Diversified portfolio of assets across geography and asset type Significant portion of production that is linked to oil prices Moderate financial policy Elevated cost structure relative to those of similarly rated peers Exploration and development risks associated with growth projects The ratings on Calgary, Alta.-based Talisman Energy Inc. reflect Standard&Poor's Ratings Services' opinion of a well-diversified portfolio of upstream assets, a significant amount of production tied to oil prices, and a history of fairly moderate financial policies. The ratings also incorporate our view of the risks associated with ongoing exploration and production activities to offset conventional production declines and a cost structure that remains elevated relative to that of peers despite recent improvements. Talisman's portfolio of assets focuses
