It was declared last month that the company is planning to cut its annual general and administrative costs by almost one fifth, i.e. $1.3 billion, while also quitting some less-profitable operations. Additionally, Talisman has decreased its capital budget of 2013 by a fourth to about $3 billion. Talisman’s Chief Executive, Hal Kvisle, made a statement on Wednesday declaring that “we will live within our means, reducing investment to live within cash flow.” Talisman has published to have confirmed net income of $376 million in the quarter which ended on Dec. 31, 2012, that is a reversal of the $117 million it previously lost in the same quarter of last year. Excluding some one-time items, Talisman overall lost 10 cents per share in the fourth quarter. On the other hand, the cash flow was at 66 cents per share, i.e. $675 million, which is a decrement from 81 cents per share, i.e. $824 million, from last year.