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August 2014 Investor Presentation – Talisman Energy Inc.

Talisman Energy Inc. · Aug 29, 2014 · 82 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. August 2014 Investor Presentation – Talisman Energy Inc. – slide 1
    CORPORATE PRESENTATION August 2014
  2. August 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. August 2014 Investor Presentation – Talisman Energy Inc. – slide 3
    TALISMAN ? TWO REGIONS Core: Americas ? Long-term natural gas and liquids growth ? Proven competitor in WCSB and Marcellus ? Eagle Ford ? significant improvement ? Large upside emerging in Colombia Core: Asia-Pacific ?…
  4. August 2014 Investor Presentation – Talisman Energy Inc. – slide 4
    FOCUSING THE PORTFOLIO Operated areas Exit areas Poland Sierra Leone Peru Makassar Strait Quebec Montney UK ? sold 49%
  5. August 2014 Investor Presentation – Talisman Energy Inc. – slide 5
    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
  6. August 2014 Investor Presentation – Talisman Energy Inc. – slide 6
    ?DRIVES LIQUIDS PRODUCTION AND CASH FLOW 600 550 500 450 400 650 350 0 2Q?13 3Q?13 4Q?13 1Q?14 2Q?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…
  7. August 2014 Investor Presentation – Talisman Energy Inc. – slide 7
    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
  8. August 2014 Investor Presentation – Talisman Energy Inc. – slide 8
    SIMPLIFIED STRUCTURE AND LOWER COST Reduced executive team by 45% 500 490 480 470 460 450 440 430 420 410 400 0 G&A reduction $ million Reduced management layer by 25% 20%
  9. August 2014 Investor Presentation – Talisman Energy Inc. – slide 9
    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…
  10. August 2014 Investor Presentation – Talisman Energy Inc. – slide 10
    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…
  11. August 2014 Investor Presentation – Talisman Energy Inc. – slide 11
    NORTH SEA ? Drive value from late life assets ? Restore reliability and efficiency ? Execute major projects ? Optimize abandonment costs & schedule ? Divestments/dilution Heavy lift of compression unit Bridge linked platform to…
  12. August 2014 Investor Presentation – Talisman Energy Inc. – slide 12
    Norway Kurdistan 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% of…
  13. August 2014 Investor Presentation – Talisman Energy Inc. – slide 13
    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…
  14. August 2014 Investor Presentation – Talisman Energy Inc. – slide 14
    CORE ASSET CRITERIA Materiality Cost Structure Competitive Advantage ? Long-term sustainable cash flow ? Enduring development opportunity ? Reserves and production upside ? Competitive capex, opex and G&A per boe ? Competitive…
  15. August 2014 Investor Presentation – Talisman Energy Inc. – slide 15
    CORE ASSETS Materiality Cost Structure Competitive Advantage Marcellus Edson Chauvin Eagle Ford Evolving Duvernay Evolving Colombia Evolving Malaysia Indonesia Vietnam
  16. August 2014 Investor Presentation – Talisman Energy Inc. – slide 16
    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…
  17. August 2014 Investor Presentation – Talisman Energy Inc. – slide 17
    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…
  18. August 2014 Investor Presentation – Talisman Energy Inc. – slide 18
    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…
  19. August 2014 Investor Presentation – Talisman Energy Inc. – slide 19
    MATERIAL DEVELOPMENT POTENTIAL Land position Net acres (?000) Resource potential (unrisked) mmboe 0 200 400 600 Greater Edson Duvernay Chauvin Eagle Ford Marcelus 0 500 1,000 1,500 2,000 Prospective Contingent Duvernay…
  20. August 2014 Investor Presentation – Talisman Energy Inc. – slide 20
    SUSTAINABLE PROFITABLE GROWTH 2P COGEH reserves and RLI mmboe 0 100 200 300 400 500 5 0 10 15 20 Marcellus Chauvin Greater Edson Eagle Ford 2P COGEH Reserves Reserve Life Index years 0 20 40 60 80 100 120 140 160…
  21. August 2014 Investor Presentation – Talisman Energy Inc. – slide 21
    NORTH AMERICA ? SELF-FUNDING CAPITAL PROGRAM ? Free cash flow turning point 2015 ? Focus on liquids ? Leveraged to natural gas prices * Includes results from ongoing operations and assumes 50% joint venture in Duvernay ** Assumes…
  22. August 2014 Investor Presentation – Talisman Energy Inc. – slide 22
    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 6.8 17.4 40.0 12.3 13.8…
  23. August 2014 Investor Presentation – Talisman Energy Inc. – slide 23
    TLM operated MARCELLUS Cabot Chief/Keeton/Radler SWEPI/Ultra Chesapeake/Statoil/ Anadarko Tennessee gas pipeline North Penn gas pipeline Proposed TEUSA pipeline TEUSA pipeline TLM compressor station
  24. August 2014 Investor Presentation – Talisman Energy Inc. – slide 24
    LOW RISK, PROFITABLE LONG-TERM UPSIDE Materiality Cost Structure Competitive Advantage ? 193,000 net acres ? Homogeneous, low risk reservoir ? Sustainable at ~500 mmcf/d ? ~6 tcf of contingent resource (unrisked) ? Self-funding…
  25. August 2014 Investor Presentation – Talisman Energy Inc. – slide 25
    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…
  26. August 2014 Investor Presentation – Talisman Energy Inc. – slide 26
    IMPROVED D&C METRICS ? MORE WELLS FOR THE SAME COST 0 100 200 300 2011 2012 2013** Drilling cost per well* Avg. $ per foot 0 200 400 600 800 2011 2012 2013** Completion cost per well* Avg. $ per stimulated foot 5 0 10…
  27. August 2014 Investor Presentation – Talisman Energy Inc. – slide 27
    OPERATIONAL EXCELLENCE ? PRODUCTION OPTIMIZATION Improvement in volumes 10%
  28. August 2014 Investor Presentation – Talisman Energy Inc. – slide 28
    EAGLE FORD La Salle County Live Oak County McMullen County Talisman operated TLM/STO land Oil Liquids Gas Statoil operated DeWitt Karnes County County
  29. August 2014 Investor Presentation – Talisman Energy Inc. – slide 29
    OPTIMIZING VALUE FROM LIQUIDS-RICH SHALE PLAY Materiality Cost Structure Competitive Advantage ? ~60,000 net acres, majority held by production ? 118 million boe of 2P reserves ? > 60% liquids ? Doubled production over last 2…
  30. August 2014 Investor Presentation – Talisman Energy Inc. – slide 30
    EAGLE FORD ? FREE CASH FLOW FROM 2016 Sources and uses of cash* $ million Production mboe/d 0 10 20 30 40 50 2013 2014 2015 2016 2017 2018 Gas Liquids 0 200 400 600 800 Capital Cash flow* 2013 2014 2015 2016 2017 2018…
  31. August 2014 Investor Presentation – Talisman Energy Inc. – slide 31
    CONTINUOUSLY IMPROVING OUR PERFORMANCE D&C cost per well $ million Drilling cost per well Avg. $ per foot Completion cost per well Avg. $ per stimulated foot Drilling cycle time Days 8 6 4 2 0 10 12 2011 2012 2013 Completion…
  32. August 2014 Investor Presentation – Talisman Energy Inc. – slide 32
    CHAUVIN Edgerton Chauvin TLM operated CNRL Husky Twin Butte TLM pipeline Other pipeline Facility Truck terminal R5 R1 W4 T45 T40
  33. August 2014 Investor Presentation – Talisman Energy Inc. – slide 33
    STABLE FREE CASH FLOW GENERATION Materiality Cost Structure Competitive Advantage ? ~900 million boe original oil in place (net) ? >200,000 net acres (40 million boe 2P reserves) ? Optimization, infill drilling and enhanced…
  34. August 2014 Investor Presentation – Talisman Energy Inc. – slide 34
    RECOVERING MORE FROM LARGE VOLUMES IN PLACE Zones # of prospective drilling locations Gross Type well (EUR) mboe Sparky (Hz), General Petroleum (Hz), Rex (Vt/Hz) 180 60 Cummings (Hz), Dina (Hz), Leduc (Hz), McLaren (Vt) 95 70…
  35. August 2014 Investor Presentation – Talisman Energy Inc. – slide 35
    CHAUVIN ? LONG-TERM, LOW-RISK ATTRACTIVE CASH FLOW Sources and uses of cash* $ million Production mboe/d 8 6 4 2 0 10 12 2013 2014 2015 2016 2017 2018 EOR Development/optimization Base ~$80 million Annual free cash flow 0…
  36. August 2014 Investor Presentation – Talisman Energy Inc. – slide 36
    GREATER EDSON Whitecourt Edson Rocky Mountain House Alberta Duvernay South Duvernay North Wild River TLM operated Midstream pipeline Duvernay outline T60 T55 T50 T45 T40 R25 R20 R15 R10 R5 W5 Edson
  37. August 2014 Investor Presentation – Talisman Energy Inc. – slide 37
    LIQUIDS-RICH PRODUCTION AND STRATEGIC INFRASTRUCTURE Materiality Cost Structure Competitive Advantage ? 526,000 net acres ? 382 million boe of contingent resource (unrisked) and 715 million boe of prospective resource (unrisked)…
  38. August 2014 Investor Presentation – Talisman Energy Inc. – slide 38
    HIGH QUALITY INVENTORY Cardium Dunvegan Notikewin Falher Wilrich Bluesky Gething Cadomin Gross inventory >700 locations Multi-zone horizontal potential EUR 3-6 bcf/well
  39. August 2014 Investor Presentation – Talisman Energy Inc. – slide 39
    SUCCESSFUL WILRICH PLAY APPRAISAL T55 T50 R24 R20 W5M 2 recent wells; ~7-day test rates Greater Edson Wilrich Hz well results mcf/d Type Curves Actuals Deep Cut Wild River Sundance Edson 0 30 60 80 120 150 180 210 12,000…
  40. August 2014 Investor Presentation – Talisman Energy Inc. – slide 40
    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 2018 *…
  41. August 2014 Investor Presentation – Talisman Energy Inc. – slide 41
    DUVERNAY Fox Creek Oil Liquids Gas TLM land Exxon Encana Chevron Shell TLM drilled and completed TLM in progress TLM gas plant Rimbey Rocky Mountain House
  42. August 2014 Investor Presentation – Talisman Energy Inc. – slide 42
    A PREMIER SHALE PLAY Materiality Cost Structure Competitive Advantage ? ~300,000 net acres (prospective land) ? 1.8 billion boe prospective resource (unrisked) ? Pad drilling will drive costs down ? Experimenting with D&C…
  43. August 2014 Investor Presentation – Talisman Energy Inc. – slide 43
    0 350,000 250,000 150,000 50,000 400,000 450,000 300,000 200,000 100,000 A B Talisman C D E F G IH MAJOR PLAYER ~300,000 net acres Of 100% W.I. prospective lands 1.8 billion boe of prospective resource (unrisked) Duvernay…
  44. August 2014 Investor Presentation – Talisman Energy Inc. – slide 44
    TLM Duvernay Land Leduc Reef Edge Oil Gas Liquids TLM Wells Competitor Wells Pine Creek Encana 06-06 Yield ~487 bbls/mmcf Shell 02/05-30 Yield ~525 bbls/mmcf 1,650M Lateral Encana 06-09 Yield ~370 bbls/mmcf 21 stages Shell…
  45. August 2014 Investor Presentation – Talisman Energy Inc. – slide 45
    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 TLM 03-28 Yield ~264 bbls/mmcf 2.8 mmcf/d IP 14 stages, 1,615M Lateral Encana 02-35…
  46. August 2014 Investor Presentation – Talisman Energy Inc. – slide 46
    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%…
  47. August 2014 Investor Presentation – Talisman Energy Inc. – slide 47
    COLOMBIA Equion CPE-6 Akacias TLM block Equion block
  48. August 2014 Investor Presentation – Talisman Energy Inc. – slide 48
    COLOMBIA ? PRODUCING AND POSITIONED FOR GROWTH Materiality Cost Structure Competitive Advantage ? Self funding growth with Equion providing cash flow to develop blocks CPO-9 & CPE-6 ? Major discovery at Akacias ? 2.5 billion…
  49. August 2014 Investor Presentation – Talisman Energy Inc. – slide 49
    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…
  50. August 2014 Investor Presentation – Talisman Energy Inc. – slide 50
    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…
  51. August 2014 Investor Presentation – Talisman Energy Inc. – slide 51
    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…
  52. August 2014 Investor Presentation – Talisman Energy Inc. – slide 52
    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…
  53. August 2014 Investor Presentation – Talisman Energy Inc. – slide 53
    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…
  54. August 2014 Investor Presentation – Talisman Energy Inc. – slide 54
    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?*…
  55. August 2014 Investor Presentation – Talisman Energy Inc. – slide 55
    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?*…
  56. August 2014 Investor Presentation – Talisman Energy Inc. – slide 56
    MAR ? ADDING INCREMENTAL PRODUCTION THROUGH REDEVELOPMENT Montrose Cayley Shaw Godwin Arbroath ? Jacket 2014 ? Topsides 2015 ? 2016 ? First Production late 2016 ? Peak Production 2017 Montrose Area Redevelopment (MAR)
  57. August 2014 Investor Presentation – Talisman Energy Inc. – slide 57
    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…
  58. August 2014 Investor Presentation – Talisman Energy Inc. – slide 58
    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
  59. August 2014 Investor Presentation – Talisman Energy Inc. – slide 59
    ASIA-PACIFIC ? DELIVERY, CASH FLOW AND GROWTH Materiality Cost Structure Competitive Advantage ? 2P reserves of >500 million boe ? $1.2 billion of cash flow, ~50% of Talisman?s 2014 guidance ? ~140,000 boe/d production target…
  60. August 2014 Investor Presentation – Talisman Energy Inc. – slide 60
    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…
  61. August 2014 Investor Presentation – Talisman Energy Inc. – slide 61
    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,…
  62. August 2014 Investor Presentation – Talisman Energy Inc. – slide 62
    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…
  63. August 2014 Investor Presentation – Talisman Energy Inc. – slide 63
    INDONESIA Jambi Merang Corridor Ogan Komering TLM block Oil field Gas field Sakakemang
  64. August 2014 Investor Presentation – Talisman Energy Inc. – slide 64
    INDONESIA ? SIGNIFICANT CASH FLOW Materiality Cost Structure Competitive Advantage ? >300 million boe 2P reserves ? >$400 million free cash flow per annum ? Competitive F&D, low opex, high netbacks ? Robust full-cycle margins ?…
  65. August 2014 Investor Presentation – Talisman Energy Inc. – slide 65
    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…
  66. August 2014 Investor Presentation – Talisman Energy Inc. – slide 66
    CORRIDOR ? PREMIUM PRICING, EXCEPTIONAL NETBACKS 2013 Corridor field price realization and netback chart $/mcf 10.64 6.40 3.38 0.86 Realized price Netback Royalties Opex/trans. 8% 23% Oil Linked Gas 69% Fixed Price Gas…
  67. August 2014 Investor Presentation – Talisman Energy Inc. – slide 67
    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 ? 2P reserves doubled post acquisition, 43% liquids ? Production…
  68. August 2014 Investor Presentation – Talisman Energy Inc. – slide 68
    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…
  69. August 2014 Investor Presentation – Talisman Energy Inc. – slide 69
    MALAYSIA TLM block Forest Lake Oil field Gas field Sabah Kinabalu PM-3 CAA Malaysia Sarawak Peninsular Malaysia Sabah
  70. August 2014 Investor Presentation – Talisman Energy Inc. – slide 70
    MALAYSIA ? TRACK RECORD & FUTURE POTENTIAL Materiality Cost Structure Competitive Advantage ? Operating cash flow ~$400 million per annum ? ~90 mboe/d gross operated production ? 2P reserves of 146 million boe ? Strong operating…
  71. August 2014 Investor Presentation – Talisman Energy Inc. – slide 71
    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…
  72. August 2014 Investor Presentation – Talisman Energy Inc. – slide 72
    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…
  73. August 2014 Investor Presentation – Talisman Energy Inc. – slide 73
    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…
  74. August 2014 Investor Presentation – Talisman Energy Inc. – slide 74
    VIETNAM TLM block Forest Lake PM-3 CAA Oil field Gas field
  75. August 2014 Investor Presentation – Talisman Energy Inc. – slide 75
    VIETNAM ? NEW FOUNDATION, EXPLORATION UPSIDE Materiality Cost Structure Competitive Advantage ? HST/HSD free cash flow >$150 million per annum ? Red Emperor ? future oil production, sanction in 2015 ? Nam Con Son ? exploration…
  76. August 2014 Investor Presentation – Talisman Energy Inc. – slide 76
    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 ?…
  77. August 2014 Investor Presentation – Talisman Energy Inc. – slide 77
    RED EMPEROR ? PROVEN 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…
  78. August 2014 Investor Presentation – Talisman Energy Inc. – slide 78
    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…
  79. August 2014 Investor Presentation – Talisman Energy Inc. – slide 79
    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…
  80. August 2014 Investor Presentation – Talisman Energy Inc. – slide 80
    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…
  81. August 2014 Investor Presentation – Talisman Energy Inc. – slide 81
    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…
  82. August 2014 Investor Presentation – Talisman Energy Inc. – slide 82
    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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