Talisman North Sea Assets

Large asset impairments — in Talisman’s case they contributed to a US$1.6-billion loss for the fourth quarter, compared to a loss of US$1-billion in the year-ago period — are a big theme this results season as low energy oil prices make oil and gas properties less valuable.

Talisman said it took a US$633-million impairment on its North Sea joint venture with China’s Sinopec Group, whose mature assets have low earnings potential at low oil prices, while facilities face large decommissioning costs.

Talisman’s large financial obligations to the joint venture, negotiated by previous CEO John Manzoni, now head of the British civil service, depressed its share price and hampered the senior oil and gas producer’s efforts to restructure itself or find a corporate buyer. The partnership announced 300 layoffs last month.

In addition, Calgary-based Talisman wrote off its North Sea goodwill balance of US$287 million; took a partial, US$617-million impairment on the Eagle Ford shale play in the United States; fully impaired its investment in Block K44 in the Kurdistan region of Iraq by US$234 million after determining that future investment in a capital constrained environment was unlikely; and partially wrote down its investment in the Equion joint venture with Colombia’s Ecopetrol SA by US$133 million.

Talisman, which warned late last year that it expected substantial writedowns, accepted an offer from Repsol at US$8 a share, or US$8.3 billion excluding debt, in mid-December.

Repsol started negotiations to take over Talisman last spring, but twice backed away from its own proposals over concerns about the North Sea and as low prices kept declining.

Hal Kvisle, president and CEO, said the results show Talisman’s strategy of reducing costs and focusing its operations into two main areas, the Americas and the Asia Pacific, was bearing fruit.

“Our 2014 results reflect the significant progress we made throughout the year to improve the reliability and predictability of our company, ” he said in a statement.

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