Talos Energy, Inc. · NYSE:TALO
Talos Energy — Q2 2026 Earnings Presentation
26 slides from Talos Energy's earnings presentation, Aug 5, 2026
Slide 1: 2Q 2026 Earnings Conference Call & Webcast
2Q 2026 Earnings Conference Call & Webcast August 5, 2026 www.talosenergy.com NYSE: TALO 1
Slide 2: Cautionary Statements
Cautionary Statements Cautionary Statements Should any risks or uncertainties occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially The information in this communication includes “forward-looking statements” within the meaning of Section 27A of
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 Key Takeaways from 2Q 2026 1 2 3 Strong Operational Execution and Performance Across the Base Business Improve Our Grow Build a Long- Business Production & Lived Scaled Every Day Profitability Portfolio Record Fre
Slide 4: 2Q 2026 Key Takeaways
2Q 2026 Key Takeaways Strong Execution and Momentum Across the Business in 1H 2026 2Q 2026 RESULTS 0.0 SIF 69 MBO/D 94 MBOE/D 73% Serious Injury or Average Average Oil Fatality Oil Production Daily Production $402 MM $47/BOE $232 MM Share repurchases temporarily paused during acquisition blackout pe
Slide 5: Expanding Deepwater Scale with Compelling Strategic Rationale
Expanding Deepwater Scale with Compelling Strategic Rationale UNITED STATES OF AMERCA Strategic Rationale Non-Core Shelf Divestment • Gulf of America Bolt-On increases scale and grows oil Gulf of America Bolt-On production by ~20%(1) Non-operated, gas assets; eliminates ~$54 MM of ARO Adds 18 MBOE/D
Slide 6: Gulf of America Bolt-On Acquisition
Gulf of America Bolt-On Acquisition Growing Production and Profitability Through Expanded Deepwater Scale Strategic Rationale Acreage Position • Accretive bolt-on with attractive returns; grows oil production by ~20%(1) LOUISIANA • Identified material Infrastructure-Led Exploration (ILX) opportuniti
Slide 7: Offshore Mexico Development Farm-In Transaction
Offshore Mexico Development Farm-In Transaction Expanding Resource Base in a Proven Basin Through Material Greenfield Development With Exploration Upside Strategic Rationale Acreage Position(1) • Greenfield development anchored by existing discoveries >200 MMBOE gross recoverable resource featuring
Slide 8: Offshore Honduras
Offshore Honduras Building Portfolio Longevity Through Large Scale Exploration Potential at Low Entry Cost Strategic Rationale Acreage Position • Provides exploration exposure to an underexplored offshore basin with large resource potential at a low entry cost • Existing on-block Main Cape oil disco
Slide 9: Share Count Reduced by ~7% Under Framework
Return of Capital Framework Unchanged Share Count Reduced by ~7% Under Framework; No 2Q 2026 Repurchases Due to Acquisition-related Blackout Cumulative Value of Shares Repurchased $ Millions $135 • Returned $135 MM to shareholders 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 since announcing return of ca
Slide 10: Enhanced Financial Flexibility Underpins Strategic Priorities
Enhanced Financial Flexibility Underpins Strategic Priorities Upsized Credit Facility Strengthens Liquidity; No Debt Maturities Through 2030 Outstanding Debt Maturities $0 Drawn $ Millions Credit Facility Cash $578 $578 MM Refinanced 9% 2029 notes with $800 MM of new Cash on Balance Sheet(1) 8% 8-ye
Slide 11: 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 $18.25 $16.70 $1.75/BOE $38.44 Talos $15.83 $16.14 Workover Exp.
Slide 12: Updated 2026 Operational and Financial Outlook
Updated 2026 Operational and Financial Outlook 2026 Production Guidance Considerations 2026 Oil Production (MBO/D) • Annual downtime assumptions include: Increased Guidance Driven by Base Performance Despite Divestment Impact ‒ 6 MBOE/D of Planned Downtime • Includes 2 MBOE/D related to Genovesa; we
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 First Oil • Spud Date: 4Q 2025 Achieved • First Oil Date: January 2026
Slide 14: Talos Investment Rationale
Talos Investment Rationale Leading Pure-Play Offshore E&P Company • Expertise in drilling, engineering, subsea completion and exploration • Drive operational excellence to generate FCF Strong Financial and Operational Performance • High margin oil weighted production • Industry leading low-cost deep
Slide 15: Appendix
Appendix 15
Slide 16: Katmai Field Production Expected To Remain Flat Through 2027
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 17: 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 18: Daenerys – Subsalt Miocene Discovery
Daenerys – Subsalt Miocene Discovery Commenced Appraisal Well Program; Results from First Appraisal Well Expected by Year-End 2026 Discovery Well Highlights Appraisal Well Objectives TBD • Large Miocene structure • Test the northern part of the prospect • Discovery well drilled to total vertical dep
Slide 19: Monument – Subsalt Wilcox Development Underway
Monument – Subsalt Wilcox Development Underway Finished Drilling Operations at Monument #3 Well; First Oil Expected by Year-End 2026 Strategic Elements Wilcox Structure Map 2P Reserves Shenandoah Operational Update • Drilled Monument #3 to TD finding ~250 ft of net TVT oil pay which is in line with
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended ($ Thousands) June 30, 2026 March 31, 2026 December 31, 2025 September 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 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended ($ Thousands) June 30, 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. $402,180 Cap
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended ($ Thousands) June 30, 2026 Reconciliation of General & Administrative Expenses to Adjusted General & Administrative Expenses: Total General and administrative expense $44,626 Transaction expenses $(1,344) Non-cash equity-based compensation expense $(6,409
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended, June 30, 2026 ($ 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 t
Slide 24: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ Thousands) June 30, 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 $(577,587) Ne
Slide 25: Talos Hedge Book as of July 31, 2026
Talos Hedge Book as of July 31, 2026 Instrument Type Avg. Daily Volume W.A. Swap W.A. Floor W.A. Ceiling Crude – WTI (BBLs) (Per BBL) (Per BBL) (Per BBL) July – September 2026 Fixed Swaps 3,685 $67.77 — — Collar 21,000 — $61.67 $74.80 October – December 2026 Fixed Swaps 4,000 $62.50 — — Collar 22,97
Slide 26: www.talosenergy.com NYSE: TALO
www.talosenergy.com NYSE: TALO 26