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October 2014 Investor Presentation – Talisman Energy Inc.

Talisman Energy Inc. · Oct 10, 2014 · 77 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. October 2014 Investor Presentation – Talisman Energy Inc. – slide 1
    CORPORATE PRESENTATION October 2014
  2. October 2014 Investor Presentation – Talisman Energy Inc. – slide 2
    A FOCUS ON SHAREHOLDER VALUE ? Live within our means ? Focus our capital program ? Improve operational performance and reduce our full-cycle costs ? Unlock the net asset value of our portfolio 1 2 3 4
  3. October 2014 Investor Presentation – Talisman Energy Inc. – slide 3
    TALISMAN ? TWO REGIONS Core: Americas ? Long-term natural gas and liquids growth ? Proven competitor in Edson and Marcellus ? Eagle Ford ? significant improvement ? Large upside emerging in Duvernay and Colombia Core:…
  4. October 2014 Investor Presentation – Talisman Energy Inc. – slide 4
    DISCIPLINED & FOCUSED CAPITAL ALLOCATION? 75 70 65 0 2012 2013 2014E 70% of capital directed to core regions Percentage (%) 3.5 4.0 3.0 0.0 2012 2013 2014E 20% reduction in capital expenditure $ billion 20% >70% in core
  5. October 2014 Investor Presentation – Talisman Energy Inc. – slide 5
    ?DRIVES LIQUIDS PRODUCTION AND CASH FLOW 600 550 500 450 400 650 350 0 2Q?13 2Q?14 3Q?13 4Q?13 1Q?14 +60% 1Q?13 60% cash flow growth from core areas $ million 120 115 110 105 100 95 0 1Q?13 2Q?13 3Q?13 4Q?13 1Q?14…
  6. October 2014 Investor Presentation – Talisman Energy Inc. – slide 6
    SAFE AND EFFECTIVE EXECUTION 0 10 20 30 40 50 2011 2012 2013 Marcellus Eagle Ford Drilling cycle time (spud to release) Days Total reportable injuries frequency Per million exposure hours 4 3 2 1 0 2011 2012 2013
  7. October 2014 Investor Presentation – Talisman Energy Inc. – slide 7
    SIMPLIFIED STRUCTURE AND LOWER COST Reduced executive team by 45% 500 490 480 470 460 450 440 430 420 410 400 0 2012 2013 2014E G&A reduction $ million Reduced management layer by 25% 20%
  8. October 2014 Investor Presentation – Talisman Energy Inc. – slide 8
    0.0 0.5 1.0 1.5 2.0 2.5 3.0 8 6 4 2 0 1H?12 2H?12 1H?13 2H?13 1H?14 STRONG & FLEXIBLE CAPITAL STRUCTURE ? Targeting 1.5-2.0x debt:cash flow ? Capacity for small acquisitions within core regions ? Investment grade Gross debt…
  9. October 2014 Investor Presentation – Talisman Energy Inc. – slide 9
    PORTFOLIO MANAGEMENT ? Delivered against disposition targets ? $6.6 billion dispositions (including carries) since 2011 ? Exited 7 non-core positions ? Targeting ~$2 billion additional dispositions next 12-18 months Dispositions 0…
  10. October 2014 Investor Presentation – Talisman Energy Inc. – slide 10
    Norway Kurdistan THE FUTURE: TWO CORE REGIONS PROFITABLE PRODUCTION, ENDURING VALUE AND SIGNIFICANT UPSIDE ~70% of capital 2014 (e) capital $3.2 billion* ~90% of cash flow 2013 2P value** ~$13 billion* ~90% of 2P value ~90%…
  11. October 2014 Investor Presentation – Talisman Energy Inc. – slide 11
    BUILDING A SUSTAINABLE BUSINESS IN TWO CORE AREAS ? Marcellus ? Greater Edson ? Chauvin ? Equion ? Eagle Ford ? CPO-9 ? Duvernay ? CPE-6 ? Red Emperor ? Kinabalu ? Jambi Merang ? Sabah ? Sakakemang ? Business Development…
  12. October 2014 Investor Presentation – Talisman Energy Inc. – slide 12
    CORE ASSETS Materiality Cost Structure Competitive Advantage Marcellus Edson Chauvin Eagle Ford Evolving Duvernay Evolving Colombia Evolving Malaysia Indonesia Vietnam
  13. October 2014 Investor Presentation – Talisman Energy Inc. – slide 13
    CATALYSTS FOR NEAR-TERM SUCCESS Colombia 2014/15 Akacias development & Block 9 exploration upside Greater Edson 2014/15 Wilrich/Dunvegan appraisal and development Duvernay 2014/15 JV partnership and funding Kurdistan 2014/15…
  14. October 2014 Investor Presentation – Talisman Energy Inc. – slide 14
    CORE REGIONS ? GROWING AND LIVING WITHIN MEANS Production mboe/d Capital $ million 0 100 200 300 400 500 2013 5% CAGR 2014 2015 2016 2017 2018 Americas Asia-Pacific 0 1,000 2,000 3,000 4,000 10-12% CAGR 2013 2014…
  15. October 2014 Investor Presentation – Talisman Energy Inc. – slide 15
    NORTH AMERICA AT A GLANCE ? Total acreage: 1.4 million acres ? Total 2P reserves**: ~780 mmboe ? Total 2C contingent resources**: 1.9 mboe ? Total BE* prospective resources**: 3.1 mboe ? Average 2P reserve life index: 14 years TLM…
  16. October 2014 Investor Presentation – Talisman Energy Inc. – slide 16
    NORTH AMERICA ? HEALTHY BUSINESS UNDERPINNED BY BALANCED PORTFOLIO Dry Gas Marcellus ? Free cash flow positive ? Operational excellence ? Egress secured ? Running room Heavy Oil Chauvin ? Free cash flow positive ? High value…
  17. October 2014 Investor Presentation – Talisman Energy Inc. – slide 17
    0 10 20 30 40 50 60 70 Chauvin Eagle Ford 5 4 3 2 1 0 Marcellus Greater Edson FOCUSING ON HIGH MARGIN CORE AREAS North America liquids ? Field cash flow margins** $/boe 95% liquids >60% liquids North America gas ? Field…
  18. October 2014 Investor Presentation – Talisman Energy Inc. – slide 18
    NORTH AMERICA ? SELF-FUNDING CAPITAL PROGRAM * Includes results from ongoing operations and assumes 50% joint venture in Duvernay ** Assumes COGEH price deck 0 500 1,000 1,500 2,000 Capital Cash flow** 2013 2014 2015 2016 2017…
  19. October 2014 Investor Presentation – Talisman Energy Inc. – slide 19
    MARCELLUS ? OVERVIEW TLM operated Cabot Chief/Keeton/Radler SWEPI/Ultra Chesapeake/Statoil/ Anadarko Tennessee gas pipeline North Penn gas pipeline Proposed TLM pipeline TLM pipeline TLM compressor station 2014 asset summary…
  20. October 2014 Investor Presentation – Talisman Energy Inc. – slide 20
    LOW RISK, PROFITABLE LONG-TERM UPSIDE Materiality Cost Structure Cost Structure Competitive Advantage Competitive Advantage ? Homogeneous, low risk reservoir ? Sustainable at ~500 mmcf/d for >15 years ? ~6 tcf of 2C contingent…
  21. October 2014 Investor Presentation – Talisman Energy Inc. – slide 21
    MARCELLUS WELL ECONOMICS 6 5 4 3 2 1 0 0 5 10 15 20 25 30 35 40 Months Marcellus type curve mmcf/d Key metrics IP 30 day (mmcf/d) ~5 EUR (bcf) ~6 D&C costs ($ million) 5.6 Drilling locations (net) ~1,100 IRR (% BT) 35-40
  22. October 2014 Investor Presentation – Talisman Energy Inc. – slide 22
    OPERATIONAL EXCELLENCE ? PRODUCTION OPTIMIZATION Improvement in volumes 10%
  23. October 2014 Investor Presentation – Talisman Energy Inc. – slide 23
    0 200 400 600 800 1,000 1,200 1,400 0 200 400 600 800 1,000 1,200 1,400 0 200 400 600 800 1,000 1,200 1,400 SIGNIFICANT OPTION VALUE FROM HIGHER PRICES ~450 mmcf/d ($4.00/mcf) ~600 mmcf/d ($5.00/mcf) ~700…
  24. October 2014 Investor Presentation – Talisman Energy Inc. – slide 24
    EAGLE FORD ? OVERVIEW La Salle County Live Oak McMullen County County Talisman operated TLM/STO land Oil Liquids Gas Statoil operated DeWitt County Karnes County 2014 asset summary Production Q2 2014 (mboe/d) 36 Gas…
  25. October 2014 Investor Presentation – Talisman Energy Inc. – slide 25
    OPTIMIZING VALUE FROM LIQUIDS-RICH SHALE PLAY Materiality Cost Structure Cost Structure Competitive Advantage Competitive Advantage ? ~60,000 net acres, majority held by production ? > 60% liquids ? Doubled production over…
  26. October 2014 Investor Presentation – Talisman Energy Inc. – slide 26
    EAGLE FORD WELL ECONOMICS 0.0 0.5 1.0 1.5 0 5 10 15 20 25 30 35 40 Months Eagle Ford type curve mboe/d Key metrics IP 30 day (boe/d) 800-1,400 EUR (mboe) 400-950 D&C costs ($ million) 7-8 Drilling locations (net) >300 IRR (%…
  27. October 2014 Investor Presentation – Talisman Energy Inc. – slide 27
    EAGLE FORD ? FREE CASH FLOW FROM 2016 Production mboe/d 0 10 20 30 40 50 2013 2014 2015 2016 2017 2018 Gas Liquids Sources and uses of cash* $ million 0 200 400 600 800 Capital Cash flow* 2013 2014 2015 2016 2017 2018…
  28. October 2014 Investor Presentation – Talisman Energy Inc. – slide 28
    CHAUVIN ? OVERVIEW 2014 asset summary Production Q2 2014 (mboe/d) 11 Production mix (oil %) 95 Land (net acres) >200,000 2P reserves* (mmboe) 36 2P reserve life index (years) 10 2014 guidance FY production (mboe/d) ~10 Capex ($…
  29. October 2014 Investor Presentation – Talisman Energy Inc. – slide 29
    STABLE FREE CASH FLOW GENERATION Materiality Cost Structure Cost Structure Competitive Advantage Competitive Advantage ? ~900 million boe original oil in place (net) ? Optimization, infill drilling and enhanced recovery…
  30. October 2014 Investor Presentation – Talisman Energy Inc. – slide 30
    0 25 50 75 0 15 30 45 60 75 Months CHAUVIN WELL ECONOMICS Chauvin type curves boe/d Key metrics GP Lloyd Leduc IP 30 day (boe/d) 30 65 60 EUR (mboe) 100 100 50 D&C costs ($ million) 1.5 1.1 0.8 IRR (% BT) 20-30 65-75 >99…
  31. October 2014 Investor Presentation – Talisman Energy Inc. – slide 31
    0 50 100 150 200 Capital Cash flow* 9 6 3 0 12 2013 2014 2015 2016 2017 2018 Development/optimization Base CHAUVIN ? LONG-TERM, LOW-RISK ATTRACTIVE CASH FLOW Sources and uses of cash* $ million 2013 2014 2015 2016 2017 2018…
  32. October 2014 Investor Presentation – Talisman Energy Inc. – slide 32
    GREATER EDSON 50 10 15 2009 2014 (e) 2010 2011 2012 2013 Horizontal wells drilled (net) 2014 asset summary Production Q2 2014 (mboe/d) ~40 Gas (mmcf/d) 171 Liquids (mbbls/d) 11 Land (net acres) ~525,000 2P reserves* (mmboe)…
  33. October 2014 Investor Presentation – Talisman Energy Inc. – slide 33
    LIQUIDS-RICH PRODUCTION AND STRATEGIC INFRASTRUCTURE Materiality Cost Structure Cost Structure Competitive Advantage Competitive Advantage ? ~525,000 net acres ? 382 million boe of contingent resource and 715 million boe of…
  34. October 2014 Investor Presentation – Talisman Energy Inc. – slide 34
    7 6 5 4 3 2 1 0 0 5 10 15 20 25 30 35 40 45 Months WILD RIVER WELL ECONOMICS *Assumes deep cut processing at Pembina Saturn Plant Wilrich Falher / Notikewin Dunvegan Wild River type curves mmcf/d Key metrics Dunvegan Falher /…
  35. October 2014 Investor Presentation – Talisman Energy Inc. – slide 35
    EDSON WELL ECONOMICS Edson type curves mmcf/d *Assumes processing at Edson gas plant Key metrics Edson Wilrich Sundance Spirit River IP 30 day (mmcf/d) 6.6 5.3 EUR (bcf) 6.0 3.9 Liquids yield (bbls/mmcf)* ~25 ~20 D&C costs ($…
  36. October 2014 Investor Presentation – Talisman Energy Inc. – slide 36
    GREATER EDSON ? FREE CASH FLOW GROWTH Sources and uses of cash* $ million Production mboe/d 0 10 20 30 40 50 60 2013 2018 2014 2015 2016 2017 Gas Liquids 0 100 200 300 400 Capital Cash flow* 2013 2014 2015 2016 2017…
  37. October 2014 Investor Presentation – Talisman Energy Inc. – slide 37
    DUVERNAY 2014 asset summary Land (net acres) ~300,000 BE** Prospective resources* (billion boe) 1.8 Drilling locations (net) 2,100 2014 guidance Wells (rig released in 2014) 7 Capex ($ million) ~135 Rigs (average) 1 9 6 3 0 2009…
  38. October 2014 Investor Presentation – Talisman Energy Inc. – slide 38
    0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 A B Talisman C D E F G H I MAJOR PLAYER Duvernay top high graded* land holders Gross acres * >20 metres of net pay
  39. October 2014 Investor Presentation – Talisman Energy Inc. – slide 39
    A PREMIER SHALE PLAY Materiality Cost Structure Cost Structure Competitive Advantage Competitive Advantage ? ~300,000 net acres (prospective land) ? 1.8 billion boe prospective resource (unrisked) ? Near-term transition to pad…
  40. October 2014 Investor Presentation – Talisman Energy Inc. – slide 40
    >700 Net prospective locations NORTH DUVERNAY ? APPRAISED BY INDUSTRY ACTIVITY IP represents 30 day initial production rate Yield represents separator yields Encana 06-06 Yield ~487 bbls/mmcf Encana 06-06 Yield ~487 bbls/mmcf…
  41. October 2014 Investor Presentation – Talisman Energy Inc. – slide 41
    TLM Duvernay Land Leduc Reef Edge Oil Gas Liquids TLM Wells Competitor Wells Shell 04-21 Yield ~72 bbls/mmcf 3.5 mmcf/d (IP) 1600M Lateral Shell 04-21 Yield ~72 bbls/mmcf 3.5 mmcf/d (IP) 1600M Lateral TLM 03-28 Yield ~320…
  42. October 2014 Investor Presentation – Talisman Energy Inc. – slide 42
    D&C COST CHALLENGE 11.0 19.0 4.5 3.5 5 0 10 15 20 2014 average cost Drilling Completions Target D&C costs $ million ? No vertical strat. test ? Drilling time learning curve ? Pad drilling efficiencies ? Multi-well…
  43. October 2014 Investor Presentation – Talisman Energy Inc. – slide 43
    DUVERNAY ? GROW SUBSTANTIAL PRODUCTION Sources and uses of cash** $ million * Assumes COGEH price deck 0 20 40 60 80 100 2013 2019 2020 2014 2015 2016 2017 2018 Liquids Gas Value growth Future 100 mboe/d ** Assumes 100%…
  44. October 2014 Investor Presentation – Talisman Energy Inc. – slide 44
    COLOMBIA Equion CPE-6 Akacias TLM block Equion block
  45. October 2014 Investor Presentation – Talisman Energy Inc. – slide 45
    COLOMBIA ? PRODUCING AND POSITIONED FOR GROWTH Materiality Cost Structure Cost Structure Competitive Advantage Competitive Advantage ? Self funding growth with Equion providing cash flow to develop blocks CPO-9 & CPE-6 ? Major…
  46. October 2014 Investor Presentation – Talisman Energy Inc. – slide 46
    EQUION ? WELL RUN, EFFICIENT SOURCE OF CASH Pauto Cupiagua Norte Equion block Oil field Gas condensate Florena Piedemonte Recetor Cusiana 0 10 20 ?13 ?14 ?15 ?16 ?17 ?18 Production mboe/d ~$220 million Cash flow from…
  47. October 2014 Investor Presentation – Talisman Energy Inc. – slide 47
    CPO-9 ? AKACIAS AND ADDITIONAL PROSPECTS RESULTING IN SUBSTANTIAL UPSIDE Note: 2013 annualized production numbers based on ANH public data Castilla ~113mbbls/d Chichimene Akacias ~53mbbls/d Apiay Block ~22mbbls/d CPO-9 block…
  48. October 2014 Investor Presentation – Talisman Energy Inc. – slide 48
    AKACIAS ? DEVELOPMENT UNDERWAY Akacias Production mboe/d (TLM net) 0 10 20 30 40 ?13 ?18 ?14 ?15 ?16 ?17 Upside Akacias ? Field Development Plan submitted March 2014 ? First phase expected over two years (following receipt of…
  49. October 2014 Investor Presentation – Talisman Energy Inc. – slide 49
    CPO-9 ? AKACIAS EVOLUTION THROUGH APPRAISAL AE-2 AE-1 Ak-20 Ak-17 Ak-16 Ak-11 Ak-15 Ak-10 Ak-19 Ak-18 Ak-1 Untested Untested STT July 2014 LTT LTT LTT LTT LTT LTT LTT LTT Max lowest known oil ? logged pay to base AE-2 ? 3.2 billion…
  50. October 2014 Investor Presentation – Talisman Energy Inc. – slide 50
    CPO-9 ? AKACIAS: POTENTIAL FOR A MUCH LARGER ACCUMULATION ? Humadea well drilled in the ?70?s proved heavy oil in the Nueva Esperanza Sur structure ? Targeting prospectivity in the up dip structural trend to the SW ? 4 well…
  51. October 2014 Investor Presentation – Talisman Energy Inc. – slide 51
    CPE-6 ? HAMACA APPRAISING HEAVY OIL DISCOVERY ? Assess reservoir variability, distribution and connectivity ? Determine oil variation and mobility ? Determine oil-water contact and oil in-place ? Determination of ?Commerciality?*…
  52. October 2014 Investor Presentation – Talisman Energy Inc. – slide 52
    ASIA-PACIFIC ? FREE CASH FLOW AND SUSTAINABLE GROWTH Corridor PM3 HST/HSD ? Red Emperor ? Kinabalu ? Jambi Phase 2 ? Tangguh Train 3 ? Sabah ? Sakakemang ? PNG ? Business Development Foundation Developing Future
  53. October 2014 Investor Presentation – Talisman Energy Inc. – slide 53
    ASIA-PACIFIC ? DELIVERY, CASH FLOW AND GROWTH Materiality Cost Structure Cost Structure Competitive Advantage Competitive Advantage ? 2P reserves of 520 million boe ? ~$1.2 billion of cash flow, ~50% of Talisman?s 2014…
  54. October 2014 Investor Presentation – Talisman Energy Inc. – slide 54
    ASIA-PACIFIC ? SUBSTANTIAL CASH FLOW AND GROWING 2014 cash flow target ~140,000 boe/d ~$1.2 billion >10% CAGR Cash flow Sources and uses of cash* $ million 0 500 1,000 1,500 2,000 Capital Cash flow** 2013 2014 2015 2016…
  55. October 2014 Investor Presentation – Talisman Energy Inc. – slide 55
    TRACK RECORD OF DELIVERY 0 20 40 60 80 100 120 140 160 180 1993 1998 2003 2008 2013 Vietnam Australia Malaysia Indonesia Production mboe/d September, 2003 PM-3 CAA project, producing over 19 mboe/d in Q4 October,…
  56. October 2014 Investor Presentation – Talisman Energy Inc. – slide 56
    2010 2012 2014 2016 2018 2020 2022 2024 2026 14 12 10 8 6 4 2 0 5 0 10 15 20 Vietnam Singapore Malaysia Indonesia DOMESTIC DEMAND DRIVING GAS PRICE INCREASES * Includes Singapore, Malaysia, Vietnam and Indonesia Asia-Pacific…
  57. October 2014 Investor Presentation – Talisman Energy Inc. – slide 57
    INDONESIA Jambi Merang Corridor Ogan Komering TLM block Oil field Gas field Sakakemang
  58. October 2014 Investor Presentation – Talisman Energy Inc. – slide 58
    CORRIDOR ? GROWTH AND SUSTAINABILITY Sources and uses of cash* $ million Production (net)* mboe/d ? ~1.1bcf/d gross sales ? Production growth over the mid-term ? Infill drilling ? potential to support expansion of 80 to 150…
  59. October 2014 Investor Presentation – Talisman Energy Inc. – slide 59
    CORRIDOR ? PREMIUM PRICING, EXCEPTIONAL NETBACKS 1H 2014 Corridor field price realization and netback chart $/mcf 9.86 5.73 3.30 Opex/trans. Netback 0.83 Realized price Royalties 8% Fixed Price Gas Oil Linked Gas 69% Liquids…
  60. October 2014 Investor Presentation – Talisman Energy Inc. – slide 60
    JAMBI MERANG ? EXECUTION, UPSIDE AND GROWTH Sources and uses of cash* $ million Phase 1: Q1 2011 Phase 2: Q4 2015 5 0 10 15 2011 2012 2013 2014 2015 2016 2017 2018 ? Production doubles to 12,000 boe/d by 2016 ? 2013 realized…
  61. October 2014 Investor Presentation – Talisman Energy Inc. – slide 61
    SAKAKEMANG ? SIGNIFICANT POTENTIAL IN ?OUR? BACK YARD ? Strategically positioned farm-in within a proven petroleum province ? Underexplored acreage ? Synergy with Corridor and Jambi Merang ? Exceptional access to markets and…
  62. October 2014 Investor Presentation – Talisman Energy Inc. – slide 62
    MALAYSIA TLM block Forest Lake Oil field Gas field Sabah Kinabalu PM-3 CAA Malaysia Sarawak Peninsular Malaysia Sabah
  63. October 2014 Investor Presentation – Talisman Energy Inc. – slide 63
    OPERATOR OF CHOICE AT PM-3 CAA Sources and uses of cash* $ million Production outlook mboe/d 2013 2014 2015 2016 2017 2018 ? Maintain production with infill drilling and well interventions ? Step out drilling of stratigraphic oil…
  64. October 2014 Investor Presentation – Talisman Energy Inc. – slide 64
    KINABALU ? INCREMENTAL PRODUCTION Production outlook mboe/d ? 1st expired PSC to be granted to an Independent ? Improving operational efficiency, Q2 >90% ? Two stage re-development underway 0 10 20 2013 2014 2015 2016 2017…
  65. October 2014 Investor Presentation – Talisman Energy Inc. – slide 65
    SABAH ? MULTIPLE PLAYS, SUBSTANTIAL PROSPECTIVITY ? Multiple independent play types ? 3 exploration wells in 2014 ? Existing infrastructure can accelerate first oil and reduce SB309 development costs SB310 Sabah Forest Lake…
  66. October 2014 Investor Presentation – Talisman Energy Inc. – slide 66
    VIETNAM TLM block Forest Lake PM-3 CAA Oil field Gas field
  67. October 2014 Investor Presentation – Talisman Energy Inc. – slide 67
    VIETNAM ? NEW FOUNDATION, EXPLORATION UPSIDE Materiality Cost Structure Cost Structure Competitive Advantage Competitive Advantage ? HST/HSD free cash flow >$150 million per annum ? Red Emperor ? future oil production, sanction…
  68. October 2014 Investor Presentation – Talisman Energy Inc. – slide 68
    HST/HSD ? EXCELLENT PROJECT EXECUTION, EXCEPTIONAL NETBACKS Production mboe/d Sources and uses of cash* ? Early production history suggests $ million potential upside ? Utilizing additional capacity at FPSO increases value ?…
  69. October 2014 Investor Presentation – Talisman Energy Inc. – slide 69
    RED EMPEROR ? RESOURCE WITH SIGNIFICANT UPSIDE ? 67 million boe of gross 2C contingent resources in Red Emperor field ? Red Emperor extension ? 2 wells to be drilled in 2014 Red Emperor Proposed 2014 Drilling Block136 2013 2014…
  70. October 2014 Investor Presentation – Talisman Energy Inc. – slide 70
    Sources and uses of cash* $ million Production mboe/d ALGERIA ? FREE CASH FLOW & PERTAMINA RELATIONSHIP 5 0 10 15 2013 2014 2015 2016 2017 2018 0 50 100 150 Capital Cashflow* TLM block Other block Oil fields EMK Ourhoud…
  71. October 2014 Investor Presentation – Talisman Energy Inc. – slide 71
    NORTH SEA BUSINESS OVERVIEW ? Drive value from late life assets while continuing to pursue divestments/dilutions ? Restore reliability and efficiency ? Execute major projects ? Optimize abandonment costs & schedule ? Divest/dilute…
  72. October 2014 Investor Presentation – Talisman Energy Inc. – slide 72
    ? Buchan turnaround complete in Q3 & Bleoholm continues Q3/Q4 2014 ? Partner alignment reached on Ross & Blake to secure the Bleoholm vessel until 2019 Bleoholm & Buchan Buchan Blake Ross Bleoholm Hannay To Forties IMPROVING…
  73. October 2014 Investor Presentation – Talisman Energy Inc. – slide 73
    KURDAMIR / TOPKHANA CROSS SECTION T-1 K-3 K-2 T-2 Currently drilling K-1 2C ODT: 2049 mss 3C ODT: 2229 mss DST Intervals Topkhana Kurdamir ? T-1 (drilled before K-2 & K-3) was not tested in the oil leg ? GOC 1882m in Topkhana…
  74. October 2014 Investor Presentation – Talisman Energy Inc. – slide 74
    TALISMAN KEY HISTORICAL DATA Q2-2014 2013 2012 2011 2010 2009 2008 2007 Daily production, before royalties Oil & liquids (mbbsl/d) 145 132 162 178 189 211 224 241 Natural gas (mmcf/d) 1,380 1,451 1,582 1,491 1,367 1,283 1,247 1,265…
  75. October 2014 Investor Presentation – Talisman Energy Inc. – slide 75
    TALISMAN KEY HISTORICAL DATA Q2-20141 20131 20121 2011 2010 20092 20082 2007 Ratios and Key Indicators ($ millions, except per share) Cash flow 567 3,022 2,196 3,434 2,954 3,961 6,163 4,327 Net Income (loss) (237) (1,175) 132 776 945…
  76. October 2014 Investor Presentation – Talisman Energy Inc. – slide 76
    Share information, adjusted to reflect stock splits Average common shares outstanding (millions) 1,034 1,025 1,030 1,023 1,018 1,015 1,017 1,032 TSX trading info Average daily trading volume (thousands) 2,275 2,574 6,105 5,258 5,042…
  77. October 2014 Investor Presentation – Talisman Energy Inc. – slide 77
    TALISMAN ENERGY INC. Suite 2000, 888 - 3rd Street S.W. Calgary, AB T2P 5C5 Phone: (403) 237.1234 Fax: (403) 237.1902 Email: tlm@talisman-energy.com Website: www.talisman-energy.com INVESTOR RELATIONS CONTACTS: Paul Smith…

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