Talos Energy Stock Price, News & Analysis

Talos Energy Inc. (NYSE: TALO) announced an upsized offering of $500 million in new 12.00% Second-Priority Senior Secured Notes due 2026. The proceeds will be used to redeem all outstanding 11.00% Second-Priority Senior Secured Notes due 2022 and cover associated costs. The offering is expected to close by January 4, 2021. The new notes will only be offered to qualified institutional buyers under Regulation S of the Securities Act and will not be registered. The press release also contains cautionary statements regarding forward-looking information.

Talos Energy (NYSE: TALO) announced a $400 million offering of Second-Priority Senior Secured Notes due 2026. Proceeds will be used to redeem outstanding 11.00% Notes due 2022 and cover related expenses. The new notes will be guaranteed by Talos Energy and its subsidiaries, secured by the same collateral as existing first-priority obligations. The offering is aimed at qualified institutional buyers and not registered under the Securities Act, limiting U.S. sales. This issuance is strategic for improving debt structure and financial management.

Talos Energy (NYSE: TALO) announced the pricing of its public offering of 8,250,000 shares of common stock, expecting gross proceeds of $73,425,000 before fees. An option to purchase an additional 1,237,500 shares has been granted to the underwriter. The net proceeds will be used for general financing and to repay part of outstanding borrowings under its reserves-based lending facility. The offering is scheduled to close on December 11, 2020.

Talos Energy announced an underwritten public offering of 8,250,000 shares of common stock, with an option for underwriters to purchase an additional 1,237,500 shares. The net proceeds will support the company's financing strategy, including repaying part of its outstanding borrowings and general corporate purposes. BMO Capital Markets is the sole underwriter, and the offering is filed under a shelf registration statement with the SEC. This event is positioned to enhance the company's financial flexibility in its operational endeavors.

Talos Energy has reaffirmed its borrowing base at $985 million after a semi-annual review. As of November 30, 2020, the company reported over $300 million in liquidity. The updated reserves as of September 30, 2020, show a total of 177.6 MMBoe, predominantly oil (68%), with a PV-10 value of approximately $2.4 billion. However, operational disruptions caused by three hurricanes in the Gulf of Mexico are expected to impact production, with updated guidance suggesting average daily production of 59.5 to 60.5 MBoe/d for December.

Talos Energy Inc. (NYSE: TALO) announced it is the apparent high bidder for two deepwater blocks in the Outer Continental Shelf Federal Lease Sale 256, held on November 18, 2020. The company secured Viosca Knoll 1000 with a sole bid and collaborated with bp on a joint bid for Green Canyon 866, totaling 11,520 acres at an average cost of under $300 per acre. CEO Timothy S. Duncan expressed optimism about the added exploration opportunities and project economics. The upcoming Lease Sale 257, scheduled for March 17, 2021, will offer over 78 million acres for further exploration.

Talos Energy (NYSE: TALO) reported a third-quarter net loss of $52 million, equivalent to a loss of $0.73 per diluted share, due to severe weather disruptions. Production averaged 48.6 MBoe/d, with oil comprising 67%. Adjusted EBITDA stood at $78.6 million. Capital expenditures reached $132.3 million, while liquidity as of September 30 was $353.8 million. The company published its first ESG report, focusing on sustainability efforts. Despite challenges, Talos aims to restore production to 71-73 MBoe/d by year-end.

Talos Energy (NYSE: TALO) reported operational updates and financial guidance amid challenges from COVID-19 and severe weather. The successful drilling of the Kaleidoscope well yielded 325 feet of net pay, with first production expected in November 2020. The company also initiated a water flood project in the Tornado field. Despite weather-related production shut-ins, Talos managed cost reductions and plans to restart production at Ram Powell in October. The revised production estimates for Q3 and Q4 2020 reflect impacts from shut-ins, with average daily production guidance of 63.0-68.0 MBoe/d for Q4.