Cash flow from operations C$1,086 million (-17%)
Net income from continuing operations C$-85 million
Net income from discontinued operations C$539 million (+1000%)
Net income C$455 million (-2.5%)
EPS C$0.45 (-)
Production
Liquids 221.98 mboe/d (+11%)
Natural gas 1,286 mmcf/d (+11%)
Average netback per boe C$24.48 (-46%)
Balance sheet
Assets
Current C$2,466 million
Total C$24,307 million
Liabilities
Current C$2,312 million
Total C$12,516 million
Equity C$11,791 million
P/E 4.4, P/B 1.3
Selected quotes
"Dry hole expense was $246 million in the quarter compared to $65 million a year ago."
"In the Marcellus Shale, the Company continues to focus on Pennsylvania. Talisman drilled four gross wells (four net) in the quarter and has now moved to pad drilling. Two rigs are currently operating and the Company now expects it will be able to complete its 36 well program for the year with a maximum of three rigs instead of five as originally planned.
Each well is performing better than the previous well. The latest producing well in the program achieved rates of 4.5 mmcfe/d over an initial 30-day period, with the most recent pad well on target to cost US$4.3 million (C$ 5.2 million) to drill and complete. These costs are down more than 25% from the 2008 average and drilling cycle times have been reduced by 50% compared to the first wells in the program. In the Montney Core, Talisman drilled 11 gross (9.9 net) wells in the quarter out of a planned 35 well program. The most recent five horizontal wells have averaged initial 30-day production rates of over 3 mmcfe/d. Talisman has made significant strides in reducing costs in the Montney. A recent well was drilled and completed at a cost of $3.8 million, which is top tier performance and a 50% reduction from the Company’s average 2008 drilling costs in the area. Talisman is also achieving best in class completion costs in the area."
Release(.pdf)
Me thinks: Good quarter cash flow wise, although much of the cf was generated through asset sales.
Talisman has exploration acreage in the Colombian Llanos Basin, where Petrominerales's main operations and the Corsel field are located, both companies also have exploration acreage in Peru. One would imagine that Talisman would be interested in the purchase of PMG, if/when Petrobank decides or is forced to sell the controlling stake.
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