Talisman Energy taps industry veteran to replace departing CEO

CALGARY — Talisman Energy Ltd. (TSX:TLM) says it’s installing industry veteran Hal Kvisle as its new CEO because the Calgary-based oil and gas company needs a different leadership approach as it shifts strategic direction.

CALGARY — Talisman Energy Ltd. (TSX:TLM) says it’s installing industry veteran Hal Kvisle as its new CEO because the Calgary-based oil and gas company needs a different leadership approach as it shifts strategic direction.

Kvisle, a familiar face in the industry after leading TransCanada Corp. (TSX:TRP) for many years, is coming out of retirement to take the reins of a company that has been dogged by operational issues and repeatedly missed production targets. Kvisle was born in Innisfail.

The company announced Monday that John Manzoni, who joined Talisman in 2007, had agreed to leave the post, effective immediately.

Talisman has been undergoing a transition over the past several months, directing capital away from dry natural gas in the face of low prices, selling non-core assets and working to improve project execution.

“The board and management team have been reviewing the strategic direction of the company, and given the transition, took the decision that it was the right time for a new leader to drive the next phase of growth,” said Talisman spokeswoman Pheobe Buckland.

“In a company’s evolution, different leaders are needed at different times.”

Shortly after Manzoni became CEO, he signalled a shift toward a more focused company.

He highlighted three key strategic areas: North American shale natural gas, offshore production in the North Sea and development in Southeast Asia.

“John made a significant contribution to the company. He’d been in the role of CEO for five years and during that time he was really focused on providing long-term production potential for the company,” said Buckland.

John Stephenson, portfolio manager at First Asset Investment Management in Toronto, said Manzoni was a “disappointment” to investors and the stock has been “a dog” for a long time.

“It sort of devolved into kind of a grab bag like it was before and I think he really had trouble impressing people that he had a coherent strategy. We hoped that he would, but we don’t think that really came out,” he said.

“I think he showed some promise a year or so into his mandate, or two years into his mandate, but then it really fell off the wagon.”

Another mid-sized Canadian oil and gas company, Nexen Inc. (TSX:NXY), has been the subject of similar criticism to Talisman — a lack of focus and operational issues.

Nexen has been tentatively sold for $15.1 billion to China National Offshore Oil Corp. — subject to various approvals, including from the federal government.

Stephenson said he sees Talisman as another potential takeover candidate.

Talisman stock rose three per cent Monday to $14.29 in mid-day trading on the Toronto Stock Exchange.

“I think it’s running a bit today on the news and I think you might see it run a little more. But it’s hard to see how this thing’s got much more than $16.50 in it — unless somebody comes in with an incredible offer like a CNOOC for Nexen,” said Stephenson.

Just Posted

Red Deer massage therapist not guilty of sexual assault

Judge said he had reasonable doubt and must acquit

Ten dead, 15 injured in van incident authorities call an horrific attack

TORONTO — The death toll rose to at least 10 late Monday… Continue reading

Watch: Flood watch remains for Waskasoo Creek

Red Deer crews monitoring creek

Warm temperatures this week for Red Deer

23 C forecast for Saturday

Feds to post deficits $8B bigger than expected over next two years: PBO report

OTTAWA — The Trudeau government is on track to run deficits nearly… Continue reading

WATCH: Central Alberta dancers take over Red Deer College with their moves

Danceworks Central Alberta Dance Festival is now in its 38th year

Ten dead, 15 injured in van incident authorities call an horrific attack

TORONTO — The death toll rose to at least 10 late Monday… Continue reading

Andersen leads Maple Leafs in win over Bruins to force Game 7

Maple Leafs 3 Bruins 1 (Best of seven game series tied at… Continue reading

As Osoyoos Indian Band flourishes, so too does Okanagan’s wine tourism

Indigenous practices have driven growth of South Okanagan’s wine history and agricultural influence

Anti-straw movement should consider people with disabilities, advocates say

TORONTO — Some Canadians who rely on plastic straws are calling on… Continue reading

Doctors must get better at diagnosing patients with darker skin: Dermatologists

TORONTO — About a month ago, a frustrated Emma Schmidt turned to… Continue reading

Loblaw Companies tax court trial over Barbadian banking subsidiary starts

TORONTO — A tax court trial involving Loblaw Companies Ltd. and allegations… Continue reading

As trial winds down, DA downplays Cosby travel records

NORRISTOWN, Pa. — Prosecutors highlighted gaps in Bill Cosby’s travel records on… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month