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UPDATE: Talisman Energy Edges Higher As Loss Narrows; to Invest More in Liquids-Rich

Talisman Energy Inc. (TLM.TO) edged up almost 1% to $12.58 in the morning after reported posting a narrower fourth quarter loss, helped by higher oil prices. The company said it expects underlying production growth to be flat to 5% higher this year.

According to a Reuters report, in the October-December quarter, Talisman posted a loss of $117 million, or 11 cents a share, compared with a year-ago loss of $350 million, or 34 cents a share. Cash flow rose 25% to $824 million, or 81 cents a share. Total revenue and other income was up 12 percent at $2.06 billion.

Like many of its peers, the company has been looking to develop higher-value liquids-rich gas holdings away from dry gas regions such as Marcellus in the U.S. Northeast and Montney in British Columbia as prices for the fuel plummet to multiyear lows, Reuters adds.

More than 648,000 TLM shares have already changed hands.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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