Reviewing 2008
- In 2008, Talisman generated record net income of $3.5 billion and record cash flow 1 of $6.2 billion.
- Production from continuing operations 2 increased 3% to average 419,000 boe/d.
- Talisman’s average sales price rose 28% to $76.03/boe, with a 38% increase in WTI oil prices and a 24% increase in domestic natural gas prices.
- Spending on exploration and development was a record $5.1 billion, with 48% in North America, 25% for North Sea development, 9% for Southeast Asia development and 17% for international exploration.
- Talisman reduced its net debt at year-end, despite the weakening Canadian dollar.
| (millions of C$ unless otherwise stated) | 2008 | 2007 | 2006 |
| Cash flow1 | 6,163 | 4,327 | 4,748 |
| Net income | 3,519 | 2,078 | 2,005 |
| Earnings from continuing operations1,2 | 2,544 | 952 | 1,424 |
| Per common share | |||
| Cash flow ($)1 | 6.06 | 4.19 | 4.35 |
| Net income ($) | 3.46 | 2.01 | 1.84 |
| Earnings from continuing operations ($)1,2 | 2.50 | 0.92 | 1.30 |
| Oil production (mbbls/d) 3 | 224 | 241 | 262 |
| Gas production (mmcf/d) 3 | 1,247 | 1,265 | 1,342 |
| Total production (mboe/d) 3,4 | 432 | 452 | 485 |
| Total production from continuing operations (mboe/d) 2,4 | 419 | 405 | 410 |
| Average sales price ($/boe) | 76.03 | 59.57 | 57.45 |
| Exploration and development spending | 5,106 | 4,449 | 4,578 |
| Net debt1 | 3,949 | 4,341 | 4,496 |
All data, except earnings and production from continuing operations, include results of continuing and discontinued operations.
- Non-GAAP measure. See advisories on page 46.
- Restated for operations classified as discontinued in 2008.
- Production numbers are before royalties unless otherwise indicated.
- Six mcf of natural gas equals one boe.
