Talisman Energy

We came across an interesting press release from a law firm that won an extraordinary settlement for its client against Talisman Energy–a $100 million award. What’s interesting is that the plaintiff that sued Talisman is one of Talisman’s joint venture partners–not landowners. Matrix Petroleum invested in a deal with Talisman as a “non-operating” partner. That is, Matrix put up money, but Talisman did all the drilling and selling of the oil and gas they extracted. Matrix says over a period of five years that Talisman intentionally cooked the books–failing to accurately report how much oil was produced, thereby shorting Matrix on their share of the profits. The jury agreed and awarded Matrix the money they should have gotten if Talisman had not cooked the books. Ouch. All of this happened in Texas–the drilling and the trial. So what does it have to do with the Marcellus/Utica? Perhaps nothing. But we do recall reporting that last year Talisman took on a non-operating joint venture partner in the Marcellus from Thailand–Banpu (see Talisman Gets a New Thai JV Partner for Marcellus Drilling in NEPA). Perhaps the bean counters at Banpu will want to give closer scrutiny to the books in their jv with Talisman?…
Read More “Texas Jury Says Talisman Cheated JV Partner Out of $100M”

MDN has been following, with interest, the story of Canadian company Talisman Energy–a major exploration & production company in the Marcellus Shale. As we’ve previously reported, corporate raider Carl Icahn has been pressuring the company (like he did with Chesapeake) to make changes. One prospect on the horizon was Spanish energy giant Repsol, interested in purchasing some or all of Talisman. That deal seems to have gone cold (see Talks for Repsol to Buy Some/All of Talisman Energy are “Frozen”). However, recent comments from Talisman CEO Hal Kvisle made yesterday indicate some deal-making is still going on behind the curtain–deal making that concerns the Marcellus Shale…
Read More “Talisman Energy CEO Looking to Sell Marcellus Midstream Assets”

MDN recently told you the sad news that corporate raider Carl Ichan now has his claws in Marcellus driller Talisman Energy, just like he does at Chesapeake Energy (see Icahn Now Throwing His Weight Around at Talisman, Like Chesapeake).

We’re sorry to have to report the Icahn’s claws are now sunk in a lot further. Talisman announced on Monday they’ve caved in to Icahn’s pressure and have appointed two new board members that are Icahn lackeys, there to do their master’s bidding, which will  no doubt include massive layoffs and selling pieces of the company so Icahn can turn a tidy profit on his stock when he flips it…
Read More “Carl Icahn’s Claws Go Deeper into Talisman – 2 New Board Members”

What a shame. Carl Icahn is now the evil puppet master behind the curtain pulling the strings at Talisman Energy the same way he’s done at Chesapeake Energy. MDN recently told you that Icahn–a corporate raider whose sole purpose is to swoop in, dismember parts of a company so its stock price goes up and then cash out his stock at a profit–has his claws in Talisman (see Carl Icahn Snaps Up 6% of His Next E&P Victim: Talisman Energy). His meddling at Chesapeake has led to a loss of 1,200 jobs in that company over the past six months or so.

Now Icahn is at it with Talisman, forcing them to sell off part of their Montney Shale acreage in northeast British Columbia. On the plus side the sale likely means more drilling emphasis on the Marcellus. However, if we worked at Talisman, we’d be looking over our shoulder wondering when the pink slip will arrive. Talisman CEO Hal Kvisle is trying to put on a brave face about being micromanaged by Icahn, but you know he hates it…
Read More “Icahn Now Throwing His Weight Around at Talisman, Like Chesapeake”