The Canadian oil and gas company said it is determined to return to profitability after the loss, which was worse than analyst estimates.
Talisman Energy Inc. (TSX: T.TLM, Stock Forum) (NYSE: TLM, Stock Forum) shares were down 4% Tuesday as the international oil and gas producer reported a net loss of $731 million, largely as a result of asset writedowns in various parts of the world, including its shale operations in Quebec and its offshore operations in Norway.
Talisman said it's determined to return to profitability after the loss, which was worse than analyst estimates, and will reduce capital spending in 2013 to the lowest level in several years.
“We will provide more details in January after we complete our annual planning process,’’ the Calgary company said in a press release.
Trading at $11.61, Talisman has a market cap of just under $12 billion, based on one billion shares outstanding. The 52-week range is $9.72 and $14.90.
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