Calgary, Canada
Calgary, Canada

Talisman Energy Inc. is a Canadian multinational oil and gas exploration and production company headquartered in Calgary, Alberta. It is one of Canada's largest independent oil and gas companies, and was founded in 1992 by the renaming of BP Canada Ltd. Prior to the renaming, British Petroleum sold off its 57% stake in the company to the public.It operates globally which include Canada and the United States of America in North America; Colombia, South America; Algeria in North Africa; United Kingdom and Norway in Europe; Indonesia, Malaysia, Vietnam, Papua New Guinea, East Timor and Australia in the Far East; and Kurdistan in the Middle East. Talisman Energy has also built the offshore Beatrice Wind Farm Demonstrator in the North Sea off the coast of Scotland.The company initially grew quickly through a number of mergers and acquisitions, which reflects in the complex history and large diversity of holdings. Talisman was the first Canadian company to join the Voluntary Principles on Security and Human Rights Plenary Group and is a participant in the United Nations Global Compact. Wikipedia.


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News Article | December 12, 2016
Site: www.marketwired.com

CALGARY, ALBERTA--(Marketwired - Dec. 12, 2016) - Baytex Energy Corp. ("Baytex") (TSX:BTE)(NYSE:BTE) announces that its Board of Directors has approved a 2017 capital budget of $300 to $350 million, which is designed to generate average annual production of 66,000 to 70,000 boe/d. Baytex also announces that Ed LaFehr, President, will succeed James Bowzer as Chief Executive Officer in May 2017. Commenting on the budget announcement, James Bowzer, Chief Executive Officer, said: "We have three high quality resource plays in our portfolio and believe 2017 will be a year that builds operational momentum for Baytex. In Canada, after a drilling hiatus, we are excited to get back to work with an active first quarter drilling program. In the Eagle Ford, we expect to maintain a consistent pace of development on our lands throughout 2017. We have designed our 2017 budget to be flexible should we continue to experience a volatile commodity price environment." Our 2017 capital budget currently reflects a range of $300 to $350 million, which is designed to generate average annual production of 66,000 to 70,000 boe/d. Our expected exit production rates for 2016 and 2017 reflect an organic growth rate of approximately 3-4%. A key attribute of Baytex is the strong capital efficiencies of our asset base. Our 2017 development program reflects capital efficiencies on an annual basis of approximately $11,500 per boe/d ($13,500 per boe/d including facilities). For the full-year, approximately 70% of our planned capital expenditures will be directed to our Eagle Ford operations. The balance of the spending will be in Canada, largely toward our heavy oil assets at Peace River and Lloydminster. Our 2017 capital budget will be heavily weighted to drilling and completion activities (approximately 89%) with the balance for facilities (approximately 10%) and land and seismic (approximately 1%). In the Eagle Ford, we expect to have four to five drilling rigs and two completion crews working on our lands, up from two to three rigs in the third quarter of 2016. At this pace of development, we expect to bring approximately 34 net wells on production in 2017. Our costs in the Eagle Ford continue to decrease with wells now being drilled, completed and equipped for approximately US$5 million. In Canada, after two years of reduced activity and declining production, we are planning an active drilling program designed to stabilize production from our year-end 2016 exit production rate, and ultimately, to position for growth. At Peace River, our capital budget includes drilling 11 net multi-lateral horizontal wells and 8 net stratigraphic wells. At Lloydminster, we plan to drill 52 net wells, of which approximately 55% will be horizontal wells. At Pembina, we expect to drill 2 net natural gas wells. Based on the mid-point of our 2017 annual average production guidance range of 68,000 boe/d, our production is expected to be equally split between Canada and the Eagle Ford. Our 2017 guidance includes an annual contribution of approximately 3,000 boe/d from our recently announced heavy oil acquisition at Peace River. Our production mix is forecast to be approximately 78% liquids (35% heavy oil, 31% light oil and condensate and 12% natural gas liquids) and 22% natural gas, based on a 6:1 natural gas-to-oil equivalency. One of the key tenets of our business model is to ensure the sustainability of our operations. We accomplish this by maintaining strong levels of financial liquidity while striving to balance our cash inflows and cash outflows. Similar to 2016, we are targeting our 2017 capital expenditures to approximate funds from operations in order to minimize additional bank borrowings and will remain flexible. As part of our normal operations, we are exposed to movements in commodity prices, foreign exchange rates and interest rates. In an effort to manage these exposures, we utilize various financial derivative contracts which are intended to partially reduce the volatility in our funds from operations. For 2017, we have entered into hedges on approximately 47% of our net WTI exposure with 6% fixed at US$54.35/bbl and 41% hedged utilizing a 3-way option structure that provides us with downside price protection at approximately US$47/bbl and upside participation to approximately US$59/bbl. We have also entered into hedges on approximately 22% of our net WCS differential exposure and 57% of our net natural gas exposure. Baytex announces that Ed LaFehr, President, will succeed James Bowzer as Chief Executive Officer in May 2017. Mr. Bowzer, who has been in the role since September 2012, will work with Mr. LaFehr to ensure a seamless leadership transition and will remain on the Board of Directors following the transition. Mr. LaFehr joined Baytex in July 2016 as President and has been an integral member of the executive leadership team holding responsibility for the Canadian and U.S. business operations and corporate development. Before joining Baytex, Mr. LaFehr was President of TAQA's North American oil and gas business which led to his subsequent role as Chief Operating Officer of TAQA, globally. He previously served as Senior Vice President for Talisman Energy, accountable for its Canadian assets across Alberta, Saskatchewan and British Columbia. Mr. LaFehr has a long track record of success in the oil and gas industry leading organizations, growing assets and joint ventures, and driving capital and cost efficiency. Commenting on his appointment, Mr. LaFehr said: "I am thrilled to be leading Baytex as we build operational momentum in 2017. I've had an opportunity to work first-hand with our talented teams on the quality and growth potential of our asset base. I am pleased to be inheriting a highly focused organization poised to build our core oil plays, and take on the challenges and opportunities that lie ahead." Raymond Chan, Chairman of Baytex, said: "Since Ed's arrival this summer, he has been heavily involved in the development of our long-range plan and 2017 budget and was instrumental in our recently announced heavy oil acquisition at Peace River. Due to his recent experience leading Canadian oil and gas businesses with a focus on unconventional development, he was able to hit the ground running. He has engaged and visited all assets and teams from Peace River and Lloydminster in Canada to Houston and Karnes City in Texas. We are pleased that there will be a smooth transition with Jim, our Board and the entire organization." In commenting on the CEO transition, Mr. Chan said, "For the past four years, Jim has led our organization with passion and unwavering dedication. He was instrumental in adding the Eagle Ford world class asset to our portfolio and has successfully managed Baytex through some very difficult industry conditions. After an exceptional 35 year career in the oil and gas industry, Jim will be retiring to spend more time with his family. We are grateful to Jim for his leadership and look forward to his ongoing contribution as a board member." Mr. Bowzer added, "My time as CEO of Baytex has been exceptionally rewarding and I could not be more proud of our team as we adjusted our business to the realities of a low crude oil price environment. We have built an exceptional asset base and I look forward to continuing in my role as a Board member and supporting Ed and the Baytex team as we execute on our plans for future growth." In the interest of providing Baytex's shareholders and potential investors with information regarding Baytex, including management's assessment of Baytex's future plans and operations, certain statements in this press release are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). In some cases, forward-looking statements can be identified by terminology such as "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "intend", "may", "objective", "ongoing", "outlook", "potential", "project", "plan", "should", "target", "would", "will" or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement. Specifically, this press release contains forward-looking statements relating to but not limited to: our business strategies, plans and objectives; our capital budget for 2017; our annual average production rate for 2017; our chief executive officer succession plan; the timing of our capital spending in Canada and the Eagle Ford; the flexibility of our 2017 budget; our 2016-2017 exit production organic growth rate; the capital efficiencies of our 2017 development program; the breakdown of our 2017 capital budget by geographic area and expenditure type; our plan for developing our properties in 2017, including the number of rigs and completion crews in the Eagle Ford, the number of wells to be brought on production in the Eagle Ford, the cost to drill and equip wells in the Eagle Ford, the number and type of wells to be drilled at Peace River, Lloydminster and Pembina; the geographic breakdown of our 2017 annual production and the production expected from our recently announced Peace River acquisition; our production mix for 2017; our target of funding our capital expenditures with funds from operations to minimize additional bank borrowings; our expected royalty rate and per boe operating, transportation, general and administrative and interest costs for 2017; the existence, operation and strategy of our risk management program for commodity prices; the percentage of our net exposure to WTI, the WCS differential and natural gas that is hedged; and that Edward LaFehr will replace James Bowzer as CEO in May of 2017 and that James Bowzer will remain a director. In addition, information and statements relating to reserves are deemed to be forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, that the reserves described exist in quantities predicted or estimated, and that the reserves can be profitably produced in the future. Although Baytex believes that the expectations and assumptions upon which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Baytex can give no assurance that they will prove to be correct. These forward-looking statements are based on certain key assumptions regarding, among other things: petroleum and natural gas prices and differentials between light, medium and heavy oil prices; well production rates and reserve volumes; our ability to add production and reserves through our exploration and development activities; capital expenditure levels; our ability to borrow under our credit agreements; the receipt, in a timely manner, of regulatory and other required approvals for our operating activities; the availability and cost of labour and other industry services; interest and foreign exchange rates; the continuance of existing and, in certain circumstances, proposed tax and royalty regimes; our ability to develop our crude oil and natural gas properties in the manner currently contemplated; and current industry conditions, laws and regulations continuing in effect (or, where changes are proposed, such changes being adopted as anticipated). Readers are cautioned that such assumptions, although considered reasonable by Baytex at the time of preparation, may prove to be incorrect. Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Such factors include, but are not limited to: the volatility of oil and natural gas prices; further declines or an extended period of the currently low oil and natural gas prices; failure to comply with the covenants in our debt agreements; that our credit facilities may not provide sufficient liquidity or may not be renewed; uncertainties in the capital markets that may restrict or increase our cost of capital or borrowing; risks associated with a third-party operating our Eagle Ford properties; changes in government regulations that affect the oil and gas industry; changes in environmental, health and safety regulations; restrictions or costs imposed by climate change initiatives; variations in interest rates and foreign exchange rates; risks associated with our hedging activities; the cost of developing and operating our assets; risks related to the accessibility, availability, proximity and capacity of gathering, processing and pipeline systems; depletion of our reserves; risks associated with the exploitation of our properties and our ability to acquire reserves; changes in income tax or other laws or government incentive programs; uncertainties associated with estimating petroleum and natural gas reserves; our inability to fully insure against all risks; risks of counterparty default; risks associated with acquiring, developing and exploring for oil and natural gas and other aspects of our operations; risks associated with large projects; risks related to our thermal heavy oil projects; risks associated with the ownership of our securities, including changes in market-based factors and the discretionary nature of dividend payments; risks for United States and other non-resident shareholders, including the ability to enforce civil remedies, differing practices for reporting reserves and production, additional taxation applicable to non-residents and foreign exchange risk; and other factors, many of which are beyond our control. These and additional risk factors are discussed in our Annual Information Form, Annual Report on Form 40-F and Management's Discussion and Analysis for the year ended December 31, 2015, as filed with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. The above summary of assumptions and risks related to forward-looking statements has been provided in order to provide shareholders and potential investors with a more complete perspective on Baytex's current and future operations and such information may not be appropriate for other purposes. There is no representation by Baytex that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and Baytex does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law. All amounts in this press release are stated in Canadian dollars unless otherwise specified. Funds from operations is not a measurement based on Generally Accepted Accounting Principles ("GAAP") in Canada, but is a financial term commonly used in the oil and gas industry. Funds from operations represents cash flow from operating activities adjusted for changes in non-cash operating working capital and other operating items. Baytex's determination of funds from operations may not be comparable with the calculation of similar measures for other entities. Baytex considers funds from operations a key measure of performance as it demonstrates its ability to generate the cash flow necessary to fund capital investments and potential future dividends to shareholders. The most directly comparable measures calculated in accordance with GAAP are cash flow from operating activities and net income. Where applicable, oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. The use of boe amounts may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Baytex Energy Corp. is an oil and gas corporation based in Calgary, Alberta. The company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Approximately 78% of Baytex's production is weighted toward crude oil and natural gas liquids. Baytex's common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE. For further information about Baytex, please visit our website at www.baytexenergy.com.


News Article | November 29, 2016
Site: www.newsmaker.com.au

According to Stratistics MRC, the Global Shale Gas Market is accounted for $68.5 billion in 2015 and expected to grow at a CAGR of 9.8% to reach $132.4 billion by 2022. Factors such as ongoing research & development along with technological advancements, increasing demand of shale gas in various industries, significant number of shale reserves all over the globe are positively effecting the market growth. However, high cost involved in the production and concerns regarding methane emissions during shale gas production would limit the market growth. Shale gas could replace significant amounts of coal as an energy source further, substantial amount of shale reserves in countries such as China, Poland, Argentina and Algeria would provide an opportunity for companies to enter the shale gas market. Horizontal drilling and hydraulic fracturing are widely employed for shale gas extraction process worldwide. Industrial applications were the leading segment in the global market. Power generation and residential application segments are anticipated to show significant growth during the forecast period. North America is leading the global production, generating the highest revenue for the global shale gas market. Asia-Pacific and Europe has tremendous potential to grow due to significant number of reserves which are untapped in countries such as China, Algeria and Indonesia. Some of the key players in global Shale Gas market are Maran Gas Maritime Inc, Anadarko Petroleum Corporation, Antero Resources, BHP Billiton Limited, Cabot Oil & Gas , Chesapeake Energy Corporation, Devon Energy, Encana Corporation, Exxon Mobil Corporation, PetroChina, Reliance Industries Limited, Royal Dutch Shell, Sinopec, SM Energy , Statoil, Talisman Energy Inc , Total SA, Baker Hughes Incorporation, ConcoPhillips Co, FTS International, Inc, United Oilfield Services Inc, CONSOL Energy, BNK Petroleum Inc., and Schlumberger Limited. Applications Covered:     • Industrial and Manufacturing • Processing Type • Commercial  • Residential  • Power Generation  • Transportation Processing Equipments Covered: • Compressors & Pumps   • Electrical Machinery    • Heat Exchangers   • Internal Combustion Engines   • Measuring & Controlling Devices Regions Covered: • North America o US o Canada o Mexico • Europe o Germany o France o Italy o UK  o Spain      o Rest of Europe  • Asia Pacific o Japan        o China        o India        o Australia        o New Zealand       o Rest of Asia Pacific       • Rest of the World o Middle East o Brazil o Argentina o South Africa o Egypt What our report offers: - Market share assessments for the regional and country level segments - Market share analysis of the top industry players - Strategic recommendations for the new entrants - Market forecasts for a minimum of 7 years of all the mentioned segments, sub segments and the regional markets - Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations) - Strategic recommendations in key business segments based on the market estimations - Competitive landscaping mapping the key common trends - Company profiling with detailed strategies, financials, and recent developments - Supply chain trends mapping the latest technological advancements


Global Shale Gas Market is accounted for $68.5 billion in 2015 and expected to grow at a CAGR of 9.8% to reach $132.4 billion by 2022. Factors such as ongoing research & development along with technological advancements, increasing demand of shale gas in various industries, significant number of shale reserves all over the globe are positively effecting the market growth. However, high cost involved in the production and concerns regarding methane emissions during shale gas production would limit the market growth. Shale gas could replace significant amounts of coal as an energy source further, substantial amount of shale reserves in countries such as China, Poland, Argentina and Algeria would provide an opportunity for companies to enter the shale gas market. Horizontal drilling and hydraulic fracturing are widely employed for shale gas extraction process worldwide. Industrial applications were the leading segment in the global market. Power generation and residential application segments are anticipated to show significant growth during the forecast period. North America is leading the global production, generating the highest revenue for the global shale gas market. Asia-Pacific and Europe has tremendous potential to grow due to significant number of reserves which are untapped in countries such as China, Algeria and Indonesia. Some of the key players in global Shale Gas market are Maran Gas Maritime Inc, Anadarko Petroleum Corporation, Antero Resources, BHP Billiton Limited, Cabot Oil & Gas , Chesapeake Energy Corporation, Devon Energy, Encana Corporation, Exxon Mobil Corporation, PetroChina, Reliance Industries Limited, Royal Dutch Shell, Sinopec, SM Energy , Statoil, Talisman Energy Inc , Total SA, Baker Hughes Incorporation, ConcoPhillips Co, FTS International, Inc, United Oilfield Services Inc, CONSOL Energy, BNK Petroleum Inc., and Schlumberger Limited. Regions Covered:  • North America  o US  o Canada  o Mexico  • Europe  o Germany  o France  o Italy  o UK  o Spain  o Rest of Europe  • Asia Pacific  o Japan  o China  o India  o Australia  o New Zealand  o Rest of Asia Pacific  • Rest of the World  o Middle East  o Brazil  o Argentina  o South Africa  o Egypt What our report offers:  - Market share assessments for the regional and country level segments  - Market share analysis of the top industry players  - Strategic recommendations for the new entrants  - Market forecasts for a minimum of 7 years of all the mentioned segments, sub segments and the regional markets  - Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)  - Strategic recommendations in key business segments based on the market estimations  - Competitive landscaping mapping the key common trends  - Company profiling with detailed strategies, financials, and recent developments  - Supply chain trends mapping the latest technological advancements About Us Wise Guy Reports is part of the Wise Guy Consultants Pvt. Ltd. and offers premium progressive statistical surveying, market research reports, analysis & forecast data for industries and governments around the globe. Wise Guy Reports understand how essential statistical surveying information is for your organization or association. Therefore, we have associated with the top publishers and research firms all specialized in specific domains, ensuring you will receive the most reliable and up to date research data available.


News Article | November 19, 2016
Site: marketersmedia.com

According to Stratistics MRC, the Oil & Gas exploration and production market accounted for $4.12 trillion in 2015 and is expected to grow at a CAGR of 6.29% to reach $5.56 trillion by 2022. The factors such as increasing population growth, usage of oil & gas in transportation industry, high standard of living, energy competence for industries and housing, modern technological developments of oil & gas exploration and production are some of the factors driving the market growth. However, high cost of crude oil is hindering the oil & gas exploration & production market. Moreover, Expansion of Gas to liquids (GTL) and increasing biofuels production growth rate are the challenging factors involved. North America dominated the global oil & gas exploration due to its strong production level in the US and separated export limitations could further support upstream companies to produce at strong levels in this region. Moreover, Asia pacific is anticipated to be the fastest growing market in terms of revenue during the forecast period driven by the growing demand for petroleum products in emerging countries such as China and India. Request for Sample Report @ https://www.wiseguyreports.com/sample-request/562691-oil-and-gas-exploration-and-production-global-market-outlook-2015-2022 Some of the key players in global oil & gas exploration and production market include Inpex Corporation, Marathon Oil Corporation, CNOOC Ltd, Azerbaijan International Operating Company (AIOC), ONGC - Oil and Natural Gas Corp Ltd, Apache Corporation, Egyptian Natural Gas Holding Company, Nexen Inc., Devon Energy, Talisman Energy Inc., Canadian Natural Resources, BP, Woodside Petroleum and Saudi Aramco and ConocoPhillips. Regions Covered: • North America o US o Canada o Mexico • Europe o Germany o France o Italy o UK o Spain o Rest of Europe • Asia Pacific o Japan o China o India o Australia o New Zealand o Rest of Asia Pacific • Rest of the World o Middle East o Brazil o Argentina o South Africa o Egypt What our report offers: - Market share assessments for the regional and country level segments - Market share analysis of the top industry players - Strategic recommendations for the new entrants - Market forecasts for a minimum of 8 years of all the mentioned segments, sub segments and the regional markets - Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations) - Strategic recommendations in key business segments based on the market estimations - Competitive landscaping mapping the key common trends - Company profiling with detailed strategies, financials, and recent developments - Supply chain trends mapping the latest technological advancements For more information, please visit https://www.wiseguyreports.com/sample-request/562691-oil-and-gas-exploration-and-production-global-market-outlook-2015-2022


According to Stratistics MRC, the Oil & Gas exploration and production market accounted for $4.12 trillion in 2015 and is expected to grow at a CAGR of 6.29% to reach $5.56 trillion by 2022. The factors such as increasing population growth, usage of oil & gas in transportation industry, high standard of living, energy competence for industries and housing, modern technological developments of oil & gas exploration and production are some of the factors driving the market growth. However, high cost of crude oil is hindering the oil & gas exploration & production market. Moreover, Expansion of Gas to liquids (GTL) and increasing biofuels production growth rate are the challenging factors involved. North America dominated the global oil & gas exploration due to its strong production level in the US and separated export limitations could further support upstream companies to produce at strong levels in this region. Moreover, Asia pacific is anticipated to be the fastest growing market in terms of revenue during the forecast period driven by the growing demand for petroleum products in emerging countries such as China and India. Some of the key players in global oil & gas exploration and production market include Inpex Corporation, Marathon Oil Corporation, CNOOC Ltd, Azerbaijan International Operating Company (AIOC), ONGC - Oil and Natural Gas Corp Ltd, Apache Corporation, Egyptian Natural Gas Holding Company, Nexen Inc., Devon Energy, Talisman Energy Inc., Canadian Natural Resources, BP, Woodside Petroleum and Saudi Aramco and ConocoPhillips. Regions Covered: • North America o US o Canada o Mexico • Europe o Germany o France o Italy o UK o Spain o Rest of Europe • Asia Pacific o Japan o China o India o Australia o New Zealand o Rest of Asia Pacific • Rest of the World o Middle East o Brazil o Argentina o South Africa o Egypt What our report offers: - Market share assessments for the regional and country level segments - Market share analysis of the top industry players - Strategic recommendations for the new entrants - Market forecasts for a minimum of 8 years of all the mentioned segments, sub segments and the regional markets - Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations) - Strategic recommendations in key business segments based on the market estimations - Competitive landscaping mapping the key common trends - Company profiling with detailed strategies, financials, and recent developments - Supply chain trends mapping the latest technological advancements


IRVING, TX--(Marketwired - Oct 26, 2016) - Magnum Hunter Resources Corporation ("Magnum Hunter" or the "Company") today announced that the Company has appointed Michael R. Koy as Executive Vice President and Chief Financial Officer effective October 31, 2016. Mr. Koy, age 46, brings more than 20 years of experience in the oil and gas industry to the Company. "I am very excited to join Magnum Hunter," said Mr. Koy. "The Company has a wealth of options and opportunities to capitalize on its acreage position in the Marcellus and Utica unconventional plays and is well positioned from a midstream perspective with its substantial equity ownership in Eureka Midstream Pipeline, LLC." Prior to joining Magnum Hunter, Mr. Koy served as Chief Executive Officer of Denali Energy, LLC since 2014. Prior to his service at Denali Energy, Mr. Koy held several positions at EdgeMarc Energy, LLC, a private equity backed Marcellus Shale and Utica Shale focused company. Mr. Koy served in various midstream and business development leadership roles at EdgeMarc Energy, prior to his appointment as its Chief Executive Officer. Mr. Koy began his career at BP in 1995, where he held numerous positions in strategy and planning, operations, finance, mergers and acquisitions and business development, while working in Houston, Alaska, Melbourne, Moscow and BP's head office in London. After a brief time with Maersk Oil in Copenhagen, Denmark, Mr. Koy joined Talisman Energy Inc. in 2009 as Vice President - Commercial for the North America Organization. As a member of Talisman Energy's North America leadership team, Mr. Koy helped lead that company's entry into several unconventional resource plays, including the Marcellus Shale, Eagle Ford Shale and Duvernay Shale. Mr. Koy holds a bachelor's degree in mechanical engineering from Purdue University and a master's degree in mineral economics from the Colorado School of Mines. John Reinhart, President and Chief Executive Officer of Magnum Hunter, commented: "We are very pleased to have Mike join the Magnum Hunter team. His leadership and background is an ideal fit as we continue our work to position the Company for growth and value creation in the premier gas plays in the United States." Magnum Hunter and subsidiaries are an Irving, Texas based independent exploration and production company engaged in the acquisition, development and production of natural gas, natural gas liquids and crude oil, primarily in the states of West Virginia and Ohio. The Company is presently active in two of the most prolific unconventional shale resource plays in North America, the Marcellus Shale and Utica Shale located in Northwest West Virginia and Southeast Ohio.


News Article | March 17, 2015
Site: www.bloomberg.com

Talisman Energy Inc., the Canadian energy company being acquired by Spain’s Repsol SA, is cutting as much as 15 percent of its head office workforce as it reduces activity to contend with a collapse of crude prices. Talisman is terminating 150 to 200 employees and contractors of about 1,300 total workers in Calgary, where the oil and natural gas producer is based, Brent Anderson, a company spokesman, said in an interview Tuesday. The producer is scaling back its budget by 30 percent this year, he said. Energy companies confronting oil at a six-year low are reducing staff to cut costs as they lower spending plans. Talisman follows Cnooc Ltd.’s Nexen Energy subsidiary and Athabasca Oil Corp. in announcing job cuts in Canada’s oil patch on Tuesday. “Our decision to reduce our workforce numbers is based on the decline in global commodity prices, which has meant a reduced capital spending program for us this year,” Anderson said. “The impacts of the reductions are hitting all functions supporting all parts of the organization.” Repsol, based in Madrid, agreed in December to acquire Talisman for $8.3 billion in a deal scheduled to close by mid-year. The job cuts aren’t related to the takeover, Anderson said. Talisman Chief Executive Officer Hal Kvisle, who announced the workforce reduction to employees on Tuesday, said last month the company was planning to make cuts because of low oil prices, and that the takeover by Repsol would make additional positions redundant. Talisman employed about 2,800, not including contractors, at the end of 2013, Anderson said. Nexen, based in Calgary, said it’s cutting 300 workers in Canada, 40 in the U.S. and 60 in the U.K. Athabasca, also based in the city, said it has cut half of its head office jobs to lower costs since late last year, without giving a number.


News Article | April 15, 2015
Site: www.bloomberg.com

Bank of Canada Governor Stephen Poloz is becoming Canada’s leading optimist projecting a faster return to target on inflation amid a generally improving economy. Growth will quicken to a 2.8 percent annualized pace in the third quarter, the central bank said Wednesday, exceeding all forecasts in a Bloomberg survey. Poloz kept the benchmark interest rate at 0.75 percent and said the positive side of the story will dominate in the second half, lifting inflation back to the 2 percent target almost a year ahead of schedule. It’s a stark change from January, when Poloz shocked markets by cutting rates by a quarter point, a move he called “insurance” against the economic damage wrought by collapsing oil prices. He also told the Financial Times last month Canada’s economy was atrocious in the first quarter. The statement released by the bank Wednesday signaled the worst of the oil-price shock may be over, with improvements ranging from early signs of labor-market strength to gains in the non-energy exporting sector. “Those positive signs are there and right now you can’t see them because the oil price shock has overwhelmed them,” Poloz said at a press conference in Ottawa. “We are confident that the story is taking place.” Economists still say another rate cut is possible unless growth accelerates in the next few months. However today’s comments from Poloz prompted some traders to pare bets on more cuts. Derivative swaps show the chances of lower rates by the end of the year fell to about 45 percent, from about 56 percent yesterday. The Governor’s reliance on the single rate cut contrasts with recent comments about “serial disappointment” in global demand, and would mark the first time in at least two decades the bank has moved just once after a shock. “They firmly believe this will work wonders in bringing growth back,” said Jimmy Jean, a strategist in the fixed-income group at Desjardins Capital Markets in Montreal. “It makes you nervous: are we really going see that rebound in the expected timeframe or is it going to drag on?” The bank reiterated the world’s 11th-largest economy will return to full output by the end of 2016, as the damage from oil “will be more front-loaded than predicted in January, but not larger,” policy makers said in a statement accompanying the rate decision. “Risks to the outlook for inflation are now roughly balanced and risks to financial stability appear to be evolving as expected.” The bank cut its forecast for economic growth this year to 1.9 percent, from the 2.1 percent pace it predicted in January, on a drop in investment linked to cheaper oil. It lifted its outlook for 2016 growth to 2.5 percent, from 2.4 percent. Canada’s dollar reacted to Poloz’s change in tone, reversing losses after the 10 a.m. decision and climbing to the highest in two months. It traded 1.5 percent higher at C$1.2301 versus the U.S. dollar at 3:07 p.m. in Toronto. Canada’s dollar is still down 11 percent over the past year. The yield on government benchmark two-year yields rose 5 basis points to 0.56 percent. All 22 economists in a Bloomberg survey expected no change today, in contrast to the January cut that no one predicted. “The jury is still out” on whether another rate cut is needed, said Mark Chandler, head of fixed-income research at RBC Capital Markets in Toronto. “It’s the data coming in that changes the ebb and flow” of future decisions, he said. Canada joins Singapore, India and Australia among countries that are pausing after unexpected cuts earlier in the year. Poloz billed his January cut as “insurance” for the Group of Seven’s biggest crude exporter and since then reports on output, employment and housing have all beaten economist forecasts. Poloz’s previous statements about an economy that was weaker than it seemed provided fodder to opposition lawmakers to criticize Prime Minister Stephen Harper before elections in October. Harper has ruled out using government finances to spur economic growth. His Finance Minister Joe Oliver is scheduled to present the 2015-16 budget later this month. Poloz put the past behind him Wednesday, cutting his estimate of first-quarter growth to zero from 1.5 percent and saying growth this quarter will reach 1.8 percent. Poloz’s first-quarter figure is below the 1.1 percent median estimate in a Bloomberg economy. “Our outlook is for the positives to begin to reassert themselves during the second quarter, and to do so clearly in the second half of the year,” Poloz said at the press conference. The drop in prices for crude oil, Canada’s biggest export, reduced real gross domestic income by 0.7 percent in the fourth quarter and the relative prices of exports to imports by 8 percent, the bank said today. Oil and gas investment will drop 30 percent this year, while non-energy investment will grow 7 percent over the next few years on average, the report said. To be sure, the bank said today that significant slack remains in the economy and oil prices could lead to problems beyond the first quarter. “Over the remainder of 2015, there continue to be important downside risks to oil prices, since it will take time for cuts in investment to be reflected in reduced production,” the bank said. Housing markets in Alberta, home to the largest heavy oil deposits, are vulnerable to a correction, as are those in Toronto and Vancouver after “robust price growth,” the bank said.


News Article | January 21, 2015
Site: www.bloomberg.com

A Talisman Energy Inc. shareholder sued to stop the proposed $8.3 billion sale of the Canadian explorer to Repsol SA, saying the price undervalues the company. Spain’s largest energy company agreed last month to pay shareholders of Calgary-based Talisman $8 (C$9.87) in cash for each share they own, a 60 percent premium to the company’s 30-day weighted average price as of Dec. 16. Shareholder James Baqleh sued Jan. 20 in New York state Supreme Court in Manhattan seeking to stop the acquisition, saying the transaction is “grossly inadequate” and investors would be “irreparably damaged” if it’s completed, according to court filings. The Madrid-based company’s deal to buy the Canadian producer was the cheapest among the five largest oil and natural gas purchases in North America last year, if the $4.7 billion of debt included in the deal is counted. With crude prices close to the lowest since 2009, Repsol avoided a lofty offer as oil plunged. Talisman’s board has “inexplicably chosen to sell itself for a fraction of its net worth” instead of trying to survive a drop in oil prices with “financial prudence” and a possible sale of certain assets, Baqleh said. “We believe the lawsuit is without merit,” Brent Anderson, a spokesman for Talisman, said in an e-mailed statement. “We continue to respect and welcome the opinions of all our shareholders.” Anderson said the company wouldn’t comment further since the matter is before the court. Kristian Rix, a Repsol spokesman, declined to comment when contacted by phone. The case is Baqleh v. Talisman Energy Inc., 650180/2014, New York State Supreme Court, New York County (Manhattan).


News Article | July 30, 2015
Site: www.bloomberg.com

Repsol SA, Spain’s largest oil company, reported a 20 percent drop in second-quarter earnings as lower crude prices outweighed higher refining margins and led to a loss at its upstream operations. Adjusted net income fell to 312 million euros ($342 million) from 390 million euros a year earlier, the Madrid-based producer said Thursday in a statement. That matched the average estimate of 19 analysts surveyed by Bloomberg. Repsol has relied on some of Europe’s highest refining margins to weather the slump in oil prices that led the industry to cut billions of dollars in investments. The company said ramping up projects in Brazil, the U.S., Bolivia and Peru partly offset a halt in Libyan production. Repsol’s refining margins, or the profit from turning a barrel of oil into fuels, rose to $9.10 a barrel in the quarter from $3.10 a barrel a year earlier as lower crude prices reduced costs for processors. The shares fell 4 percent to close at 15.38 euros in Madrid, the biggest drop since June 29. Oil and natural-gas production climbed to 525,000 barrels of oil-equivalent a day from 338,000 barrels a year earlier, after Repsol acquired Talisman Energy Inc. earlier this year. Second-quarter earnings before interest, taxes, depreciation and amortization jumped 39 percent to 1.42 billion euros. Upstream operations posted a 48 million-euro loss in the second quarter, while adjusted net income from its downstream business almost tripled to 439 million euros, Repsol said. During the three-month period, Repsol completed 14 wells. Six of them were successful and four others are being evaluated, the company said.

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