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Talos Energy Inc. (TALO) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Talos Energy Inc.

CIK: 1724965 Ticker: TALO

Exhibit 99.1

 

LOGO

TALOS ENERGY ANNOUNCES FIRST QUARTER 2021 RESULTS

Houston, Texas, May 5, 2021 – Talos Energy Inc. (“Talos” or the “Company”) (NYSE: TALO) today announced its operational and financial results for the first quarter of 2021.

Key Highlights:

 

 

Successful high-impact sub-salt Miocene deepwater exploration discovery at Puma West, located approximately 15 miles from the prolific Mad Dog field.

 

 

Successful multi-well drilling program at Green Canyon 18 concluded. Rig mobilizing to Pompano to begin multi-well campaign.

 

 

Completed two high-yield transactions that increased liquidity and materially extended the Company’s maturity profile.

 

 

Record production of 66.1 thousand barrels of oil equivalent per day (“MBoe/d”) net (68% oil, 76% liquids). This is the Company’s highest quarterly production since inception.

 

 

Net Loss of $121.5 million, inclusive of $137.5 million in commodity hedging losses, or $1.49 loss per diluted share, and Adjusted Net Loss(1) of $27.3 million, inclusive of $48.4 million of realized hedging losses, or $0.34 adjusted loss per diluted share.

 

 

Adjusted EBITDA(1) of $136.6 million, or approximately $23 per Boe. Adjusted EBITDA excluding hedges of $185.0 million, or over $31 per Boe.

 

 

Capital expenditures, inclusive of plugging and abandonment costs, of $71.2 million.

 

 

Free Cash Flow(1) of $31.3 million before changes in working capital, reflecting the quarter’s strong operational performance.

President and Chief Executive Officer Timothy S. Duncan commented: “The first quarter of 2021 was a busy period for Talos with multiple development and exploration projects underway. We achieved success across the board on those projects, ranging from in-field developments to a high-impact deepwater sub-salt discovery at Puma West. We believe this discovery builds momentum around our sub-salt Miocene portfolio in our Green Canyon and Mississippi Canyon core areas, where we are focused on accelerating significant value creation in the coming years through exploration. On the development and exploitation front, we look forward to drilling an additional well at Tornado to maximize our water flood project, as well as starting the Pompano platform rig program campaign, which should deliver high-value projects in the second half of 2021 and into 2022.”

Duncan continued: “It was also a strong quarter financially with over $31 million of free cash flow generation, despite hedge settlements, winter weather events and planned downtime at Pompano. Thematically, the results of the quarter illustrate what’s possible with our high-quality asset base, diverse project inventory and competitive cost structure, all of which allowed us to generate over $31 per Boe of Adjusted EBITDA margin before hedge settlements. With our oil-weighted asset base we expect this high margin trend to continue and we believe our balanced capital program will generate solid returns moving forward.”

RECENT DEVELOPMENTS AND OPERATIONS UPDATE

Puma West: The Puma West deepwater sub-salt discovery was drilled on Green Canyon Block 821 to a total depth of 23,530 feet. The well encountered high quality Miocene pay with similar rock and fluid properties as other significant discoveries in the prolific sub-salt Miocene basin. bp is the operator and holds a 50.0% working interest. Talos and Chevron each hold a 25.0% working interest. Talos holds over 17,000 acres in the surrounding area. Additionally, the Company also holds an inventory of sub-salt Miocene prospects throughout its Green Canyon and Mississippi Canyon core areas and is active in exploration business development activities in similar high-impact opportunities.

Platform Rig Program: Talos recently completed a year-long redevelopment campaign in the Green Canyon 18 field. The project included four new completions, which added net production of over 7.5 – 8.0 MBoe/d, significantly lowering the production cost per barrel in the asset and enhancing its margins. The drilling program also generated several future asset management opportunities that the Company plans to execute in due course. The platform rig will next move to the Company’s Pompano platform to begin a multi-well development and exploitation campaign through the remainder of 2021 and into 2022.

Zama Unitization: Talos continues to work to finalize unitization beyond the March 2021 deadline previously established by Mexico’s Ministry of Energy (“SENER”). A final unitization agreement will address operatorship, initial participating interest splits and the mechanism to re-determine participating interest splits in the future, among other key topics. Talos is continuing to finalize its field development plans in parallel and is prepared to rapidly advance the project to Final Investment Decision (“FID”) following the conclusion of unitization.

 

 

 

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


The following information was filed by Talos Energy Inc. (TALO) on Thursday, May 6, 2021 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 - 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 - 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 - 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)
Nature Of Business And Basis Of Presentation
Nature Of Business And Basis Of Presentation (Policies)
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)
Related Party Transactions
Related Party Transactions - Additional Information (Details)
Ticker: TALO
CIK: 1724965
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-21-024239
Submitted to the SEC: Wed May 05 2021 5:45:59 PM EST
Accepted by the SEC: Thu May 06 2021
Period: Wednesday, March 31, 2021
Industry: Crude Petroleum And Natural Gas

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