Talisman Energy Inc. (TLM,TLM.TO) announced its capital spending plans of C$5.2 billion for 2010, which is an increase of greater than 10% over 2009. The C$4.9 billion in cash spending will be funded from operating cash flow, non-core asset sales and balance sheet strength. Approximately C$300 million of the capital budget consists of non-cash items. The company expects to increase spending this year, reflecting increases in shale drilling in North America and higher development spending in Southeast Asia and the North Sea.
Production in 2010 is expected to be broadly the same as 2009 at around 425,000 boe/d, excluding any sales in North America during the year.
Within the Pennsylvania Marcellus and Montney shale plays, development drilling is expected to more than double. Talisman will also spend C$270 million on conventional properties.
The company expects that finding and development costs will fall in 2009 and again in 2010.
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