Calgary-based international oil and gas producer, Talisman Energy has recorded a disappointing net loss of $731-million mainly due to asset write-downs in various operations around the world.

The earnings were significantly affected due to an asset write-down at shale operations in Quebec of $109-million before taxes. The largest write-down was was $497-million pretax at the Yme offshore project in Norway. This was in addition to the $978-million pre-tax write down during the first quarter of 2012.

The company's total loss during the third quarter till September, 2012 was at about 71 cents per share compared to a net income of about or 51 cents a share during the same quarter of the previous year. The company is looking to take steps to return to profitability, according to Hal Kvisle, president and CEO.

The company said that it will aim at returning to profitability and will reduce its capital spending next year to its lowest level in years. The company also said that it will not investment any new capital in Quebec's shale formations for exploration of oil because the provincial government has recently banned the technology required to extract oil from such sources.

Mr. Kvisle said in a statement that, "The net loss of $731-million in the quarter is largely the result of $443-million in after-tax impairment charges, reflecting the impact of the company's planned exit from Peru, ongoing uncertainty with the Yme development in Norway, the prohibitions on shale operations in Quebec, and declining reservoir performance at Rev in Norway."