strategy
Talisman’s mission is to create value for its shareholders, with a focus on growing reserves, production and cash flow per share. Our primary measure is production per share, with a target of 5 to 10% annual growth.
Energy is a vital business and demand will continue to increase with global population and economic growth. Oil and natural gas account for approximately 60% of global energy consumption and will continue to be the main sources for decades to come. Oil and natural gas are non-renewable resources and it is our belief that the higher prices seen in recent years are required to ration demand and bring on new supplies.
Talisman is predominantly an upstream oil and gas company and this is where our expertise lies. Skills and knowledge are transferable between oil and gas operations around the world. We believe that successful exploration and development create the most value for our shareholders.
We have a diverse set of operations and opportunities. We are the leading deep gas explorer in Western Canada as well as a leading independent operator in the North Sea. Our portfolio of oil and gas assets in a number of proven hydrocarbon basins lessens risk and provides us with a large opportunity set for a company of our size. Our international assets and expertise allow Talisman to continue to find large, high value, international opportunities.
We operate the majority of our production and maintain relatively high working interests. This enables us to have a measure of control over projects, timing and costs. In addition, the Company pursues a number of high impact exploration opportunities, typically directing 5 to 10% of overall capital spending to these ventures.