Management's strategic policy to focus on capex in the near term, higher profit production growth About 60% of production tied to oil and oil-linked gas prices Underperformance in the past few years leading to negligible production and reserve growth, and weak operating metrics Conservative financial policy as the company strengthens its balance sheet through asset sales Flexible capital expenditure plans to keep net capex and dividend payments within internally generated cash flow The negative outlook reflects Standard&Poor's Ratings Services' view that that there is significant uncertainty on how quickly and successfully Talisman can execute its strategic initiatives and stem the company's declining production and weakening credit measures. We project that adjusted funds from operations (FFO)-to-net adjusted debt will
