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Mar 31, 2023
Talos Energy Q1 2023 Earnings Report
Talos Energy's financial performance was announced for the first quarter of 2023.
Key Takeaways
Talos Energy reported revenue of $322.6 million and net income of $89.9 million for the first quarter of 2023. The company authorized a $100 million share repurchase program and completed the acquisition of EnVen.
Authorized a $100.0 million share repurchase program in March 2023 and repurchased 1.9 million shares through the end of the first quarter.
Executed a 21,000-acre onshore CO2 sequestration lease near the Company’s River Bend CCS project.
Completed the acquisition of EnVen and progressed integration activities; synergy capture estimates are on track.
Submitted the Zama Unit Development Plan for formal approval.
Forward Guidance
Talos Energy now expects average daily production for the full year 2023 to be in the range of 66.0 to 71.0 MBoe/d.
Challenges Ahead
- Recent production levels from selected new wells are below expected pre-drill contributions for the year.
- Certain existing wells exhibited production rate declines earlier than planned.
- Talos expects its operated Neptune facility to require intermittent production shut-ins resulting in a full-year 2023 production impact of 1.0 – 1.5 MBoe/d.
- Delays in first production from new wells.
- Lower than expected initial production rates from the Bulleit and Mt. Hunter wells.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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