CALGARY - Talisman Energy Inc. (TSX:TLM) reports net income of $603 million in the second quarter compared with $63 million a year earlier.
The quarterly income also represents an increase of $375 million from the first quarter.
Talisman Energy says its cash flow during the quarter was $812 million, down from $897 million a year ago and $837 million in the previous quarter. he company's net debt at the end of the quarter was $1.3 billion, down from $2.1 billion at December 31, 2009.
The company has closed the sale of $1.5 billion of non-core assets in North America as of mid-July _ $1.3 billion of that during the second quarter. Talisman says it on track for $1.9 billion in sales this year.
"This was a strong quarter financially, and we are on track to deliver on our key promises for the year," said president and CEO John A. Manzoni in a statement.
"Year on year, our underlying production volumes have increased this quarter and we expect this trend to continue through the second half of 2010."
Manzoni added that in response to the "devastating incident in the Gulf of Mexico, we have conducted a thorough review of all facets of our drilling operations, including well design, procedures, training and equipment."
"This review gives us confidence in our operations, and reinforces the need to remain vigilant at every stage,: he said.
Talisman is one of Canada's most international oil companies, with operations in Alberta, B.C. and elsewhere, the United States, the UK, Norway, Southeast Asia and North Africa.
The company was originally part of British Petroleum, now BP plc (NYSE:BP), and was set up as a publicly traded independent Canadian oil and gas producer in 1992 and employed nearly 3,000 people at the end of 2008.
