The objective of Talisman's business strategy is to deliver safe profitable growth. The strategy is designed to deliver 5-10% production growth through the medium term and to lead to the long-term renewal of the company.
Earnings from operations1 increased 9% year over year, to $604 million.
Proved reserves replacement was 157%, at a cost of less than $20/boe. The company's three-year replacement cost trend continues to improve.
Shale volumes in North America more than doubled year over year, to 500 mmcfe/d.
The company commenced drilling in the Duvernay shale play in Alberta.
The non-operated Kitan project in Australia was commissioned and started producing oil in October.
The company drilled a successful well in Papua New Guinea at year-end as part of its gas aggregation strategy and continues its active drilling program in Colombia.