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Talos Energy Inc. (TALO) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Talos Energy Inc.

CIK: 1724965 Ticker: TALO

Exhibit 99.1

 

LOGO

TALOS ENERGY ANNOUNCES THIRD QUARTER 2020 FINANCIAL AND OPERATIONAL RESULTS

Houston, Texas, November 4, 2020 – Talos Energy Inc. (“Talos” or the “Company”) (NYSE: TALO) today announced its financial and operational results for the third quarter of 2020.

Key Highlights:

 

   

Production of 48.6 thousand barrels of oil equivalent per day (“MBoe/d”), of which 67% was oil and 74% was liquids. Production for the quarter was significantly impacted by deferrals associated with weather-related shut-ins, third party downtime and other miscellaneous items.

 

   

Net Loss of $52.0 million in the quarter, or $0.73 loss per diluted share, and Adjusted Net Loss(1) in the quarter of $37.4 million, or $0.52 adjusted loss per diluted share.

 

   

Adjusted EBITDA(1) of $78.6 million for the third quarter.

 

   

Capital expenditures, inclusive of plugging and abandonment costs, of $132.3 million during the quarter.

 

   

As of September 30, 2020, maintained a leverage position of 1.8x Net Debt to Credit Facility LTM Adjusted EBITDA(1).

 

   

As of September 30, 2020, $353.8 million of liquidity including $32.4 million in cash and $321.4 million of availability under the Company’s $985.0 million borrowing base.

 

   

The Company published its inaugural Environmental, Social and Governance report highlighting the Company’s initiatives and commitments across health and safety, environmental and social responsibility and corporate governance topics.

 

  (1)

Adjusted Net Loss, Adjusted Loss per Share, Adjusted EBITDA, Adjusted EBITDA Margin, Credit Facility LTM Adjusted EBITDA and Net Debt to Credit Facility LTM Adjusted EBITDA are non-GAAP financial measures. See “Supplemental Non-GAAP Information” below for additional detail and reconciliations of GAAP to non-GAAP measures.

President and Chief Executive Officer Timothy S. Duncan commented: “As we discussed in our October 7th operations update, the third quarter was particularly challenging, dominated by the busiest storm season in the last 15 years in the Gulf of Mexico. These storms did not cause significant damage to our infrastructure, but shut-in production and project delays resulted in a decrease in revenue as well as an increase in capital spending and delays in first production on active development projects. Despite those challenges, we made significant progress in our operations to exit 2020 on strong footing with a more resilient set of assets, with more scale and diversity and with a lower cost structure than how we entered the year.”

Duncan continued: “There have been several important milestones as we close out the year. We are proud to have published our first ESG report and look forward to providing annual updates going forward. The report highlights our mission to provide life-improving energy with minimal impact to the environment and climate, while also promoting a company culture that’s recognized as one of the best in Houston. On the operations front, we continue to deliver on the low end of our operating cost guidance, even with the additional hurricane-related costs, allowing us to have a highly competitive cost structure as we ramp to our full expected run-rate to exit the year. As we conclude our 2020 capital program in November and restore production to our target exit rate of 71-73 MBoe/d, we look forward to generating solid results in the fourth quarter and moving forward into 2021.”

RECENT DEVELOPMENTS AND OPERATIONS UPDATE

Drilling and Exploration Activities – U.S. Gulf of Mexico

Tornado Water Flood: Injection from the B-4 aquifer into the B-6 producing reservoir continues at an injection rate of more than 20,000 barrels of water per day. Preliminary results from the producing Tornado wells are very positive, having exhibited both an increase in total production rate and an increase in measured reservoir pressures in the B-6 reservoir. Talos holds a 65.0% working interest in the Tornado field and is the operator, with Kosmos Energy holding a 35.0% working interest.

Kaleidoscope: Following the previously announced successful drilling of the Kaleidoscope well from the Green Canyon 18 platform, Talos expects first production from the well in late November 2020. Talos holds a 100.0% working interest in the well.

Ram Powell Facility: As a result of weather conditions from Tropical Storm Beta and Hurricane Zeta in October 2020, the completion of repairs and restart of the facility is now expected in November 2020. Talos holds a 100.0% working interest in Ram Powell.

 

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


The following information was filed by Talos Energy Inc. (TALO) on Thursday, November 5, 2020 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Stockholders' Equity
Condensed 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 - 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 Revenue And Net Income Attributable To Assets Acquired (Details)
Acquisitions - Business Combination - Summary Of Supplemental Proforma Information (Details)
Acquisitions - Summary Of Purchase Price, Inclusive Of Customary Closing Adjustments (Details)
Acquisitions - Summary Of Purchase Price, Subject To Customary Post-Closing Adjustments (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Summary Of Detail Comprising Debt And Related Book Values (Details)
Debt - Summary Of Detail Comprising Debt And Related Book Values (Parenthetical) (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 - 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)
Formation And Basis Of Presentation
Formation And Basis Of Presentation (Policies)
Formation And Basis Of Presentation - Additional Information (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 - Additional Information (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)
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)
Related Party Transactions
Related Party Transactions - Additional Information (Details)
Subsequent Events

Material Contracts, Statements, Certifications & more

Talos Energy Inc. provided additional information to their SEC Filing as exhibits

Ticker: TALO
CIK: 1724965
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-050613
Submitted to the SEC: Wed Nov 04 2020 5:45:54 PM EST
Accepted by the SEC: Thu Nov 05 2020
Period: Wednesday, September 30, 2020
Industry: Crude Petroleum And Natural Gas

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