QUOTE AND NEWS
Forbes  Sep 9  Comment 
Looking at the universe of stocks we cover at Dividend Channel, on 9/11/14, Talisman Energy, Inc. (NYSE: TLM), Range Resources Corp (NYSE: RRC), and XL Group plc (NYSE: XL) will all trade ex-dividend for their respective upcoming dividends....
StreetInsider.com  Aug 28  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Corporate+News/UPDATE%3A+Repsol+Drops+Plans+to+Buy+all+of+Talisman+Energy+%28TLM%29+-+Bloomberg+/9791214.html for the full story.
TheStreet.com  Aug 27  Comment 
NEW YORK (TheStreet) --aTalisman Energy was falling -3.6% to $10.30 Wednesday following aaWall Street Journalareport that talks with Repsol have stalled. Repsol was in talks to by Talisman's oil and natural gas assets, but the talks have...
Market Intelligence Center  Aug 27  Comment 
The patented option-trade picking algorithms that power MarketIntelligenceCenter.com's Artificial Intelligence Center are highlighting two trades on Talisman Energy (TLM) today after it closed at $10.69 on Tuesday. For more conservative investors,...
TheStreet.com  Aug 25  Comment 
By David Russell ofaOptionMonster NEW YORK -- Talisman Energy saw bullish paper early Friday, and traders cleaned up in a hurry.a OptionMonster's tracking programs detected the purchase of 20,000 October 11 calls for 40 centsabarely half an...
SeekingAlpha  Aug 24  Comment 
By Sammy Pollack: Shares of Calgary based Talisman Energy (NYSE:TLM) are down more than 35% over the past five years. Due to its poor performance, TLM has been exploring strategic alternatives. TLM data by YCharts Asset Sales For a number...
Reuters  Aug 13  Comment 
(Corrects tenth paragraph to show TAQA suspended operations, reduced staff in Atrush block)
Reuters  Aug 12  Comment 
(Adds detail and comment from third paragraph; updates shares.)
SeekingAlpha  Jul 30  Comment 
Talisman Energy Inc. (NYSE:TLM) Q2 2014 Earnings Conference Call July 29, 2014 3:00 PM ET Executives Harold Kvisle – President and CEO Paul Smith – EVP-Finance and CFO Paul Warwick – EVP, Europe-Atlantic Paul Blakeley –...
Wall Street Journal  Jul 29  Comment 
Talisman Energy swung to a surprise second-quarter loss, while cash flow and revenue improved on stronger production.




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Talisman Energy (NYSE:TLM) is primarily an Oil and gas exploration and production company with some natural gas midstream operations in Canada. Their operations can be segmented into 3 sections: North America (primarily Canadian natural gas), North Sea (mostly oil) and Southeast Asia (mostly oil with some nat. gas). They also have non-operating interests in African energy plays.

This is a relatively more exciting company in the oil space. Almost all of the growth visibility is mired in nasty oil sands, politically hostile territories, deep beneath the ocean or in the hands of national oil companies who put politics ahead of profits. Throw in an escalating cost environment and the outlook for oil companies is highly uncertain, even as the outlook for the commodity couldn't be stronger.

Company Overview

Like many growing resource companies, TLM's capital expenditure is uneven, swinging from heavy outlays one year to big free cash flow (FCF) another year. At some point, the company has to be able to convert its assets into cash for the owners.

Business Segments

In 2009, TLM earned a total of $6.2 billion in total revenues. This was a decline from its 2008 total revenues of $8.1 billion. As a result, this had an adverse effect on TLM's net income. Between 2008 and 2009, TLM's net income declined from a net profit of $2.75 billion in 2008 to a net loss of $675 million in 2009.

Trends and Forces

Divesting Non core assets

Looking at their capital structure, the company is in the process of divesting non-core assets. They're in the midst of a share buyback program and plan on using sales proceeds to pay down some of the debt and for buybacks. The company pays a small dividend (1% yield on 8% payout ratio) but has increased it near 20% annually over the last few years. The trend of divesting non core assets should help the company improve their overall profitability as it allows TLM to focus on areas where they have the most expertise.

Diverse Portfolio

TLM has a widely diverse portfolio. For instance, they have a big natural gas component in Canada, which is expected perform well as oil sands production ramps up. They also have light oil crude assets in the North Sea and Southeast Asia are in high-demand with good price realizations. Furthermore, Talisman has divested their oil sands assets and now has no bitumen reserves in its portfolio. The diversity of TLM's products as well as its geographic diversity makes TLM's risk lower than it otherwise would be.

Competitors

EnCana – refocused on Canadian oil sands projects and North American natural gas

  • Huge gas wells drilled in the Deep Bossier region of TX
  • Partnering with ConocoPhillips in the oil sands play
  • Oil sands subject to significant cost overruns
  • Rockies exposure not ideal

Devon Energy - attractively valued but paying more for revenues; more balanced gas/oil portfolio Barnett Shale- holdings should provide stable reserves replacement for years

  • good net margins
  • More exposure to oil in Gulf of Mexico
  • Growth primarily through acquisitions ($5.5 billion in goodwill)
  • Riskier exploration plays (10,000 feet deepwater Jack project, Brazilian offshore, etc).
  • Jackfish oil sands project in Alberta subject to oil sands difficulties (higher costs, nat. gas and water shortages, etc)

References

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