Production and Revenue - Talos achieved production of 79.6 MBoe/d in Q1 2024, with 71% being oil and 80% liquids, at the high end of its guidance range[6] - Revenue for Q1 2024 was $429.9 million, driven by realized prices of $76.01 per barrel for oil and $2.74 per thousand cubic feet for natural gas[6] - Total revenues for Q1 2024 reached $429.9 million, a 33.2% increase from $322.6 million in Q1 2023[46] - Operating income for Q1 2024 was $67.8 million, significantly up from $7.9 million in Q1 2023[46] - Cash flows from operating activities generated $96.4 million in Q1 2024, compared to $62.9 million in Q1 2023[48] Financial Performance - The company reported a net loss of $112.4 million, or $0.71 per diluted share, with an adjusted net loss of $20.9 million, or $0.13 per diluted share, excluding CCS investments[6] - Net loss for Q1 2024 was $112.4 million, compared to a net income of $89.9 million in Q1 2023, resulting in a basic and diluted loss per share of $0.71[46] - Adjusted Net Income excluding CCS for the quarter was $(20,942) thousand, translating to an Adjusted Earnings per Share of $(0.13)[72] - Adjusted EBITDA for the three months ended March 31, 2024, is $257,676, showing a positive trend in earnings[78] - Adjusted EBITDA excluding hedges reached $261,170 thousand, up from $248,098 thousand in the previous quarter[56] Debt and Capital Expenditures - Talos increased its total debt reduction target for 2024 from $400 million to approximately $550 million[5] - Talos's leverage ratio improved to 1.0x by repaying over $225 million in borrowings, ahead of schedule[6] - Long-term debt rose to $1.5 billion as of March 31, 2024, compared to $992.6 million at the end of 2023[44] - Upstream capital expenditures for Q1 2024 totaled $112.4 million, with significant investments in drilling and completions[22] - Upstream capital expenditures are forecasted to be between $570 million and $600 million, excluding acquisitions[31] Acquisitions and Strategic Initiatives - Talos closed the acquisition of QuarterNorth, enhancing its portfolio and is on track to realize expected synergies by year-end 2024[7] - The company is integrating the QuarterNorth acquisition, which is expected to enhance its operational capabilities and market position[37] - The sale of Talos Low Carbon Solutions to TotalEnergies for approximately $148 million resulted in a 2.0x multiple on invested capital[8] - The company incurred transaction expenses of $28.1 million related to the QuarterNorth acquisition, including $14.2 million in severance expenses[67] Production Estimates and Future Outlook - The company expects average daily production for Q2 2024 to be between 93.0 - 96.0 MBoe/d, including the impact of planned downtime[29] - Total production for FY 2024 is estimated to be between 32.6 MMBoe and 34.8 MMBoe, with average daily production ranging from 89.0 MBoe/d to 95.0 MBoe/d[31] - Future production estimates are based on assumptions regarding capital expenditure levels and market demand for oil and gas[38] Risk Factors - The company acknowledges risks related to commodity price volatility, geopolitical events, and operational disruptions that may impact future production and financial performance[37] Asset Management - The company reported a significant increase in proved properties, totaling $9.3 billion as of March 31, 2024, compared to $7.9 billion at the end of 2023[44] - Total current assets increased to $540.9 million as of March 31, 2024, up from $422.2 million at the end of 2023[44] - Cash, cash equivalents, and restricted cash decreased to $124.4 million at the end of Q1 2024, down from $135.9 million at the beginning of the period[48] Cash Flow and Operating Metrics - Adjusted Free Cash Flow excluding CCS (before changes in working capital) was $77,730 thousand for the three months ended March 31, 2024[65] - The net cash provided by operating activities was $96,426 thousand, with an increase in operating assets and liabilities of $76,085 thousand[65] - The production volume for the quarter was 7,248 Boe, with an Adjusted EBITDA excluding CCS per Boe of $36.91[59] Financial Ratios and Metrics - Total Debt amounts to $1,575,000, with Net Debt calculated at $1,553,999 after accounting for cash and cash equivalents of $21,001[78] - The ratio of Net Debt to LTM Adjusted EBITDA stands at 1.0x, indicating a stable leverage position[78] - LTM Adjusted EBITDA is reported at $1,005,331, reflecting the company's earnings performance over the last twelve months[78] - Pro Forma LTM Adjusted EBITDA is reported at $1,491,018, providing a comprehensive view of the company's earnings potential[78]

Talos Energy (TALO) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 6. On t ...

HOUSTON, March 18, 2024 /PRNewswire/ -- Talos Energy Inc. ("Talos") (NYSE: TALO) today announced that it has entered into an agreement for the sale of its wholly owned subsidiary, Talos Low Carbon Solutions LLC ("TLCS"), to TotalEnergies E&P USA, Inc. ("TotalEnergies") for a purchase price of $125 million plus customary reimbursements, adjustments and retention of cash, combined totaling approximately $148 million. The transaction was based on an effective date of January 1, 2024 and will close later today. ...

Talos Energy Inc.(TALO) has updated its operational and financial guidance for 2024, taking into account QuarterNorth Energy Inc.’s acquisition, which was closed earlier than expected. Based on the prior guidance, it was expected that the acquisition would close by the end of the first quarter of 2024.For full-year 2024, Talos projects the average daily production to be in the range of 89-95 thousand barrels of oil equivalent per day (Mboe/d), indicating an increase from the previous guidance of 87-93 MBoe/ ...

HOUSTON, March 11, 2024 /PRNewswire/ -- Talos Energy Inc. ("Talos" or the "Company") (NYSE: TALO) today provided updated 2024 operational and financial guidance to reflect the closing of the QuarterNorth Energy Inc. ("QuarterNorth") acquisition earlier than expected. Prior guidance was based on an end-of-first-quarter 2024 close. For the full year 2024, Talos expects average daily production between 89.0 and 95.0 thousand barrels of oil equivalent per day ("MBoe/d"), an increase from the previous guidance o ...

HOUSTON, March 4, 2024 /PRNewswire/ -- Talos Energy Inc. ("Talos" or the "Company") (NYSE: TALO) today announced the completion of the acquisition of QuarterNorth Energy Inc. ("QuarterNorth"). After completing the acquisition, Talos has approximately 183.0 million shares of common stock outstanding, including approximately 24.4 million shares issued to the QuarterNorth shareholders as consideration for the transaction. Additionally, Talos has appointed QuarterNorth's designee, Joseph A. Mills, to the Talos ...

TALOS Cautionary Statements presentation.. In addition, we use the terms such as "estimated resource" in this presentation, which are not measures of "reserves" prepared in accordance with SEC guidelines or permitted to be included in SEC filings. These types of estimates do not represent, and are not intended to represent, any category of reserves based on SEC definitions, are by their nature more speculative than estimates of proved, probable and possible reserves and do not constitute "reserves" within t ...

Financial Data and Key Metrics Changes - In Q4 2023, the company produced 67.7 thousand barrels of oil equivalent per day, with 76% being oil and 83% liquids, leading to total corporate adjusted EBITDA of $249 million [73] - The company expects production in 2024 to be between 87,000 and 93,000 barrels of oil equivalent per day, representing a 35% to 40% year-over-year increase, while capital expenditures are projected to decrease compared to 2023 [10][103] - The company aims to pay down approximately $400 million in debt throughout 2024, ending the year with a leverage debt of 1x [56][103] Business Line Data and Key Metrics Changes - The QuarterNorth transaction is expected to contribute approximately 30,000 barrels equivalent per day in 2024, with 75% being oil-weighted and over 95% operated [74] - The company anticipates a reduction in P&A and decommissioning costs to $90 million to $100 million in 2024, down from 2023 levels [11] Market Data and Key Metrics Changes - The company is now the fifth largest operator in the Gulf of Mexico and the fourth largest by acreage, with a proved reserve value of over $5 billion [6] - The company noted a slowdown in lease sales but remains active in business development to maximize the value of its acreage [20][88] Company Strategy and Development Direction - The company is focused on generating significant free cash flow and prioritizing capital allocation around free cash flow generation in the upstream business for 2024 [4][105] - The company is pursuing accretive M&A opportunities and has a robust asset management program to enhance its inventory [4][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational pace and the potential for increased production from new projects in 2024 and beyond [50] - The company is committed to maintaining a clean capital structure with long-dated maturities and attractive borrowing costs [78] Other Important Information - The company successfully restructured three drilling joint ventures in Q4 2023, enhancing its operational flexibility [3] - The company is exploring strategic alternatives for its TLCS business, emphasizing the importance of capital allocation decisions [4][107] Q&A Session Summary Question: What are the company's thoughts on share repurchases? - Management indicated that the priority is to stabilize the balance sheet post-acquisition before considering share repurchases [25] Question: Can you provide an update on the Zama project timeline? - Management acknowledged delays in the Zama project but stated that these delays are for the project's benefit [46] Question: How does the company view the investment environment in the Gulf of Mexico? - Management noted that while lease sales have slowed, there is still capital interested in the Gulf of Mexico, and the company is focused on maximizing its inventory [20][41]

Talos Energy (TALO) reported $384.96 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 12.5%. EPS of -$0.01 for the same period compares to $0.20 a year ago.The reported revenue represents a surprise of -0.50% over the Zacks Consensus Estimate of $386.9 million. With the consensus EPS estimate being $0.37, the EPS surprise was -102.70%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to d ...

Talos Energy (TALO) came out with a quarterly loss of $0.01 per share versus the Zacks Consensus Estimate of $0.37. This compares to earnings of $0.20 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -102.70%. A quarter ago, it was expected that this independent oil and gas company would post earnings of $0.18 per share when it actually produced earnings of $0.15, delivering a surprise of -16.67%.Over the last four quarters, th ...