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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost $1.49 to $88.85 on the New York Merc, while Brent for November lost 68 cents to $92.11 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13 to WTI ($75.86), down from a discount of $12.95. Natural gas for November added 5.9 cents to $3.95. The TSX energy index lost 5.31 points to close at 275.28.

Talisman Energy Inc. (TLM) lost 23 cents to $8.81, its lowest level since November, 2008, on 7.43 million shares. Today marks one year since activist investor Carl Icahn first disclosed an interest in the company and said he would push for board changes and strategic alternatives. He owns 76 million of Talisman's 1.03 billion shares, for which he paid $894.5-million (U.S.). Today they are worth $670-million. Talisman's stock has lost more than $4 over the past year, as hopes dimmed that Mr. Icahn would be able to repeat his success at companies such as Chesapeake Energy. He accomplished one of his goals in December by adding two representatives to Talisman's board. In terms of strategic alternatives, however, Talisman has had little luck. Spain's Repsol nosed around this summer, but ultimately decided against a takeover because it could not find buyers for the assets it does not want. It is reportedly still interested in the company's shale assets in the Texas Eagle Ford and the Alberta Duvernay. Back in July, Talisman's management said it plans to make decisions on its Duvernay assets, as well its pipeline and facility assets in the Marcellus play in Pennsylvania, before the end of September. Sales would help the company lower its debt and give it some breathing room to try to fix or exit its problem-plagued assets in the North Sea. These are difficult to sell because they carry hefty commitments to joint venturer Sinopec. They also suffer from reliability problems and rising costs, like many fields in the North Sea. Oil and Gas U.K., the main organization for the industry, released a report last week showing that unit operating costs are now about 60 per cent higher than they were as recently as 2011. The 104-page report highlighted the need for "relevant, radical and robust" changes in taxes, field allowances and fiscal support for exploration. The U.K. government is working on a fiscal review and should have results in December. By then, Talisman's chief executive officer, Hal Kvisle, will be gone or on his way out; he has previously stated that he will step down before the end of the year. One of Mr. Icahn's board representatives is on the committee searching for a replacement.

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