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Talisman Energy swings back into profit on asset sales

Talisman Energy swings back into profit on asset sales“We will live within our means, reducing investment to live within cash flow”

Talisman Energy Inc , Canada’s fifth-largest independent oil producer, reported a quarterly profit on gains from asset sales and said it was looking at disposing off some natural gas reserves in North America due to weak gas prices.

The company said last month it plans to cut by a fifth its annual general and administrative costs of $1.3 billion and exit less-profitable operations. Talisman lowered its 2013 capital budget by a fourth to about $3 billion.

“We will live within our means, reducing investment to live within cash flow,” Chief Executive Hal Kvisle said on Wednesday.

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