forward-looking information
This Corporate Responsibility Report contains information that constitutes "forward-looking information" or "forward-looking statements" (collectively "forward-looking information") within the meaning of applicable securities legislation. This forward-looking information includes, but is not limited to, statements regarding:
- planned development and implementation of global HSE/OI standards and teams;
- planned development of global health standards;
- planned development of global climate change goals;
- planned 360-degree feedback processes for Talisman’s senior management;
- planned update of the Long-Term Incentive Program;
- planned rollout of new global workforce strategy;
- planned global contractor safety standard and implementation of safe driving standards in North America;
- planned piloting of a scholarship program in Vietnam;
- planned inclusion of Ethics Awareness training in new employee induction;
- expected timing of decision regarding appeal and merits of Alien Tort Claims Act litigation;
- planned unconventional exploration through pilot and development drilling in Canada and the United States;
- planned use of educational video regarding consultation process with the Aseniwuche Winewak Nation;
- expected first production from the Yme field;
- expected EU ETS compliance costs in Norway and the UK;
- expected first oil from the Northern Fields project;
- planned corrective actions for safety procedures;
- planned environmental study prior to drilling in Sulawesi;
- planned installation of equipment at the Bunga Raya and Bunga Orkid production platforms;
- expected emissions increases at PM-3 CAA; and
- other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance.
Planned drilling and pilot programs and expected production are based on Talisman’s 2009 capital program as announced on January 13, 2009. The material assumptions supporting the 2009 capital program are: (1) 2009 annual production of approximately 430,000 boe/d; (2) a US$40/bbl WTI oil price for 2009 and (3) a US$5/mmbtu NYMEX natural gas price for 2009.
Undue reliance should not be placed on forward-looking information. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by Talisman and described in the forward-looking information contained in this Corporate Responsibility Report. The material risk factors include, but are not limited to:
- the risks of the oil and gas industry, such as operational risks in exploring for, developing and producing crude oil and natural gas, market demand and unpredictable facilities outages;
- risks and uncertainties involving geology of oil and gas deposits;
- the uncertainty of reserves and resources estimates, reserves life and underlying reservoir risk;
- the uncertainty of estimates and projections relating to production, costs and expenses;
- the impact of the economy and credit crisis on the ability of the counterparties to the Company’s commodity price derivative contracts to meet their obligations under the contracts;
- potential delays or changes in plans with respect to exploration or development projects or capital expenditures;
- fluctuations in oil and gas prices, foreign currency exchange rates and interest rates;
- the outcome and effects of any future acquisitions and dispositions;
- health, safety and environmental risks;
- uncertainties as to the availability and cost of financing and changes in capital markets;
- uncertainties related to the litigation process, such as possible discovery of new evidence or acceptance of novel legal theories and difficulties in predicting the decisions of judges and juries;
- risks in conducting foreign operations (for example, political and fiscal instability or the possibility of civil unrest or military action);
- changes in general economic and business conditions;
- uncertainties as to the availability and cost of financing and changes in capital markets;
- the possibility that government policies or laws may change or government approvals may be delayed or withheld; and
- results of the Company’s risk mitigation strategies, including insurance and hedging activities.
The foregoing list of risk factors is not exhaustive. Additional information on these and other factors, which could affect the Company’s operations or financial results or strategy are included under the heading "Risk Factors" in the Company’s AIF and elsewhere in the AIF. In addition, information is available in the Company’s other reports on file with Canadian securities regulatory authorities and the United States Securities and Exchange Commission.
Forward-looking information is based on the estimates and opinions of the Company’s management at the time the information is presented. The Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change, except as required by law.
oil and gas information
Throughout this Corporate Responsibility Report, the calculations of barrels of oil equivalent (boe) is at a conversion rate of six thousand cubic feet (mcf) of natural gas for one barrel of oil (bbl) and is based on an energy equivalence conversion method. This report also includes references to mcf equivalent (mcfe) which is calculated at a conversion rate of one barrel of oil to six thousand cubic feet of natural gas. Boes and mcfes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl and an mcfe conversion ratio of 1 bbl:6 mcf are based on an energy equivalence conversion method primarily applicable at the burner tip and do not represent a value equivalence at the wellhead.
Talisman makes reference to production volumes in the Corporate Responsibility Report. Where not otherwise indicated, such production volumes are stated on a gross basis, which means they are stated prior to the deduction of royalties and similar payments. In the US, net production volumes are reported after the deduction of these amounts.