Talisman Energy Sets 2013 Capital Budget at $3B

Talisman Energy Inc. said Wednesday it has cut its 2013 capital budget by 25% from year-ago levels and will focus spending on liquids and international gas opportunities in its two core regions -- the Americas and Asia-Pacific.

The Calgary, Alberta-based oil and gas company, which has struggled with an industry-wide downturn in natural gas prices, said it has set its spending budget at $3 billion, down from $4 billion in 2012, and is targeting production of 375,000-395,000 barrels of oil equivalent a day and cash flow of about $2.5 billion.

Talisman said its liquids weighting is expected to increase to 40% from 35%, with international gas expected to account for 25% of production.

The company said it's also targeting the sale or joint-venture of $2 billion to $3 billion of non-core assets over the next 12 to 18 months, and is actively marketing its stake in both the North Duvernay shale play and parts of its Montney position. It said proceeds could be earmarked for debt reduction and increasing cash flow per share through short-term development spending or buybacks.

Copyright (c) 2012 Dow Jones & Company, Inc.

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