Talisman Energy Inc. (TSX: TLM) (NYSE: TLM) is holding meetings
today and tomorrow in Toronto and New York to update investors on
progress against its strategy. The presentations will be webcast
live commencing at 8:30 EDT and can be accessed by going to the
Talisman website (www.talisman-energy.com) and following the links
from the home page.
"We believe our transition to long-term, profitable growth is
progressing better and faster than we had imagined two years ago,"
said John A. Manzoni, President and CEO. "We have sold $5 billion
of non-core assets and have created a platform for a decade of
reliable, sustainable production in the North Sea. Both Southeast
Asia and our North American shale business are now set up to
deliver low-cost, long-term growth. Our exploration portfolio is
being repositioned to focus on material prospects, which have the
potential to renew the company."
Key messages from the presentation are:
The strategy is robust to volatile natural gas prices in North
America. Approximately 60% of the company's production is linked to
oil prices. Talisman's shale developments are economic in a
US$4/mcf environment, with relatively low lease retention
requirements. Approximately half of Talisman's 2010 North American
natural gas production is hedged at a floor of $6/mcf.
2010 will be a critical transition year for the company. In the
first quarter, growth from Talisman's shale business offset
conventional natural gas declines in North America for the first
time. Talisman has achieved excellent operational results from its
shale business and now has an additional growth platform with the
recent Eagle Ford entry. The company is on track to meet its
planned exit rate of 250-300 mmcf/d from the Pennsylvania Marcellus
shale.
Talisman expects to see underlying growth from the third quarter
of this year going forward. The company expects absolute production
growth of 5-10% in 2011, with approximately half of this growth
from liquids.
The company has significant flexibility in its shale gas
investments due to relatively low lease retention requirements. If
the low natural gas price environment persists, Talisman
anticipates adjusting its gas directed shale spending in North
America down by one-third next year. Based on this scenario,
indicative capital spending for 2011 has been set at $4 billion,
which will drive the outlined production growth of 5-10%.
Talisman reduced its reserve replacement costs by 40% in 2009
and expects a further 20-25% reduction in 2010, as well as a 30-50%
reduction in drill bit replacement costs (i.e. proved, developed,
producing).
Talisman also has substantial balance sheet strength and
financial flexibility. Net debt at March 31, 2010 was $1.8 billion,
down from $3.6 billion a year earlier.
The company operates in three core areas: the North Sea,
Southeast Asia and North America, with an international exploration
portfolio designed to support existing areas and provide
opportunities for renewal.
The North Sea
Talisman believes that its North Sea assets are positioned to
provide reliable, sustainable cash flow for at least a decade from
the existing asset base. These are high value barrels (90% of
production is oil and liquids) and highly leveraged to oil prices.
Operating efficiency and reliability continue to improve as a
result of measures put in place over the past two years.
The company has set a production range target of 110,000-140,000
boe/d in the North Sea for the next 10 years. In the short-term,
incremental production will come from new field developments at
Burghley, Yme, Auk North and Auk South. In the medium term, the
company is looking to tie-back recent exploration discoveries and
continuing additional near-field exploration activities.
At $70-$80 oil prices, the North Sea is expected to generate
significant free cash flow to fund growth options elsewhere in
Talisman.
North America
In North America, the company is transforming its business from
conventional operations towards becoming a leading, returns focused
shale gas producer.
The company operates four shale plays in North America with
interests in 1.8 million net acres of land. Within these core
areas, lease retention commitments are relatively low, which
provides the company with significant flexibility to adjust
drilling programs.
In the Pennsylvania Marcellus, Talisman has 2,000 top tier
drilling locations and is on track to exit 2010 with production of
250-300 mmcf/d, up from 65 mmcf/d at the end of 2009. The company
has reached agreement to acquire 37,000 net acres in the liquids
transition window of the Eagle Ford shale in south Texas, with an
estimated 400 drilling locations.
In the Montney shale, Talisman also has 10 years worth of
drilling opportunities and is successfully developing the Farrell
Creek area and de-risking the Greater Cypress area. The company
recently announced encouraging results from its first horizontal
pilot test in Quebec, where it holds interests in approximately
760,000 net acres.
Talisman expects to spend approximately $1.0 billion on
gas-focused shale activities in North America in 2011, down from
$1.6 billion in 2010. This is dependent on natural gas prices and
will be reviewed later in 2010, and excludes the liquids rich Eagle
Ford shale play (expected spending of $150 million in 2011). Shale
gas is expected to grow from 3% of Talisman's North American
production in 2009 to 25% in 2010, and approximately 50% in
2011.
Southeast Asia
In Southeast Asia, Talisman continues to set new production
records. Production in the first quarter was 118,000 boe/d, up 17%
from a year earlier. Talisman's production in the region is 80% oil
and liquids or natural gas linked to oil, and future growth is
expected to be self-funding.
The company anticipates the region will deliver 8-10% annual
growth for 4-5 years from projects already in the portfolio,
including Corridor gas, Jambi Merang, PM-3 CAA incremental oil and
the HSD/HST field developments. Talisman has tripled its
exploration footprint in Southeast Asia over the past year, with
new exploration blocks in Papua New Guinea and offshore Indonesia,
Vietnam and Malaysia.
International Exploration
Talisman is building a world-class exploration portfolio, more
than doubling its net exploration acreage over the past two years,
and increasing its net unrisked, prospective resource potential to
approximately 10 billion boe.
Exploration is focused regionally in the North Sea, to underpin
long-term sustainable production; in Southeast Asia, to extend
growth; in Latin America, to build an oil-focused, new core region;
as well as future growth options in European shale and the
Kurdistan region of northern Iraq.
Talisman has set a target of 600-700 million boe of resource
additions over a five-year period, at a finding cost of less than
$5/boe.
Talisman Energy Inc. is a global, diversified, upstream oil and
gas company, headquartered in Canada. Talisman's three main
operating areas are North America, the North Sea and Southeast
Asia. The company also has a portfolio of international exploration
opportunities. Talisman is committed to conducting business safely,
in a socially and environmentally responsible manner, and is
included in the Dow Jones Sustainability (North America) Index.
Talisman is listed on the Toronto and New York stock exchanges
under the symbol TLM. Please visit our website at
www.talisman-energy.com.
Forward-Looking Information
This news release contains information that constitutes
"forward-looking information" or "forward-looking statements"
(collectively "forward-looking information") within the meaning of
applicable securities legislation. This forward-looking information
includes, among others, statements regarding: business strategy,
plans and priorities; planned exit rate from the Pennsylvania
Marcellus shale; expected production growth, production ranges and
sources of production growth; indicative capital spending for 2011;
expected reductions in reserve replacement costs; expected cash
flow from North Sea assets; anticipated closing of an asset
acquisition; planned drilling in unconventional plays; expected
self-funding growth rates in Southeast Asia; and exploration plans,
focus and target finding costs.
The following material assumptions were used in drawing the
conclusions or making the forecasts and projections contained in
the forward-looking information contained in this news release.
Talisman has set its 2010 capital expenditure plans assuming: (1)
Talisman's production in 2010 will be just over 400,000 boe/d,
assuming that most of the North American asset sales close by
mid-year; (2) a US$60/bbl WTI oil price for 2010, and (3) a
US$3.50/mmbtu NYMEX natural gas price for 2010. The final
completion of any North American asset sales is contingent on
various factors including favorable market conditions, the ability
of the Company to negotiate acceptable terms of sale and receipt of
any required approvals for such transactions. Forward-looking
information for periods past 2010 assumes escalating commodity
prices.
Undue reliance should not be placed on forward-looking
information. Forward-looking information is based on current
expectations, estimates and projections that involve a number of
risks, which could cause actual results to vary and in some
instances to differ materially from those anticipated by Talisman
and described in the forward-looking information contained in this
news release. The material risk factors include, but are not
limited to: the risks of the oil and gas industry, such as
operational risks in exploring for, developing and producing crude
oil and natural gas, market demand and unpredictable facilities
outages; risks and uncertainties involving geology of oil and gas
deposits; uncertainty related to securing sufficient egress and
markets to meet shale gas production; the uncertainty of reserves
and resources estimates, reserves life and underlying reservoir
risk; the uncertainty of estimates and projections relating to
production, costs and expenses; the impact of the economy on the
ability of the counterparties to the company's commodity price
derivative contracts to meet their obligations under the contracts;
potential delays or changes in plans with respect to exploration or
development projects or capital expenditures; fluctuations in oil
and gas prices, foreign currency exchange rates and interest rates;
the outcome and effects of any future acquisitions and
dispositions; health, safety and environmental risks; uncertainties
as to the availability and cost of financing and changes in capital
markets; risks in conducting foreign operations (for example,
political and fiscal instability or the possibility of civil unrest
or military action); changes in general economic and business
conditions; the possibility that government policies or laws may
change or governmental approvals may be delayed or withheld; and
results of the company's risk mitigation strategies, including
insurance and any hedging activities.
The foregoing list of risk factors is not exhaustive. Additional
information on these and other factors, which could affect the
company's operations or financial results, are included in the
company's most recent Annual Information Form. In addition,
information is available in the company's other reports on file
with Canadian securities regulatory authorities and the United
States Securities and Exchange Commission (SEC). Forward-looking
information is based on the estimates and opinions of the company's
management at the time the information is presented. The company
assumes no obligation to update forward-looking information should
circumstances or management's estimates or opinions change, except
as required by law.
Oil and Gas Information
Throughout this news release, Talisman makes reference to
production volumes. Such production volumes are stated on a gross
basis, which means they are stated prior to the deduction of
royalties and similar payments. In the US, net production volumes
are reported after the deduction of these amounts.
Barrels of oil equivalent (boe) throughout this news release is
calculated at a conversion rate of six thousand cubic feet (mcf) of
natural gas for one barrel of oil and is based on an energy
equivalence conversion method. Boes may be misleading, particularly
if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is
based on an energy equivalence conversion method primarily
applicable at the burner tip and does not represent a value
equivalency at the wellhead.
In this news release, Talisman also discloses net unrisked,
prospective resource potential. Prospective resources are those
quantities of petroleum estimated, as of a given date, to be
potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective resources
have both an associated chance of discovery and a chance of
development. There is no certainty that any portion of the
resources will be discovered. If discovered, there is no certainty
that it will be commercially viable to produce any portion of the
resources. Unrisked prospective resources are not risked for change
of development or chance of discovery. If a discovery is made,
there is no certainty that it will be developed or, if it is
developed, there is no certainty as to the timing of such
development.
Contacts: Talisman Energy Inc. - Media and General Inquiries
David Mann, Vice-President, Corporate & Investor Communications
(403) 237-1196 (403) 237-1210 (FAX) tlm@talisman-energy.com
Talisman Energy Inc. - Shareholder and Investor Inquiries
Christopher J. LeGallais, Vice-President, Investor Relations (403)
237-1957 (403) 237-1210 (FAX) tlm@talisman-energy.com
www.talisman-energy.com
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