- 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
| December 31 (millions of C$) | 2010 | 2009 |
|---|---|---|
| (restated – note 3) | ||
| Assets | ||
| Current | ||
| Cash and cash equivalents (note 21) | 1,646 | 1,690 |
| Accounts receivable (note 5) | 1,399 | 1,253 |
| Inventories (note 6) | 143 | 144 |
| Prepaid expenses | 20 | 9 |
| Assets of discontinued operations (note 3) | – | 58 |
| 3,208 | 3,154 | |
| Other assets (note 7) | 861 | 170 |
| Future income taxes (note 19) | 170 | 120 |
| Goodwill (note 4) | 1,150 | 1,176 |
| Property, plant and equipment, net (note 8) | 18,804 | 16,431 |
| Assets of discontinued operations (note 3) | – | 2,567 |
| 20,985 | 20,464 | |
| Total assets | 24,193 | 23,618 |
| Liabilities | ||
| Current | ||
| Bank indebtedness | 2 | 36 |
| Accounts payable and accrued liabilities | 2,532 | 2,121 |
| Income and other taxes payable | 510 | 357 |
| Current portion of long-term debt (note 10) | 357 | 10 |
| Future income taxes (note 19) | – | 68 |
| Liabilities of discontinued operations (note 3) | – | 9 |
| 3,401 | 2,601 | |
| Deferred credits | 51 | 59 |
| Asset retirement obligations (note 9) | 2,252 | 2,116 |
| Other long-term obligations (note 11) | 212 | 168 |
| Long-term debt (note 10) | 3,824 | 3,770 |
| Future income taxes (note 19) | 3,974 | 3,599 |
| Liabilities of discontinued operations (note 3) | – | 194 |
| 10,313 | 9,906 | |
| Contingencies and commitments (note 16) | ||
| Shareholders’ equity | ||
| Common shares, no par value (note 13) | ||
| Authorized: unlimited | ||
| Issued and outstanding: | ||
| 2010 – 1,019,290,939 (2009 – 1,014,876,564) | 2,457 | 2,374 |
| Contributed surplus | 132 | 153 |
| Retained earnings | 9,568 | 9,174 |
| Accumulated other comprehensive loss (note 14) | (1,678) | (590) |
| 10,479 | 11,111 | |
| Total liabilities and shareholders’ equity | 24,193 | 23,618 |
See accompanying notes.
On behalf of the Board:
Charles R. Williamson
Chairman of the Board
John D. Watson
Director