Talisman Reports Drop in Profits

Canadian oil exploration company Talisman Energy has announced a ten percent drop in first quarter profits and a rise in operating profits, due to higher commodity prices.

The company said it earned C$466m (US$461m) in the last quarter, down from C$520m compared to the same quarter in 2007.

Operations in the first quarter of 2008 jumped 76 percent, benefitting from a rise in oil prices which averaged near to US$100 a barrel during Q1.

Oil prices peaked to a record touching near US$120 a barrel this week, while oil majors BP and Shell announced a rise in overall profits.

By Ozge Ibrahim