Welcome to our dedicated page for Talos Energy news (Ticker: TALO), a resource for investors and traders seeking the latest updates and insights on Talos Energy stock.
Talos Energy reports news on its offshore exploration and production business in the United States Gulf of America and offshore Mexico. Recurring updates cover quarterly operating results, production and capital guidance, reserves, oil, natural gas and NGL sales, facility performance, and development activity tied to assets such as Tarantula, Katmai, Cardona, Zama and Daenerys.
Company news also includes Gulf of America lease awards and exploration prospects, balance-sheet actions such as credit-facility amendments, share repurchases, and portfolio changes involving Talos Mexico and the Zama Field. The company’s releases connect operating performance with offshore drilling, field development, commodity-price exposure and capital allocation.
Talos Energy (NYSE: TALO) announced successful drilling results at the Katmai West #2 well in the U.S. Gulf of Mexico. The well, completed under budget and ahead of schedule, reached a depth of 27,000 feet and discovered over 400 feet of gross hydrocarbon pay. Expected production is estimated at 15-20 thousand barrels of oil equivalent per day (MBoe/d) gross.
The success of both Katmai West wells has nearly doubled the Proved EUR to approximately 50 million barrels of oil equivalent (MMBoe) gross, supporting a total resource potential of about 100 MMBoe gross. Production is scheduled to begin in late Q2 2025, utilizing the Tarantula facility, which has been upgraded to handle 35 MBoe/d capacity. Talos holds a 50% working interest as operator, with Ridgewood Energy holding the remaining 50%.
Talos Energy (NYSE: TALO) announced the immediate resignation of Joseph A. Mills from his positions as Interim President, CEO, and Board member. The company has identified a finalist candidate for the permanent CEO position, expected to join by the end of Q1 2025.
Board Chairman Neal P. Goldman expressed confidence in the search process, emphasizing the importance of finding a leader aligned with the Board's strategic vision. The company confirmed that Mills's departure is unrelated to operational or accounting matters.
Talos also reiterated its 2024 production guidance of 91,000-94,000 barrels of oil equivalent per day, as previously announced on November 11, 2024.
Talos Energy (NYSE: TALO) has announced the sale of an additional 30.1% stake in its Mexican subsidiary to Zamajal for $82.7 million, comprising $49.7 million in cash at closing and $33.0 million upon first commercial production from the Zama Field. Following the transaction, Talos Mexico will be 20% owned by Talos Energy and 80% by Zamajal, with Talos Mexico holding a 17.4% interest in the Zama Field.
The company expects to receive total contingent considerations of $82.9 million upon achieving commercial production from Zama Field. Additionally, Talos has entered into a cooperation agreement with Control Empresarial, limiting their stock acquisition to 25% through December 16, 2025. The company will also terminate its stockholder rights plan.
Talos Energy reported strong Q3 2024 results with production of 96.5 MBoe/d (70% oil, 80% liquids), at the high end of guidance. The company achieved revenue of $509.3 million and net income of $88.2 million ($0.49 per share). Key highlights include debt reduction of $100 million, bringing leverage to 0.9x, and improved 2024 production guidance of 91.0-94.0 MBoe/d. Talos commenced drilling at Katmai West #2, discovered commercial quantities at Ewing Bank 953, and acquired a 21.4% stake in Monument discovery. The company also successfully re-completed the Brutus A3 well with peak production over 30 MMcf/d.
Talos Energy (NYSE: TALO) has scheduled its third quarter 2024 earnings release for November 11, 2024, after market close. The company will host an earnings conference call on November 12, 2024, at 8:30 AM Eastern Time. The call will be accessible via webcast on the company's website or by phone. A replay will be available until November 19, 2024. Additionally, Talos representatives will attend the BofA Global Energy Conference in Houston on November 12 and the Stephens Investment Conference in Nashville on November 21.
Talos Energy Inc. (NYSE: TALO) has announced the adoption of a duration stockholder rights plan, effective immediately and set to expire on October 1, 2025. The plan was implemented in response to Control Empresarial De Capitales' accumulation of approximately 24% of Talos common stock. The Rights Plan aims to protect long-term stockholder interests and prevent future control efforts without appropriate premiums or Board consideration.
Key features of the Rights Plan include:
- One right issued for each current share of common stock
- Rights become exercisable if a person or group acquires 25% or more of common stock without Board approval
- Allows stockholders to purchase additional shares at a discount if rights are triggered
- Does not prevent fair offers or Board-approved proposals
The Board emphasizes its intent to continue working constructively with Control Empresarial while protecting all stockholders' interests.
Talos Energy (NYSE: TALO) has published its fifth annual Sustainability Report for 2023, showcasing its commitment to transparency, emissions reduction, and sustainability improvements in Gulf of Mexico operations. Key highlights include:
- Lowest Serious Injury and Fatality rate in company history
- 48% lower Total Recordable Incident Rate than industry average
- 13% reduction in absolute GHG emissions from 2022
- 56% reduction in Scope 2 emissions intensity since 2018
- Zero hydrocarbon releases over one barrel for five consecutive years
- Board declassification starting 2025
- 'A' rating in MSCI ESG assessment
Talos aims to meet global energy needs responsibly while maintaining profitability and environmental stewardship. The report aligns with SASB, GRI, UN SDG, and TCFD frameworks, reflecting Talos's commitment to sustainable offshore energy development.
Talos Energy Inc. (NYSE: TALO) has announced a new oil and gas discovery in the Gulf of Mexico and participation in an additional 2024 prospect. The Ewing Bank 953 well discovered commercial quantities with an estimated gross recoverable resource potential of 15-25 MMBoe and an initial production rate of 8-10 MBoe/d. First production is expected in mid-2026.
Separately, Talos entered an agreement to participate in the Sebastian prospect, currently drilling in Mississippi Canyon Block 387. This prospect has an estimated gross resource potential of 9-16 MMBoe with a potential initial production rate of 6-10 MBoe/d. Results are expected in late Q4 2024.
Talos Energy (NYSE: TALO) announced a significant leadership change as CEO Tim Duncan stepped down on August 29, 2024. Board member Joseph A. Mills has been appointed as interim President and CEO while the company searches for a permanent successor. Mills brings over 42 years of industry experience to the role.
The company reaffirmed its Q3 2024 production guidance of 92,000-97,000 barrels of oil equivalent per day and maintained its operational and financial guidance for the full year 2024. Talos's Board expressed confidence in Mills' ability to execute the company's strategy and deliver value to shareholders during this transition period.
Talos Energy Inc. (NYSE: TALO) has announced its participation in three upcoming investor conferences in September 2024:
- Barclays 38th Annual CEO Energy-Power Conference in New York, September 3-4
- Pareto Securities 31st Annual Energy Conference in Oslo, Norway, September 11-12
- Pickering Energy Partners Energy Conference in Austin, Texas, September 18
Tim Duncan, President and CEO, will present at the Barclays conference on September 4 at 10:20 a.m. ET and at the Pareto Securities conference on September 11 at 12:10 p.m. CEST. The Barclays presentation will be webcast, while the Pareto Securities presentation will not. Webcasted presentations can be accessed on Talos's Investor Relations website, with replays available for a time.