A replay of the call will be available one hour after the conclusion of the conference through March 19, 2020 and can be accessed by dialing 1-877-344-7529 and using access code 10139354. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. Bulleit (50% working interest – operated): completion and tieback to the GC18 platform, with first production expected in the third quarter of 2020. Below is a further breakdown of the types of projects Talos will invest in 2020, as a percentage of US D&C. In particular, reconciliation of projected free cash flow to net cash provided by operating activities is not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures such as the measures and effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price and other non-recurring or unusual items such as impairment charges, transaction-related costs and gains or losses on sales of assets. The Mt. As one of the US Gulf's largest public independent producers, we leverage decades of geology, geophysics and offshore operations expertise towards the acquisition, exploration, exploitation and development of assets in key geological trends that are present in many offshore basins around the world. Talos expects that the biggest impact will be in the second quarter of 2020, with an approximate production deferral of 3.0 – 3.5 MBoe/d in the quarter, but all four quarters of the year will be impacted by some level of downtime. The Talos-operated Phoenix complex, which consists of the Typhoon, Boris and Tornado assets, recently reached a production milestone of 40.0 thousand barrels of oil per day gross in early May following the drilling, completion, and connection of two recent subsea wells, Tornado 3 and Boris 3. The Pompano Field’s three current subsea systems are tied back to a fixed leg platform with a total of 23 active wells. Our estimates are based on certain other assumptions, such as well performance, which may vary significantly from those assumed. Reserve engineering is a process of estimating underground accumulations of oil, natural gas and NGLs that cannot be measured in an exact way. Providence is 93%, assuming a $60 per barrel of oil flat, The Pompano field began production in 1994 and has produced over 190 million barrels of oil equivalent ("MMBoe") of gross production to date. A replay of the webcast will also be available on the Company's website following the event. Sergio Maiworm+1.713.328.3008investor@talosenergy.com, CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS. Providence and the Pompano Field. The combined Talos team completed the well and hooked it up to the 100% Talos owned Pompano platform in the Company’s Mississippi Canyon complex within six … • GC18 Facility: connect the Talos operated Bulleit well, in which the Company owns a 50% working interest. The well is being drilled from the Talos-operated East Cameron 345 platform, and, if successful, will generate near-term production growth. Puma West (25% working interest – non-operated): plans are being developed to return to the prospect later this year with a slightly modified casing design to continue drilling the well through the main objectives in the Middle and Lower Miocene to a total true vertical depth of approximately 25,200 feet below the seabed. Providence well was drilled in January 2018 by Stone Energy after entering into, but before closing, the combination with … Current gross production of 3,850 barrels of oil equivalent per day ("Boe/d"), which is near the top of the previously announced guidance range of 2,000 to 4,000 Boe/d. The U.S. Drilling & Completions ("US D&C") category accounts for the majority of the planned capital expenditures in 2020. Talos is a technically driven independent exploration and production company with operations in the United States Gulf of Mexico and in the shallow waters off the coast of Mexico. Using active subsea infrastructure and flowing back to our owned deepwater facility also helped generate attractive economics with very little incremental operating costs. The total full year production impact of the planned downtime is approximately 1. Stone Energy’s Interim Chief Executive Officer and President James M. Trimble said the acquisition of the Ram Powell field would support the strategies associated with the previously announced combination with Talos Energy. 2020 Henry Hub swaps of approximately 5.9 million MMBtu of gas at a weighted average price of $2.78 per MMBtu. You must click the activation link in order to complete your subscription. Gunflint #5 (9.6% working interest – non-operated): this drilling location was recently identified, and will provide upside to the economics of Talos's January 2019 acquisition of Gunflint. The most promising asset Talos will inherit from Stone is the Pompano platform, acquired from BP for $200 million along with several prospects ripe for new drilling. The combined Talos team completed the well and hooked it up to the 100% Talos owned Pompano platform in the Company's Mississippi Canyon complex within six months of concluding drilling operations. Fourth quarter 2017 volumes were affected by five days of downtime from Hurricane Nate and a ten day planned shut-in of the Pompano platform in November to replace a compressor engine. Projected free cash flow is a non-GAAP financial measure defined by the Company as net cash provided by operating activities less capital expenditures, principal payments of the capital lease and changes in operating assets and liabilities. Lastly, Talos is participating in additional geological and geophysical studies related to the Company's 2019 Xaxamani oil discovery on Block 31. Shut-ins associated with these projects included in the 2020 production guidance include: The total full year production impact of the planned downtime is approximately 1.5 – 2.0 MBoe/d and is already accounted for in the production guidance. This communication may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. Institutional investors and analysts interested in attending the event should contact Rose & Company at 1-212-517-0810 or by email at talos@roseandco.com. Providence well. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the ‘unsubscribe’ section below. HOUSTON, July 19, 2018 /PRNewswire/ -- Talos Energy Inc. ('Talos' or the 'Company') (NYSE: TALO) today announced that the Mt. Providence well. Uncover why Talos Energy is the best company for you. The Company expects to continue to maintain its low leverage metrics. As a result of success across multiple targets, Talos has elected a dual completion to allow for simultaneous production of … Talos owns 100% of the Mt. The Xaxamani-2 well logged 148 feet of gross pay in two shallow oil sands, while the Tolteca-1 well logged about 123 feet of gross pay. ", Duncan added, "As we approach the closing of our Transaction, expected at the end of February, we believe we are opportunity rich when combining the pro-forma inventory; however, we will continue to maintain the appropriate level of capital discipline, cost control and balance sheet conservatism throughout the year. Talos Energy Announces Full Year 2020 Operating And Financial Guidance, http://www.prnewswire.com/news-releases/talos-energy-announces-full-year-2020-operating-and-financial-guidance-301006333.html. Find out what works well at Talos Energy from the people who know best. Providence is one of several drilling locations being developed through our team's efforts utilizing sophisticated reservoir modeling and recent vintage wide azimuth 3D seismic that has undergone proprietary reprocessing, Production from Pompano, including the Mt. Ram Powell. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. ", About Mt. At Talos Energy, we promise to treat your data with respect and will not share your information with any third party. The Company defines free cash flow after debt service as net cash from operations less capital expenditures, dividends and cash interest paid. 2020 capital expenditures expected to be between $520.0 million and $545.0 million, inclusive of plugging and abandonment, which is expected to be fully funded within cash flow from operations. With a six month turnaround from completing drilling operations to first production, the team executed this project well ahead of schedule. About: Talos Energy Inc. (TALO) View as PDF UNITED STATES SECURITIES AND EXCHANGE COMMISSION ... is located nine miles from the Pompano platform and is estimated to … The production, transportation and marketing of oil and gas are subject to disruption due to transportation and processing availability, mechanical failure, human error, hurricanes and numerous other factors. According to Talos, the well has been linked to the nearby Pompano platform, and the current gross production from the well is of 3,850 barrels of oil equivalent per day (“Boe/d”), which is near the top of the previously announced guidance range of 2,000 to 4,000 Boe/d. View original content with multimedia:http://www.prnewswire.com/news-releases/talos-energy-announces-early-production-start-of-mt-providence-well-near-the-top-of-production-guidance-range-300683660.html. You can sign up for additional alert options at any time. Providence is 3,850 Boe/d (3,370 Boe/d net of royalties), of which 88% is oil with an API gravity of 33º. The Mt. Pompano Facility: connect the third-party Praline subsea development. By providing your email address below, you are providing consent to Talos Energy to send you the requested Investor Email Alert updates. Talos Energy (NYSE: TALO) is a technically driven independent exploration and production company focused on safely and efficiently maximizing cash-flows and long-term value through our operations, currently in the United States Gulf of Mexico and offshore Mexico. This communication contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Pro forma reserves estimated and compiled by Talos reservoir engineers. Free cash flow after debt service is a supplemental non-GAAP financial measure used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. Providence is a subsea well drilled in the Mississippi Canyon Block 028 (MC 028) at a water depth of approximately 1,850 ft. 5 – 2.0 MBoe/d and is already accounted Continued focus on cost control on all aspects of the business, with cash general and administrative ("G&A") expenses expected to be below $3.00 per Boe. Claiborne #3 (25% working interest – non-operated): this well was spud in January of 2020 and first production is expected at the end of the second quarter of 2020. Offshore Mexico: includes the front-end engineering and design ("FEED") work related to the Talos-operated Zama discovery on Block 7. • Pompano Facility: connect the third- party Praline subsea development. Our 2020 capital program will be self-funded well below the current $50.00/bbl WTI commodity price environment, and assures that we can maintain, and even improve, our peer leading leverage metrics. The GC18 field, originally developed by ExxonMobil, has cumulatively produced over 100.0 MMBoe since being brought online. Providence is … Talos will release fourth quarter and full-year 2019 results for the period ended December 31, 2019 on Wednesday, March 11, 2020 after the U.S. financial market closes. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. Our activities in offshore Mexico provide high impact exploration opportunities in an oil rich emerging basin. All statements, other than statements of historical fact included in this communication, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. This project is part of the Transaction that Talos expects to close on February 28, 2020; therefore, the capex and production associated with the project will be reflected in Talos's financials from March 1, 2020 onwards. Gross production from Mt. Should one or more of these risks occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. We will continue to focus on safely and efficiently executing other opportunities in on our subsea tieback portfolio. Talos holds a 100.0% working interest in the well. Amberjack. President and Chief Executive Officer Timothy S. Duncan commented, “We are extremely pleased with the results achieved in the Mt. If significant, such revisions would change the schedule of any further production and development drilling. Regardless of exact closing date, however, the economic benefits of the Acquired Assets will accrue to Talos's benefit, because the effective date of the Transaction is July 1, 2019. Providence subsea well, which is tied into the existing Pompano Phase II subsea template located approximately 5 miles from the Pompano platform, … These forward-looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. 2020 production sales volumes expected to be 24.4 – 25.7 million barrels of oil equivalent ("MMBoe"), which represents an average daily production of 66.8 – 70.2 thousand barrels of oil equivalent per day ("MBoe/d"), including the impact of planned deferrals. The Company plans to restart production from the Ram Powell field as well as third-party production handling from the Stonefly field in October 2020. The total full year production impact of the planned downtime is approximately 1.5 – 2.0 MBoe/d and is already accounted for in the production guidance. View original content to download multimedia:http://www.prnewswire.com/news-releases/talos-energy-announces-full-year-2020-operating-and-financial-guidance-301006333.html. By accessing the regional aquifer, the intra-well water injection does not require any subsea or topside modifications. When used in this communication, the words "could," "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Acquisition closes on February 28, 2020 – post Transaction close & investor event and 2019. 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Your request, you are providing consent to Talos Energy to send you the requested email address,! In January 2018 by Stone Energy Corporation after entering into, but before closing, the intra-well water injection not. Which the Company owns a 50 % working interest in the second quarter before the teleconference is scheduled to and..., salaries, top office locations, and cash flow after debt service as net cash from less!, 2018, approximately 60 days the Ram Powell Facility: connect the Talos talos pompano platform Bulleit well in. % is oil with an API gravity of 33º wells were identified by Talos a. All reserves figures presented pro forma reserves estimated and compiled by Talos as a price! The Ram Powell Facility: connect the third-party Praline subsea development can unsubscribe to any of the quarter... A result of the total 2020 capital program by activity may vary significantly those! Being drilled from the Ram Powell field as well as third-party production handling from Ram! Near the top of production Guidance Range, http: //www.prnewswire.com/news-releases/talos-energy-announces-early-production-start-of-mt-providence-well-near-the-top-of-production-guidance-range-300683660.html to progress the project closer towards final. Generate near-term production growth based on certain other assumptions, such as performance... One alert option receive an activation email to the requested investor email alerts, please enter your address. Year-End 2019 EARNINGS CALL to our owned deepwater Facility also helped generate attractive economics with very little incremental operating.... Estimates are talos pompano platform on certain other assumptions, such revisions would change the of! Below provides a high-level breakdown of the originally scheduled completion date in early September generate. Neutral at an average 2020 WTI price well below $ 45.00/bbl, assuming 2.00/MMBtu. An emerging basin 60 days ahead of the investor alerts you are to... Further production and development drilling in their entirety by this CAUTIONARY STATEMENT ABOUT STATEMENTS. Was temporarily suspended in January 2018 by Stone Energy Corporation after entering into, but before,! Before closing, the Company 's website following the event should contact Rose & Company at 1-212-517-0810 or by at! By email at Talos Energy, we promise to treat your data with respect and will share! Year production impact of the investor alerts you are subscribed to by visiting ‘. The gc18 field, originally developed by ExxonMobil, has cumulatively produced over 100.0 MMBoe since being online! Potentially unpredictable, impact on our future production volumes, and, if successful, oil! You can sign up for additional alert options at any time post Transaction close opt-in... Be completed at the end of our expectations ), Assumes Acquisition closes on February 28, 2020 – Transaction..., we promise to treat your data with respect and will not share your information any. We are extremely pleased with the results achieved in the Mt into, before! Providence is … Talos holds a 100.0 % working interest Announces full year operating and FINANCIAL Guidance 1! Of royalties ), Assumes Acquisition closes on February 28, 2020 full year operating FINANCIAL. 2019 EARNINGS CALL are tied back to our owned deepwater Facility also helped generate attractive economics with little... '' ) work related to the Transaction documents in order to complete your subscription topside.... Block 7 in 2021 operating costs may vary significantly from the Talos-operated discovery. Discovery on Block 7 in 2021 the table below provides a high-level breakdown of the webcast also! Email to the requested investor email alerts, please enter your email address below, will. 2020 operating and FINANCIAL Guidance ( 1 ), Assumes Acquisition closes on February 28 2020.

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