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2008
Monday 14 July 2008 (TLM : TSX : $20.65)
Talisman should benefit from its oil-weighting and unhedged position
Credit Suisse First Boston maintains "outperform", 12-month target price is $33.00
Wednesday 25 June 2008 (TLM : TSX : $22.71 | NYSE : US$22.40)
Entry into Kurdistan creates sixth potential core area
Blackmont Capital maintains "buy", 12-month target price is $28.00
Raymond James maintains "outperform", 6-12-month target price is $30.00
Wednesday 18 June 2008 (TLM : TSX : $24.43) No change to guidance
GMP Securities maintains "buy", 12-month target price is $30.00
TD Newcrest maintains "hold", 12-month target price is $28.00
Tuesday Jun 17, 2008 Talisman Energy lifts sale outlookCanwest News Service; ReutersPublished: 8 hours agoTalisman Energy Inc. said it expects to raise as much as $3 billion from the asset-sale program it announced in May, $1 billion more than its initial estimate. Talisman also said it has held no sale talks with China's No. 3 oil company, CNOOC Ltd., despite media speculation.
© The Gazette (Montreal) 2008
Wednesday 11 June 2008 (TLM : TSX : $24.19) UK cash flow provides CAPEX for unconventional exploration
Raymond James maintains "outperform", 6-12 month target price is $30.00
Tuesday 03 June 2008 (TLM : TSX : $22.76) Improved outlook on higher commodity price forecasts
Raymond James maintains "outperform", 6-12 month target price is raised to $30.00
Thursday 29 May 2008 Talisman shares give back their gains
Stock volatile after Hong Kong paper says Calgary company being eyed by Chinese oil giant
Tuesday May 27, 2008 HONG KONG (AFP) - Chinese oil giant CNOOC is in talks<
with Canadian-based Talisman Energy over a possible takeover deal, a report in Hong Kong said Monday.
CNOOC, China's third largest oil company, is in discussions that could lead to asset sales or a complete takeover, the South China Morning Post said citing unnamed sources.
The report also said that energy giant PetroChina was looking at taking a stake in Santos, the third largest oil and gas company in Australia.
Oil firms have shied away from acquisitions in recent months, waiting for a correction in the record oil price.
But the apparently relentless rise of crude -- which traded at more than 132 US dollars a barrel on Monday -- has led to concern that companies should make a move before potential buys become too expensive, the report said.
Friday 23 May 2008 Talisman Energy (TLM : TSX : $23.45)
Disclosed detailed plan for execution on new strategy, reaffirmed production growth rate guidance
Blackmont Capital Inc. maintains "buy", 12-month target price is $28.00
BMO Capital Markets maintains "market perform", 12-month target price is increased to $23.00
GMP Securities maintains "buy", 12-month target price is $30.00
Haywood Securities Inc. maintains "sector outperform", 12-month target price is $29.00
RBC Capital Markets maintains "sector perform", 12-month target price is $24.00
Thursday 22 May 2008
Talisman Energy (TLM : TSX : $24.67)
Announced outcome of strategic review process, expected to exit operations in the Netherlands
Blackmont Capital Inc. maintains "buy", 12-month target price is "under review"
GMP Securities maintains "buy", 12-month target price is $28.00
Raymond James maintains "outperform", 6-12-month target price is $28.00
RBC Capital Markets maintains "sector perform", 12-month target price is $24.00
Wednesday 21 May 2008 Talisman Energy (TLM), which is reorganizing to boost growth long-term, said it plans to sell assets for expected proceeds of $1.5 billion to $2 billion by the end of 2009. The assets that may be divested have production equivalent to 35,000 to 45,000 barrels of oil a day, the company said. Talisman plans to focus on fewer and more material projects and take measures to meet its production and profit targets, CEO John Manzoni said on a conference call on May 1. As part of that, the company wants to exit non-core areas.
Talisman Energy (TLM : TSX : $24.77) Attractive valuation
Credit Suisse First Boston maintains "outperform", 12-month target price is increased to $33.00
(TLM) - $24.90 - Strategic Framework Unveiled; Additional Details To Come
Sector Perform, Average Risk, Price Target: $24.00
TLM unveiled its new corporate strategy ahead of the investor days beginning today in NY. TLM reiterated production this year should grow 5-8% from 2007 production (from continuing operations) of 424 mboe/d. Following the planned corporate rationalization/divestiture program (35-45 mboe/d), production is expected to grow 5-10% per year from 2009 to 2012. Increased spending allocated to unconventional gas this year with $800-$900MM total planned over the next 18 months. The CAPEX increase relates mainly to unconventional evaluation and testing which is likely to have a nominal impact on near term production. RBC CM believes the overall capital allocation has not changed significantly from historical spending. In 2009, it appears CAPEX (pre-dispositions) is up 19% with a modest increase to prod'n. Compared to its Large Cap peers, TLM requires higher relative CAPEX spending to generate FCF, therefore the key to long term value creation will be reduced future spending, while maintaining or growing production-- something TLM hopes to gain from an increased focus on unconventional, long-life assets.
Monday 05 May 2008 Talisman Energy (TLM : TSX : $21.13)
First quarter operating results in line, change under way
BMO Capital Markets maintains "market perform", 12-month target price is $21.00
Friday 02 May 2008 (TLM : TSX : $20.70)
Q1/08 results in line, unveiling corporate strategic direction in May, awaiting asset review
Blackmont Capital continues "buy", 12-month target price is $25.00
GMP Securities continues "buy", 12-month target price is raised to $28.00
Raymond James maintains "strong buy", 6-12 month target price is $25.00
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $21.00
Wednesday 30 April 2008 (TLM) said first-quarter profit fell 10% on lower output. Net income dropped to $466 million or 46 cents a share, from $520 million, or 49 cents, a year earlier. Production declined 11% to 419,000 barrels of oil equivalent a day in the quarter, the company said. Q1 CFPS was $1.21 vs. consensus of $1.17.
Thursday 01 May 2008 Talisman (TLM) - $20.37 - Q1 Results In-Line
Sector Perform, Average Risk, Price Target: $21.00 (was $19.00)
TLM reported Q1 CFPS of $1.21 slightly ahead of RBC CM’s estimate of $1.15 and consensus of $1.17. Total production during the quarter averaged 419 mboe/d, slightly ahead of RBC CM’s estimate of 417 mboe/d. Average operating costs of $13.08/boe, were slightly higher than RBC CM’s estimate of $11.40/boe with most areas affected. Realized prices were ~$3.00/boe higher than forecast which more than offset the impact of higher costs. TLM increased its semi-annual dividend to $0.10/share (from $0.0875) and at current price levels represents a yield of ~1%, higher than its Canadian E&P peer group (with the exception of ECA). TLM reiterated its new strategy will focus on four strategic actions: an exit of non-strategic areas and a re-focus of the company's efforts, particularly in the U.K, growth in existing core areas such as SE Asia and Norway, and assess new growth potential areas such as North American unconventional gas with opportunities to grow exploration efforts in Algeria and South America (Columbia & Peru).
Saturday 19 April 2008 Talisman Energy (TLM : TSX : $20.93)
Expected to benefit from its oil-weighting and un-hedged position
Credit Suisse rates a "outperform", target price is $25.00
Tuesday 01 April 2008 Turnaround time for Talisman
Analysts expect the company to shift to new ways of exploiting its gas reserves
Wednesday 05 March 2008 (RIM : TSX : $99.78 | RIMM : NASDAQ : US$100.15)
May settle dispute with Visto
RBC Capital Markets maintains a "outperform", target price is US$140.00
Wednesday 05 March 2008 (MDS : TSX : $16.37 | MDZ : NYSE : US$16.46) Q1 preview
Dundee Capital Markets maintains "neutral", 12-month target price is US$22.50
Wednesday 05 March 2008 (FTT : TSX : $27.65) Announces management change
Blackmont Capital maintains a "buy", 12-month target price is $37.00
Wednesday 05 March 2008 Bank of Montreal (BMO): $46.89 – EPS(E) and Target Lowered; Maintain
Underperform, Average Risk, Price Target: $49.00 (prev. $54.00)
BMO's Q1/08 core cash EPS of $1.21 was lower than RBC CM $1.42 estimate and consensus estimate of $1.36. GAAP EPS were significantly weaker, as they include adjustments of $548 million pre-tax. About half of the shortfall versus RBC CM core EPS estimates was due to higher than expected loan losses. RBC CM has significantly lowered its estimated core cash EPS for 2008 and 2009, reflecting higher estimated provisions for credit losses and lower wholesale division estimates. RBC CM 2008 core cash EPS estimate of $5.20 is down from its prior estimate of $5.70 while its 2009 estimate is down from $5.95 to $5.60. RBC CM caution on wholesale revenues is driven by the bank's efforts to reduce risk. RBC CM Q2/08 GAAP EPS estimate includes a $500 million write-down related to Apex/Sitka. RBC CM maintains its Underperform rating on Bank of Montreal shares, and have lowered its 12-month target price per share from $54 to $49 to reflect lower estimated EPS. The bank's valuation is much cheaper than it has recently been, at 1.65 times book value; RBC CM 12-month target price assumes the bank's valuation remains low - it implies a P/BV of 1.6x. RBC CM believe that Bank of Montreal's stock will underperform its peers as earnings revisions are likely to be more severe. Structured finance concerns, particularly related to Sitka and Apex, could also overhang the stock for a while, in RBC CM opinion. There is upside to the bank's share price, in RBC CM view, if BMO can quickly restructure these assets.
Wednesday 05 March 2008 (BMO): $46.89 – EPS(E) and Target Lowered; Maintain Underperform Average Risk, Price Target: $49.00 (prev. $54.00)
BMO's Q1/08 core cash EPS of $1.21 was lower than RBC CM $1.42 estimate and consensus estimate of $1.36. GAAP EPS were significantly weaker, as they include adjustments of $548 million pre-tax. About half of the shortfall versus RBC CM core EPS estimates was due to higher than expected loan losses. RBC CM has significantly lowered its estimated core cash EPS for 2008 and 2009, reflecting higher estimated provisions for credit losses and lower wholesale division estimates. RBC CM 2008 core cash EPS estimate of $5.20 is down from its prior estimate of $5.70 while its 2009 estimate is down from $5.95 to $5.60. RBC CM caution on wholesale revenues is driven by the bank's efforts to reduce risk. RBC CM Q2/08 GAAP EPS estimate includes a $500 million write-down related to Apex/Sitka. RBC CM maintains its Underperform rating on Bank of Montreal shares, and have lowered its 12-month target price per share from $54 to $49 to reflect lower estimated EPS. The bank's valuation is much cheaper than it has recently been, at 1.65 times book value; RBC CM 12-month target price assumes the bank's valuation remains low - it implies a P/BV of 1.6x. RBC CM believe that Bank of Montreal's stock will underperform its peers as earnings revisions are likely to be more severe. Structured finance concerns, particularly related to Sitka and Apex, could also overhang the stock for a while, in RBC CM opinion. There is upside to the bank's share price, in RBC CM view, if BMO can quickly restructure these assets.
Wednesday 05 March 2008 Talisman Energy (TLM) and Marubeni found natural gas reserves in the U.K. North Sea. Test drilling at the North Sea field yielded about 8,000 barrels a day in oil equivalent, Marubeni said today on its Web site. That amounts to only about 0.5 percent of peak production of the Kashagan oil field, the world's biggest discovery in the last 30 years. Marubeni holds a 41% stake in the field, named Cayley, while Talisman, the operator of the project, owns the remainder.
Wednesday Mar 5, 2008 Talisman and Marubeni find large oil reservesReutersPublished: 20 minutes agoTOKYO (Reuters) - Talisman Energy Inc and Japan's
Marubeni Corp <8002.T> have discovered natural gas and
condensate reserves off the coast of Britain in the North Sea,
Marubeni said on Wednesday. The reserves are estimated to hold at least 35 million
barrels of crude oil equivalent, an industry source said. Marubeni said test drilling, which started in 2007,
confirmed daily production of about 30 million cubic feet of
natural gas and 2,800 barrels of condensate at the site, 200 km
(124 miles) off Aberdeen, Scotland. The Canadian firm and Marubeni, Japan's fifth-biggest
trading company, plan to begin commercial production within
four years, the industry source said. Marubeni has a 41.03 percent working interest in the
reserves, while Tailsman has 58.97 percent. Marubeni also said it plans to explore with Tailsman other
prospects near the discovery area. Shares in Marubeni closed 8.5 percent higher at 864 yen
(C$8.29) on Wednesday. (Reporting by Yuko Inoue and James Topham)
© Reuters 2008
Thursday 31 January 2008 Talisman Energy (TLM) bought a stake in Indonesia's Tangguh liquefied natural gas project from Cnooc Ltd. for US$212.5 million, settling a lawsuit over a stake in the US$6.9 billion project. Talisman bought a 3.06% interest in the BP Plc-led project, Cnooc, China's biggest offshore oil producer.
Tuesday 22 January 2008 (TLM : TSX : $15.45 | NYSE : US$16.27)
2008 guidance for capital spending and production
Canaccord Adams maintains "buy", 12-month target price is $20.00
Haywood Securities maintains "sector outperform", 12-month target price is $22.00
Friday 18 January 2008
(TLM : TSX : $17.34 | NYSE : US$16.80) Reduces 2008 production guidance
Haywood Securities maintains "sector outperform", 12-month target price is cut to $22.00
Thursday 17 January 2008 (TLM : TSX : $17.92 | NYSE : US$17.55)
Conservative guidance falls short of expectations
Blackmont Capital maintains a "buy", 12-month target price is cut to $24.00
BMO Nesbitt Burns maintains a "market perform", target price is $20.00
Credit Suisse rates a "outperform", target price is $24.00
Raymond James maintains a "strong buy", 6-12 month target price cut to $25.00
RBC Capital Markets maintains a "sector perform", target price cut to $20.50
Scotia Capital Markets maintains a "sector outperform", 1-year target price is $25.00
Wednesday 16 January 2008 (TLM) - $18.32 - 2008 Guidance Lower Than Expected
Sector Perform, Average Risk, Price Target: $20.50 (prev. $21.50)
Talisman announced its 2008 CAPEX budget and production guidance. RBC CM reduced its 2008 production estimate by 10% given slightly lower UK production and expectations that Tweedsmuir Phase B production will begin ramping up mid-year. The company guided 2008 production to range between 435-460 mboe/d, significantly lower than RBC CM’s previous estimate of 495 mboe/d.
Wednesday 16 January 2008 (TLM : TSX : $18.32), Net Change: -1.04, % Change: -5.37%, Volume: 7,620,579
Eight-letter word for a small object intended to bring good luck and/or protection to its owner...Talisman wasn’t exactly
saving lemmings yesterday, as Canada’s largest international oil and gas producer announced 2008 production guidance and
provided details of its 2008 exploration and development budget. Talisman expects production from continuing operations to
grow 5-10% annually to 2010. Production in 2008 is expected to be between 435,000-460,000 boe/d, with the range primarily
defined by ongoing commissioning of the Tweedsmuir field in the North Sea. Street consensus of had put the company’s 2008
production at 495,000-500,000 boe/d. Talisman also plans to spend $4.4 billion on exploration and development in 2008, down
from an estimated $4.6 billion in 2007. Of the planned $4.4 million budget, 45% is being allocated to the North Sea, 34% to
North America, 17% in Southeast Asia and 4% for the rest of the world.
Event
- Talisman Energy announced both its 2008 production and capital spending guidance
yesterday. 2008 production is estimated at 435,000 to 460,000 boe/d and 2008 total capex
budget at $4.4B.
What It Means
- IMPACT: negative
- New 2008 production projections of 435,000 to 460,000 boe/d represent a 3%-8% growth
rate from a continuing ops run-rate of 452,000 boe/d. Street expectations, which were
already conservative, were in the 460,000 to 490,000 boe/d range.
- 2008 projected capex of $4.4B is down 6% from 2007 with increased spending in south-east
Asia and Norway and cuts on U.K. development and North America investment.
- We have a 1-Sector Outperform rating and one-year target price of $25 per share, based on
the low P/NAV of the stock..
Tuesday 08 January 2008 Talisman (TLM) - $19.03 - Conversations With The New CEO
Sector Perform, Average Risk, Price Target: $21.50
Recently, RBC met with TLM's new CEO, John Manzoni to discuss his strategic outlook for the Company. The strategic direction being pursued by the new CEO in terms of share price performance is likely neutral to negative in the short term but potentially positive longer term. RBC CM believes that 2008 production guidance could be lower than expectations and possibly below consensus (when this is released to the market in mid-January) due to TLM delaying a number of projects (primarily UK) that were originally planned for 2007. In addition, the related reserves that would have been booked in 2007, but now to be recognized in 2008 may result in higher F&D costs than expected. The ongoing internal strategic review is definitely necessary but it is unlikely to result in a restructuring (e.g. splitting the company up, major acquisition or divestment) or outright sale in the short term. Under the new CEO, TLM is focusing on sharpening up the following areas: improving the current high level of safety and operations, meeting financial and operational targets, undertaking a corporate wide strategic review to increase the longer-term prospects of the Company. Historically, TLM grew and was able to create value through a strategy of acquire and exploit. It is less clear that such a strategy will be as effective going forward.
2007
Tuesday 18 December 2007 (TLM : TSX : $17.82)
Credit Suisse revises 2008 natural gas price forecast downward
Credit Suisse rates a "outperform", target price is $24.00
Wednesday 28 November 2007 (TLM : TSX : $17.60)
Transitioning into growth mode
Canaccord Adams maintains a "buy", target of $23.00
Wednesday 07 November 2007 (TLM : TSX : $20.08 | NYSE : US$21.47)
Q3 production slightly better than expected
BMO Capital Markets maintains "outperform", 12-month target price is $23.00
RBC Capital Markets maintains "sector perform", 12-month target price is $20.00
Monday 05 November 2007 Talisman Energy (TLM : TSX : $20.40)
Q3 results in line
GMP Securities maintains "buy", 12-month target price is $25.00
Friday 02 November 2007 Talisman Energy (TLM : TSX : $20.05 | NYSE : US$21.05)
Lower valuation compared with peers
Raymond James maintains "strong buy", 6-12 month target price is $28.00
Tuesday 23 October 2007 Talisman Energy (TLM : TSX : $19.80)
Production growth in southeast Asia
Scotia Capital Markets maintains upgrades to "sector outperform", 12-month target price is cut to $24.00
Monday 22 October 2007 The Manzoni Evolution
Event
- We have transferred coverage on the common shares of Talisman
Energy Ltd. with a 1-Sector Outperform rating and one-year target price
of $24.00 per share (based on the mid-point of our high (US$75/bbl)
and low (US$55/bbl) case NAVs). For further details, we refer investors
to our two research reports: our valuations focused report entitled "I'll
Make You a NAV You Can't Refuse" and our oil sands focused report
entitled "Prepare For Glory."
What It Means
- We expect Talisman will be entering a period of solid NAV and
production growth into late 2008/2009, particularly from Southeast
Asia.
- With the change in leadership at the company, we hope to see the "hardcore"
Manzoni coming out of the woodworks soon, in the form of
pushing down his renowned concentration on core asset development
and cost control.
- Talisman Energy will be entering a 12-18 month period where it will be
attempting to prove-up (through exploration) a disproportionately high
volume of its possible reserve base.
Wednesday 03 October 2007 Talisman Energy (TLM : TSX : $19.72),
Net Change: 0.07, % Change: 0.36%, Volume: 3,035,804
Changing the logo to Hello Kitty. The China Investment Corporation (CIC) started operations at the end of September with a US$200 billion war chest. The stated purpose for the creation of CIC is to enhance the returns of China’s foreign exchange reserves, while maintaining a reasonable level of safety. This is similar to other sovereignty investment funds. There has been considerable speculation (and some conspiracy theories) that CIC would actively purchase and operate strategic assets globally, such as natural resources, which would be important to China’s long-term needs. What will CIC buy? Credit Suisse believes CIC will continue trying to find ways to acquire stakes in companies in order to build up its long-term portfolio. The following three criteria could be important for CIC in choosing its investment targets: 1) Companies that are reasonably large in size and offer long-term growth prospects; 2) An investment with some long-term strategic value to China, and; 3) In the spirit of risk diversification, it would probably avoid most Chinese state-owned companies. Talisman has been mentioned in some circles to fit the bill.
Tuesday 25 September 2007 Talisman Energy (TLM : TSX : $19.00 | NYSE : US$18.98)
Growing production in Southeast Asia
RBC Capital Markets maintains "sector perform", 12-month target price is $20.00
Monday 24 September 2007 Talisman Energy (TLM) - $18.77 - Summary of Investor Open House
Sector Perform, Average Risk, Price Target: $20.00
For Talisman, a large diversified oil and gas producer based in Calgary, the macro environment is growing SE Asian demand for energy. However, the key question for shareholders remains as to whether this growth will be enough to offset the significant declines in base production for North Sea and North America. At the moment the North Sea and North America represents an estimated 75-80% of total firm production, versus SE Asia at ~20%. Production growth for 2008 is expected to be modest with West Java (Indonesia) and Song Doc field (Vietnam) coming on stream. More significant production growth in 2009 is primarily expected from Malaysia (PM3 north field development). RBC CM believes that in the long run, S.E. Asia will provide production growth; however, it will be difficult to offset the declines in Talisman’s more mature operational areas. RBC CM is maintaining its sector perform, average risk rating with a price target of $20.
Talisman Energy (TLM : TSX : $18.75), Net Change: 0.11, % Change: 0.59%, Volume: 7,957,937
Throw in Duart. Back in August, Talisman had cut its F07 average production forecast to to 465,000 boe/d from 485,000 boe/d. It now appears, however, that Talisman is going to be able to get some of that back. Last week, Talisman's Duart field in the North Sea commenced commercial production at a rate of 6,000 bbl/d of oil two months ahead of schedule. Talisman plans to use production from this field to prolong the life of its Tartan platform and Flotta export system. Duart is the second field start-up in the North Sea for Talisman this month, as the Blaine field also achieved first oil two weeks ago and is ramping toward a forecast peak rate of 17,000 boe/d.
Tuesday 18 September 2007 Talisman (TLM) made two announcements yesterday: In Norway, it co-discovered a light oil accumulation (Ragnarrock) in a complex reservoir. In the UK, the TLM-operated Blane field has started export to the Norwegian Ula field.
Wednesday 12 September 2007 Talisman Energy (TLM : TSX : $18.47 | NYSE : US$17.78)
Production declines in UK/Norway are expected to continue
RBC Capital Markets maintains "sector perform", 12-month target price is $20.00
Tuesday 11 September 2007 Talisman Energy (TLM; $18.70)
UK and Norway Production Decline Rates Affecting Outlook
Sector Perform, Average Risk, Price Target: $20.00
After a review of Talisman’s historical production decline rates at its UK and Norway projects, RBC CM believes production is likely to come in 3% and 7% below the company’s guidance in 2007 and 2008 respectively. Talisman’s UK production levels and the decline rates appear to have been somewhat masked by ongoing net acquisitions and increased working interest in a number of select fields. Given the recent underperformance of the shares relative to the peer group and the stock’s modest valuation, the market appears to be ahead of the street and has probably priced in expectations of lower estimated production already.
Friday 03 August 2007 Talisman Energy (TLM) - $19.21 - Results in Line; Production Delays, Downward Guidance, Lowering Price Target
Sector Perform, Average Risk, Price Target $22.00 (previously $23.50)
Q1/07 CFPS from continuing operations was $1.04 in line with RBC CM estimate of $1.03 and consensus of $1.00. Headline CFPS of $1.13 included cashflow from discontinued operations. Talisman reduced 2007 production guidance to 465 mbbl/d due to Tweedsmuir (UK) and West Java (Indonesia) delays in production ramp ups. Operating cost inflation in the U.K. is impacting results but showing signs of moderation as 1st half operating costs were 20% higher than for the same period last year. RBC CM has lowered its 2007 production estimate to 455 mbbl/d, and is reducing its target price from $23.50 to $22.00 to reflect the much slower ramp-up of the company's projects, which is likely to reduce the growth in the Company's 2007 NAV.
May 10, 2007 Talisman Energy, Inc. (TLM) - $21.30 - Q1 Results; FX Effect Pushes Up Operating Costs
Sector Perform, Above Average Risk, Price Target $23.00
Q1/07 CFPS was $1.00 versus RBC CM estimate of $1.06 and consensus of $0.95. CFPS was $1.00 after adjusting for a non-recurring charge on the sale of Syncrude. Results were slightly lower than RBC CM expectations largely due to higher operating costs. Operating costs were up 41% from Q1/06 (13% higher than Q4) with 75-80% of the increase directly attributable to adverse foreign exchange movements. The company estimates costs will fall in Q4 to approximately $10.00/boe, however if current foreign exchange levels continue, operating costs could average approximately $11.50/boe for the year (15% higher than 2006). Q1 production from continuing operations was down 9% from last quarter, however asset sales accounted for 5% or approximately 26mboe/d of the decrease. Tweedsmuir commenced production on May 8th with production expected to ramp up from initial volumes 20 mboe/d to 51 mboe/d by year end with >65% internal rate of return expected over the project's life. 3 well drilling program in Alaska had mixed results. All three wells encountered pay; however, one well was abandoned and not deemed commercially viable. Contingent resource estimates are estimated at 300 to 400 MMbbls (net). Talisman trades at 18.4x 2008 estimated EPS of $1.16. Price target represents a 19.8x multiple and is a premium of 19% to RBC CM’s estimated 2006 NAV of $19.30 using NYMEX futures prices. This compares to the average target premium of 49% for the large cap group.
Wednesday 09 May 2007 globe Talisman Energy profit soars
Makes $520-million in the quarter, up from year-earlier $197-million
But cash flow was down 25 per cent to just over $1-billion, including the impact of a cash tax charge of $77-million in relation to the sale of an indirect interest in the Syncrude oilsands project, Calgary-based Talisman reported Wednesday.
Net income for the quarter ended March 31 amounted to 49 cents a share, compared with 18 cents per share a year ago.
May 10, 2007 First Quarter Results Webcast -
Friday 02 March 2007 Talisman (TLM) – $19.79 – Q4 Results: Around the World and Back Again
Sector Perform, Average Risk – Price Target: $22.00
TLM reported Q4 CFPS of $1.04 versus RBC CM’s estimate of $0.96 and consensus of $1.04. Cash flow was slightly higher than RBC CM’s estimate due to higher than anticipated UK production as the impact of weather and turnarounds were not as adverse as RBC CM had predicted. Q1 production was indicated as 465 mboe/d, and with Q2 likely flat to lower as a result of maintenance. TLM will need to have a very good 2nd half to reach production guidance of 485 mboe/d for 2007. RBC CM has maintained its price target and rating for TLM.
Thursday 01 March 2007 Talisman profit hits record $2-billion for 2006
Profit also increases in the fourth quarter, but cash flow is affected by lower natural gas prices
Tuesday 06 February 2007 Talisman Energy (TLM) - $20.99 – Downgraded to Sector Perform: Based on Relative Valuation
Sector Perform, Average Risk – Price Target: $22.00
RBC CM has downgraded Talisman given the recent share price appreciation and comparable valuation metrics. Oil prices have risen approximately 2% since mid January, while short term gas increased almost 9% and as a result Talisman’s futures based NAV has increased by 2%. RBC CM has increased the target price to $22.00 from $20.50 due to the increased NAV.
Saturday 30 September 2006 On the radar: Talisman Energy
Given volatility in the price of crude oil, exploration & production stocks have taken investors on a bumpy ride lately. In light of recent weakness, investors need to be careful about how they play the E&P arena
Wednesday 06 September 2006 globe Talisman Energy to sell Alberta oil sands assets
Could raise $1.8-billion from the auction of non-core holdings; has hired TD Securities as advisers 05/09/06 2:56 PM ()
Friday Mar 3, 2006 globe Talisman profit surges
Net income rises to $533-million on higher fuel prices; CEO ‘sanguine' about the future
Thursday Mar 2, 2006 globe Talisman profit quadruples Net rises to $533-million on higher fuel prices; CEO ‘sanguine' about the future
Sunday Feb 19, 2006 Dangerous Liaison
From 1988 to 2002, oil firm Talisman partnered with a Sudanese consortium in the war-ravaged nation. Rick Westhead looks at its connections to fighting that has left two million dead.
Tuesday Jan 17, 2006
Talisman finds new gas, oil
Company discloses gas wells in B.C., along with oil discoveries in Peru and the North Sea
see w-n Archive TLM
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