Talisman Energy Inc. (TSX:TLM) (NYSE:TLM) has announced its capital
spending plans for 2012. The company expects to spend slightly over
$4 billion this year, a decrease of approximately $500 million over
2011, although it will increase spending on liquids opportunities
within the portfolio. Talisman will release its year-end 2011
results on February 15. All values in this release are in US$
unless otherwise stated.
"Our plans for 2012 have been shaped by low North American
natural gas prices and a cautious view of the economic landscape in
general," said John A. Manzoni, President & Chief Executive
Officer. "Fortunately, our portfolio provides lots of optionality.
At the same time as we trim short-term capital spending, we are
investing more into profitable liquids projects, and strengthening
and focusing our portfolio.
"We expect to spend approximately $4 billion in cash capital
expenditures this year. We are reducing capital spending in dry gas
plays in North America, which accounts for the majority of the
decrease over 2011. Underpinning this is a belief that North
American gas prices will remain low for some time; we have also
assumed a relatively conservative oil price forecast.
"Production from ongoing operations averaged approximately
425,000 boe/d in 2011, an increase of 9%. We expect production
growth of up to 5% in 2012. Had we maintained spending into dry
gas, we could have achieved our medium-term target of 5 - 10%
growth in 2012. However, given the current gas price environment,
we believe value will be maximized by focusing on profitability
rather than headline production growth.
"Strategic repositioning of the portfolio will continue in 2012,
through high grading the North American portfolio, seeking to
reduce our interest in some North Sea assets over time, and
focusing the exploration portfolio. To that end, Talisman is
looking to sell between $1 billion - $2 billion of non-core assets
this year.
"We will reduce our exploration spending in 2012, with greater
emphasis on oil and oil linked opportunities, with shorter term
monetization options. As an example, exploration and follow-up
development spending in Colombia will almost double this year to
$300 million.
"The diversity of our portfolio gives us the ability to redirect
capital towards higher-return opportunities. Our three-year reserve
replacement cost continues to show an improving trend as the
underlying efficiency of our capital spending improves over time.
We are continuing to invest to maintain our 5 - 10% medium-term
growth target, and as a result of the shift in capital, we expect
to see liquids volumes grow at more than double the rate of natural
gas volumes over the next few years.
"Over the course of the past few years, we have transitioned our
portfolio to secure long-term growth potential. In 2012 we are
continuing to invest into this potential."
North America
We are shifting our focus to the liquids-rich parts of our
portfolio. We expect to grow our liquids production in North
America from approximately 25,000 bbl/d in 2012 to over 60,000
bbl/d by 2015.
Capital spending in North America is expected to be
approximately $1.8 billion in 2012, which is approximately $400
million lower than 2011, primarily as a result of reducing
expenditures on dry gas plays. Over 40% of the program will focus
on liquids-rich opportunities. Production from the shale portfolio
is expected to range between 630 - 660 mmcfe/d (105,000 - 110, 000
boe/d).
Spending in the liquids-rich Eagle Ford play will increase from
$350 million last year to $500 million in 2012. The company expects
to exit 2012 with 14 rigs, up from 10 at the end of 2011.
In the Marcellus, in light of current gas prices, we will reduce
activity from 11 rigs at year-end to between five and seven rigs in
2012. Talisman achieved record production of approximately 485
mmcf/d in the fourth quarter of 2011. Even with five rigs, we
expect to be able to hold 2012 production in the play to about 500
mmcf/d. Spending in the Marcellus is expected to be upwards of $600
million, with significant investment in infrastructure in new parts
of the play.
With a four-rig program planned this year, we will also reduce
activity in the Montney. This is due to gas prices, as well as
efforts to build a better understanding of the different zones
which make up the thick Montney shale. We have also planned a
six-well program to continue piloting the liquids-rich Duvernay
shale.
Spending in the conventional portfolio is expected to range
between $300 million - $350 million, with production relatively
flat at 80,000 boe/d, of which 25% will be liquids. Roughly
one-third of spending will be in the liquids-rich Wild River
play.
We will continue to actively focus our North American
conventional portfolio. Some assets are non-core to Talisman and
should be sold. In other areas, we will seek to use third-party
expertise or resources to accelerate activity and optimize
value.
Southeast Asia
Southeast Asia is a self-funding growth area with the majority
of its gas contracts linked to oil price benchmarks. We achieved
solid delivery against production and profitability objectives in
2011 and expect more of the same in 2012.
Spending in Southeast Asia is expected to range between $600
million - $700 million in 2012, with over two-thirds of this
directed towards development activities. Production averaged
approximately 120,000 boe/d in 2011 and is expected to increase
slightly in 2012, with a full year of contribution from the Kitan
and Jambi Merang developments. The region is expected to deliver on
average 8% compound annual production growth over the next few
years through currently identified projects.
In Vietnam, we sanctioned the offshore HST/HSD development late
in 2011, with first production expected in 2013. In addition, we
expect to start exploration drilling in the Nam Con Son basin.
Drilling will continue in PNG, and we will shoot additional
seismic to prepare the next drilling prospects. Elsewhere in the
region, there are a number of projects planned at the Corridor
field in Indonesia, and we will continue our successful infill
drilling program at PM-3, offshore Malaysia/Vietnam.
North Sea
We continue to make improvements in our overall operating
efficiency in the North Sea. Most of our production here is liquids
and the region provided over $600 million of cash to the business
last year.
Cash capital spending in the North Sea is expected to be $1.2
billion in 2012, roughly the same as last year. We expect to spend
$800 million in the UK, where the major projects are the Monarb and
Auk South field redevelopments. We will also continue upgrades to
the Claymore platform to increase operating efficiency and drill
development wells at Tweedsmuir and Clyde.
In Norway there are a number of infill wells planned at Brage,
Veslefrikk, Gyda and Rev. Production in the North Sea is expected
to average between 95,000 - 110,000 boe/d in 2012, with the timing
of Yme first production having a significant impact within this
range.
We will continue to invest in this business to ensure the
integrity of our installations and to secure the very important
cash flow it generates, but will also seek to reduce our exposure
somewhat to this mature and relatively volatile business over
time.
International Exploration
We have a lot of exploration wells actively drilling, so 2012
will be a big year for exploration results for Talisman. The major
focus of the exploration program this year will be Colombia, where
we are in the process of moving a number of fields from the
evaluation phase into commerciality.
The exploration budget for 2012 will be $600 million, of which
one-quarter will be spent in Latin America. The plan is to drill
over 10 exploration, appraisal and stratigraphic wells in Colombia
this year. We have seen a very successful well in the Akacias field
on long-term test at 1,600 bbls/d and one additional well that is
encouraging, but which has not yet been tested.
In Block CPE-6, we are completing the sixth well from 2011 and
are planning six more appraisal wells this year, including
short-term flow tests. We have two active rigs in the Piedemonte
block and expect to sanction the Piedemonte expansion by mid-year.
In the foothills region, we will complete the Huron-2 appraisal
well and spud the Huron-3 appraisal well.
There are 10 wells planned for Southeast Asia in 2012, which
includes one well drilling over year-end 2011. These wells support
ongoing gas aggregation in PNG and new opportunities in Vietnam and
Malaysia. A total of six wells are planned for the UK and Norway,
and five wells for future options, including wells drilling over
year-end in Poland and the Kurdistan region of northern Iraq.
And finally, we will seek to exit some areas of our exploration
portfolio as part of its natural evolution. Some areas we will
appraise and develop, but others we will choose to exit for value
at an earlier stage in the cycle.
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.
02 -12
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,
priorities and plans; planned capital expenditure, company-wide and
by region; planned decrease in capital spending in dry gas plays in
North America; expected production growth in 2012 and in the medium
term; expected liquids and natural gas production growth; potential
asset sales and third-party involvement in North America, potential
reduction of exposure in the North Sea, and potential area exits
with respect to the company's exploration portfolio; planned focus
of the exploration program and reduction in exploration spending;
planned development spending in Colombia; expected reserve
replacement costs; planned production in North America, Southeast
Asia and the North Sea; planned capital spending, and focus of such
spending, in North America; planned rigs in the Eagle Ford,
Marcellus and Montney and drilling in the Duvernay; anticipated
first production at the HST/HSD development; planned drilling in
Southeast Asia, the North Sea, Colombia, Poland, PNG and Iraqi
Kurdistan; expected upgrades at the Claymore platform; planned
sanctioning in the Piedemonte block; and other expectations,
beliefs, plans, goals, objectives, assumptions, information and
statements about possible future events, conditions, results of
operations or performance. Forward-looking information for periods
past 2012 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 or strategy are included in Talisman'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. 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.
Production Volumes
Unless otherwise stated, production volumes are stated on a
Company interest basis prior to the deduction of royalties and
similar payments. In the US, net production volumes are reported
after the deduction of these amounts. US readers may refer to the
table headed "Continuity of Net Proved Reserves" in Talisman's most
recent Annual Information Form for a statement of Talisman's net
production volumes. The use of the word "gross" in this news
release means a 100% interest prior to the deduction of royalties
and similar payments.
BOE Conversion
Throughout this news release, barrels of oil equivalent (boe)
are calculated at a conversion rate of six thousand cubic feet
(mcf) of natural gas for one barrel of oil (bbl). This news release
also includes references to mcf equivalents (mcfes) which are
calculated at a conversion rate of one barrel of oil to six
thousand cubic feet of gas. Boes and Mcfes may be misleading,
particularly if used in isolation. A boe conversion ratio of
6mcf:1bbl and an mcfe conversion ratio of 1bbl:6mcf are based on an
energy equivalence conversion method primarily applicable at the
burner tip and do not represent a value equivalency at the well
head.
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.comwww.talisman-energy.com Talisman Energy
Inc. - Shareholder and Investor Inquiries Anil Aggarwala, Manager
Investor Relations 403-237-1145 403-237-1902
(FAX)tlm@talisman-energy.comwww.talisman-energy.com
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