liquids. Natural gas liquids, used to make plastics and petrochemicals, track oil prices more closely than they do ordinary dry natural gas.

In the fall, Talisman bulked up its presence in a liquids-rich part of the Eagle Ford shale in Texas, alongside Norway’s Statoil.

Another strategy natural gas producers have adopted recently is to ink joint-venture deals. Talisman agreed to sell a 50 per cent stake two of its shale properties in northeastern British Columbia to South Africa’s Sasol for $1.05 billion each.

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: clearlease@gmail.com
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease

###

Video Link: http://youtu.be/f_kk7WJa7Uk

Dominion Lending Centres Clearlease Reports Talisman Energy (TSE:TLM) posts Q1 loss

VANCOUVER, BRITISH COLUMBIA – (May 4, 2011) Clearlease Reports Shares in Talisman Energy Inc. (TSE:TLM) sank nearly seven per cent Wednesday, after the global energy producer reported a first-quarter net loss due partly to a sudden oil profits tax hike in the United Kingdom.

The stock was trading at $20.91 around mid-day on the Toronto Stock Exchange, a loss of $1.52.

Calgary-based Talisman, which recently began reporting in U.S. dollars, said its net loss during the first quarter was $326 million, or 32 cents per share, reversing profits of $371 million, or 36 cents per share during the same 2010 period.

Earnings from operations rose to $157 million from $155 million in the same period of 2010 and were unchanged on a per share basis at 15 cents. Revenues increased to $2 billion from a year-earlier $1.84 billion.

The results missed analyst estimates of 31 cents in earnings per share and revenues of $2.15 billion, according to Thomson Reuters.

One of Talisman’s key operating areas is the British sector of the North Sea. In March, the U.K. government raised its cash flow tax from 50 per cent to 62 per cent, surprising many energy companies drilling for oil offshore.

The hike dealt a $250-million blow to Talisman’s bottom line during the quarter, and the future of its operations in the region is uncertain, said chief executive John Manzoni.

“The U.K. tax change, of course, has an influence on future projects. We’re in the process of reviewing our development plans carefully right now, and I believe we may reconsider some of them,” he told a conference call with analysts Wednesday.

“But I don’t want to rush into that. We’ll consider them carefully and I plan to discuss them with the U.K. government before taking any action.”

Talisman’s earnings were also squeezed by the fact that more of its oil was sent straight to inventory and by its hedging activities.

The company entered contracts to sell its crude at between $92 and $98 per barrel as a means to shield itself from swings in commodity prices. Since crude prices traded much higher than that range during the quarter, the gap counts as a loss for Talisman.

Chief financial officer Scott Thomson said the hedging loss amounted to $320 million.

Overall production in the quarter was up 14 per cent from a year ago at 444,000 barrels of oil equivalent per day.

The company left its production growth guidance unchanged at between five and 10 per cent, excluding its operations in Colombia, where volumes are expected on average at about 11,000 barrels per day.

However, Manzoni said Talisman is now looking at the lower end of that range after delays at its Yme project in Norway.

“This project continues to cause problems, and I’m frustrated by the quality of the work undertaken by our contractor, which is requiring considerable rework in the yard,” Manzoni told the conference call.

“The good news, I suppose, is we can take advantage of the platform being in the yard to complete the work faster than we would be able to do offshore. But I’m now anticipating that the field will be on stream by the end of the fourth quarter rather than July as we had previously hoped.”

Talisman has operations around the world with its three main operating areas being North America, the North Sea and Southeast Asia. It also has holdings in the Middle East and South America.

Like many natural gas producers, Talisman has been coping with stubbornly low natural gas prices by drilling in areas rich in valuable liquids. Natural gas liquids, used to make plastics and petrochemicals, track oil prices more closely than they do ordinary dry natural gas.

In the fall, Talisman bulked up its presence in a liquids-rich part of the Eagle Ford shale in Texas, alongside Norway’s Statoil.

Another strategy natural gas producers have adopted recently is to ink joint-venture deals. Talisman agreed to sell a 50 per cent stake two of its shale properties in northeastern British Columbia to South Africa’s Sasol for $1.05 billion each.

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: clearlease@gmail.com
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease

###

Video Link: http://youtu.be/f_kk7WJa7Uk



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