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Talos Energy Inc. (TALO) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Talos Energy Inc.

CIK: 1724965 Ticker: TALO

Exhibit 99.1

 

LOGO

TALOS ENERGY PROVIDES OPERATIONAL AND FINANCIAL UPDATE FOR THE FOURTH QUARTER AND FULL YEAR 2021

Houston, Texas, January 24, 2022 – Talos Energy Inc. (“Talos” or the “Company”) (NYSE: TALO) today provided select estimated operational and financial results for the fourth quarter and full year of 2021.

Preliminary estimated results include:

 

   

Average daily production between 67.5 and 69.0 thousand barrels of oil equivalent (“MBoe/d”) in the fourth quarter and between 64.0 and 64.5 MBoe/d in the full year 2021, representing new quarterly and annual record highs for the Company. Fourth quarter production was above the previously indicated range due to better than expected uptime and was approximately 69% oil and 77% liquids.

 

   

Realized prices before hedges of approximately $73 per barrel of oil, $33 per barrel of NGLs and $5 per Mcf of natural gas in the fourth quarter.

 

   

Realized cash hedge losses of approximately $100 million in the fourth quarter. This excludes unrealized mark-to-market hedge losses as of December 31, 2021.

 

   

Cash operating and general and administrative costs are expected to be in line with the Company’s previously issued financial guidance for the full year 2021.

 

   

Capital expenditures for the fourth quarter between $63 - $68 million putting the Company near the low end of its previously issued full year capital guidance range.

 

   

Repaid an additional $25 million of debt from the Company’s credit facility in the fourth quarter, bringing the year end facility balance to $375 million, a $90 million reduction from March 31, 2021.

Talos President and Chief Executive Officer Timothy S. Duncan commented: “It was an outstanding fourth quarter, capping a record year for Talos with strong production, attractive oil-weighted margins and robust free cash flow. The team finished the year strong and worked hard to manage the portfolio at an extremely efficient level. We look forward to providing more details on the quarter and the full year results in our earnings release. We are excited about the strength of our business as we exit 2021. Our 2022 plan will continue to focus on generating meaningful free cash flow, which will allow us to continue to deleverage the balance sheet and increase liquidity. We also will expose the business to more high impact drilling projects in 2022. Moreover, we will be expanding our budget in carbon capture and sequestration to build upon the early wins achieved in that business. This framework best positions Talos to build long term shareholder value as a differentiated conventional, offshore-focused firm. We will maintain a strong balance sheet, invest in unique catalysts, such as our Puma West discovery and carbon capture business, and continue to actively evaluate an array of transformational M&A opportunities. Fiscal year 2022 will be an exciting year for Talos and we look forward to providing more updates very soon.”

 

   
TALOS ENERGY INC.    333 Clay St., Suite 3300, Houston, TX 77002


The following information was filed by Talos Energy Inc. (TALO) on Monday, January 24, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Talos Energy Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity (Deficit)
Consolidated Statements Of Operations
Acquisitions
Acquisitions (Tables)
Acquisitions - Asset Acquisitions - Additional Information (Details)
Acquisitions - Asset Acquisitions - Summary Of Allocation Of Purchase Price To Assets Acquired And Liabilities Assumed (Details)
Acquisitions - Asset Acquisitions - Summary Of Purchase Price, Subject To Customary Post-Closing Adjustments (Details)
Acquisitions - Business Combination - Additional Information (Details)
Acquisitions - Business Combination - Summary Of Allocation Of Purchase Price To Assets Acquired And Liabilities Assumed Including The Measurement Period Adjustments (Details)
Acquisitions - Business Combination - Summary Of Allocation Of Purchase Price To Assets Acquired And Liabilities Assumed Including The Measurement Period Adjustments (Parenthetical) (Details)
Acquisitions - Business Combination - Summary Of Purchase Price, Subject To Customary Post-Closing Adjustments (Details)
Acquisitions - Business Combination - Summary Of Revenue And Net Income Attributable To Assets Acquired (Details)
Acquisitions - Business Combination - Summary Of Supplemental Proforma Information (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Summary Of Total Minimum Commitments Associated With Long-Term Non-Cancelable Operating Lease (Details)
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Schedule Of Pricing Grid For Borrowing Base Utilization Percentage (Details)
Debt - Summary Of Detail Comprising Debt And Related Book Values (Details)
Debt - Summary Of Detail Comprising Debt And Related Book Values (Parenthetical) (Details)
Debt - Summary Of Redemption Prices Of 12.% Notes (Details)
Employee Benefits Plans And Share-Based Compensation
Employee Benefits Plans And Share-Based Compensation (Tables)
Employee Benefits Plans And Share-Based Compensation - Additional Information (Details)
Employee Benefits Plans And Share-Based Compensation - Schedule Of Recognized Share Based Compensation Expense, Net (Details)
Employee Benefits Plans And Share-Based Compensation - Schedule Of Restricted Stock And Performance Share Units Activity (Details)
Employee Benefits Plans And Share-Based Compensation - Schedule Of Restricted Stock And Performance Share Units Activity (Parenthetical) (Details)
Employee Benefits Plans And Share-Based Compensation - Summary Of Assumptions Used To Calculate The Grant Date Fair Value (Details)
Financial Instruments
Financial Instruments (Tables)
Financial Instruments - Additional Information (Details)
Financial Instruments - Schedule Of Carrying Amounts And Estimated Fair Values Of Financial Instruments (Details)
Financial Instruments - Schedule Of Carrying Amounts And Estimated Fair Values Of Financial Instruments (Parenthetical) (Details)
Financial Instruments - Schedule Of Contracted Volumes And Weighted Average Prices And Will Receive Under The Terms Of Derivative Contracts (Details)
Financial Instruments - Schedule Of Fair Value Of Derivative Financial Instruments (Details)
Financial Instruments - Schedule Of Impact That Derivatives Not Qualifying As Hedging Instruments In Condensed Consolidated Statements Of Operations (Details)
Financial Instruments - Summary Of Additional Information Related To Financial Instruments Measured At Fair Value On Recurring Basis (Details)
Income (Loss) Per Share
Income (Loss) Per Share (Tables)
Income (Loss) Per Share - Summary Of Computation Of Basic And Diluted Income (Loss) Per Share (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Components Of Income Tax Expense (Benefit) (Details)
Income Taxes - Summary Of Balances In Uncertain Tax Positions (Details)
Income Taxes - Summary Of Net Operating Loss Carryovers (Details)
Income Taxes - Summary Of Reconciliation Of Income Taxes Computed U.S.Federal Statutory Tax Rate To Income Tax Expense (Benefit) (Details)
Income Taxes - Summary Of Significant Components Of Deferred Tax Assets And Liabilities (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Costs (Details)
Leases - Schedule Of Lease Maturity (Details)
Leases - Schedule Of Right-Of-Use Asset And Liability, Adjusted For Initial Direct Costs And Incentives (Details)
Leases - Schedule Of Weighted Average Remaining Lease Term And Discount Rate (Details)
Leases - Supplemental Cash Flow Information Related To Leases (Details)
Organization, Nature Of Business And Basis Of Presentation
Organization, Nature Of Business And Basis Of Presentation - Additional Information (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Additional Information (Details)
Property, Plant And Equipment - Schedule Of Asset Retirement Obligations (Details)
Property, Plant And Equipment - Schedule Of Asset Retirement Obligations (Parenthetical) (Details)
Property, Plant And Equipment - Summary Of Oil And Natural Gas Property Costs Not Being Amortized (Details)
Related Party Transactions
Related Party Transactions - Additional Information (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Schedule Of Percent Of Consolidated Revenue Of Major Customers, Those Whose Total Represented 10% Or More Of Oil, Natural Gas And Ngl Revenues (Details)
Summary Of Significant Accounting Policies - Schedule Of Percent Of Consolidated Revenue Of Major Customers, Those Whose Total Represented 10% Or More Of Oil, Natural Gas And Ngl Revenues (Parenthetical) (Details)
Supplemental Oil And Gas Disclosures (Unaudited)
Supplemental Oil And Gas Disclosures (Unaudited) (Tables)
Supplemental Oil And Gas Disclosures (Unaudited) - Schedule Of Base Prices Used In Determining Standardized Measure (Details)
Supplemental Oil And Gas Disclosures (Unaudited) - Schedule Of Principal Changes In Standardized Measure Of Discounted Future Net Cash Flows (Details)
Supplemental Oil And Gas Disclosures (Unaudited) - Schedule Of Standardized Measure Of Discounted Future Net Cash Flows Related To Interest In Proved Oil, Natural Gas And Ngl Reserves (Details)
Supplemental Oil And Gas Disclosures - Additional Information (Details)
Supplemental Oil And Gas Disclosures - Schedule Of Capitalized Costs Related To Oil, Natural Gas And Ngl Activities And Related Accumulated Depletion And Amortization (Details)
Supplemental Oil And Gas Disclosures - Schedule Of Capitalized Costs Related To Oil, Natural Gas And Ngl Activities And Related Accumulated Depletion And Amortization (Parenthetical) (Details)
Supplemental Oil And Gas Disclosures - Schedule Of Costs Incurred In Oil, Natural Gas And Ngl Property Acquisition, Exploration And Development Activities (Details)
Supplemental Oil And Gas Disclosures - Schedule Of Costs Incurred In Oil, Natural Gas And Ngl Property Acquisition, Exploration And Development Activities (Parenthetical) (Details)
Supplemental Oil And Gas Disclosures - Schedule Of Estimated Proved Reserves At Net Ownership Interest (Details)
Supplemental Oil And Gas Disclosures - Schedule Of Estimated Proved Reserves At Net Ownership Interest (Parenthetical) (Details)
Ticker: TALO
CIK: 1724965
Form Type: 10-K Annual Report
Accession Number: 0000950170-22-002013
Submitted to the SEC: Thu Feb 24 2022 6:24:29 PM EST
Accepted by the SEC: Fri Feb 25 2022
Period: Friday, December 31, 2021
Industry: Crude Petroleum And Natural Gas

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