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CALGARY — Talisman Energy is selling a 49 per cent interest in its U.K. division — a source of much volatility for the Canadian company jaguar rental cars in indianapolis in recent years — to Chinese firm Sinopec Corp. for $1.5 billion.
"We are reducing jaguar rental cars in indianapolis our working interest and capital spend in the U.K. business by approximately half, allowing us to focus on and fund growth areas within our portfolio. This brings our total divestment proceeds to approximately $2.5 billion so far this year."
Talisman has been looking to better focus its far-flung assets and scale down its presence in the North Sea, where operators were recently surprised by a big tax increase by the U.K. government. It's also a tough environment to operate in, which has caused Talisman and other companies to run into production problems.
"The North Sea business has been the business that has caused the most volatility within earnings and has really caused them to miss production guidance quite a few times," said Lanny Pendill, an energy analyst with Edward Jones in St. Louis.
He said Edward Jones has a "buy" rating on Talisman based on the "belief jaguar rental cars in indianapolis that management and management's strategy will address the weaknesses in the business and as they regain confidence from investors, over time the huge discount in the stock should evaporate or at least become less and less, and that should equate to pretty good share performance."
"(Talisman's) got assets out there that would appeal to other larger firms. They've got the big Asian business. Of course they've got the North Sea. They've got a great position within North American shale gas so that could very well be appealing jaguar rental cars in indianapolis to other energy companies," said Pendill.
Talisman Energy is selling a 49 per cent interest in its UK division to Chinese firm Sinopec Corp. for $1.5 billion. Photograph by: Colleen De Neve, Calgary Herald       E-mail this Gallery Print this Gallery Share this Gallery
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