(The following statement from Talisman Energy was received by e-mail and
was reformatted. The sender verified the statement.)
Talisman Energy Organization Changes
Calgary, Alberta, February 19, 2013 - After thoughtful analysis,
Talisman Energy has reorganized and streamlined its Canadian operations;
this has resulted in the layoff of 90 employees in its Calgary office.
This is largely due to low North American natural gas prices, which have
resulted in Talisman significantly reducing spending on dry gas plays.
The company continues to employ about 1,500 staff in Canada, 1,200 of
them in Calgary. In the fourth quarter of 2012, Talisman's Canadian
production was approximately 81,000 boe/d.
In October 2012, Talisman Energy announced a shift in strategic
direction. The company's overriding objective is to improve shareholder
returns by improving cash margins on the barrels it produces, more
careful allocation of capital and better execution within a focused
portfolio. A key part of this is to reduce the company's costs, improve
its operations, and deliver better results.
Talisman's Senior Vice-President, Canada, John Rossall said, "These are
difficult decisions, and we appreciate the contributions our colleagues
have made. Talisman's focus now is investing in the liquids-rich part of
our portfolio and maintaining a competitive cost structure relative to
our Canadian peers."
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