Talos Energy Provides 2rd Quarter Operational & Financial Update

Source: www.gulfoilandgas.com 10/12/2021, Location: North America

Talos Energy Inc. provided selected estimated operational and financial results for the third quarter of 2021, following operational disruptions caused by Hurricane Ida, and updated its production guidance for the fourth quarter and full year 2021.

Preliminary estimated results for the third quarter of 2021 include:
• Average daily production between 56.0 and 56.5 thousand barrels of oil equivalent ("MBoe/d"), inclusive of several weeks of shut-in production resulting from Hurricane Ida. That represents between 10.0 and 11.0 MBoe/d of hurricane downtime compared to the Company's projections for the quarter pre-hurricane. The production for the quarter was approximately 69% oil and 77% liquids.
• Realized prices of approximately $68 per barrel of oil, $30 per barrel of NGLs and $4.50 per Mcf of natural gas.
• Realized hedge losses of approximately $72 million in the quarter.

Production disruptions following Hurricane Ida were prolonged due to complications affecting third-party downstream service providers. Key refiners, crude oil terminals and pipelines were not fully returned to operation for several weeks due to a mix of storm-related damage and lack of power. The Company's assets did not experience significant damage and the majority have been returned to normal operations, producing an average of approximately 66.5 MBoe/d in the last week of September of 2021. Approximately 4.0 MBoe/d of production remains offline across various assets, primarily due to repairs being made to pipelines and other downstream facilities. Talos expects the remaining impacted assets to return to production over the coming weeks and months as the third-party repairs are finalized.

Despite these disruptions, Talos continues to expect annual production near the lower end of the previously guided annual range, and expects production for the fourth quarter of 2021 between 64.0 and 66.0 MBoe/d. All other previously guided line items (including operating expenses, G&A and capital expenditures) remain within the existing range of guidance. Additionally, the Company still expects to generate meaningful free cash flow for the full year 2021.


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