$TALO

TALOS ENERGY INC.

CIK:0001724965|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 664,813	$ 424,721	$ 1,137,123	$ 937,780
Operating expenses:
Lease operating expense	155,683	136,971	284,718	264,776
Production taxes	103	130	146	244
Depreciation, depletion and amortization	229,369	269,706	459,753	550,422
Impairment of oil and natural gas properties	0	223,881	145,018	223,881
Accretion expense	35,908	32,046	70,847	62,940
General and administrative expense	44,626	39,430	85,596	74,045
Other operating (income) expense	902	(3,851)	12,249	(8,387)
Total operating expenses	466,591	698,313	1,058,327	1,167,921
Operating income (expense)	198,222	(273,592)	78,796	(230,141)
Interest expense	(39,162)	(40,811)	(78,340)	(81,738)
Price risk management activities income (expense)	30,549	86,855	(142,998)	71,002
Equity method investment income (expense)	(113)	(186)	6,557	(676)
Other income (expense)	5,230	5,371	9,415	9,231
Net income (loss) before income taxes	194,726	(222,363)	(126,570)	(232,322)
Income tax benefit (expense)	(44,837)	36,426	20,455	36,517
Net income (loss)	149,889	(185,937)	(106,115)	(195,805)
Net income (loss) attributable to noncontrolling interest	222	0	383	0
Net income (loss) attributable to Talos Energy Inc.	$ 149,667	$ (185,937)	$ (106,498)	$ (195,805)
Net income (loss) per share attributable to common stockholders:
Basic	$ 0.9	$ (1.05)	$ (0.64)	$ (1.1)
Diluted	$ 0.88	$ (1.05)	$ (0.64)	$ (1.1)
Weighted average common shares outstanding:
Basic	166,980	177,404	167,677	178,791
Diluted	170,085	177,404	167,677	178,791
Oil
Revenues:
Revenues	$ 620,768	$ 373,195	$ 1,028,766	$ 813,918
Natural Gas
Revenues:
Revenues	31,040	39,415	83,943	92,150
NGL
Revenues:
Revenues	$ 13,005	$ 12,111	$ 24,414	$ 31,712

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ (106,115)	$ (195,805)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, depletion, amortization and accretion expense	530,600	613,362
Impairment of oil and natural gas properties	145,018	223,881
Amortization of deferred financing costs and original issue discount	3,862	3,695
Equity-based compensation expense	11,745	8,544
Price risk management activities (income) expense	142,998	(71,002)
Net cash received (paid) on settled derivative instruments	(96,616)	38,482
Equity method investment (income) expense	(6,557)	676
Settlement of asset retirement obligations	(40,571)	(38,249)
Loss (gain) on sale of assets	1,564	(16)
Changes in operating assets and liabilities:
Accounts receivable	(11,096)	63,863
Other current assets	(57,931)	24,361
Accounts payable	333	(2,451)
Other current liabilities	3,631	(9,244)
Other non-current assets and liabilities, net	(46,228)	(40,219)
Net cash provided by (used in) operating activities	474,637	619,878
Cash flows from investing activities:
Exploration, development and other capital expenditures	(254,037)	(276,149)
Payments for acquisitions, net of cash acquired	(3,125)	(14,845)
Proceeds from (cash paid for) sale of property and equipment, net	15,027	687
Contributions to equity method investees	0	(1,996)
Proceeds from sale of equity method investments	49,665
Net cash provided by (used in) investing activities	(192,470)	(292,303)
Cash flows from financing activities:
Deferred financing costs	(7,349)	0
Other deferred payments	(4,548)	(10,172)
Payments of finance lease	(10,528)	(9,616)
Purchase of treasury stock	(38,203)	(54,736)
Employee stock awards tax withholdings	(5,945)	(2,399)
Net cash provided by (used in) financing activities	(66,573)	(76,923)
Net increase (decrease) in cash, cash equivalents and restricted cash	215,594	250,652
Cash, cash equivalents and restricted cash:
Balance, beginning of period	438,990	214,432
Balance, end of period	654,584	465,084
Supplemental non-cash transactions:
Capital expenditures included in accounts payable and accrued liabilities	59,974	48,926
Supplemental cash flow information:
Interest paid, net of amounts capitalized	$ 57,618	$ 59,769

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 577,587	$ 362,809
Accounts receivable, net	330,349	323,058
Assets from price risk management activities	28,834	54,420
Prepaid assets	141,832	83,080
Other current assets	17,118	17,939
Total current assets	1,095,720	841,306
Property and equipment:
Proved properties	10,912,984	10,621,012
Unproved properties, not subject to amortization	447,034	480,555
Other property and equipment	22,878	22,643
Total property and equipment	11,382,896	11,124,210
Accumulated depreciation, depletion and amortization	(7,291,346)	(6,686,575)
Total property and equipment, net	4,091,550	4,437,635
Other long-term assets:
Restricted cash	76,997	76,181
Equity method investments	44,661	112,382
Other well equipment	61,517	49,307
Notes receivable, net	20,653	19,636
Operating lease assets	8,345	9,214
Other assets	33,836	6,396
Total assets	5,433,279	5,552,057
Current liabilities:
Accounts payable	87,837	92,979
Accrued liabilities	225,214	290,223
Accrued royalties	99,237	59,768
Current portion of asset retirement obligations	153,225	112,489
Liabilities from price risk management activities	27,504	6,708
Accrued interest payable	49,181	48,972
Current portion of operating lease liabilities	3,872	3,657
Other current liabilities	33,427	29,925
Total current liabilities	679,497	644,721
Long-term liabilities:
Long-term debt	1,228,764	1,226,189
Asset retirement obligations	1,240,920	1,219,639
Operating lease liabilities	10,051	11,956
Other long-term liabilities	240,891	281,429
Total liabilities	3,400,123	3,383,934
Commitments and contingencies (Note 13)
Talos Energy Inc. stockholders' equity:
Preferred stock; $0.01 par value; 30,000,000 shares authorized and zero shares issued or outstanding as of June 30, 2026 and December 31, 2025, respectively	0	0
Common stock; $0.01 par value; 270,000,000 shares authorized; 189,641,450 and 188,530,052 shares issued as of June 30, 2026 and December 31, 2025, respectively	1,896	1,885
Additional paid-in capital	3,305,983	3,296,643
Accumulated deficit	(1,024,898)	(918,400)
Treasury stock, at cost; 22,676,655 and 20,015,369 shares as of June 30, 2026 and December 31, 2025, respectively	(250,347)	(212,144)
Total Talos Energy Inc. stockholders' equity	2,032,634	2,167,984
Noncontrolling interest	522	139
Total equity	2,033,156	2,168,123
Total liabilities and equity	$ 5,433,279	$ 5,552,057