Talos Energy, Inc. · NYSE:TALO
Talos Energy — Q3 2025 Earnings Presentation
22 slides from Talos Energy's earnings presentation, Nov 6, 2025
Slide 1: 3Q 2025 Earnings Conference Call & Webcast
3Q 2025 Earnings Conference Call & Webcast November 6, 2025 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: Transforming Into a Leading Pure-Play Offshore E&P Company
Talos Overview Transforming Into a Leading Pure-Play Offshore E&P Company LA TX FL • High margin oil weighted production Offshore Gulf of America • High quality and stable asset base • Infrastructure focused Gulf of America • Short cycle offshore drilling inventory MEXICO • Capital discipline • Free
Slide 4: Talos's Enhanced Strategy
Talos’s Enhanced Strategy Transforming Into a Leading Pure-Play Offshore E&P Company Three Strategic Pillars Disciplined Capital Allocation Framework INVEST Improve Our Business Every Day in projects that generate robust returns throughout the commodity cycles • Improve business performance and redu
Slide 5: 3Q 2025 Key Takeaways – Delivering on Our Commitments
3Q 2025 Key Takeaways – Delivering on Our Commitments • Delivered strong operational results yielding solid financial results • Generated significant free cash flow • Delivered on shareholder returns • Exceeded optimal performance plan for cash flow enhancements in 2025 DELIVERING • Announced succes
Slide 6: Strong Operational Performance Yielding Solid Financial Results
Strong Operational Performance Yielding Solid Financial Results 3Q 2025 95.2 MBOE/D ~$301 MM ~$105 MM Average Daily Production Adj. EBITDA(1) CAPEX(2) 70% / 76% ~$34/BOE ~$103 MM Oil / Liquids Adj. EBITDA/BOE(1) Adj. FCF(1)(3) Return of Capital to Shareholders of ~$48 MM ~5.0 MM at $9.66 avg. price
Slide 7: Delivering on Shareholder Returns
Delivering on Shareholder Returns Cumulative Value of Shares Repurchased $ Millions ~$148 TOTAL $48 ~8% ~$100 TOTAL (1) $33 $33 ~$67 TOTAL OF OUTSTANDING STOCK ~$45 TOTAL $22 $22 $22 REPURCHASED $45 $45 $45 $45 for ~$148 MM 2024 1Q 2025 2Q 2025 3Q 2025 (1) 15.1 MM share repurchased divided by 183.9
Slide 8: Exceeding Optimal Performance Plan Target in 2025
Exceeding Optimal Performance Plan Target in 2025 Momentum Toward Achieving Our $100 MM Target by 2026 Improving Our Business Every Day Exceeding FY 2025 Target Targeted Cash Flow Improvement Delivered Cash Flow Enhancements… …Advancing 2026 Initiatives Estimated Category Breakdown • ~$40 MM realize
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 $33.42 E – Talos TOP DECILE $15.13 2024 2025 YTD Advantag
Slide 10: 2H 2025 – 1H 2026 Proposed Drill Calendar
2H 2025 – 1H 2026 Proposed Drill Calendar 2025 2026 Prospect Category Host Facility 3Q 4Q 1Q 2Q Brutus Platform* Development Brutus Rig Prep D&C Daenerys #1 Exploration TBD Drilling Sunspear Development Prince SCSSV Cardona Development Pompano D&C CPN* Development Na Kika D&C ` Daenerys #2 Appraisal
Slide 11: 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 12: Improved 2025 Operational and Financial Outlook
Improved 2025 Operational and Financial Outlook Improved full-year 2025 guidance reflects higher production, lower operating expenses and lower capital expenditures • 4Q 2025: Expect oil production to be ~72% of oil-equivalent production Prior Updated 2025E Guidance Guidance Oil (MMBBL) 23.0 – 24.0
Slide 13: Strong Balance Sheet and No Near-Term Maturities
Strong Balance Sheet and No Near-Term Maturities Cash Balance and Debt Maturities $0 Drawn $ Millions Credit Facility $657(3) Availability $333 MM $625 $625 Cash at Quarter-End $333 ~$1.0 BN Liquidity(1) $0 0.7x DRAWN Cash RBL 9% Notes 9.375% Notes Maintained Leverage Ratio(2) 3Q 2025 2027 Due 2029
Slide 14: Talos Investment Rationale
Talos Investment Rationale Leading Pure-Play Offshore E&P Company • Expertise in exploration, drilling, engineering and subsea completion • Drive operational excellence to generate FCF Strong Financial and Operational Performance • High margin oil weighted production • Industry leading low-cost deep
Slide 15: Appendix
Appendix 15
Slide 16: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended ($ Thousands) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 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 17: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended ($ Thousands) September 30, 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 attributable to Talos Energy Inc. $301,24
Slide 18: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended ($ Thousands) September 30, 2025 Reconciliation of General & Administrative Expenses to Adjusted General & Administrative Expenses: Total General and administrative expense $41,547 Transaction and other expenses $(612) Non-cash equity-based compensation ex
Slide 19: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended, September 30, 2025 ($ 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) attributa
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ Thousands) September 30, 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 $(332,691)
Slide 21: Talos Hedge Book as of October 31, 2025
Talos Hedge Book as of October 31, 2025 Instrument Type Avg. Daily Volume W.A. Swap W.A. Floor W.A. Ceiling Crude – WTI (BBLs) (Per BBL) (Per BBL) (Per BBL) October – December 2025 Fixed Swaps 23,967 $71.01 — — January – March 2026 Fixed Swaps 15,000 $66.03 — — Collar 13,000 — $59.62 $68.15 April –
Slide 22: www.talosenergy.com NYSE: TALO
www.talosenergy.com NYSE: TALO 22