Dec. 5, 2014, 5:38 PM
- The Eagle Ford shale formation in south Texas produced its billionth barrel of oil some time last month, according to analysts at research firm Wood Mackenzie.
- Eagle Ford now accounts for 16% of total U.S. oil production, and the firm forecasts E&P spending of $30.8B in the region next year, ~22% of the total $139.3B expected in U.S. onshore spending.
- Eagle Ford is widely considered the most profitable U.S. shale field, and many analysts speculate the break-even price for production to remain profitable is ~$50/bbl in much of the play.
- Top Eagle Ford producers include EOG, CHK, COP, MRO, BHP, APC, APA, BP, COG, CRZO, CWEI, CRK, XOM, GDP, HES, MTDR, MUR, NFX, PVA, PXD, ROSE, RDS.A, RDS.B, SN, SM, STO, SFY, TLM, ZAZA
Dec. 1, 2014, 7:15 PM
- Oil Search (OTCPK:OISHF) has bid more than $300M to buy Talisman Energy's (NYSE:TLM) Papua New Guinea assets, WSJ reports, in a move that could accelerate an expansion of the country’s flagship gas export facility.
- A deal could help Oil Search secure enough gas to justify a new pipeline and processing unit at the $19B PNG LNG export plant operated by Exxon Mobil (NYSE:XOM), while it would help TLM meet a goal of $2B in asset sales by mid-2015.
Nov. 28, 2014, 9:17 AM| 13 Comments
Nov. 21, 2014, 11:40 AM
- Talisman Energy (TLM +3.6%) and Colombia’s state-owned Ecopetrol (EC +1.2%) say they have made a second oil discovery in Block CPO-9 in Colombia.
- The discovery comes nearly a year after the partners declared the commercial viability of the Akacias oil area in the CPO-9 heavy oil block.
- The oil find is good news for TLM, which has been selling assets as it struggles to pay off debt amid a slump in oil and gas prices.
Nov. 17, 2014, 3:43 PM
- Talisman Energy (TLM +2.2%) reportedly is in talks to sell its pipeline operations serving the Marcellus Shale region in New York and Pennsylvania to Regency Energy Partners (RGP +0.5%), with a deal valuing the assets at more than $1B possibly announced within three weeks.
- TLM, which said last year that it planned to sell its Marcellus pipelines, has been “working through the finer details of the potential transaction with a preferred counterparty,” CFO Paul Smith said earlier this month.
- TLM’s Marcellus operations consist of 400 km of gathering and transmission pipelines served by seven compression and gas dehydration facilities.
Nov. 4, 2014, 5:08 AM
Oct. 21, 2014, 3:58 PM
- Global Hunter revisits its commodity price outlook, now moving to $83 long-term oil vs. $85 previously, applying a higher discount rate to future cash flows and modeling more conservative assumptions with regards to future rig activity, which results in downward revisions for several exploration and production stocks price targets and some rating changes (Briefing.com).
- Anadarko Petroleum (NYSE:APC), Gulfport Energy (NASDAQ:GPOR) and Rex Energy (NASDAQ:REXX) are upgraded to Buy; Talisman Energy (NYSE:TLM) is raised to Speculative Buy from Neutral.
- Devon Energy (NYSE:DVN), Hess (NYSE:HES), Occidental Petroleum (NYSE:OXY) and Kosmos Energy (NYSE:KOS) are upgraded to Accumulate from Neutral.
- Cobalt Energy (NYSE:CIE) is downgraded to Speculative Buy from Buy.
Sep. 29, 2014, 2:37 PM
- Talisman Energy (TLM -2.2%) is downgraded to Hold from Buy with a $10.50 price target, down from $14, at TD Securities on reduced expectations for a major deal.
- TD believes TLM needs to deliver on a game-changing transaction, such as spinning out an entire division such as the Asia Pacific assets or a corporate sale, to convince investors to bid up shares.
- TLM has been discussing a combination with Repsol (OTCQX:REPYY, OTCPK:REPYF), but reports say the process has stalled.
Sep. 19, 2014, 3:28 PM
- Talisman Energy (TLM -2.2%) may still consider selling assets to Repsol (OTCQX:REPYY, OTCPK:REPYF) but "probably not of the significance people were expecting,” CEO Hal Kvisle tells Bloomberg.
- Repsol reportedly dropped plans to buy all of TLM in August to instead weigh the purchase of some of the company’s shale assets.
- Kvisle also says TLM may announce a partner to develop assets in the Duvernay shale formation in Alberta, which will require ~$20B of investment over two decades.
Aug. 28, 2014, 3:59 PM
- Repsol (OTCPK:REPYF, OTCQX:REPYY) has dropped a plan to buy all of Talisman Energy (TLM -1.9%) but is interested in purchasing some of TLM’s shale assets, Bloomberg reports.
- Repsol is said to have abandoned its original plan for a full takeover after failing to find buyers for assets it wasn’t interested in owning after a takeover, including TLM's North Sea and Southeast Asia assets, but the companies are talking about TLM assets in Texas’ Eagle Ford and Alberta’s Duvernay regions.
- Earlier: Repsol, Talisman talks over a potential deal have stalled, WSJ reports.
Aug. 28, 2014, 10:58 AM
- The Marcellus region is now the world's biggest natural gas shale play, and there’s still $90B to be made by tapping the area’s reserves, according to a study by Wood Mackenzie.
- The energy consultant predicts that the top 20 operators in the Marcellus will earn nearly $86B over the life of the play after the costs of reaching the reserves; for comparison, it estimates ~$118B to be made by extracting the resources in North Dakota’s Bakken region, but most production there is higher-priced oil.
- Major Marcellus shale producers include CHK, RRC, RDS.A, RDS.B, TLM, APC, ATLS, COG, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN, AR.
Aug. 26, 2014, 5:50 PM
- Repsol's (OTCPK:REPYF, OTCQX:REPYY) talks to buy oil and natural gas assets from Talisman Energy (NYSE:TLM) have stalled, WSJ reports, in a setback for both companies as they try to reposition themselves.
- TLM's stock price has been helped this summer by the talks, while Repsol has said it wants to better balance its production growth potential and risk by strengthening its business in politically stable, developed countries.
- TLM holds attractive assets in the gas-rich Marcellus and Eagle Ford shale formations, but also less desirable assets in the North Sea which are considered a source of "intractable inertia" and a major drag on TLM's earnings.
Aug. 25, 2014, 10:31 AM
- Talisman Energy (TLM -0.3%) says it still plans to sell its oil properties in Iraqi Kurdistan even after its partner announced a massive oil discovery on its properties.
- TLM owns a 40% stake in the Kurdamir block in Kurdistan, operated by partner WesternZagros Resources (OTCPK:WZGRF), which said it had found a field that could contain at least 1B barrels of crude, which could produce as much as 150K bbl/day.
- Despite the discovery, TLM says it plans to look for buyers for its Kurdistan assets as it continues restructuring to cut debt and boost its stock.
Aug. 12, 2014, 2:12 PM
- Talisman Energy (TLM -0.2%) says it still plans to sell all or part of its exploration properties in Iraq's Kurdistan region despite the conflict in the area, and the Canadian producer expects to begin a sale process in the next several weeks.
- TLM says its properties had not been affected by the conflict in the region, even though last week the company removed most of its personnel from the area.
Aug. 5, 2014, 7:17 PM
- Natural gas production in the Marcellus region exceeded 15B cf/day in July, the most productive period ever recorded there, according to a new report from the U.S. Energy Information Administration.
- Marcellus, located mostly in West Virginia and Pennsylvania, now accounts for nearly 40% of total U.S. shale gas production, and its rapid growth isn’t expected to ebb soon, the report says.
- New wells in the region are expected to deliver another 600M cf/day, more than offsetting decline rates, for a net production increase of 247M cf/day.
- Major Marcellus shale producers include CHK, RRC, RDS.A, RDS.B, TLM, APC, ATLS, COG, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN.
Jul. 29, 2014, 9:47 AM
- Talisman Energy (TLM -0.4%) opens slightly lower after swinging to a surprise Q2 loss as it suffered impairments on its North Sea operations and was hurt by lower North American gas prices.
- Total Q2 revenue rose 4.4% to $1.24B, but total expenses jumped 47.4% to $1.4B.
- Total netbacks fell to $27.18/boe from $28.44/boe in Q1, weighed by higher operating costs in the U.K. and Norway.
- Production from ongoing operations in its core regions rose 12% to 300K boe, with core region liquids production up 20% to 115K boe.
- Realized natural gas prices in North America rose 11% Y/Y but fell 11% Q/Q.
- Says proceeds from asset sales will continue to cut corporate debt to help maintain a strong balance sheet, as it works to reduce its exposure to the North Sea and other non-core areas.
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