Chairman's Message
2008 was a year of challenge and change, both for the industry and for Talisman. However, looking back, Talisman’s leadership and 3,000 employees worldwide more than met these challenges.
The Company has set out in a new strategic direction, with the objectives of profitable long-term growth, high-impact exploration and focusing the portfolio. Early results since implementation in May indicate this new strategy will be very successful.
Notwithstanding the significant drop in oil and natural gas prices in the latter part of the year, Talisman is in strong financial shape. The 2009 capital program is based on a realistic view of the world and assumes US$40 oil prices and a US$5 NYMEX gas price. Importantly, we have a lot of flexibility to increase or decrease spending this year and are committed to living within our means.
This is my last letter to you as Chairman of Talisman. It has been a busy and rewarding eight years for me. However, I am confident, with the new strategy in place, strong additions to the Board of Directors and the management team, that the Company is on the right path and focused for profitable long-term growth. I would like to thank all Talisman employees for their dedication and hard work over the past year.
