Talisman Energy to create two divisions
Company plans sharper focus on shale gas
Last Updated: Tuesday, November 3, 2009 | 4:25 PM MT
CBC News
Related
Calgary-based Talisman Energy is reorganizing its North American operations into two businesses, the company announced Tuesday.
One of the new divisions will focus exclusively on shale gas, the other on conventional oil and gas.
Some analysts expect shale gas to supply as much as half the natural gas production in North America by 2020.
(CBC)
The company also announced it will spend $570 million US on shale gas development in the northeastern United States.
New technology to create and prop open fissures in shale formations has opened up previously inaccessible sources of natural gas and played a role in creating a glut of the fuel.
The announcement overshadowed a dismal earnings report. Talisman's third-quarter profit plummeted by 98 per cent, to $30 million Cdn, mainly on lower prices for oil and gas.
Last year in the same period, the company earned $1.4 billion.
Talisman also announced it will open an office in Pittsburgh to co-ordinate its increased presence in the Marcellus shale gas play in Pennsylvania.
The company has also been active in shale gas exploration in the St. Lawrence Lowlands area of Quebec, between Montreal and Quebec City.
Talisman shares closed unchanged at $18.33 Tuesday on the Toronto Stock Exchange.
Corrections and Clarifications
- An earlier version of this story erroneously reported that Talisman was splitting into two separate companies. In fact, the company is reorganizing into two divisions. Nov. 3, 2009 / 2:56 ET
Share Tools
Latest Edmonton News Headlines
- Premier orders chief of staff to apologize over tweet
- Premier Alison Redford has ordered her chief of staff Stephen Carter to apologize for a tweet he made on Tuesday night about the president of the Alberta Association of Urban Municipalities, Linda Sloan. more »
- Province calls on municipalities to impose tougher fire code standards
- The province is again calling on municipalities to implement a new fire-safety standard, this time for new houses under construction. more »
- Judge rejects Travis Vader's bid for freedom
- A suspect in the disappearance of Marie and Lyle McCann will remain in jail at least until April when he faces charges of possession of stolen property. more »
- Seniors enjoying the mild winter
- Winter can be a lonely time for seniors. But the unusually mild winter has made it easy for seniors to get out and enjoy social activities more »
Top News Headlines
- Tories move to curb 'bogus' refugees
- The Conservative government is poised to change the refugee system yet again in an attempt to deter what it considers "bogus" claimants, CBC News has learned. more »
- Children of immigrants challenged at school, home
- By 2016, foreign-born youth and Canadian-born youth from immigrant families will make up a quarter of the country's population, according to predictions by the Canadian Council on Social Development. As their numbers grow, more attention is being paid to their successes and failures. more »
- 2 NDP MPs back final Commons vote to kill gun registry
- Two NDP MPs broke party ranks to vote with the government in the final House of Commons vote on scrapping the long-gun registry. more »
- B.C. house party trial hears from tearful teens
- Two teenagers cried as they testified at the trial of a B.C. woman who was charged after a teen died while her son was hosting a party at her house in 2008. more »
- Heart-shaped cucumbers a hit for Alberta grower
- Edmonton approves Chinatown route for LRT
- Premier orders chief of staff to apologize over tweet
- No charges in B.C. lake crash that killed Edmonton girl
- Truck, rifle found in connection to Killam RCMP shootings
- Conklin, Alta., man shot by RCMP now facing charges
- Sherwood Park poodle wins big at famed dog show
- Judge rejects Travis Vader's bid for freedom
- Special needs cats hold Valentine's Day Skype date
