You can sign up for additional alert options at any time. 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. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. Talos Energy Announces Early Production Start Of Mt. The total full year production impact of the planned downtime is approximately 1. 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. GC18 Facility: connect the Talos operated Bulleit well, in which the Company owns a 50% working interest. 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. The shallow waters off the coast of Mexico provide us high impact exploration opportunities in an emerging basin. Ram Powell Facility: connect the third-party Stonefly subsea development. 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. Talos owns 100% of the Mt. GC18 Facility: connect the Talos operated Bulleit well, in which the Company owns a 50% working interest. 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. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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 … Our team's preparation allowed us to take advantage of earlier rig availability to exceed expectations on timing. 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. Please allow extra time prior to the webcast to visit the website and download any software that may be needed to listen to the live webcast. The well is being drilled from the Talos-operated East Cameron 345 platform, and, if successful, will generate near-term production growth. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures,  potential adverse reactions or changes to business or employee relationships resulting from the business combination between Talos Energy LLC and Stone Energy Corporation, competitive responses to such business combination, the possibility that the anticipated benefits of such business combination are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies, litigation relating to the business combination, and other factors that may affect our future results and business, generally, including those discussed under the heading "Risk Factors" in our final consent solicitation statement/prospectus, dated April 9, 2018, filed with the Securities and Exchange Commission pursuant to Rule 424(b)(3) under the Securities Act. Offshore components include two bi- directional 74 km (46 mi) 36-inch pipelines connecting the Oyster Creek terminal to an eight-pile fixed platform situated in a water depth of 35 m (115 ft). 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. “These assets will add meaningful reserves, production volumes, and cash flow to the combined company. The actual timing of these shut-ins may change from one quarter to the next, depending on several factors, which may include, among others things, weather and/or operations optimization. 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. Listeners can access the earnings conference call live over the Internet through a webcast link on the Company's website at: https://www.talosenergy.com/investors. Please dial in approximately 10 minutes before the teleconference is scheduled to begin and ask to be joined into the Talos Energy call. Our estimates are based on certain other assumptions, such as well performance, which may vary significantly from those assumed. Amberjack. President and Chief Executive Officer Timothy S. Duncan commented, "We are pleased to present our 2020 guidance, which I believe strikes the right balance between free cash flow generation in a volatile commodity market environment, and the appropriate level of investment to allow for longer term value creation for our shareholders. Providence is … Providence well. 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. Our focus in the United States Gulf of Mexico is the exploration, acquisition, exploitation and development of shallow and deepwater assets near existing infrastructure. Talos expects its 2020 capital program, inclusive of the Acquired Assets, to be similar in size, or smaller, than the 2019 Talos stand-alone capital program, while benefiting from production contributions from the Acquired Assets and new wells commencing production throughout the year. The proposed expenditures are primarily focused on the Pompano platform rig development program and … If you experience any issues with this process, please contact us for further assistance. Tornado 4 is expected to be drilled in the second quarter before the Bulleit completion and tieback operations. 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. Houston Texas Photographer David Duncan with David Duncan Photography captures images for Image Libraries Annual Reports Corporate Clients Energy Industrial Companies 5 – 2.0 MBoe/d and is already accounted 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. 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. This technique will allow for intra-well flow between the aquifer and the producing horizon, providing a natural source of water and reservoir energy to the Tornado 1 and Tornado 2 subsea wells. The Mt. Providence well, is sold on the High Louisiana Sweet ("HLS") market, which currently sells approximately at $4.00 per barrel premium to WTI pricing. 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. Platform Rig Contract: Talos has contracted the Helmerich & Payne 100 platform drilling rig for near-field development and exploitation drilling opportunities surrounding the Company's Green Canyon 18 facility, with the option thereafter of similar projects at the Pompano and Amberjack facilities. GC18 platform rig (100% working interest – operated): drilling two to three wells utilizing a platform rig at the Talos-owned Green Canyon 18 platform. Providence well. The production mix for the fourth quarter of 2017 was approximately 72% oil, 21% natural gas, and 7% natural gas liquids (“NGLs”), on an equivalent basis. Significant positive 2020 free cash flow at $50.00/bbl WTI and $2.00/MMBtu Henry Hub, as Talos expects to benefit from strong margins and premium pricing to WTI. Talos Energy Inc. (TALO) FORM 8-K ... rate of approximately 3,000 to 5,000 barrels of oil equivalent per day and will be tied back to the 100% Stone owned Pompano platform … 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. 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. Providence subsea well, which is tied into the existing Pompano Phase II subsea template located approximately 5 miles from the Pompano platform, … The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. Additionally, the Company is working on permits for a potential drilling campaign of additional exploration opportunities on Block 7 in 2021. For more information, visit www.talosenergy.com. 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. Pompano Facility: connect the third-party Praline subsea development. We expect the variability of these items to have a significant, and potentially unpredictable, impact on our future GAAP financial results. Providence subsea well, which is tied into the existing Pompano Phase II subsea template located approximately 5 miles from the Pompano platform, which is also owned 100% owned by Talos; The expected IRR from Mt. 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. At Talos Energy, we promise to treat your data with respect and will not share your information with any third party. Providence well was drilled in January 2018 by Stone Energy after entering into, but before closing, the combination with … Talos expects to be free cash flow neutral at an average 2020 WTI price well below $45.00/bbl, assuming $2.00/MMBtu gas prices. We will continue to focus on safely and efficiently executing other opportunities in on our subsea tieback portfolio. Providence subsea well, which is tied into the existing Pompano Phase II subsea template located approximately 5 miles from the Pompano platform, which is also owned 100% owned by Talos, The expected IRR from Mt. 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. The Mt. “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,” Talos said in the release. 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. 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. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. 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. At Talos Energy, we promise to treat your data with respect and will not share your information with any third party. Providence and the Pompano Field. Providence is 3,850 Boe/d (3,370 Boe/d net of royalties), of which 88% is oil with an API gravity of 33º. If successful, first oil is expected in 2021. 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. Talos halted output at its Ram Powell, Amberjack and Pompano platforms, Exxon its Lena platform and Chevron Corp CVX.N curtailed its Petronius platform. We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. President and Chief Executive Officer Timothy S. Duncan commented, "We are extremely pleased with the results achieved in the Mt. Gross production from Mt. Asset Management: consists of 15 to 20 low-cost projects on our current producing assets to offset field declines and improve profitability across selected facilities. Production and Expenses from Acquired Assets only included from March 1, 2020 onwards, Inclusive of all Lease Operating Expenses and Workover and Maintenance, Excludes non-cash equity-based compensation, EXPECTED ACQUISITION CLOSING DATE AND IMPACT TO 2020 GUIDANCE. Houston — Gulf of Mexico operator Talos Energy drilled two wells on Mexico's offshore Block 31 during the third quarter of 2019, which revealed a reservoir that appears thicker and bigger than expected, the company's top executive said Thursday. Mt. In offshore Mexico, we continue to stay focused on moving Zama forward towards final investment decision and also integrating the data we gathered during our successful Xaxamani discovery on Block 31. Alternatively, the conference call can be accessed by dialing 1-888-348-8927 (U.S. toll-free), 1-855-669-9657 (Canada toll-free) or 1-412-902-4263 (International). Ram Powell. Pompano Facility: connect the third-party Praline subsea development. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the ‘unsubscribe’ section below. Gunflint #5 is expected to spud in the second quarter of 2020, with drilling operations planned for approximately 60 days. . The rig is currently on location drilling the East Cameron 345/359 project, which is expected to reach a total depth of approximately 13,150 ft (4,008 m) by the end of 1Q. The platform rig allows for a shortened turnaround from drilling to first production by utilizing dry trees … 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. Furthermore, the Company expects free cash flow in excess of $100.0 million at $55.00/bbl WTI and $2.50/MMBtu Henry Hub commodity prices. Talos owns 100% of the Mt. • Pompano Facility: connect the third- party Praline subsea development. Tornado 4 should be completed at the end of the third quarter. The 2020 guidance therefore assumes the Transaction closes on February 28, 2020; therefore, production, cash expenses and capital expenditures from the Acquired Assets are only included in 2020 from March 1, 2020 onwards. HOUSTON, Feb. 18, 2020 /PRNewswire/ -- Talos Energy Inc. ("Talos" or the "Company") (NYSE: TALO) today announced full year 2020 operating and financial guidance. No reconciliation between projected free cash flow and net cash provided by operating activities is included in this release, however, because we are unable to quantify certain amounts that would be required to be included in the GAAP measure without unreasonable efforts. 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. 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. Talos owns 100% of the Mt. 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. Variability of These items to have a significant, such as well as production. In their entirety by this CAUTIONARY STATEMENT subsea or topside modifications Corporation after entering into talos pompano platform but before closing the! We will continue to focus on safely and efficiently executing other opportunities in an oil rich basin! 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