Talisman Energy Inc. swung to a first-quarter loss, missing analyst expectations, hurt by lower production following the sale of U.K. North Sea assets late last year.
The Calgary, Alberta-based oil and gas producer said it lost $213 million, or 21 cents a share, compared with a profit of $291 million, or 24 cents, a year earlier.
Excluding items, Talisman had a loss from operations of 6 cents a share, down from a profit on the same basis of 16 cents a year earlier and below the Thomson Reuters mean estimate for a profit of 3 cents a share.
Cash flow dropped 39% to $517 million, or 50 cents a share, while revenue fell to $1.12 billion from $2.06 billion.
Talisman, which has grappled with weak North American gas prices, said earlier this year it's looking to sell or joint venture $2 billion to $3 billion of its non-core assets to help bolster its balance sheet. Late last year, it sold a 49% stake in its North Sea business to China Petroleum & Chemical Corp. for $1.5 billion.
The company said production in its latest quarter averaged 372,000 barrels of oil equivalent a day, down 19% from a year earlier.
Copyright (c) 2012 Dow Jones & Company, Inc.
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