OREANDA-NEWS. Talisman Energy Inc. (TSX:TLM) (NYSE:TLM) reported its operating and unaudited financial results for 2013. All values are in USD unless otherwise stated.

“We continue to build a strong foundation in our Americas and Asia-Pacific core businesses to deliver sustainable shareholder value and cash flow(1) growth,” said Hal Kvisle, President and CEO. “In 2013, we set four priorities and built significant momentum behind each one. We reduced capital spending(1) by 20%, improved our operating efficiency and reduced costs, including an underlying 20% year-on-year reduction in net G&A. In addition, we announced over USD 2 billion in assets sales in 2013.

“In our Americas and Asia-Pacific businesses, we grew higher margin production and cash flow. Overall, we produced 373,000 boe/d and generated USD 2.2 billion of cash flow in 2013, including USD 580 million in the fourth quarter, building momentum throughout the year. In 2014, we will continue to focus on creating value in our two core areas by directing capital towards our highest quality opportunities and improving margins through better execution.”

Year-end and Fourth Quarter Highlights:

Fourth quarter production was 387,000 boe/d, up from 371,000 boe/d in the third quarter.

In 2013, production averaged 373,000 boe/d and cash flow was approximately USD 2.2 billion, growing by 12% from the first to fourth quarters. Fourth quarter cash flow was USD 580 million, up from USD 573 million in the third quarter.

Capital spending was USD 3.2 billion in 2013, down 20% from 2012. Fourth quarter capital spending was USD 744 million, down from USD 849 million in the third quarter.