The following is a summary of the Talos Energy Inc. (TALO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Talos Energy reported record production for Q1 2024, matching the high end of their forecast.

• The company's upstream EBITDA for Q1 was $268 million, with a netback margin of $42 per BOE.

• Upstream CapEx was documented at $112 million, and the adjusted free cash flow for the firm's upstream segment amassed to $78 million.

• It achieved a significant debt reduction of $225 million, revising its debt payoff guidance for the year from $400 million to $550 million, thus meeting its leverage goal of one times by the end of Q1.

Business Progress:

• Ahead of schedule, Talos Energy initiated Venice and Lime Rock, reaching sustained rates exceeding 18,000 barrels equivalent per day.

• The company successfully closed the QuarterNorth deal, adding substantial scale to their operations.

• This rapid progression allowed the company to quickly realize $20 million of run rate synergies in Q1, aiming to achieve $30 million by year's end and $55 million into 2025.

• The company has a positive outlook for tremendous growth in Q2, with ongoing drilling at locations like Katmai and Sunspear.

• Talos aims to pay off its RBL by the year-end, with a potential $50 million repurchasing of stocks once this is achieved.

More details: Talos Energy IR

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