Talisman looks to Americas Asia Pacific as two core operating areas

Talisman looks to Americas, Asia Pacific as two core operating areas AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email CALGARY – Talisman Energy Inc. is honing its focus in on the Americas and Asia Pacific as its two core operating areas and aims to shed up to $3 billion in assets over the next 18 months.The rest of Talisman’s far-flung portfolio will be developed, divested or involved in joint-venture partnerships, new chief executive Hal Kvisle told investors Wednesday.“We would like to move as quickly as possible to trim the company down and focus on the two core regions, but there are hurdles we need to get over with just about every asset before we can do some of the things that we want to do,” he said.In September, Kvisle cut short his retirement from pipeline giant TransCanada Corp. to take the top job at Talisman, where he had been a board member.Faced with investor impatience over the company’s lagging share price and disappointing production, Talisman has since set out a new strategy focused more on improving operations and cutting costs than on chasing high-risk global exploration and growing production.The investor open house Wednesday was meant to provide more detail on how Talisman intends to reach those goals. One analyst called the event a “make it or break it” earlier this week, but Kvisle said he saw it more as part of a long process to win back investor confidence.“We’ve had very clear signals from our investor base that they want to see greater capital discipline. They want to see greater geographic focus. They want to see Talisman be a much more competitive company. They don’t want to see us stretched so thin,” Kvisle said.Talisman shares gained 11 cents to $12.65 on the Toronto Stock Exchange.The company’s operations in the Americas include shale natural gas in Western Canada and the northeastern United States, oil in Texas and promising developments in Colombia.But Talisman (TSX:TLM) will be paring down its shale position in B.C. and Alberta, with plans to actively market some or all its holdings in the Montney and northern Duvernay formations.While Kvisle said he’d prefer to have a “clean exit” from those assets, he said Talisman would be open to any joint-venture arrangement that made sense.The company expects its asset sales, targeted at between $2 billion and $3 billion over the next 12 to 18 months, to be about evenly split between North America and the rest of the world.The North Sea, where production rates have been fickle and operational issues have caused headaches, used to be considered a core area, but that will no longer be the case. Talisman also has peripheral properties in Algeria, Sierra Leone and the Iraqi semi-autonomous region of Kurdistan.Kvisle said Kurdistan is particularly promising, and the company will look to prove up its interests there in the near-term before exploring any sale or joint-venture options.“Kurdistan is one of the most exciting oil structures that I’ve seen in my career. We’re very enthused about the next couple of wells that we’re drilling there,” he said.Talisman has already said it will exit Peru and Poland.There’s very little in Southeast Asia that Talisman would consider selling because “we like everything that we’ve got” in the region, Kvisle said.The company has also reduced its capital budget to $3 billion this year, a 25 per cent reduction from 2012.Talisman recently laid off 90 employees at its Calgary head office in an effort to streamline its Canadian operations amid low North American natural gas prices. However, it still has 1,500 employees in Canada including about 1,200 in Calgary.Kvisle acknowledged that Talisman is often cited as a takeover target.“If legitimate offers from credible players come forward, Talisman has to deal with them, consider them and there’s no restriction or negative reaction to that. This is just part of the business that we’re in,” he said.He added that he’s often asked whether Talisman would consider a corporate split, spinning off its Asian business from the rest.Asia is “the heart and soul of what we’ve been successful at in the last few years,” he said.“There’s a lot of increased overhead as we establish two companies and there’s a lot of risk for shareholders, and as a shareholder I would not want to see Talisman split into two companies. I don’t think it’s a particularly creative solution to where we’re at.” by Lauren Krugel, The Canadian Press Posted Mar 6, 2013 8:07 am MDT read more

Windies staring defeat …Pakistan close to Sabina win

Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)RelatedWindies in a ‘tough phase’, laments HolderApril 26, 2017In “latest news”Pakistan beat Windies by 133 runs, clinch seriesOctober 25, 2016In “latest news”WI vs Pakistan, Day 4: Pakistan take controlApril 24, 2017In “Regional” Pakistan leg spinner Yasir Shah made the most of a deteriorating fourth-day pitch to leave West Indies desperately staring at defeat in the first Test at Sabina Park in Kingston.Misbah (right) being consoled by Windies batsman Shimron Hetmeyer after he was left on 99 n.o. yesterday at Sabina Park in the First Test between the two sides. (Photos: Bryan Cummings)The 30-year-old Shah has accounted for all wickets to fall so far as the regional side teetered on 93-4 in their second innings — trailing by 28 runs with six wickets in hand.Debutante middle-order batsman Vishaul Singh and night watchman Devendra Bishoo — both yet to get off the mark — are set to resume 9:30 am on today’s fifth and final day.Yesterday, Pakistan benefited from some sloppy fielding from West Indies to progress from 201-4 overnight to 407 in their first innings — giving them a significant lead of 121 runs.Scores: West Indies 286 (95 overs) & 93-4 (28 overs); India 407 (138.4 overs)Misbah was the mainstay of the Pakistan batting before he was left stranded on 99 not out. He hit five fours and three sixes in an obdurate knock spanning 223 deliveries, and in the process, crossed 5,000 runs in Test cricket.Wicketkeeper Sarfraz Ahmed, who added 88 runs with Misbah for the sixth wicket, made a breezy 54 off 70 balls.During his knock, Sarfraz crossed 2,000 to add to the milestones already achieved in Sabina’s 50th Test.Outside of the Misbah’s feat, Younis Khan reached 10,000 runs in Tests while compiling 58 on Sunday in a match that is the 50th between West Indies and Pakistan in this format.Shannon Gabriel, a tireless worker all day, and his young pace bowling partner Alzarri Joseph, who generally kept to accurate lines, ended with three wickets each in sunny conditions on a pitch that was still relatively decent for batting.But for all their bowling effort, missed opportunities in the field let Pakistan off the hook on a number of occasions.Misbah and Asad Shafiq were both unbeaten on five at yesterday morning’s start, and with only 10 deliveries to the new ball, West Indies skipper Jason Holder — anxiously hunting an early breakthrough — took it as soon as it was due at the end of the 80th over.Misbah, on 14, was surprised by a fast, short delivery from Shannon Gabriel, and the ball popped off the glove to Singh at short leg but the fielder could not complete the catch while diving forward.Shafiq went for 22 when he was hurried on to the back foot by a short of a length delivery from Gabriel, and the resultant tentative shot offered an edge to wicketkeeper Shane Dowrich.Early on, Misbah was uncertain and sometimes awkward in dealing with a largely disciplined West Indies bowling unit, but eventually the wily, veteran campaigner got settled and unleashed a handful of booming aerial drives and dismissive slog sweep shots.At the other end, the ever-busy wicketkeeper/batsman Sarfraz Ahmed streaked to a half-century with a series of attacking strokes. On 50, he escaped when wicketkeeper Dowrich missed a stumping chance off off-spinner Roston Chase in the over before the lunch break.Not long after, wrist-spinner Bishoo, going around the wicket, bowled Sarfraz behind his legs with a biting leg break as the batsman missed a sweep.There was more wastefulness in the field when Amir, on four, was dropped by diving gully fielder Shai Hope off Joseph’s short delivery. The young, lanky bowler eventually had the wicket when Amir (11) edged a back of a length delivery for Dowrich to complete the job.And Joseph’s perseverance gave him even further reward. In getting a delivery to jag back into the right-hander he beat Wahab Riaz (nine) between bat and pad and hit the top of leg stump.Substitute fielder Jermaine Blackwood completed a direct hit of the stumps when Shah (eight) wandered from his crease seeking a single.Misbah kept plodding on at the other end but he was painfully left short of the three-figure mark when debutante Mohammad Abbas (one) was trapped leg before wicket by Chase.Batting a second time, West Indies were rattled by Shah as the spinner, who skilfully slipped in a few quick and straight deliveries, found turn and bounce, especially bowling around the wicket.He clean bowled opener Kraigg Brathwaite (14) before also accounting for 20-year-old Shimron Hetmyer (20) when the left-hander played onto his stumps after carelessly backing away to the leg side.Shai Hope’s struggles at Test level continued when he was trapped lbw by the spinner for six.Left-hand opener Kieran Powell, who played several delectable drives on both sides of the wicket, was the biggest blow to the West Indies.He went for 49 just before close when Shah landed one in the rough outside the left-hander’s off stump that found the edge and flew comfortably to Younis Khan at first slip. (Jamaica Observer)  read more