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2014-06-14 19:00:00

TALISMAN SELLS $4 B

TALISMAN SELLS $4 B

Canada's Talisman Energy Inc is reviewing its Asian oil and gas portfolio, valued at about $4 billion, which could lead to a partial or full sale, people familiar with the matter said.

Talisman, Canada's No. 5 independent oil producer, has been slimming its operations and cutting debt in an effort to boost its share price to satisfy disgruntled and activist investors such as Carl Icahn.

The review marks a major shift in business strategy for a company that classifies its Asian portfolio as a core asset, and the review will force Talisman to make some tough choices.

It is unclear whether it will opt to sell the entire portfolio or retain some assets, the people added. A partial listing of the assets is one of the options being discussed, they added.

Talisman plans to put $2 billion worth of assets on the market in the next 12-18 months, after raising $6.6 billion through asset disposals since 2011, according the company website. The company does not disclose the names of the projects it plans to sell as part of its restructure.

Talisman owns oil and gas assets in Indonesia, Malaysia, Vietnam, and the Asia-Pacific region is expected to generate about $1.2 billion, or nearly half, of Talisman's 2014 estimated cash flow, according to company presentations.

Talisman joins a list of other independent oil and gas producers such as Hess Corp and Newfield Exploration Co in divesting Asian assets in an effort to focus on their core home markets.

The company, which has a $10.8 billion market value, is working with Goldman Sachs on the review, the people added.

Talisman and Goldman Sachs declined to comment. Sources declined to be identified as the review is confidential.

reuters.com

Tags: TALISMAN, OIL, GAS
TALISMAN SELLS $4 B October, 15, 12:30:00

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TALISMAN SELLS $4 B October, 15, 12:25:00

BAD BOYS: IMF & WBG

TALISMAN SELLS $4 B October, 15, 12:20:00

U.S. - CHINA NUCLEAR POLICY

TALISMAN SELLS $4 B October, 15, 12:15:00

U.S. - CHINA NUCLEAR SANCTIONS

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IRAN SANCTIONS DOWN

TALISMAN SELLS $4 B October, 15, 12:05:00

IRAN - S.KOREA OIL DOWN ANEW

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Chronicle:

TALISMAN SELLS $4 B
2018, October, 15, 12:01:00

GAZPROM - SHELL: BALTIC LNG

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TALISMAN SELLS $4 B
2018, October, 15, 12:00:00

U.S. RIGS UP 11 TO 1,063

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TALISMAN SELLS $4 B
2018, October, 12, 11:40:00

OIL PRICE: NEAR $81

REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.

TALISMAN SELLS $4 B
2018, October, 12, 11:35:00

OIL PRICES 2018 - 19: $74 - $75

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