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Q1 2013 EARNINGS CALL – Talisman Energy Inc.

Talisman Energy Inc. · May 1, 2013 · 35 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 1
    CORPORATE PRESENTATION MAY 2013
  2. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 2
  3. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 3
    TALISMAN OVERVIEW Asia-Pacific Growing free cash flow, near-term exploration potential 600 million free cash flow in 2012 Algeria Pertamina relationship Americas Ongoing rationalization within Resource plays provide…
  4. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 4
    SIX MONTH LOOKBACK Reduced exposure to North Sea 1 Sold 49% of U.K. for 1.5 billion Less exposure to North Sea underperformance Continued growth in Southeast Asia 2 Kinabalu acquisition, Sabah near-term exploration Vietnam:…
  5. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 5
    FUTURE ASSET BASE UPSIDE Barrels of oil equivalent* mmboe 12,000 Prospective Contingent 11,000 Probable Proved 10,000 3,000 2,000 1,000 0 Proved + Kurdistan PNG North Duvernay Edson Probable America prospective…
  6. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 6
    2013 CAPITAL SPEND CLOSING FREE CASH FLOW GAP Cash flow vs. investment by product Investment by region million million 6,000 4,000 5,000 3,000 4,000 60% 30% 3,000 2,000 35% 2,000 15% 1,000 1,000 30% 0 2010 2011…
  7. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 7
    HIGH PRIORITY: CREATING VALUE FROM EXISTING PRODUCTION 2013 production mboe/d 430 Production (mboe/d) 2012 2013 2014 North American gas 40% 35% 30% 420 International gas and liquids 60% 65% 70% 410 400 390 Disposals…
  8. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 8
    UNLOCKING THE VALUE OF OUR PORTFOLIO Major assets cash flow Current value range for select longer dated projects million billion 2,500 0.0 1.0 2.0 3.0 4.0 Montney Duvernay HST/HSD Eagle Ford Kurdistan 6 assets…
  9. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 9
    INTERNATIONAL PORTFOLIO: DEVELOP, JV OR DIVEST 1Q 2013 Unrisked 2P reserves 1Q 2013 Contingent North Sea production 2P reserves prospective (mmboe) production resource (mboe/d) (mmboe) resource (mboe/d) (mmboe) (mmboe) U.K. (at…
  10. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 10
    MAINTAIN BALANCE SHEET STRENGTH Debt to 2013 debt to cash flow target (US billion) cash flow ratio 1.5x 1 billion of disposal proceeds December 2012 gross debt (4.4) 1.5x required to maintain balance sheet strength 2013 cash…
  11. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 11
    G&A REDUCTIONS Annual G&A expense Reduce G&A footprint by exiting non- million core countries 600 20-30% reduction in manager level positions Significant focus on corporate and North 450 America overhead: Corporate centre…
  12. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 12
    LIQUIDS PRODUCTION TO DOUBLE BY 2015 EXPECT TO HOLD CAPITAL AT 1.1 BILLION Liquids Production Sources and uses of cash mboe/d billion 1.6 60 1.6 Development/appraisal capex Operating cash flow* +30% p.a. 45 1.2 1.1 1.1…
  13. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 13
    EAGLE FORD OPERATING MOMENTUM Production Sources and uses of cash (mboe/d) million 60 58 750 Gas Operating cash flow* Liquids Development/appraisal capex 50 600 45 40 450 30 30 300 +40% p.a. 20 15 150 10 5 0 0…
  14. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 14
    DEEP BASIN EDSON Alberta TLM land Talisman egress and midstream Midstream infrastructure provides competitive pipeline Facility advantage Deep cut Over 1,000 km pipeline 4 Talisman-owned facilities Edson Deep cut plant Wild…
  15. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 15
    SOUTH DUVERNAY WILLESDEN GREEN POSITION Gas Largest land and resource position in Liquids oil and richest portion of condensate Oil 190 bbl/mmcf window 120 bbl/mmcf 189,000 net acres 02-06 PIIP: 2.7 billion boe 11-03…
  16. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 16
    MARCELLUS PROFITABLE, SUSTAINABLE PRODUCTION WITH GROWTH UPSIDE Sustain at Self-funded growth to 400 mmcf/d 500 mmcf/d Sources and uses of cash Sources and uses of cash million million 600 600 500 500 400 400 300 300 200…
  17. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 17
    EQUION PIEDEMONTE AND NISCOTA Equion Block Mundo Nuevo Equion and Niscota* TLM Block Niscota /boe Recent discovery Hurn-2 Appraisal Well 90 Recent Dev. Well Royalty Planned Dev. Well Hurn-3 24 60 Opex and G&A Oil Field 11…
  18. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 18
    BLOCK CPE-6 Hamaca 1 Net Pay (ft) Manacacias 2 56 50 Hamaca 9 45 40 35 30 Hamaca 2 25 Hamaca 3 20 Guairuro 3 15 10 Hamaca 5 5 Hamaca 6 0 Guairuro 3ST Manacacias 1 Los Kioskos 1 Guairuro 2 Guairuro 1 Guairuro 4…
  19. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 19
    FUTURE TALISMAN COLOMBIA PRODUCTION, CASH FLOW AND CAPITAL Production Sources and Uses of Cash mboe/d million 50 600 Upside Upside Heavy Oil Cash Flow 40 Equion E&D Capex 400 30 20 200 10 0 0 2013 2014 2015 2016 2017…
  20. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 20
    ASIA-PACIFIC TALISMANS TRACK RECORD Operational excellence Production Cash generation Frequency (TRIF) Uptime* Production Free cash flow and cash flow* Per million exposure hours Percentage (%) mboe/d million 4 TRIF 100 150 1,250…
  21. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 21
    CORRIDOR WORLD CLASS ASSET Gas sales COPI gas pipeline Production outlook(1) pipeline 3rd party pipeline to Chevron Duri Gas sales mmcfe/d pipeline to Singapore 500 Base Development Sumpal plant 2012: 155 mmcf/d* Gelam plant 400…
  22. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 22
    PM-3 CAA HIGH QUALITY OPERATING BUSINESS TLM block Block 46-02 Production outlook Oil field mboe/d Gas field 50 Base Development Vietnam 40 FSO 30 Block 46 Southern Northern Cai Nuoc Fields 20 Fields PM-3 CAA Complex…
  23. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 23
    SABAH BASIN NEW CORE AREA ANCHORED BY KINABALU TLM block Core area focus Oil field Significant acreage in a prolific and proven Gas field hydrocarbon province SSGP pipeline Accessing low-cost discovered oil and associated gas…
  24. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 24
    ASIA-PACIFIC GROWING PRODUCTION AND CASH FLOW Steady production growth* Sources and uses of cash* mboe/d million Liquid 200 2,000 Oil-linked gas Cash flow Fixed price gas Exploration capex 8% p.a Development capex 150…
  25. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 25
    KURDAMIR / TOPKHANA CROSS SECTION Topkhana-1 Topkhana-1 Topkhana-2 Proposed Kurdamir-3 Drilling Kurdamir-1 Kurdamir-2 Kurdamir-1 Kurdamir-2 DST 2 Topkhana-2 DST 1 Kurdamir-3 DST 1 PT 1 GOC DST 1 Predicted GOC 1840m PT 2…
  26. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 26
    NORTH SEA BUSINESS OVERVIEW Drive value from late life assets TLM block Oil field through: Gas field Efficient and reliable operations Economic redevelopment and life Km 0 120 240 360 480 extension projects U.K. U.K. Sold 49%…
  27. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 27
    PRODUCTION AND CAPITAL GUIDANCE Production Expect 375-395 mboe/d production Capital Region Play range in 2013 ( million) (mboe/d) Marcellus 68-70 150 Growth in oil and international gas offsets declines in North Eagle Ford 30…
  28. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 28
    TALISMAN KEY HISTORICAL DATA --- US --- --- CAD --- Q1-2013 1 2012 2011 2010 20092 2008 2 2007 Ratios and Key Indicators ( millions, except per share) Cash flow 517 3,022 3,434 2,954 3,961 6,163 4,327 Net Income (loss) (213) 132…
  29. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 29
    TALISMAN KEY HISTORICAL DATA Q1-2013 2012 2011 2010 2009 2008 2007 Daily production, before royalties Oil & liquids (mbbsl/d) 129 162 178 189 211 224 241 Natural gas (mmcf/d) 1,461 1,582 1,491 1,367 1,283 1,247 1,265 Barrels of oil…
  30. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 30
    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…
  31. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 31
    Resources, In-place Estimates and EURs In this presentation, Talisman also discloses contingent resources, prospective resources, PIIP and EUR as at February 28, 2013. Where not otherwise indicated, in this presentation, the…
  32. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 32
    Non-Core Assets In this presentation, all references to core and non-core assets and properties align with the companys current public disclosure regarding its assets and properties. BOE Conversion Throughout this presentation,…
  33. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 33
    In addition to the assumptions that underpin forecasted cash flow, forecasted free cash flow also includes assumptions around capital investments and financing activities. Non-GAAP Financial Measures Included in this presentation are…
  34. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 34
  35. Q1 2013 EARNINGS CALL – Talisman Energy Inc. – slide 35
    INVESTOR RELATIONS CONTACTS: Scott Thomson Executive Vice President, Finance and Chief Financial Officer (403) 237.1434 ANALYST & INVESTOR RELATIONS INQUIRIES: Lyle McLeod Vice President, Investor Relations (403) 237.1020 GENERAL &…

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