09:42 AM EST - Talisman Energy Inc. : reported a plunge in second-quarter net income to $63 million or $0.06 per share from $426 million or $0.41 per share a year earlier, reflecting lower prices. Earnings from continuing operations were $135 million or $0.13 per share, down from $790 million or $0.78 per share in the second quarter of 2008. Total revenue fell to $1.60 billion from $3.02 billion in the prior-year quarter. Cash flow during the quarter was $900 million, a decrease from $1.7 billion a year ago, primarily due to lower prices. Talisman said it is increasing capital spending in the Marcellus play as a result of recent results and its proximity to premium natural gas markets. The company now expects to drill around 50 wells during the year versus the original plan of 36 wells. Talisman Energy Inc.
shares T.TLM are trading even at $17.09.
