- Talisman 2010 Highlights
- About Our Company
- Financial and Operating Highlights
- President's Message
- Where We Operate
- Looking to 2011
- Management's Discussion and Analysis
- 2010 Performance
- 2010 Net Income Variance
- Continuing Operations Review
- Acquisitions
- Discontinued Operations
- Reserves Replacement
- Liquidity and Capital Resources
- Sensitivities
- Commitments and Off-Balance Sheet Arrangements
- Risk Management
- Summary of Quarterly Results
- Outlook for 2011
- Internal Control Over Financial Reporting and Disclosure Controls and Procedures
- Litigation
- Application of Critical Accounting Policies and Use of Estimates
- Changes in Reporting Conventions
- New US Accounting Pronouncements
- New Regulatory Developments
- International Financial Reporting Standards (IFRS)
- Risk Factors
- Advisories
- Abbreviations and Definitions
- Consolidated Financial Statements
- Report of Management
- Management Report on Internal Control Over Financial Reporting
- Independent Auditors' Report on Internal Controls Under Standards of the Public Company Accounting Oversight Board (United States)
- Independent Auditors' Report of Registered Public Accounting Firm
- Consolidated Balance Sheets
- Consolidated Statements of Income
- Consolidated Statements of Comprehensive Income (Loss)
- Consolidated Statements of Changes in Shareholders' Equity
- Consolidated Statements of Cash Flows
- Notes to the Consolidated Financial Statements
- Supplementary Oil and Gas Information
- Results of Operations from Oil and Gas Producing Activities
- Capitalized Costs Relating to Oil and Gas Activities
- Costs Incurred in Oil and Gas Activities
- Standardized Measure of Discounted Future Net Cash Flows from Proved Reserves
- Discounted Future Net Cash Flows from Proved Reserves
- Principal Sources of Changes in Discounted Cash Flows
- Continuity of Net Proved Reserves 1
- Additional Information
- Detailed Property Reviews
- Governance
- Investor Information
- Corporate Information
- Advisories
- Market Information
Talisman has a diversified, global portfolio of oil and gas assets. Talisman’s main operating areas are North America, the North Sea and Southeast Asia. In addition, the company is pursuing a number of high-impact international exploration opportunities. In 2010, Talisman produced 417,000 boe/d, approximately 50% oil and 50% natural gas. Talisman’s business strategy is focused on:
- establishing safe, long-term profitable growth from its operations in North America shale and Southeast Asia;
- repositioning the international portfolio for renewal through high-impact exploration in selected areas; and
- operating its conventional North Sea business and conventional portfolio in North America at maximum efficiency to maintain stable, high-quality production and cash generation for at least the next decade.
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Talisman is committed to conducting its business safely and 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. Talisman was the first Canadian company to join the Voluntary Principles on Security and Human Rights Plenary Group developed by the United States (US) and United Kingdom (UK) governments. |
Talisman was established in 1992 and is headquartered in Calgary, Canada. Talisman is listed on the Toronto and New York stock exchanges under the symbol TLM. The company is also part of the S&P/TSX 60 Index. At year-end 2010, the company’s enterprise value was more than $25 billion, with 1,023 million shares outstanding. |
This annual report is dated February 28, 2011.
Talisman encourages stakeholders to read the company’s 2010 Corporate Responsibility report, which can be obtained from the company or viewed online at www.talisman-energy.com.
Readers are referred to the advisories, definitions and abbreviations in this annual report.