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Talos Energy Announces Fourth Quarter and Full Year 2024 Operational and Financial Results
TALOTalos Energy(TALO) Prnewswire·2025-02-26 21:15

Core Insights - Talos Energy Inc. reported strong operational and financial results for Q4 and full year 2024, with a focus on deepwater exploration and production [2][11][36] Financial Performance - Total revenues for Q4 2024 were 485.2million,andforthefullyear2024,revenuesreached485.2 million, and for the full year 2024, revenues reached 1.97 billion, representing a significant increase compared to the previous year [11][56] - The company reported a net loss of 64.5millionforQ42024andanetlossof64.5 million for Q4 2024 and a net loss of 76.4 million for the full year [12][56] - Adjusted EBITDA for Q4 2024 was 361.8million,whileforthefullyear,itwas361.8 million, while for the full year, it was 1.3 billion [12][56] Production and Reserves - Average production for Q4 2024 was 98.7 MBoe/d, with 70% being oil, and for the full year, production averaged 92.6 MBoe/d [14][12] - As of December 31, 2024, Talos had proved reserves of 194.2 million barrels of oil equivalent (MMBoe), with a PV-10 value of approximately 4.2billion[25][12]OperationalUpdates−TheKatmaiWest2wellwasdrilledunderbudgetandaheadofschedule,nearlydoublingtheprovedestimatedultimaterecovery(EUR)oftheKatmaiWestfieldtoapproximately50MMBoe[4][12]−TalosisfocusingontheSunspearcompletion,expectingfirstproductioninlateQ22025,withprojectedproductionof8−10MBoe/dgross[5][12]LeadershipChanges−PaulGoodfellowwilljoinTalosasPresidentandCEOeffectiveMarch1,2025,bringingover30yearsofexperienceintheoilandgasindustry[8][12]StrategicDevelopments−Talosenteredanagreementtosella30.14.2 billion [25][12] Operational Updates - The Katmai West 2 well was drilled under budget and ahead of schedule, nearly doubling the proved estimated ultimate recovery (EUR) of the Katmai West field to approximately 50 MMBoe [4][12] - Talos is focusing on the Sunspear completion, expecting first production in late Q2 2025, with projected production of 8-10 MBoe/d gross [5][12] Leadership Changes - Paul Goodfellow will join Talos as President and CEO effective March 1, 2025, bringing over 30 years of experience in the oil and gas industry [8][12] Strategic Developments - Talos entered an agreement to sell a 30.1% interest in Talos Mexico for 49.7 million, with additional contingent payments expected upon first oil production from the Zama Field [9][12] - The company plans to prioritize free cash flow generation and advance key drilling projects in its 2025 operational and financial plan [36][38]