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Talisman Energy Inc., 2012 Guidance/Update Call, Jan 10, 2012

I would now like to remind everyone that this conference call is being recorded on Tuesday, January 10, at 11 a.m. Mountain Time. I will now turn the conference over to Mr. John Manzoni. You may begin your conference.

John A. Manzoni

Tracy, thank you very much. Ladies and gentlemen, thank you for joining our guidance call this morning. I am joined here in Calgary by the management team, except for Paul Blakeley, who's in Asia and is on the telephone. And they will be happy to answer your questions after Scott and I have run through the main points we want to get across for you today.

I'd like to begin by looking at what was achieved last year and then look forward to our plans for the current year. Despite being a difficult year in some respects for Talisman, a great deal was achieved over the last 12 months. Most importantly, our safety record continues to improve. In 2011, we improved our personal safety statistics again by more than 40%. So we're now moving the company very close to the second quartile, having been at the bottom of the fourth quartile just 3 years ago. In fact, some of our businesses are now firmly in top quartile, which is a tremendous achievement, and is, of course, our first and most important responsibility.

Over the course of the last year or 2, we've transitioned the portfolio to secure long-term growth potential. I'm confident today that the company has established an asset base to secure growth in the medium and long term. When we announce our results in a month's time, we will have produced around 425,000 barrels a day in 2011, which is 9% above the 2010 outcome on a continuing-operations basis.

Growth in the medium term is founded primarily in our shale portfolio here in North America. We produced over 400 million cubic feet a day in the Marcellus last year and about 485 million cubic feet a day in the fourth quarter and secured some of the highest margins in that region. We consolidated our Montney joint venture with Sasol and began the development of the Farrell Creek area, as well as making good progress understanding long-term monetization options for the gas from that area. In the fourth quarter last year, we produced about 55 million cubic feet a day from the Montney as a whole and about 35 million cubic feet a day from Farrell Creek.

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