Talisman Energy Inc. is an upstream oil and gas company with a balanced portfolio of North American and international operations. Talisman was established as an independent company in 1992 and has its headquarters in Calgary, Alberta, Canada.
Talisman is listed on both the Toronto and New York stock exchanges under the symbol TLM. Talisman is also part of the S&P/TSX 60 index. At year-end, the Company had an enterprise value (market value of common shares plus book value of debt) of approximately $25 billion, with 1,064 million shares outstanding.
Talisman is committed to conducting its business in an ethically, socially and environmentally responsible manner. The Company is a participant in the United Nations Global Compact and is also included in the Dow Jones Sustainability (North America) Index.
Readers are referred to the advisories, definitions and abbreviations at the back of this Annual Report Summary. Talisman Energy Inc.'s subsidiaries conduct business in various parts of the world. For ease of reference, the terms 'Talisman' and 'Company' are used in this Annual Report Summary to refer collectively to Talisman Energy Inc., its direct and indirect subsidiaries and partnership interests held by Talisman Energy Inc. and its subsidiaries, unless indicated otherwise. References to production, reserves, acreage and drilling are gross (before royalty) numbers, unless otherwise indicated.
Talisman encourages its stakeholders to read the Company's 2006 Annual Financial Report, which contains Management's Discussion and Analysis, audited Consolidated Financial Statements and Notes, and Supplementary Information, as well as its 2006 Corporate Responsibility Report. These documents can be obtained from the Company or viewed online at www.talisman-energy.com.
Talisman’s mission is to create value for its shareholders by growing reserves, production and cash flow per share. The Company’s target is 5 to 10% annual production per share growth.
Talisman’s strategic focus is high deliverability, deep gas opportunities in North America and large international oil and natural gas projects. The Company believes this strategy will enable it to continue to meet its growth targets while generating superior economic returns.
In 2006, 96% of Talisman’s production came from three operating regions: North America, the North Sea and Southeast Asia. Approximately 54% of Talisman’s production was high quality crude oil and liquids and 46% was natural gas.
Over the past 15 years, Talisman has grown production per share by 10% annually and cash flow per share' by 25% annually.
