Talos Energy, Inc. · NYSE:TALO
Talos Energy — Q3 2026 Earnings Presentation
24 slides from Talos Energy's earnings presentation, Nov 4, 2026
Slide 1: 3Q 2026 Earnings Conference Call & Webcast
3Q 2026 Earnings Conference Call & Webcast November 4, 2026 www.talosenergy.com NYSE: TALO 1
Slide 2: Cautionary Statements
Cautionary Statements Cautionary Statements future project financing; whether the parties elect to proceed with a FID and our ability to reach FID and/or production on the timeline The information in this communication includes “forward-looking statements” within the meaning of Section 27A of the Se
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 3Q 2026 1 2 3 Consistent Execution by the Base Business Improve Our Grow Build a Long- Business Production & Lived Scaled Every Day Profitability Portfolio Strong Financial Performance Supported
Slide 4: 3Q 2026 Key Takeaways
3Q 2026 Key Takeaways Consistent Execution Delivering Strong Operational and Financial Performance 3Q 2026 RESULTS 0.0 SIF 69 MBO/D 92 MBOE/D 75% Serious Injury or Average Average Oil Fatality Oil Production Daily Production $24 MM $406 MM $52/BOE $186 MM Returned to Shareholders Adj. EBITDA(1) Adj.
Slide 5: Completed Gulf of America Transactions While Advancing Block 29 and Offshore Honduras
Developing a Long-Lived, Scaled Portfolio with Enhanced Financial Flexibility Completed Gulf of America Transactions While Advancing Block 29 and Offshore Honduras UNITED STATES OF AMERICA Strategic Rationale Non-Core Shelf Divestment • Increased deepwater scale across the Gulf of America, Gulf of A
Slide 6: Proven Track Record of Unlocking Significant Reserve Upside
Proven Track Record of Unlocking Significant Reserve Upside Recent Gulf of America Acquisition Adds Development Opportunities to Drive Further Value Creation Delivering Value Beyond Acquired Reserves Ram Powell, Pompano and Brutus Assets MMBOE Track record of unlocking upside beyond acquired reserve
Slide 7: Progressing Block 29 Toward FID; Offshore Honduras Deepwater 3D Seismic Campaign Underway
Advancing Deepwater Exploration and Development Opportunities Progressing Block 29 Toward FID; Offshore Honduras Deepwater 3D Seismic Campaign Underway Block 29 Strategic Rationale and Summary Acreage Position • Greenfield development anchored by existing discoveries with >200 Naajal CHINWOL MMBOE o
Slide 8: Resumed Share Repurchases in 3Q; Returned ~$62 MM to Shareholders YTD
Return of Capital Framework Unchanged Resumed Share Repurchases in 3Q; Returned ~$62 MM to Shareholders YTD Cumulative Value of Shares Repurchased $ Millions $159 • Returned ~$160 MM to shareholders 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 since announcing return of capital Total Shares Outst
Slide 9: Enhanced Financial Flexibility Underpins Strategic Priorities
Enhanced Financial Flexibility Underpins Strategic Priorities No Debt Maturities Until Next Decade; Upsized Credit Facility Supports Strong Liquidity Outstanding Debt Maturities $ Millions $0 Drawn Credit Facility Cash $410 $410 MM Refinanced 9% 2029 notes with $800 MM of new Cash on Balance Sheet(1
Slide 10: Advantaged Cost Structure + Top Decile Margins in E&P Sector
Advantaged Cost Structure + Top Decile Margins in E&P Sector Advantaged Cost Structure 2026E EBITDA Margins vs Gulf of America E&P Peers(1) Consensus $/BOE Operating Expenses $/BOE $30 $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 $25 $41.95 Talos $20 Peer E&P 2Q Average $18.55 TOP DECILE $15 Talos 3Q Talos
Slide 11: Updated 2026 Operational and Financial Outlook
Updated 2026 Operational and Financial Outlook 2026 Production Guidance Considerations 2026 Oil Production (MBO/D) Increased Guidance Driven by Base Performance and Bolt-On Acquisition • Revised Full-Year 2026 guidance: ‒ Includes the completed Gulf of America acquisition on 9/22 69 midpoint ‒ Inclu
Slide 12: 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 Pompano Facility 1 Development Activity Ram Powell Facility 1 Cardona – Operated Gulf of America • Host Facility: Pompano First Oil • Spud D
Slide 13: Daenerys – Subsalt Miocene Discovery
Daenerys – Subsalt Miocene Discovery Appraisal Well Reached Target Depth with Strong Drilling Execution; Additional Activity Planned in 2027 Area Map Discovery Well Highlights Appraisal Well Objectives Met • Large Miocene structure • Tested the northern part of the prospect; Heidelberg encountered o
Slide 14: Monument – Subsalt Wilcox Development Underway
Monument – Subsalt Wilcox Development Underway Monument #4 Well Spud Early September; First Oil Expected in 1Q 2027 Area Map Operational Update Background • Monument #4 well spud in early • Wilcox oil discovery announced in 2020, September FID February 2024; good seismic image, faulted 4-way closure
Slide 15: 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 16: Appendix
Appendix 16
Slide 17: 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 18: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended ($ Thousands) September 30, 2026 June 30, 2026 March 31, 2026 December 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 19: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended ($ Thousands) September 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. $406,06
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended ($ Thousands) September 30, 2026 Reconciliation of General & Administrative Expenses to Adjusted General & Administrative Expenses: Total General and administrative expense $43,143 Transaction expenses $1,060 Non-cash equity-based compensation expense $(6,
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended, September 30, 2026 ($ 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) attributa
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ Thousands) September 30, 2026 Reconciliation of Net Debt: 8.000% Second-Priority Senior Secured Notes $800,000 9.375% Second-Priority Senior Secured Notes $625,000 Bank Credit Facility – matures January 2030 — Total Debt $1,425,000 Less: Cash and cash equivalents $(410,15
Slide 23: Talos Hedge Book as of October 31, 2026
Talos Hedge Book as of October 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) October – December 2026 Fixed Swaps 4,000 $62.50 — — Collar 25,631 — $62.92 $76.87 January – March 2027 Fixed Swaps 8,000 $75.31 — — Collar 27,
Slide 24: www.talosenergy.com NYSE: TALO
www.talosenergy.com NYSE: TALO 24