Talisman’s 2007 Annual Financial Report contains the detailed Management’s Discussion and Analysis, Audited Consolidated Financial Statements and Notes and Supplementary Information and can be obtained from the Company or viewed online at www.talisman-energy.com.
All financial data should be read in conjunction with the audited Consolidated Financial Statements of the Company contained in the 2007 Annual Financial Report.
| December 31 (millions of C$) | 2007 | 2006 |
|---|---|---|
| (restated) | ||
| Assets | ||
| Current | ||
| Cash and cash equivalents | 536 | 103 |
| Accounts receivable | 1,159 | 1,068 |
| Inventories | 109 | 186 |
| Prepaid expenses | 12 | 25 |
| Assets of discontinued operations | 59 | 918 |
| 1,875 | 2,300 | |
| Other assets | 387 | 354 |
| Goodwill | 1,418 | 1,522 |
| Property, plant and equipment | 17,763 | 17,278 |
| Assets of discontinued operations | – | 27 |
| 19,568 | 19,181 | |
| Total assets | 21,443 | 21,481 |
| Liabilities | ||
| Current | ||
| Bank indebtedness | 15 | 39 |
| Accounts payable and accrued liabilities | 1,907 | 2,449 |
| Income and other taxes payable | 388 | 412 |
| Liabilities of discontinued operations | 19 | 282 |
| 2,329 | 3,182 | |
| Deferred credits | 21 | 59 |
| Asset retirement obligations | 1,981 | 1,848 |
| Other long-term obligations | 140 | 155 |
| Long-term debt | 4,862 | 4,560 |
| Future income taxes | 4,147 | 4,361 |
| Liabilities of discontinued operations | | 9 |
| 11,151 | 10,992 | |
| Shareholders’ equity | ||
| Common shares | 2,437 | 2,533 |
| Contributed surplus | 64 | 67 |
| Retained earnings | 5,651 | 4,585 |
| Accumulated other comprehensive income (loss) | (189) | 122 |
| 7,963 | 7,307 | |
| Total liabilities and shareholders' equity | 21,443 | 21,481 |
All financial data should be read in conjunction with the audited Consolidated Financial Statements of the Company contained in the 2007 Annual Financial Report.
| Years ended December 31 (millions of C$ unless otherwise indicated) | 2007 | 2006 | 2005 |
|---|---|---|---|
| (restated) | (restated) | ||
| Revenue | |||
| Gross sales | 9,265 | 8,991 | 8,418 |
| Hedging (gain) loss | 104 | 66 | (77) |
| Gross sales, net of hedging | 9,369 | 9,057 | 8,341 |
| Less royalties | 1,598 | 1,522 | 1,423 |
| Net sales |
7,771 | 7,535 | 6,918 |
| Other | 148 | 111 | 110 |
| Total revenue | 7,919 | 7,646 | 7,028 |
| Expenses | |||
| Operating | 1,895 | 1,550 | 1,261 |
| Transportation | 210 | 207 | 185 |
| General and administrative | 223 | 233 | 201 |
| Depreciation, depletion and amortization | 2,316 | 1,926 | 1,595 |
| Dry hole | 684 | 296 | 241 |
| Exploration | 318 | 318 | 275 |
| Interest on long-term debt | 205 | 166 | 163 |
| Stock-based compensation | (15) | 51 | 633 |
| Loss on held-for-trading financial instruments | 25 | - | - |
| Other, net | 41 | (29) | 39 |
| Total expenses | 5,902 | 4,718 | 4,593 |
| Income from continuing operations before taxes | 2,107 | 2,928 | 2,435 |
| Taxes | |||
| Current income tax | 782 | 770 | 960 |
| Future income tax (recovery) | 67 | (498) | 71 |
| Petroleum revenue tax | 256 | 290 | 184 |
| 971 | 1,558 | 1,215 | |
| Net income from continuing operations | 1,046 | 1,370 | 1,220 |
| Net income from discontinued operations | 1,032 | 635 | 341 |
| Net income | 2,078 |
2,005 |
1,561 |
| Per common share (C$) | |||
| Net income from continuing operations | 1.01 | 1.25 | 1.11 |
| Diluted net income from continuing operations | 0.99 | 1.22 | 1.08 |
| Net income from discontinued operations | 1.00 | 0.59 | 0.30 |
| Diluted net income from discontinued operations | 0.98 | 0.57 | 0.30 |
| Net income | 2.01 | 1.84 | 1.41 |
| Diluted net income | 1.97 | 179 | 1.38 |
| Average number of common shares outstanding (millions) | 1,032 | 1,092 | 1,104 |
| Diluted number of common shares outstanding (millions) | 1,056 | 1,122 | 1,131 |
All financial data should be read in conjunction with the audited Consolidated Financial Statements of the Company contained in the 2007 Annual Financial Report.
| Years ended December 31 (millions of C$ unless otherwise indicated) | 2007 | 2006 | 2005 |
|---|---|---|---|
| (restated) | (restated) | ||
| Operating | |||
| Net income from continuing operations | 1,046 | 1,370 | 1,220 |
| Items not involving cash | 2,861 | 2,557 | 2,481 |
| Exploration | 318 | 318 | 275 |
| 4,225 | 4,245 | 3,976 | |
| Changes in non-cash working capital | (257) | (374) | 199 |
| Cash provided by continuing operations | 3,968 | 3,871 | 4,175 |
| Cash provided by discontinued operations | 102 | 503 | 696 |
| Cash provided by operating activities | 4,070 | 4,374 | 4,871 |
| Investing | |||
| Corporate acquisitions, net cash aquired | (209) | (66) | (2,549) |
| Capital expenditures | |||
| Exploration, development and other | (4,430) | (4,482) | (3,068) |
| Property acquisitions | (54) | (201) | (260) |
| Proceeds of resource property dispositions | 41 | 112 | 17 |
| Changes in non-cash working capital | (206) | 246 | 139 |
| Discontinued operations, net of capital expenditures | 1,376 | 621 | (423) |
| Cash used in investing activities | (3,239) | (3,770) | (6,144) |
| Financing | |||
| Long-term debt repaid | (2,051) | ((4,570)) | (1,294) |
| Long-term debt issued | 2,837 | 4,786 | 3,129 |
| Common shares purchased | (946) | (656) | (352) |
| Common share dividends | (180) | (163) | (125) |
| Deferred credits and other | (42) | (77) | (9) |
| Changes in non-cash working capital | 13 | - | (3) |
| Cash provided by (used in) financing activities | (369) | (680) | 1,346 |
| Effect of translation on foreign currency cash and cash equivalents | (5) | 10 | 19 |
| Net increase in cash and cash equivalents | 457 | (66) | 92 |
| Cash and cash equivalents net of bank indebtedness, beginning of year | 64 | 130 | 38 |
| Cash and cash equivalents net of bank indebtedness, end of year | 521 | 64 | 130 |
| Cash and cash equivalents | 536 | 103 | 145 |
| Bank indebtedness | 15 | 39 | 15 |
| 521 | 64 | 130 |