Talisman Energy

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Type Public Limited Company
Traded as TSX:TLM NYSE:TLM
Founded 1992
Headquarters Calgary, Canada
Key People John Manzoni (CEO, President)
Revenue US $8.27 billion (2011)[1]
Net Income $776 million (2011)[2]
Total Assets $24.23 billion[3]</ref>
Employees 3,695 (2012)[4]
Website www.talisman-energy.com

Global Snapshot

Talisman Energy is an upstream oil and gas company that engages in the exploration, development, production, transportation, and marketing of crude oil, natural gas, and natural gas liquids. It primarily operates in North America, the UK, Scandinavia, and south-east Asia. Talisman was created in 1992 when BP spun off its Canadian unit. CEO John Manzoni formerly worked for BP as head of the company's refining and marketing unit.[5] The company is listed on the Toronto and New York stock exchanges.[6]

In 2012 Talisman Energy was ranked at number 624 in Forbes' 'Global 2000' list of the world's biggest public companies.[7] Over 2011 average daily production stood at 426,000 barrels of oil equivalent (boe) per day and global proven reserves stood at 1.49 billion boe.[8]

Company Report Highlights

According to Talisman's 2010 Annual Report, net income for the year was up by 48% on 2009 figures to $648 million, which was attributed to higher commodity prices and improved operating performance. Production averaged 417,000 boe/day, significantly above initial targets and, excluding asset sales, year-on-year production increased by 7%.

In 2010 Talisman replaced 164% of production with proved reserves. The company also sold over $2 billion of non-core assets, predominantly in North American natural gas properties. However the company acquired assets in two liquid areas, establishing a position in the Eagle Ford shale play in Texas, as well as producing assets in Colombia.

In 2011 Talisman was planning to spend US $700 million in international exploration, with a number of key wells in Colombia and Peru, as well as activity in the North Sea, Papua New Guinea, Indonesia, the Kurdistan region of northern Iraq and the first shale wells in Poland.[9]

Official Accreditations and Global Perceptions

EITI Supporter Status

Talisman Energy became an EITI supporting company in 2005.[10]

UN Global Compact

Talisman Energy has been a participant in the UN Global Compact since 2004.[11]

CSR Review

According to the official Talisman CR Report for 2010, the following are the company's highlights in corporate social responsibility:

  • The company carried out a comprehensive review of their global drilling operations in the aftermath of the BP plc Deepwater Horizon incident and used the findings to apply additional rigour to the design, procedures and safety processes in preparation for the first deepwater well.
  • Combined employee and contractor lost-time injury frequency improved by 18% from 2009.
  • The number of spills greater than a half-barrel was reduced by 31% to 109 from 157 in 2009.
  • Roll-out of 10 Golden Rules for Safe Operations – compliance with these rules is a condition of working at any Talisman site.
  • Development of a new global community relations policy (GCRP) to create a consistent, best-practice approach to interacting with, and gaining the support of, local stakeholders.
  • The company invested $8.5 million worldwide in community initiatives.[12]

External Coverage

  • Human rights groups campaigned extensivly against Talisman's operations in Sudan, claiming that the oil revenues they paid to the Sudanese government were used to buy arms for the ongoing civil war. Talisman entered the country in 1998 and sold it's stake in the Greater Nile Oil Porject in 2003, however the Presbyterian Church of Sudan filed a lawsuit in 2001 claiming that Talisman aided the Sudanese military in a "brutal ethnic cleansing campaign".[13]

Global Operations by Country

Colombia

Main article: Talisman Energy Operations in Colombia

Iraq

Main article: Talisman Energy Operations in Iraq

References

  1. Talisman Energy" Forbes, retrieved 19 December 2012.
  2. Talisman Energy" Forbes, retrieved 19 December 2012.
  3. Talisman Energy" Forbes, retrieved 19 December 2012.
  4. Talisman Energy" Forbes, retrieved 19 December 2012.
  5. "BP sells $1.9B Colombian assets to Ecopetrol, Talisman", Colombia Reports, 3 August 2010.
  6. About Our Company" Talisman Energy, retrieved 19 December 2011.
  7. Talisman Energy" Forbes, retrieved 19 December 2012.
  8. Annual Report 2011" Talisman Energy.
  9. 2010 Annual Report" Talisman Energy, retrieved 19 December 2011.
  10. Transparency" Talisman Energy, retrieved 19 December 2011.
  11. Talisman Energy Inc." UN Global Compact, retrieved 19 December 2011.
  12. 2010 CR Report" Talisman Energy, retrieved 19 December 2011.
  13. Talisman Sudan suit to proceed" BBC, 20 March 2003.