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Talisman

Markets

Repsol to sell $7.1billion of assets and cut spending

Repsol aims to sell more than €6bn ($7.1billion) of assets and reduce capital spending over next five years as part of the new strategy which will seek to protect its investment grade rating and dividend from the slump in prices in the past year.

Oil & Gas

Repsol said to send Brazil chief exec to US for Talisman integration

Repsol SA, Spain’s largest oil company, will transfer the chief executive officer of its Brazilian operations to the US to help integrate Talisman Energy Inc. into its operations, according to two people familiar with the decision. Tomas Garcia Blanco, who took over the Brazilian operations less than a year ago, will help oversee integration of Calgary-based Talisman’s North American assets after the $13 billion acquisition is completed on May 8, one of the people said, asking not to be identified before a public announcement. Garcia Blanco, who will be based in Houston, was head of exploration and production at Repsol’s YPF SA unit until the Argentine government nationalized it in 2012.

Markets

Talisman takes $1.37 billion charge on falling crude-oil price

Talisman Energy Inc., the Canadian producer being acquired by Spain’s Repsol SA, reported about $1.37 billion in one-time charges for the fourth quarter as it reduced the value of certain assets because of slumping crude-oil prices. “The company partially impaired its investment in the Eagle Ford by $614 million due entirely to price declines, and fully impaired its investment in Block K44 in the Kurdistan region of Iraq by $234 million after determining that future investment in a capital constrained environment was unlikely,” Calgary-based Talisman said in a statement on Marketwired Tuesday. It also wrote down North Sea assets and a joint venture with Colombia’s Ecopetrol SA.

Oil & Gas

Gallery: This week’s top five stories

This week's most read story on Energy Voice was the news that Talisman Sinopec was following in the footsteps of a number of companies by considering a change to three on, three off shifts. The move has already been made by Apache and is also being considered by Marathon Oil. A spokeswoman for Talisman Sinopec said:“Following a working group review, Talisman Sinopec proposes to move to a 3/3 rota, which would deliver essential cost efficiencies in a safe manner.

Markets

Talisman investor sues to halt $8.3 billion repsol takeover

A Talisman Energy Inc (TLM) shareholder sued to stop the proposed $8.3 billion sale of the Canadian explorer to Repsol SA (REP), 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% premium to the company’s 30-day weighted average price as of December 16. Shareholder James Baqleh sued January 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.

Europe

Talisman Sinopec to make up to 300 redundancies from its North Sea operations

Talisman Sinopec said 300 jobs from its North Sea operations are set to go. The company, which has around 3,000 staff in the North East of Scotland, said the losses include 100 employees and 200 contractors. The move follows companies including Schlumberger and BP who both announced last week they would cut a number of positions.

Oil & Gas

Talisman terminates Archer rig contract early

Drilling company Archer has received an early termination notice from Talisman Sinopec Energy UK for its modular rig. The Archer Emerald had been contracted out by the company in a two-year contract deal worth $96million and was scheduled to begin in the first quarter of 2016.