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Mar 31, 2025
Talos Energy Q1 2025 Earnings Report
Reported operational and financial results for the first quarter 2025
Key Takeaways
Talos Energy achieved record production of approximately 101 MBoe/d in the first quarter of 2025, demonstrating strong operational performance. Despite a net loss reported under GAAP, the company reported positive Adjusted Net Income and strong Adjusted EBITDA and Adjusted Free Cash Flow. Significant cash reserves and an undrawn credit facility provide liquidity, and the company remains on track to be free cash flow positive for the full year 2025, even at lower oil prices.
Achieved record average net daily production of 100.9 MBoe/d in Q1 2025.
Reported a GAAP net loss of $9.9 million but a positive Adjusted Net Income of $10.5 million.
Generated strong Adjusted EBITDA of $363.0 million and Adjusted Free Cash Flow (before changes in working capital) of $194.5 million.
Maintained significant liquidity with $203.0 million in cash and an undrawn credit facility, resulting in approximately $960.2 million of liquidity at March 31, 2025.
Revenue by Segment
Forward Guidance
Talos Energy expects average daily production for the second quarter 2025 to be between 92.0 and 96.0 MBoe/d, with 67% oil volumes. The company reiterates its full-year 2025 guidance, anticipating average daily production of 90.0 to 95.0 MBoe/d (69% oil, 79% liquids) and maintaining its capital expenditure guidance.
Positive Outlook
- Successfully finished well completion operations on Sunspear, expected to begin production in late Q2 2025.
- Initiated completion operations on Katmai West #2, expected to begin production in late Q2 2025.
- Katmai West appraisal nearly doubled anticipated proved estimated ultimate recovery for the field.
- Anticipates drilling operations commencing on the high-impact Daenerys well in late Q2 2025.
- Increased interest in the Monument discovery, expected to begin production by late 2026.
Challenges Ahead
- Certain capital expenditures originally planned for Q1 2025 have shifted to Q2 2025.
- Average daily production guidance for Q2 2025 is slightly lower than Q1 2025 production.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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