Talos Energy, Inc. · NYSE:TALO
Talos Energy — Q1 2026 Earnings Presentation
24 slides from Talos Energy's earnings presentation, May 6, 2026
Slide 1: 1Q 2026 Earnings Conference Call & Webcast
1Q 2026 Earnings Conference Call & Webcast May 6, 2026 www.talosenergy.com NYSE: TALO 1
Slide 2: Cautionary Statements
Cautionary Statements Cautionary Statements Reserve Information The information in this communication includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of Reserve engineering is a process of estimating underground accumulations of oil, natural gas and NGLs
Slide 3: Building the Foundation To Be a Leading Pure-Play Offshore E&P
Building the Foundation To Be a Leading Pure-Play Offshore E&P Three Strategic Pillars 1Q 2026 Execution Improve Our Business Every Day • Leadership position as the low-cost E&P in GOA Target increased annualized free cash flow by improving our existing • Top Decile EBITDA margin in the E&P sector o
Slide 4: 1Q 2026 Key Takeaways
1Q 2026 Key Takeaways Comprehensive Operational Execution Delivering Strong Financial Results 1Q 2026 RESULTS 0.0 SIF Serious Injury or 64 MBO/D 89 MBOE/D 72% Fatality Average Average Oil Oil Production Daily Production $38 MM $293 MM $37/BOE $113 MM Returned to Adj. EBITDA(1) Adj. EBITDA/BOE(1) Adj
Slide 5: Disciplined Capital Allocation Delivering Strong Financial Outcomes
Disciplined Capital Allocation Delivering Strong Financial Outcomes DISCIPLINED CAPITAL ALLOCATION FRAMEWORK INVEST in projects that generate robust returns throughout the commodity cycles GROW RETURN via selective up to 50% of accretive growth annual FCF to opportunities shareholders STRENGTHEN the
Slide 6: Consistently Delivering on Shareholder Returns
Consistently Delivering on Shareholder Returns Returned $38 MM or ~34% of Adj. FCF to Shareholders in 1Q 2026 Cumulative Value of Shares Repurchased $ Millions $135 • Returned $135 MM to shareholders 2Q 2025 3Q 2025 4Q 2025 1Q 2026 since announcing return of capital framework in 2Q 2025 Total Shares
Slide 7: Financial Flexibility Underpins Ability To Execute Three Strategic Pillars
Financial Flexibility Underpins Ability To Execute Three Strategic Pillars Outstanding Debt Maturities $0 Drawn $ Millions Credit Facility Cash $386 $386 MM Cash at Quarter-End $625 $625 Credit ~$1.0 BN Facility $603(3) Liquidity(1) 0.8x Leverage Ratio(2) $0 DRAWN Liquidity $0 2026 2027 $0 2028 2029
Slide 8: Advantaged Cost Structure + Top Decile EBITDA Margin in E&P Sector
Advantaged Cost Structure + Top Decile EBITDA Margin in E&P Sector Optimal Performance Plan Translating Into 2026E EBITDA Margin Operating Cost Efficiencies Consensus $/BOE Operating Expenses $/BOE $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 $16.70 $16.14 $35.70 Talos $15.83 TOP DECILE 2024 2025 1Q 2026 A
Slide 9: Advancing Multiple Prospects in the Greater Katmai Area for Future Development
Katmai Field Production Expected To Remain Flat Through 2027 Advancing Multiple Prospects in the Greater Katmai Area for Future Development Locator Map Katmai Field Production(1) 40,000 Debottlenecking Tarantula Katmai Facility North Prospect Tarantula Capacity 30,000 Facility Expansion Katmai West
Slide 10: Unchanged 2026 Operational and Financial Outlook
Unchanged 2026 Operational and Financial Outlook 2026 Production Guidance Considerations 2026 Oil Production (MBO/D) Up Year Over Year Excluding Genovesa and Weather Risking • Annual downtime assumptions include: ‒ 6 MBOE/D of Planned Downtime • Includes 2 MBOE/D related to Genovesa; Weather + expec
Slide 11: Focused 2026 Development, Exploration and Appraisal Activity
Focused 2026 Development, Exploration and Appraisal Activity Balanced Investment Across Infrastructure-Led Development, Exploration and Appraisal, and Monument 1 Development Activity 1 Cardona – Operated • Host Facility: Pompano First Oil • Spud Date: 4Q 2025 Achieved • First Oil Date: January 2026
Slide 12: Exploration Strategy and Portfolio Update
Exploration Strategy and Portfolio Update Strategic Focus To Lengthen the Portfolio and Grow the Business Scale + Inventory Growth • Portfolio spans multiple play types across the Gulf of America • Rapidly expanding Wilcox portfolio Katmai • Advantaged position in the prolific Katmai Basin Disciplin
Slide 13: Daenerys – Subsalt Miocene Discovery
Daenerys – Subsalt Miocene Discovery Targeting Appraisal Well Spud in Late 2Q 2026 Discovery Well Highlights Appraisal Well Objectives TBD • Large Miocene structure • Test the northern part of the prospect • Discovery well drilled to total vertical depth • Well planned to penetrate multiple of 33,22
Slide 14: Monument – Subsalt Wilcox Development Underway
Monument – Subsalt Wilcox Development Underway Commenced Drilling Operations; First Oil Remains on Track by Late 2026 Strategic Elements Wilcox Structure Map 2P Reserves Shenandoah • Wilcox oil discovery announced in 2020, FID February 2024; good seismic image, faulted 4-way closure at ~30,500 ft Di
Slide 15: Talos Investment Rationale
Talos Investment Rationale Leading Pure-Play Offshore E&P Company • Expertise in exploration, drilling, engineering and subsea completion • Drive operational excellence to generate FCF Strong Financial and Operational Performance • High margin oil weighted production • Industry leading low-cost deep
Slide 16: Appendix
Appendix 16
Slide 17: 2026 Budget Overview
2026 Budget Overview Prioritizing High-Margin Oil Volumes, Infrastructure-Led Development, and Exploration and Appraisal Activity Overview • Capital Expenditures guidance of $500 – $550 MM P&A • P&A, Decommissioning of $100 – $130 MM • Production guidance of 62 – 66 MBO/D; 85 – 90 MBOE/D Other • Foc
Slide 18: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended ($ Thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Reconciliation of Net Income (Loss) attributable to Talos Energy Inc. to Adjusted EBITDA attributable to Talos Energy Inc.: Net Income (loss) attributable to Talos Energy Inc.
Slide 19: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended ($ Thousands) March 31, 2026 Reconciliation of Adjusted EBITDA attributable to Talos Energy Inc. to Adjusted Free Cash Flow attributable to Talos Energy Inc. (before changes in working capital): Adjusted EBITDA attributable to Talos Energy Inc. $293,207 Ca
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended ($ Thousands) March 31, 2026 Reconciliation of General & Administrative Expenses to Adjusted General & Administrative Expenses: Total General and administrative expense $40,970 Transaction expenses $(1,622) Non-cash equity-based compensation expense $(5,33
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended, March 31, 2026 ($ Thousands, except per share amounts) Basic per Share Diluted per Share Reconciliation of Net Income (Loss) attributable to Talos Energy Inc. to Adjusted Net Income (Loss) attributable to Talos Energy Inc.: Net Income (loss) attributable
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ Thousands) March 31, 2026 Reconciliation of Net Debt: 9.000% Second-Priority Senior Secured Notes $625,000 9.375% Second-Priority Senior Secured Notes $625,000 Bank Credit Facility – matures January 2030 — Total Debt $1,250,000 Less: Cash and cash equivalents $(386,367) N
Slide 23: Talos Hedge Book as of May 1, 2026
Talos Hedge Book as of May 1, 2026 Instrument Type Avg. Daily Volume W.A. Swap W.A. Floor W.A. Ceiling Crude – WTI (BBLs) (Per BBL) (Per BBL) (Per BBL) April – June 2026 Fixed Swaps 19,000 $66.90 — — Collar 19,000 — $62.37 $77.45 July – September 2026 Fixed Swaps 3,685 $67.77 — — Collar 19,674 — $61
Slide 24: www.talosenergy.com NYSE: TALO
www.talosenergy.com NYSE: TALO 24