OREANDA-NEWS. Talisman Energy Inc. (TSX:TLM) (NYSE:TLM) reported its operating and unaudited financial results for 2014. All values are in USD unless otherwise stated.

"Our 2014 results reflect the significant progress we made throughout the year to improve the reliability and predictability of our company," said Hal Kvisle, President and CEO. "Production from ongoing operations for the year averaged 357,000 boe/d, up 6% over 2013, with liquids accounting for approximately 40% of production. Capital spending(1) was approximately USD 3 billion in 2014, down approximately 5% from 2013, reflecting our disciplined commitment to focus our capital program. Cash flow1 was USD 2.2 billion in 2014, in line with 2013, despite the significant decline of the global commodity price environment in the second half of last year. Including proceeds from dispositions received earlier in the year, we balanced our cash flows. Production, cash flow and capital spending were in-line with guidance."

"During the quarter, we announced a transaction with Repsol S.A., which will deliver significant and immediate value return to shareholders and create a bigger, more diversified global energy company. Talisman's assets and people will have an important place in the combined enterprise, as we will roughly double Repsol's upstream business. Repsol is dedicated to maintaining a strong commitment to Canada and the local and regional economies in which Talisman operates globally. The transaction remains on track to close during the second quarter of this year."

Full Year 2014 Summary:

Production averaged 369,000 boe/d in 2014. Production from ongoing operations averaged 357,000 boe/d, up 6% from 2013. Liquids production averaged 141,000 bbl/d, up 7% over 2013.

Cash flow for 2014 was approximately USD 2.2 billion, in-line with guidance, including USD 150 million of hedging protection received in the fourth quarter.

Capital spending for 2014 was approximately USD 3 billion, down USD 156 million from 2013 and below the company's original full year guidance of USD 3.2 billion.

Net G&A for 2014 was USD 405 million, down 7% from 2013.

Gross debt at year-end 2014 was USD 5.1 billion, down USD 175 million year-over-year.