Talisman Energy Fourth Quarter Proves Europe's Difficulties

Canada’s Talisman Energy demonstrated the staggering difference between Europe and North America in terms of hydrocarbon production, following the announcement of its fourth quarter results on Wednesday.

Its fourth-quarter net loss reached $1.01 billion, compared with a net income of $376 million a year earlier.

‘Talisman continues to explore options to exit or dilute its exposure to the North Sea, while aiming to stabilize production and identify operational and cost efficiencies. In the UK, the joint venture will spend capital to secure base production and improve reliability, as well as the ongoing redevelopment of the Montrose Area,’ reads the note released by the company.

Chief Executive Officer Hal Kvisle has said he plans to sell as much as $3 billion in assets by mid-2014.

Talisman followed ExxonMobil and Marathon Oil to pull out of the Polish shale gas industry.