May 2012, Vol. 239 No. 5


Talisman Will Trim Marcellus Exploration

Canada’s Talisman Energy is making even heavier cuts to its rig count in the Marcellus Shale natural gas play and will not reverse that trend until gas prices return to $4 per Mcf, CEO John Manzoni said.

Along with slashing its Marcellus 2012 spending to $600 million from $1.2 billion in 2011, he said, the number of rigs at work in the play in 2012 will be cut to three from 10 in 2011 because of a North American gas price that clearly reflects an excess of supply.

Manzoni said prevailing gas prices are “unsustainable in the medium term, but we think they may last a year.”

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