Talos Energy, Inc. · NYSE:TALO
Talos Energy — Q4 2025 Earnings Presentation
27 slides from Talos Energy's earnings presentation, Feb 25, 2026
Slide 1: 4Q 2025 Earnings Conference Call & Webcast
4Q 2025 Earnings Conference Call & Webcast February 25, 2026 www.talosenergy.com NYSE: TALO 1
Slide 2: Cautionary Statements
Cautionary Statements Cautionary Statements Reserve Information The information in this presentation 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 Executing on New Strategy Improve Our Business Every Day • Realized $72 MM of FCF enhancements in 2025 • Target $25 MM of additional free cash flow starting in 2025 and $100 MM in 2026 • Leadership position as the
Slide 4: Disciplined Capital Allocation Delivering Strong Financial Outcomes
Disciplined Capital Allocation Delivering Strong Financial Outcomes Disciplined Capital Allocation Framework 2025 Outcomes INVEST INVEST • Invested ~$500 MM of capital and generated FCF of ~$420 MM in projects that generate robust returns • Delivered reinvestment rate(1) of ~42% (excluding P&A) thro
Slide 5: 2025 Key Takeaways – Delivering on Our Commitments
2025 Key Takeaways – Delivering on Our Commitments Differentiated Combination of Execution, FCF, Shareholder Returns and Exploration Upside Committed to safety excellence 4Q RESULTS FULL-YEAR RESULTS Developed and executing on new strategy to be a leading pure-play 0.0 SIF 0.0 SIF offshore E&P Serio
Slide 6: Optimal Performance Plan Delivers $72+ MM in 2025
Optimal Performance Plan Delivers $72+ MM in 2025 ~50% is Recurring, Providing Strong Momentum Into 2026 Delivered $72 MM in 2025 Strong Momentum to Deliver $100+ MM in 2026 2025 Cash Flow Improvements Delivered Cash Flow Enhancements… …Advancing 2026 Initiatives Category Breakdown • $72 MM realized
Slide 7: Consistently Delivering on Shareholder Returns
Consistently Delivering on Shareholder Returns Returned ~44% of FCF to Shareholders Since Framework Announced in 2Q 2025 Cumulative Value of Shares Repurchased $ Millions $119 TOTAL $16 $48 $48 • Returned $119 MM to shareholders in 2025, funded entirely by free cash flow generation ~$45 • Reduced ou
Slide 8: Balance Sheet Underpins Financial Flexibility to Execute Plan
Balance Sheet Underpins Financial Flexibility to Execute Plan Strong Liquidity Position, Low Leverage and No Near-Term Debt Maturities Cash Balance and Debt Maturities $ Millions $0 Drawn Credit Facility Maturity Extended to 2030 $603(3) $363 MM $625 Availability $625 Cash at Year-End $363 ~$1.0 BN
Slide 9: 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 2025E EBITDA Margin Operating Cost Efficiencies Consensus $/BOE Operating Expenses $/BOE $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 $16.70 $34.71 Talos Actual $15.83 TOP DECILE 2024 2025 Advantage
Slide 10: Katmai Field Production Expected to Remain Flat Through 2027
Katmai Field Production Expected to Remain Flat Through 2027 Sustained Debottlenecking Efforts Resulting in Increased Production Locator Map Katmai Field Production(1) 40,000 Debottlenecking Tarantula Katmai Facility North Prospect Tarantula Capacity Facility Expansion 30,000 Katmai West #2 First Oi
Slide 11: 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 12: 2026 Operational and Financial Outlook
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; expected Weather + Unplan
Slide 13: 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 • Spud Date: 4Q 2025 • First Oil Date: January 2026 2 6 2 CPN – Operate
Slide 14: 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 15: Daenerys Exploration Update
Daenerys Exploration Update Subsalt Miocene Discovery 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 33,228 ft prospective intervals Pr
Slide 16: Monument – High-Impact Subsalt Wilcox Discovery
Monument – High-Impact Subsalt Wilcox Discovery Major Discovery with Material Resource Life Strategic Elements Wilcox Structure Map 2P Reserves Shenandoah • Wilcox discovery with two well penetrations (FID February 2024) • Good seismic image, faulted 4-way Discovery Well WR 271 #1 Future P2 Well clo
Slide 17: 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 18: Appendix
Appendix 18
Slide 19: YE 2025 SEC Proved Reserves
YE 2025 SEC Proved Reserves Talos SEC Reserves SEC PV-10(1) (MMBOE) ($BN) PDP 103 $2.4 PDNP 34 $0.4 PUD 38 $0.3 Total Proved (Net of P&A) 175 $3.2 Total Probable (Net of P&A) 103 $2.3 Proved Product Mix Proved Category Mix Proved PV-10 19% 22% 22% 6% 175 175 $3.2 MMBOE MMBOE $BN 59% 19% 75% 78% Oil
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended ($ Thousands) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 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 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended Twelve Months Ended ($ Thousands) December 31, 2025 December 31, 2025 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 attr
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended Twelve Months Ended ($ Thousands) December 31, 2025 December 31, 2025 Reconciliation of General & Administrative Expenses to Adjusted General & Administrative Expenses: Total General and administrative expense $39,776 $155,368 Transaction and other expense
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended, December 31, 2025 Twelve Months Ended, December 31, 2025 ($ Thousands, except per share amounts) Basic per Share Diluted per Share Basic per Share Diluted per Share Reconciliation of Net Income (Loss) attributable to Talos Energy Inc. to Adjusted Net Inco
Slide 24: Reconciliation of PV-10 to Standardized Measure
Reconciliation of PV-10 to Standardized Measure Reconciliation of PV-10 to Standardized Measure Reconciliation of PV-10 to Standardized Measure PV-10 is a non-GAAP financial measure and generally differs from Standardized Measure, the most directly comparable GAAP financial measure, because it does
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ Thousands) December 31, 2025 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 March 2027 — Total Debt $1,250,000 Less: Cash and cash equivalents $(362,809)
Slide 26: Talos Hedge Book as of February 20, 2026
Talos Hedge Book as of February 20, 2026 Instrument Type Avg. Daily Volume W.A. Swap W.A. Floor W.A. Ceiling Crude – WTI (BBLs) (Per BBL) (Per BBL) (Per BBL) January – March 2026 Fixed Swaps 15,000 $66.03 — — Collar 14,311 — $59.19 $68.78 April – June 2026 Fixed Swaps 14,000 $65.11 — — Collar 13,000
Slide 27: www.talosenergy.com
www.talosenergy.com NYSE: TALO 27