- 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
| Years ended December 31 (millions of C$) | 2010 | 2009 | 2008 |
|---|---|---|---|
| (restated – see note 3) | (restated – see note 3) | ||
| Operating | |||
| Income (loss) from continuing operations | 408 | (658) | 2,879 |
| Items not involving cash (note 20) | 2,076 | 3,933 | 1,823 |
| Exploration | 384 | 301 | 429 |
| 2,868 | 3,576 | 5,131 | |
| Changes in non-cash working capital (note 20) | 402 | (362) | (9) |
| Cash provided by continuing operations | 3,270 | 3,214 | 5,122 |
| Cash provided by discontinued operations | 190 | 385 | 1,032 |
| Cash provided by operating activities | 3,460 | 3,599 | 6,154 |
Investing | |||
| Capital expenditures | |||
| Exploration, development and other | (4,034) | (3,729) | (4,460) |
| Corporate acquisitions (note 4) | (189) | – | – |
| Property acquisitions (note 4) | (1,364) | (310) | (436) |
| Proceeds of resource property dispositions | 308 | 200 | 47 |
| Acquisition deposits (note 4) | (656) | – | – |
| Changes in non-cash working capital | 265 | (18) | 244 |
| Discontinued operations, net of capital expenditures | 1,936 | 1,990 | (369) |
| Cash used in investing activities | (3,734) | (1,867) | (4,974) |
Financing | |||
| Long-term debt repaid | (11) | (970) | (3,869) |
| Long-term debt issued (note 10) | 600 | 1,261 | 2,425 |
| Common shares issued (note 13) | 57 | 2 | 1 |
| Common shares purchased | (78) | (1) | (68) |
| Common share dividends | (254) | (229) | (204) |
| Deferred credits and other | (3) | (10) | 8 |
| Changes in non-cash working capital | (2) | 4 | (14) |
| Cash provided by (used in) financing activities | 309 | 57 | (1,721) |
| Effect of translation on foreign currency cash and cash equivalents | (59) | (133) | 32 |
| Net increase (decrease) in cash and cash equivalents | (24) | 1,656 | (509) |
| Cash and cash equivalents net of bank indebtedness, beginning of year | 1,668 | 12 | 521 |
| Cash and cash equivalents net of bank indebtedness, end of year | 1,644 | 1,668 | 12 |
Cash and cash equivalents (note 21) | 1,646 | 1,690 | 91 |
| Cash and cash equivalents reclassified to discontinued operations | – | 14 | 2 |
| Bank indebtedness | (2) | (36) | (81) |
| Cash and cash equivalents net of bank indebtedness, end of year | 1,644 | 1,668 | 12 |
See accompanying notes.