2004 Key Challenges And Accomplishments

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Social Performance

• Confirmed participation in the United Nations’ Global Compact initiative.
• Continued refinement of our project risk assessment process.
• Revised our Security Policy based on the Voluntary Principles on Security and Human Rights.
• Continued to be subject to a lawsuit brought by the Presbyterian Church of Sudan and others commenced in November 2001 under the Alien Tort Claims Act in the United States District Court for the Southern District of New York.
• Worked with approximately 45,000 Canadian stakeholders, regarding 1,345 projects.
• Cooperated with the New York State Attorney General’s investigation into leasing tactics in the state.
• Addressed concerns regarding local employment during proposed drilling program in Trinidad.
• Signed a Memorandum of Understanding with the United Nations Development Program in Trinidad.

HSE Performance

• Recorded no fatalities, life-threatening occupational injuries or major environmental incidents at Talisman-operated facilities.
• Sanctioned approximately $54,000 by a Colombian environmental authority for environmental damage in the non-operated Acevedo Block.
• Received a Gold Award from Scotland’s Health at Work program, recognizing Talisman Energy (UK) Limited’s commitment to promoting a healthy lifestyle amongst its workers.
• Completed formal Environmental Impact Assessments in support of proposed projects in Trinidad, the UK, Malaysia and the US.
• Spent $16 million on contaminated site cleanup and well site reclamation in North America as part of annual remediation efforts.
• Constructed a cogeneration facility in Edson, Alberta and began development of a wind farm demonstrator project in the North Sea.

Economic Performance

• Worked with regulatory authorities in New York State in an effort to release royalties held in escrow to leaseholders.
• Revised Reserves Data Policies and Procedures.
• Invested $2.9 billion in exploration, development and growth activities.
• Paid dividends of $114 million ($0.30/share) to shareholders during the year.
• Provided $1,726 million in taxes and royalties to host governments.
• Agreed to sell 2.3 trillion cubic feet of natural gas from the Corridor Production Sharing Contract in Indonesia.