- 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
Capital Spending
- Cash exploration and development spending of approximately US$4 billion, with an additional US$370 million of non-cash capital.
- Expected production growth of 5-10% against 417,000 boe/d in 2010. In addition, the BP Colombia acquisition will add 12,000-15,000 boe/d of incremental production. Approximately half of this expected production growth will be liquids.
North America
- North American spending of approximately US$1.7 billion, with a 35% reduction in spending on dry gas.
- Talisman plans to increase activity in the liquids rich Eagle Ford shale, conventional oil properties and the Farrell Creek shale play.
North Sea
- Cash capital spending is expected to be approximately US$1.2 billion in the North Sea, with approximately two–thirds of the spending in the UK.
- Talisman expects growing volumes in the UK from the continued development of Auk North and further work on Montrose/Arbroath.
- First production from the Yme field in Norway is expected mid-year.
Southeast Asia
- Southeast Asia spending of approximately US$700-800 million.
- Development projects include startup at Jambi Merang, drilling and optimization at Corridor and Ogan Komering in Indonesia, infill drilling offshore Malaysia, and the Kitan field, offshore Australia.
International Exploration
- US$700 million in international exploration spending with a number of key wells in Colombia and Peru, as well as activity in the North Sea, Papua New Guinea, Indonesia, the Kurdistan region of northern Iraq and the first shale wells in Poland.