Talisman Energy Inc. (TSX:TLM) (NYSE:TLM) has reported its
operating and financial results for the second quarter of 2013. All
values in this release are in US$ unless otherwise stated.
2013 Second Quarter Overview
-- Production averaged 361,000 boe/d, down 3% from the previous quarter.
Operational performance in Talisman's two core areas, the Americas and
Asia-Pacific, was strong during the quarter. Planned turnarounds and
unplanned downtime in the non-core North Sea, production restrictions in
Algeria and natural declines in North America were partially offset by
new oil production from HST/HSD in Vietnam and production growth in the
Eagle Ford.
-- Cash flow(1) was $526 million, up 2% relative to the previous quarter.
Increased liquids volumes in Vietnam and the Eagle Ford and lower
royalties in Malaysia were partially offset by lower North Sea
production and oil prices.
-- Net income was $97 million, compared to a net loss of $213 million in
the first quarter. This was primarily a result of mark-to-market gains
from the company's active hedging program and gains from the sale of
non-core assets in Canada and Indonesia.
-- In Vietnam, the HST/HSD oil field development came on stream in May,
ahead of schedule and under budget. The field is currently producing
12,000 bbls/d (net to Talisman).
-- In the Eagle Ford, production increased by 22% relative to the previous
quarter, averaging 25,000 boe/d (net to Talisman). Production averaged
28,000 boe/d (net to Talisman) during the last month of the quarter.
-- As part of the company's planned $2-3 billion divestment program,
Talisman has commenced a sales process for its Norway, Montney and North
Duvernay assets, as well as its equity stake in the Ocensa pipeline in
Colombia.
-- Talisman completed a bolt-on acquisition of a 55% working interest and
operatorship in Block 07/03 offshore Vietnam, which includes the Red
Emperor oil discovery, for a cash consideration of $95 million.
-- In Kurdistan, the Kurdamir-3 well has been cased, cored and logged, with
encouraging results. Drill stem testing is now underway, with results
expected in the third quarter.
-- In addition to the appointment of Brian Levitt in the first quarter,
Talisman has appointed Thomas Ebbern and Henry Sykes to the company's
Board of Directors.
(1) The term "cash flow" is a non-GAAP measure. Please see the
advisories and reconciliations elsewhere in this news release.
"We continue to make steady progress against our four
priorities, and the underlying performance of our core business in
the Americas and Asia-Pacific is strong," said Hal Kvisle,
President and CEO. "These regions represent the company's future;
we remain focused on operating efficiencies, cost management and
capital investment performance.
"In North America, we have improved operational execution across
the portfolio with strong results in Western Canada, the Marcellus
and the Eagle Ford plays. Our Marcellus team has sustained
production with very little capital investment over the past year,
and we are now ready to resume drilling and development activity in
response to stronger forward market gas prices. In the Eagle Ford,
we continue to drill and complete wells more efficiently, allowing
us to reduce our rig count while growing our production volumes at
lower capital costs. In Canada, we have advanced our technical
understanding of the Montney and Duvernay shale plays, achieving
better production rates, higher ultimate recoveries and lower full
cycle costs. In our core Edson region, we are successfully
developing the Wild River rich gas play, initiating activity in the
Wilrich and improving our liquid recoveries through commitments to
a deep cut extraction plant in the area.
"Asia-Pacific continues its strong performance against a
backdrop of relatively high natural gas prices. During the quarter,
we successfully brought our HST/HSD oil fields offshore Vietnam on
stream, adding 12,000 bbls/d of high value light oil production. We
continue to pursue oil and gas field development opportunities in
Vietnam, Malaysia and Indonesia that are close to our existing
operations.
"Year to date, our daily production is approximately 365,000
boe/d and we have generated over $1 billion in cash flow. At the
mid-point of the year, we have reviewed our guidance numbers. We
expect to increase production in the second half of the year in the
Americas and Asia-Pacific, and we expect to meet or exceed our
production guidance in those core regions. We continue to
experience production issues from our mature North Sea assets, and
we are reducing our full-year North Sea production forecast by
about 9,000 boe/d. We are working with our joint venture partners
to resolve these issues and sustain our North Sea production, but
it will take time and require ongoing capital investment.
"Accordingly, we are revising our 2013 production guidance to
the lower end of the 375-395,000 boe/d range. We now expect cash
flow to be between $2.1-2.3 billion for the year.
"Capital spending(2) is expected to come within the $3 billion
target set out in March (+/- 5%). We have been more efficient in
our capital spending in North America, and this has allowed us to
fund incremental capital investment opportunities in both the
Americas and Asia-Pacific.
"We are making good progress on the organizational front,
improving the way we work and reducing our cost structure
throughout the company.
"We are actively pursuing non-core asset sales in the Americas
and in the North Sea. During the quarter, we opened a data room for
our Norway business, we are marketing our equity stake in the
Ocensa pipeline in Colombia, we opened a data room for our North
Duvernay lands, and we continue discussions with prospective LNG
developers with respect to our large Montney positions.
"We have taken steps to renew and strengthen our Board of
Directors through the appointment of Brian Levitt, Tom Ebbern and
Henry Sykes. Our new directors bring extensive energy, capital
markets and leadership experience to our Board, and we look forward
to their contributions.
"We are committed to sustaining production from core assets,
improving the profitability of every barrel we produce, and
focusing our capital program on opportunities that fit with our
capabilities and existing operations. We have made significant
progress over the past nine months, and we look forward to strong
results in the second half of 2013."
(2) The term "capital spending" is a non-GAAP measure. Please
see the advisories and reconciliations elsewhere in this news
release.
2013 Production Guidance
Below is the company's revised production guidance table for
2013. Talisman expects continued strong performance from its two
core areas, with production and liquids momentum in the second half
of the year.
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Initial Full- Revised Full-
Year Production 2H Year
Region Product Guidance 1H Actual Guidance Guidance(i)
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North America Total mboe/d 170-176 174 185 180
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Southeast Asia Total mboe/d 130-138 130 135 132
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Colombia Total mboe/d approx. 20 18 18 18
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Algeria Total mboe/d approx. 14 10 12 11
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North Sea Total mboe/d 41-46 35 33 34
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Total Liquids mbbls/d 140-150 127 137 132
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Gas mmcf/d 1,405-1,470 1,438 1,476 1,457
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Total mboe/d 375-395 367 383 375
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(i)Revised full-year guidance figures are approximate.
Financial Results
Effective January 1, 2013, Talisman adopted new rules under IFRS
for investments in its UK and Equion joint ventures. The after tax
operating results of these joint ventures are now disclosed as a
single line "income (loss) from joint ventures and associates." For
more information, please see notes 4 and 8 to the company's interim
condensed Consolidated Financial Statements and the Adoption of New
Accounting Standards section in the interim MD&A. For
comparative purposes, Talisman has included non-GAAP figures in
this press release, which include results from the UK and Equion
joint ventures.
Table includes results from Talisman Sinopec Energy UK Limited
(TSEUK) and Equion Energia Limited (Equion)
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June 30 Q2 13 Q1 13 Q2 12
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Cash flow ($ million) 526 517 803
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Cash flow per share(3) 0.51 0.50 0.78
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Earnings (loss) from
operations(3)($ million) (27) (60) 71
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Earnings (loss) from operations
per share(3 ) (0.03) (0.06) 0.07
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Net income (loss) ($ million) 97 (213) 196
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Net income (loss) per share 0.09 (0.21) 0.19
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Average shares outstanding - basic
(million) 1,030 1,027 1,026
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Cash flow for the quarter was $526 million, up 2% from the
previous quarter. Lower North Sea production and oil prices were
offset by higher realized natural gas prices in North America,
lower royalties in Asia-Pacific and gains from held for trading
financial instruments. Compared to the same period last year, cash
flow is down 34%, largely due to the sale of a 49% equity interest
in Talisman's UK North Sea business in December 2012.
The company recorded a loss of $27 million (on a non-GAAP basis)
from operations, excluding non-operational items, compared to a
loss of $60 million in the first quarter.
Net income was $97 million, compared to a net loss of $213
million in the first quarter. This was primarily a result of
mark-to-market gains from the company's active hedging program and
gains from the sale of non-core assets in Canada and Indonesia.
Year to date, capital spending is $1.6 billion, nearly 25% lower
than the first six months of 2012. Net debt(3) at June 30, 2013 was
$4.6 billion. Talisman expects to use proceeds from initial
dispositions to reduce net debt, with a 2014 debt to cash flow
target range of 1.5 or less.
(3) The terms "earnings (loss) from operations", "earnings
(loss) from operations per share", "cash flow per share" and "net
debt" are non-GAAP measures. Please see the advisories and
reconciliations elsewhere in this news release.
Netbacks
The North Sea results include the UK and Norway, and "Other"
results include Colombia and Algeria.
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June 30 Q2 13 Q1 13 Q2 12
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WTI benchmark ($/bbl) 94.22 94.37 93.53
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Brent benchmark ($/bbl) 102.44 112.55 108.33
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NYMEX benchmark ($/mmbtu) 4.09 3.35 2.26
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Oil and liquids netback ($/bbl)
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North America 36.45 37.69 37.76
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Southeast Asia 29.66 28.06 42.56
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North Sea 17.96 45.05 49.42
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Other 57.74 63.02 64.09
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Total oil and liquids ($/bbl) 33.13 41.02 47.83
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Natural gas netback ($/mcf)
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North America 1.72 1.21 0.37
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Southeast Asia 5.59 5.70 5.80
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North Sea 13.71 6.04 5.66
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Other 1.86 2.24 1.53
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Total natural gas ($/mcf) 3.20 2.93 2.25
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Total company netback ($/boe) 24.06 25.67 26.20
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WTI prices remained flat quarter over quarter, averaging
$94.22/bbl, but are up slightly year over year. NYMEX natural gas
prices rose 22% to an average of $4.09/mmbtu for the quarter.
The company's average gross netback was down 6% quarter over
quarter. Lower liquids prices in Asia-Pacific and higher operating
costs in the North Sea were offset in part by lower average royalty
rates. Year over year, Talisman's average gross netback is down 8%,
principally due to higher royalties and lower realized prices,
partially offset by lower operating costs.
Oil and liquids netbacks are down 19% for the quarter as a
result of a 9% decrease in Brent oil prices, combined with higher
average royalty rates and higher unit operating costs in the North
Sea driven by lower volumes due to turnarounds.
In North America, the company's realized natural gas price is up
18% from the previous quarter and 83% from the same period last
year behind strengthening NYMEX and AECO prices. As a result, gas
netbacks in North America are up 42% from the first quarter and
have more than quadrupled over the same period last year.
In Asia-Pacific, the company's gas netbacks were slightly lower
quarter over quarter. Lower royalty rates were partially offset by
lower realized natural gas prices, which were down 7% from the
previous quarter to an average of $9.51/mcf.
Production
Table includes Talisman's share of production from subsidiaries
and equity-accounted entities.
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June 30 Q2 13 Q1 13 Q2 12
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Oil and liquids (mbbls/d)
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North America 33 29 28
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Southeast Asia 43 41 41
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North Sea(i) 30 37 70
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Other (including Colombia and Algeria) 20 22 22
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Total oil and liquids (mbbls/d) 126 129 161
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Natural gas (mmcf/d)
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North America 846 875 1,039
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Southeast Asia 519 531 528
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North Sea(i) 6 16 32
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Other (including Colombia and Algeria) 43 39 43
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Total natural gas (mmcf/d) 1,414 1,461 1,642
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Total (mboe/d) 361 372 435
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Assets sold (mboe/d)
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North America - - 6
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North Sea - - 25
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Southeast Asia 1 4 3
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Production from ongoing operations
(mboe/d) 360 368 401
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(i)UK North Sea equity interest reduced to 51% in December
2012.
Year over year production is down primarily due to the sale of a
49% equity interest in Talisman's UK North Sea business in December
2012. Production from ongoing operations averaged 360,000 boe/d,
down 2% from the previous quarter. Increased liquids production
from HST/HSD in Vietnam and the Eagle Ford in North America were
offset by planned turnarounds and unplanned downtime in the North
Sea and natural declines in North America.
Natural gas volumes in North America were lower than the
previous quarter (approximately 30 mmcf/d) due to natural declines
and lower capital spending in the Marcellus and conventional assets
in Canada. In Asia-Pacific, natural gas production was slightly
lower than the previous quarter as a result of the Offshore North
West Java (ONWJ) sale and planned maintenance in Malaysia and
Indonesia. This was partially offset by increased demand for gas
from Corridor.
The Americas
North America
Production
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June 30 Q2 13 Q1 13 Q2 12
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Gas
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Edson-Duvernay-Montney 349 360 406
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Marcellus 426 442 545
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Eagle Ford 50 51 39
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Other 21 22 25
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Gas from ongoing operations (mmcf/d) 846 875 1015
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Liquids
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Edson-Duvernay-Montney 5 6 7
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Eagle Ford 17 12 7
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Chauvin 11 11 12
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Liquids from ongoing operations
(mbbls/d) 33 29 26
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Assets sold (mboe/d) - - 6
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Total North America gas production
(mmcf/d) 846 875 1039
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Total North America liquids production
(mbbls/d) 33 29 28
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Total North America production (mboe/d) 174 175 201
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Production in North America averaged 174,000 boe/d, relatively
unchanged quarter over quarter as growth in liquids production in
the Eagle Ford offset natural gas declines. The company continues
to direct the vast majority of capital towards oil and liquids-rich
opportunities. Given the favorable gas price environment and
Talisman's low development costs, the company will also be funding
additional well completions and tie-ins in the Marcellus. Talisman
expects full-year North American production to be approximately
180,000 boe/d, exceeding original guidance, and to come in near the
top end of its liquids range of 30,000-35,000 bbls/d.
In the Eagle Ford, Talisman's production was up 22% from the
previous quarter to 25,000 boe/d (net to Talisman), with liquids
volumes up 42% from 12,000 boe/d to 17,000 boe/d. During the
quarter, Talisman brought on stream 53 gross operated wells and
three new facilities, with total gross processing capacity of
20,000 bbls/d of liquids and 120 mmcf/d of gas. However, production
was constrained due to the temporary shut-in of some production
facilities to accommodate the large number of new wells being
tied-in, poor weather conditions, and some wells being temporarily
shut-in due to liquids loading in well bores. Transition of
operatorship to Statoil in the eastern half of the asset has been
successfully completed, in accordance with the joint venture
agreement.
The company continues to make significant improvements to
operational efficiency in the Eagle Ford, and has reduced drilling
cycle times to 21 days and lowered drilling and completing costs to
approximately $8 million per well. As a result, Talisman and
Statoil were able to further reduce rig count by one, to five rigs
while remaining on track to deliver the same amount of drilled
wells for the year.
In the Marcellus, production for the quarter averaged 426
mmcf/d, down 4% from the previous quarter due to natural declines.
However, production optimization activities continue to improve
underlying base declines.
As a result of the company's strong competitive position in the
Marcellus, Talisman has allocated an additional $50 million of
capital to complete 20 gross wells from its current inventory of 70
drilled but uncompleted wells. Talisman expects annualized
production from the Marcellus to be 440-450 mmcf/d.
In the southern portion of the liquids-rich Duvernay, operations
were largely suspended in the second quarter due to spring
break-up. The company is currently drilling the final well of its
2013 program, has commenced completion activities on one well and
plans to complete the second well before year-end.
In the Montney, production remained flat quarter over quarter,
averaging 72 mmcf/d, with minimum capital investment. Development
drilling in Farrell Creek from multi-well pads continues, and the
company has prepared 27 wells to complete in 2013. Significant
operational progress continues to be made, with second quarter
average cycle time down to 32 days, compared to 40 days for 2012.
For the remainder of the year, the company will operate two rigs in
Farrell Creek, with a third rig drilling vertical appraisal wells
in the Cypress area. This vertical well data, along with continuing
performance from the company's five producing horizontal wells and
the results of an ongoing 3D seismic program, will further enhance
Talisman's understanding of the area for future development.
In the Greater Edson area, the third party deep cut processing
plant at Wild River continues to progress on budget and ahead of
schedule, and is now expected to be on stream late in the third
quarter. Once on stream, natural gas liquids volumes from the deep
cut plant are expected to be 4,000 boe/d net to Talisman
(approximately 70% ethane). The company plans to drill three
horizontal wells to evaluate its land position in the liquids-rich
Wilrich formation in the second half of the year, with volumes to
be processed through the Talisman-owned Edson facility. As part of
its strategic priority to improve operational performance, the
company reduced downtime of planned turnarounds at Edson and Wild
River, resulting in higher than expected production for the
quarter.
In the Chauvin area, an 18-well infill drilling program
commenced in June.
Colombia
Second quarter production averaged 18,000 boe/d. Planned
activity at CPO-9 and CPE-6 has been delayed due to ongoing
community and surface access issues. Talisman is actively engaged
with its partners and the Colombian authorities to address these
issues.
In the heavy oil region, Equion's seven-well appraisal program
in block CPO-9 continues. Three wells have been completed and are
now testing. Two wells are currently being drilled and two
additional wells are planned for the second half of the year.
In the foothills region, testing of the Huron-2 well in the
Niscota block is in the final stages, with encouraging results
confirming a gas/condensate discovery. Following testing, Equion
will define a development plan. Drilling of the Huron-3 well is
ongoing, and Equion expects to reach target depth by the end of the
year. At Piedemonte, Equion's facilities expansion project has been
delayed due to community and surface access issues.
Talisman, along with three other partners, is actively marketing
their combined 27% stake in the Ocensa pipeline (Talisman's
ownership position is approximately 12%). A data room has been
opened and discussions with interested parties are ongoing.
Talisman plans to retain its rights to pipeline capacity.
Asia-Pacific
Production
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June 30 Q2 13 Q1 13 Q2 12
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Malaysia liquids (mbbls/d) 20 20 16
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Malaysia gas (mmcf/d) 124 132 121
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Malaysia total (mboe/d) 40 42 37
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Indonesia liquids (mbbls/d) 10 11 10
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Indonesia gas (mmcf/d) 391 397 407
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Indonesia total (mboe/d) 76 77 78
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Vietnam liquids (mbbls/d) 6 2 2
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Vietnam gas (mmcf/d) 4 2 -
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Vietnam (mboe/d) 7 2 2
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Australia (mboe/d) 7 8 13
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Southeast Asia total (mboe/d) 130 129 130
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Algeria (mboe/d) 9 11 13
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Asia-Pacific Total (mboe/d) 139 140 143
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Production averaged 139,000 boe/d in the second quarter, in line
with the previous quarter. Early production from the HST/HSD oil
fields in Vietnam was offset by temporary production restrictions
in Algeria, operational issues and natural declines in Australia,
planned turnarounds across the region, and the completion of the
ONWJ sale in Indonesia.
Natural gas production for the quarter averaged 519 mmcf/d with
prices averaging $9.51/mcf. Gas production is down 2% from the
previous quarter, following planned turnarounds in Malaysia and
Indonesia, partially offset by higher production at Corridor due to
strong domestic demand.
In Vietnam, HST/HSD commenced production in mid-May. The project
came on stream under budget and ahead of schedule, and is currently
producing 12,000 bbls/d of oil net to Talisman. Overall production
averaged 7,000 bbls/d, significantly higher than the previous
quarter and the same period last year. In July, Talisman acquired a
55% stake in Block 07/03 offshore Vietnam. The block is adjacent to
the company's existing position in the Nam Con Son Basin and
provides access to the Red Emperor oil discovery and upside
appraisal and exploration potential.
In Malaysia, production was down 5% over the previous quarter to
40,000 boe/d, following planned turnarounds at a gas export
platform, which have continued into the third quarter. Production
is expected to increase in the fourth quarter, driven by a Kinabalu
well work-over and infill drilling programs planned for the third
quarter. Talisman continues to leverage the upside potential
between Kinabalu and the adjacent Sabah Basin through ongoing
exploration.
In Indonesia, production for the quarter averaged 76,000 boe/d,
1% lower than last quarter and 3% lower than the previous year.
Production was down due to planned turnarounds at Jambi Merang and
Tangguh, and the completion of the ONWJ sale. This was partially
offset by higher production from Corridor due to the start of
partial production from the Letang Tengah Rawa Optimization
project, and stronger domestic demand.
Production in Australia/Timor Leste averaged 7,000 boe/d, down
13% from the first quarter, partially due to reduced gas lift in
the K-3 well. Production is down year over year due to natural
declines.
In Algeria, production was down quarter over quarter to 9,000
boe/d, due to temporary production restrictions imposed by the
Algerian regulators, and ongoing commissioning delays. Discussions
with both the operator and the Algerian authorities are underway,
and the company expects restrictions to be removed later this
year.
Other Operating Areas
North Sea
Talisman's share of UK production averaged 17,000 boe/d, down
19% from the previous quarter, as operations were negatively
affected by scheduled turnarounds and continued facilities issues,
amplified by industry-wide helicopter restrictions that have
hampered the joint venture's ability to complete necessary repair
work. The joint venture partners are working diligently to address
operational issues, and are investing in facilities upgrades to
increase uptime and improve reliability. It will take time to
address these issues and stabilize production.
In Norway, average daily production was 13,000 boe/d, down 30%
from the first quarter due to planned turnarounds and lower than
expected performance of the Varg infill wells and at the Veslefrikk
and Gyda fields.
Infill wells are being drilled at Gyda South and Brage.
With Talisman's North Sea business no longer considered a core
area, the company has announced a sales process to exit Norway.
Kurdistan Region of Iraq
In Kurdistan, the company's K-3 appraisal well reached target
depth in June and has been cased, cored and logged. Oil shows and
supportive log data indicative of oil were recorded over the
majority of the penetrated Kurdamir-3 Oligocene section. Based on
initial logging results, the company believes the lowest known oil
could extend approximately 150 metres deeper than was proven in the
Kurdamir-2 well. Drill stem testing of the K-3 continues, with test
results expected in the third quarter.
The 3D seismic acquisition program over the Topkhana and
Kurdamir blocks is ongoing. Construction of the Topkhana-2 wellsite
is underway, with an expected spud date early in the fourth
quarter. The company is currently looking at options to monetize a
portion of its net working interest in Topkhana, which will also
reduce its capital exposure going forward.
Common Share and Preferred Share Dividend Declaration
The company has declared a quarterly dividend on the company's
common shares of $0.0675 per share. The dividend will be paid on
September 30, 2013 to shareholders of record at the close of
business on August 16, 2013.
The company has also declared a quarterly dividend of CAD$0.2625
on its Cumulative Redeemable Rate Reset First Preferred Shares,
Series 1. The dividend will be paid on September 30, 2013 to
shareholders of record at the close of business on August 16,
2013.
Adoption of Advance Notice By-Law
Talisman's board of directors has adopted By-Law No. 2, which
requires advance notice to the company in circumstances where
nominations of persons for election as a director of the company
are made by shareholders. The terms of the by-law are in line with
those advance notice by-laws adopted by a majority of the
S&P/TSX Composite Index companies in the past year, which have
been endorsed by proxy advisory firms and approved overwhelmingly
by their shareholders.
The by-law fixes a deadline by which shareholders must submit a
notice of director nominations to the company prior to any annual
or special meeting of shareholders where directors are to be
elected and sets forth the information that a shareholder must
include in the notice for it to be valid. The by-law facilitates an
orderly and efficient annual or special meeting process and it
ensures that all shareholders receive adequate notice of director
nominations with sufficient information with respect to all
nominees. This allows the company and its shareholders to evaluate
the proposed nominees' qualifications and suitability as directors,
which further allows shareholders to cast an informed vote for the
election of directors.
The by-law is effective immediately. At the next meeting of
shareholders, shareholders will be asked to confirm and ratify the
by-law. A copy of the by-law has been filed and is available under
the company's profile at www.sedar.com.
Talisman Energy Inc. is a global upstream oil and gas company,
headquartered in Canada. Talisman has two core operating areas: the
Americas (North America and Colombia) and Asia-Pacific. 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,
priorities and plans; expected production; expected cash flow;
expected capital spending; planned increase in investment in the
Marcellus; expected drilling activity in the Americas; expected
completions in the Montney; expected timing and capacity of the
deep cut processing plant at Wild River; expected sales or joint
ventures; expected lifting of restrictions in Algeria; expected
well test results in Kurdistan; and other expectations, beliefs,
plans, goals, objectives, assumptions, information and statements
about possible future events, conditions, results of operations or
performance. The company priorities disclosed in this news release
are objectives only and their achievement cannot be guaranteed.
The factors or assumptions on which the forward-looking
information is based include: assumptions inherent in current
guidance; projected capital investment levels; the flexibility of
capital spending plans and the associated sources of funding; the
successful and timely implementation of capital projects; the
continuation of tax, royalty and regulatory regimes; ability to
obtain regulatory and partner approval; commodity price and cost
assumptions; and other risks and uncertainties described in the
filings made by the Company with securities regulatory authorities.
The Company believes the material factors, expectations and
assumptions reflected in the forward-looking information are
reasonable but no assurance can be given that these factors,
expectations and assumptions will prove to be correct.
Forward-looking information for periods past 2013 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; risks and uncertainties involving geology of
oil and gas deposits; risks associated with project management,
project delays and/or cost overruns; uncertainty related to
securing sufficient egress and access to markets; 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, including
decommissioning liabilities; risks related to strategic and capital
allocation decisions, including 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, interest rates and tax or royalty rates;
the outcome and effects of any future acquisitions and
dispositions; health, safety, security and environmental risks,
including risks related to the possibility of major accidents;
environmental regulatory and compliance risks, including with
respect to greenhouse gases and hydraulic fracturing; uncertainties
as to the availability and cost of credit and other financing and
changes in capital markets; risks in conducting foreign operations
(for example, civil, political and fiscal instability and
corruption); risks related to the attraction, retention and
development of personnel; changes in general economic and business
conditions; the possibility that government policies, regulations
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.
Unless the context indicates otherwise, references in this news
release to "Talisman" or the "company" include, for reporting
purposes only, the direct or indirect subsidiaries of Talisman
Energy Inc. and the partnership interests held by Talisman Energy
Inc. and its subsidiaries unless stated otherwise. Such use of
"Talisman" or the "company" to refer to these other legal entities
and partnership interests does not constitute waiver by Talisman
Energy Inc. or such entities or partnerships of their separate
legal status, for any purpose.
Oil and Gas Information
Throughout this news release, Talisman makes reference to
production volumes. Unless otherwise stated, such production
volumes are stated on a gross basis, which means they 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.
Barrel 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 (bbl). This news release also
includes reference to mcf equivalents (mcfes) which are calculated
at a conversion rate of one barrel of oil to 6,000 cubic feet of
gas. Boes and mcfes may be misleading, particularly if used in
isolation. A boe conversion ratio of 6 mcf:1 bbl and an mcfe
conversion ratio of 1 bbl: 6 mcf are 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, all references to "core" and "non-core"
assets and properties align with the company's current public
disclosure regarding its assets and properties.
Talisman also discloses netbacks in this news release. Netbacks
per boe are calculated by deducting from the sales price associated
royalties, operating and transportation costs.
The Company defines "Tier 1" acreage as top quality acreage with
an expected breakeven of approximately $4/mcf.
Forecasted Cash Flow
This news release also contains discussions of anticipated cash
flow. The material assumptions used in determining estimates of
cash flow are: the anticipated production volumes; estimates of
realized sales prices, which are in turn driven by benchmark
prices, quality differentials and the impact of exchange rates;
estimated royalty rates; estimated operating expenses; estimated
transportation expenses; estimated general and administrative
expenses; estimated interest expense, including the level of
capitalized interest; and the anticipated amount of cash income tax
and petroleum revenue tax. The amount of is inherently difficult to
predict.
Anticipated production volumes are, in turn, based on the
midpoint of the estimated production range and do not reflect the
impact of any potential asset dispositions or acquisitions. The
completion of any contemplated asset acquisitions or dispositions
is contingent on various factors including favourable market
conditions, the ability of the company to negotiate acceptable
terms of sale and receipt of any required approvals for such
acquisitions or dispositions.
Non-GAAP Financial Measures
Included in this news release are references to financial
measures commonly used in the oil and gas industry such as cash
flow, earnings (loss) from operations, capital spending and net
debt. These terms are not defined by International Financial
Reporting Standards (IFRS). Consequently, these are referred to as
non-GAAP measures. Talisman's reported results of such measures may
not be comparable to similarly titled measures reported by other
companies.
Cash Flow
US$ million, except per share amounts
Three Months Ended
----------------------------------------------------------------------------
June 30, March 31, June 30,
2013 2013 2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash provided by operating activities 357 331 695
----------------------------------------------------------------------------
Changes in non-cash working capital 61 21 (11)
----------------------------------------------------------------------------
Add: Exploration expenditure 67 75 91
----------------------------------------------------------------------------
Add: Pennsylvania impact fee(1) - - 7
----------------------------------------------------------------------------
Add: Restructuring costs 11 17 -
----------------------------------------------------------------------------
Add: Income tax adjustments(3) 15 - -
----------------------------------------------------------------------------
Less: Finance costs (cash) (71) (70) (45)
----------------------------------------------------------------------------
Cash flow from subsidiaries 440 374 737
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Add: Cash provided by operating
activities from equity accounted
entities 124 149 114
----------------------------------------------------------------------------
Change in non-cash working capital from
equity accounted entities (38) (5) (47)
----------------------------------------------------------------------------
Less: Dividends and distributions
received from equity accounted entities - - -
----------------------------------------------------------------------------
Add: Exploration expenditure from equity
accounted entities 5 2 -
----------------------------------------------------------------------------
Less: Finance costs (cash) from equity
accounted entities (5) (3) (1)
----------------------------------------------------------------------------
Cash flow from equity accounted entities 86 143 66
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash Flow(2) 526 517 803
----------------------------------------------------------------------------
Cash flow per share 0.51 0.50 0.78
----------------------------------------------------------------------------
Diluted cash flow per share 0.51 0.50 0.78
----------------------------------------------------------------------------
(1) Pennsylvania impact fee amount represents the one-time impact of the
retrospective application of the legislation to wells drilled pre-2012.
(2) Includes cash flow from subsidiaries and Talisman's share of equity
accounted entities' cash flow.
(3) Recent court ruling in Southeast Asia indicated an additional current
income tax of $31 million be charged during Q2 2013. In addition, the
Company recorded a $16 million benefit from the resolution of a tax
position in North America in Q2.
Cash flow, as commonly used in the oil and gas industry,
represents net income before exploration costs, DD&A, deferred
taxes and other non-cash expenses including Talisman's share of
cash flow from equity accounted entities. Cash flow is used by the
company to assess operating results between years and between peer
companies using different accounting policies. Cash flow should not
be considered an alternative to, or more meaningful than, cash
provided by operating, investing and financing activities or net
income as determined in accordance with IFRS as an indicator of the
company's performance or liquidity. Cash flow per share is cash
flow divided by the average number of common shares outstanding
during the period. Diluted cash flow per share is cash flow divided
by the diluted number of common shares outstanding during the
period, as reported in the interim condensed consolidated financial
statements filed on July 31, 2013. A reconciliation of cash
provided by operating activities to cash flow is provided
above.
Earnings (loss) from Operations
US$ million, except per share amounts
Three Months Ended
----------------------------------------------------------------------------
June 30, March 31, June 30,
2013 2013 2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income (loss) 97 (213) 196
----------------------------------------------------------------------------
Gain on disposals (tax adjusted) (45) - (188)
----------------------------------------------------------------------------
Unrealized (gain) loss on financial
instruments(tax adjusted)(1) (193) 43 (37)
----------------------------------------------------------------------------
Share-based payments (tax adjusted)(2) (4) 24 (30)
----------------------------------------------------------------------------
Foreign exchange on debt (tax adjusted) 4 (23) (3)
----------------------------------------------------------------------------
Impairment (tax adjusted) 7 44 73
----------------------------------------------------------------------------
Pennsylvania impact fee (tax
adjusted)(3) - - 5
----------------------------------------------------------------------------
Restructuring costs (tax adjusted) 8 13 -
----------------------------------------------------------------------------
Income tax adjustments(4) 41 - -
----------------------------------------------------------------------------
Deferred tax adjustments(5) 58 52 55
----------------------------------------------------------------------------
Earnings (loss) from operations(6 ) (27) (60) 71
----------------------------------------------------------------------------
Earnings (loss) from operations per
share (0.03) (0.06) 0.07
----------------------------------------------------------------------------
Diluted earnings (loss) from operations
per share (0.03) (0.06) 0.07
----------------------------------------------------------------------------
(1) Unrealized (gain) loss on financial instruments relates to the change in
the period of the mark-to-market value of the company's held-for-trading
financial instruments.
(2) Share-based payments relate principally to the mark-to-market value of
the company's outstanding stock options and cash units at June 30. The
company uses the Black-Scholes option pricing model to estimate the fair
value of its share-based payment plans.
(3) Pennsylvania impact fee amount represents the one-time impact of the
retrospective application of the legislation to wells drilled pre-2012.
(4) Recent court ruling in Southeast Asia indicated an additional income tax
of $57 million be charged during Q2 2013. In addition, the company
recorded a $16 million benefit from the resolution of a tax position in
North America in Q2.
(5) Deferred tax adjustments largely comprise tax on foreign exchange on tax
pools.
(6) Earnings (loss) from operations include results and adjustments from
subsidiaries and Talisman's share of equity accounted entities.
Earnings (loss) from operations are calculated by adjusting the
company's net income (loss) per the financial statements for
certain items of a non-operational nature, on an after tax basis.
The adjustments include items from subsidiaries and Talisman's
share of equity accounted entities. The company uses this
information to evaluate performance of core operational activities
on a comparable basis between periods. Earnings (loss) from
operations per share are earnings (loss) from operations divided by
the average number of common shares outstanding during the period.
Diluted earnings (loss) from operations per share are earnings
(loss) from operations divided by the diluted number of common
shares outstanding during the period, as reported in the interim
condensed consolidated financial statements filed on July 31, 2013.
A reconciliation of net income (loss) to earnings (loss) from
operations is provided above.
Capital Spending
US$ million
Three Months Ended
----------------------------------------------------------------------------
June 30, March 31, June 30,
2013 2013 2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Subsidiaries
----------------------------------------------------------------------------
Exploration, development and other 649 569 901
----------------------------------------------------------------------------
Exploration expensed 67 75 91
----------------------------------------------------------------------------
Exploration and development spending -
Subsidiaries 716 644 992
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Talisman's share of equity accounted
entities
----------------------------------------------------------------------------
Exploration, development and other 122 130 35
----------------------------------------------------------------------------
Exploration expensed 5 1 -
----------------------------------------------------------------------------
Exploration and development spending -
joint ventures 127 131 35
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Capital spending for subsidiaries and
joint ventures 843 775 1,027
----------------------------------------------------------------------------
Capital spending (or run rate or exploration and development
spending) is calculated by adjusting the capital expenditure per
the financial statements for exploration costs that were expensed
as incurred and adding Talisman's share of joint ventures.
Net Debt
US$ million
As at
----------------------------------------------------------------------------
June 30, 2013
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Long-term debt 4,923
----------------------------------------------------------------------------
Cash and cash equivalents, net of bank indebtedness (232)
----------------------------------------------------------------------------
Cash and cash equivalents from equity accounted entities(1)
----------------------------------------------------------------------------
TSEUK (41)
----------------------------------------------------------------------------
Equion (60)
----------------------------------------------------------------------------
Total net debt 4,590
----------------------------------------------------------------------------
(1) Includes Talisman's share of joint ventures' cash and cash equivalents.
Net debt is calculated by adjusting the company's long-term debt
per the financial statements for bank indebtedness, cash and cash
equivalents from subsidiaries and joint ventures. The company uses
this information to assess its true debt position and eliminate the
impact of timing differences.
Talisman Energy Inc.
Highlights
(unaudited)
Three months ended Six months ended
June 30 June 30
2013 2012 2013 2012
----------------------------------------------------------------------------
Financial
(millions of US$ unless otherwise
stated)
Cash flow (1) 526 803 1,043 1,654
Net income (loss) 97 196 (116) 487
Exploration and development spending
(1) 843 1,027 1,618 2,094
Per common share (US$)
Cash flow (1) 0.51 0.78 1.01 1.61
Net income (loss) 0.09 0.19 (0.12) 0.47
----------------------------------------------------------------------------
Production (3)
(Daily Average - Gross)
Oil and liquids (bbls/d)
North America 32,675 27,589 30,785 27,764
Southeast Asia 43,116 41,460 42,115 43,154
North Sea 12,618 69,657 14,667 79,205
Other 10,550 12,693 11,267 13,486
----------------------------------------------------------------------------
Total oil and liquids 98,959 151,399 98,834 163,609
----------------------------------------------------------------------------
Natural gas (mmcf/d)
North America 846 1,039 861 1,032
Southeast Asia 519 528 525 538
North Sea 4 32 9 38
Other - - - -
----------------------------------------------------------------------------
Total natural gas 1,369 1,599 1,395 1,608
----------------------------------------------------------------------------
Total mboe/d (2) 327 419 331 431
----------------------------------------------------------------------------
Prices (3)
Oil and liquids (US$/bbl)
North America 65.84 67.55 64.92 72.41
Southeast Asia 101.07 106.52 106.54 115.08
North Sea 104.00 104.03 108.09 113.27
Other 98.29 89.24 104.62 110.03
----------------------------------------------------------------------------
Total oil and liquids 89.51 96.83 93.59 106.55
----------------------------------------------------------------------------
Natural gas (US$/mcf)
North America 3.92 2.14 3.62 2.31
Southeast Asia 9.51 9.48 9.87 9.67
North Sea 30.67 9.99 14.80 9.94
Other - - - -
----------------------------------------------------------------------------
Total natural gas 6.12 4.72 6.04 4.95
----------------------------------------------------------------------------
Total (US$/boe) (2) 52.68 53.13 53.35 58.85
----------------------------------------------------------------------------
(1) Cash flow, exploration and development spending and cash flow
per share are non-GAAP measures.
(2) Barrels of oil equivalent (boe) is calculated at a conversion rate of
six thousand cubic feet (mcf) of natural gas for one barrel of oil.
(3) 2012 Production and price from Other, was restated to reflect the change
to equity accounting of Equion on adoption of IFRS 11.
Talisman Energy Inc.
Condensed Consolidated Balance Sheets
(unaudited)
June 30,December 31,
(millions of US$) 2013 2012
----------------------------------------------------------------------------
(restated)
Assets
Current
Cash and cash equivalents 270 553
Accounts receivable 970 884
Risk management 85 48
Income and other taxes receivable 25 10
Restricted cash 103 -
Inventories 118 122
Prepaid expenses 23 19
----------------------------------------------------------------------------
1,594 1,636
----------------------------------------------------------------------------
Other assets 204 55
Restricted cash 135 -
Investments 1,801 1,791
Risk management 73 26
Goodwill 775 775
Property, plant and equipment 10,659 10,462
Exploration and evaluation assets 3,193 3,319
Deferred tax assets 1,148 1,273
----------------------------------------------------------------------------
17,988 17,701
----------------------------------------------------------------------------
Total assets 19,582 19,337
----------------------------------------------------------------------------
Liabilities
Current
Bank indebtedness 38 -
Accounts payable and accrued liabilities 1,686 1,744
Current portion of Yme removal obligation 103 -
Risk management 8 81
Income and other taxes payable 82 84
Loans from joint ventures 197 148
Current portion of long-term debt 567 8
----------------------------------------------------------------------------
2,681 2,065
----------------------------------------------------------------------------
Decommissioning liabilities 1,361 1,514
Yme removal obligation 172 -
Other long-term obligations 240 256
Risk management 2 1
Long-term debt 4,356 4,434
Deferred tax liabilities 1,051 1,157
----------------------------------------------------------------------------
7,182 7,362
----------------------------------------------------------------------------
Shareholders' equity
Common shares 1,709 1,639
Preferred shares 191 191
Contributed surplus 110 121
Retained earnings 6,898 7,148
Accumulated other comprehensive income 811 811
----------------------------------------------------------------------------
9,719 9,910
----------------------------------------------------------------------------
Total liabilities and shareholders' equity 19,582 19,337
----------------------------------------------------------------------------
Talisman Energy Inc.
Condensed Consolidated Statements of Income (Loss)
(unaudited)
Three months ended Six months ended
June 30 June 30
(millions of US$) 2013 2012 2013 2012
----------------------------------------------------------------------------
(restated) (restated)
Revenue
Sales 1,152 1,740 2,250 3,715
Other income 10 17 37 43
Income from joint ventures
& associates, after tax 23 43 21 98
----------------------------------------------------------------------------
Total revenue and other
income 1,185 1,800 2,308 3,856
----------------------------------------------------------------------------
Expenses
Operating 381 629 710 1,193
Transportation 51 58 102 117
General and administrative 111 133 214 252
Depreciation, depletion
and amortization 464 545 885 1,119
Impairment (impairment
reversals) (9) 73 (2) 1,126
Dry hole 69 65 69 125
Exploration 67 91 142 147
Finance costs 79 67 157 138
Share-based payments
expense (recovery) 2 (31) 24 (72)
(Gain) loss on held-for-
trading financial
instruments (221) (35) (141) 12
Gain on asset disposals (59) (254) (59) (759)
Other, net 13 (42) 19 30
----------------------------------------------------------------------------
Total expenses 948 1,299 2,120 3,428
----------------------------------------------------------------------------
Income before taxes 237 501 188 428
----------------------------------------------------------------------------
Taxes
Current income tax 139 179 286 584
Deferred income tax
(recovery) 1 126 18 (643)
----------------------------------------------------------------------------
140 305 304 (59)
----------------------------------------------------------------------------
Net income (loss) 97 196 (116) 487
----------------------------------------------------------------------------
Per common share (US$):
Net income (loss) 0.09 0.19 (0.12) 0.47
Diluted net income (loss) 0.06 0.14 (0.14) 0.38
----------------------------------------------------------------------------
Weighted average number of common
shares outstanding (millions)
Basic 1,030 1,026 1,029 1,025
Diluted 1,033 1,033 1,033 1,032
----------------------------------------------------------------------------
Talisman Energy Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
Three months ended Six months ended
June 30 June 30
(millions of US$) 2013 2012 2013 2012
----------------------------------------------------------------------------
(restated) (restated)
Operating activities
Net income (loss) 97 196 (116) 487
Add: Finance costs (cash and
non-cash) 79 67 157 138
Items not involving cash 242 421 729 820
----------------------------------------------------------------------------
418 684 770 1,445
Changes in non-cash working
capital (61) 11 (82) 164
----------------------------------------------------------------------------
Cash provided by operating
activities 357 695 688 1,609
----------------------------------------------------------------------------
Investing activities
Capital expenditures
Exploration, development
and other (649) (901) (1,218) (1,894)
Property acquisitions - - - (2)
Proceeds of resource
property dispositions 99 437 99 939
Yme removal obligation (7) - 275 -
Restricted cash 7 - (238) -
Investments - 1 (7) (4)
Loan to joint venture (19) - (89) -
Changes in non-cash working
capital (31) (211) (115) (139)
----------------------------------------------------------------------------
Cash used in investing
activities (600) (674) (1,293) (1,100)
----------------------------------------------------------------------------
Financing activities
Long-term debt repaid (4) (562) (4) (991)
Long-term debt issued 416 583 509 841
Loans from (repayments to)
joint ventures (61) 73 49 108
Common shares issued 1 1 17 3
Common shares purchased - (9) - (13)
Finance costs (cash) (71) (45) (141) (94)
Common share dividends (68) (138) (138) (138)
Preferred share dividends (2) (2) (4) (5)
Deferred credits and other (6) 16 (15) 9
Changes in non-cash working
capital (7) 2 11 9
----------------------------------------------------------------------------
Cash provided by (used in)
financing activities 198 (81) 284 (271)
----------------------------------------------------------------------------
Effect of translation on
foreign currency cash and
cash equivalents 1 (5) - 2
----------------------------------------------------------------------------
Net increase (decrease) in
cash and cash equivalents (44) (65) (321) 240
Cash and cash equivalents
net of bank indebtedness,
beginning of period 276 645 553 340
----------------------------------------------------------------------------
Cash and cash equivalents
net of bank indebtedness,
end of period 232 580 232 580
----------------------------------------------------------------------------
Cash and cash equivalents 270 594 270 594
Bank indebtedness (38) (14) (38) (14)
----------------------------------------------------------------------------
Cash and cash equivalents
net of bank indebtedness,
end of period 232 580 232 580
----------------------------------------------------------------------------
Contacts: Talisman Energy Inc. - Media and General Inquiries
Phoebe Buckland Manager, External Communications
403-237-1657tlm@talisman-energy.com Talisman Energy Inc. -
Shareholder and Investor Inquiries Lyle McLeod Vice-President,
Investor Relations 403-767-5732tlm@talisman-energy.com
www.talisman-energy.com
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