HOUSTON, July 22,
2024 /PRNewswire/ -- Talos Energy Inc. ("Talos" or
the "Company") (NYSE: TALO) today announced that Talos made updates
to its share repurchase program and ongoing debt paydown,
including:
- Repurchased approximately $43
million, or 3.8 million shares, of common stock at an
average price of $11.26 per share
during the second quarter 2024. Talos's Board of Directors also
recently authorized an additional $150
million for Talos's existing common stock repurchase
program.
- Reduced borrowings by $100
million under its Bank Credit Facility with $225 million remaining outstanding, bringing
total debt to $1,475 million at the
end of the second quarter 2024.
Talos President and Chief
Executive Officer Tim Duncan stated,
"Since closing the QuarterNorth acquisition in March 2024, we have repaid $325 million of debt. This paydown is a positive
step toward our goal of using our free cash flow to reduce debt and
targeting a long-term leverage ratio below 1.0x while maintaining a
clear focus on executing our strategy. We repurchased 3.8 million
of our shares in the second quarter because we are confident in our
business and committed to opportunistically allocating capital to
maximize shareholder value. In order to continue doing so, we
increased the share repurchase authorization to maintain
flexibility going forward."
Under the program, Talos management has the authority to
repurchase common stock opportunistically in the open market from
time to time, in privately negotiated transactions, or by such
other means as will comply with applicable state and federal
securities laws. The timing of any repurchases under the share
repurchase program will depend on market conditions, contractual
limitations, and other considerations. The program may be extended,
modified, suspended or discontinued at any time, and does not
obligate the Company to repurchase any dollar amount or number of
shares.
ABOUT TALOS ENERGY
Talos Energy (NYSE: TALO) is a technically driven,
innovative, independent energy company focused on maximizing
long-term value through its Upstream Exploration & Production
business in the United States
Gulf of Mexico and offshore
Mexico. We leverage decades of
technical and offshore operational expertise to acquire, explore,
and produce assets in key geological trends while maintaining a
focus on safe and efficient operations, environmental
responsibility, and community impact. For more information,
visit www.talosenergy.com.
INVESTOR RELATIONS CONTACT
Clay Jeansonne
investor@talosenergy.com
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
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. All statements, other than
statements of historical fact included in this communication,
regarding our strategy, future operations, financial position,
projected costs, prospects, plans and objectives of management are
forward-looking statements. When used in this communication, the
words "will," "could," "believe," "anticipate," "intend,"
"estimate," "expect," "project," "forecast," "may," "objective,"
"plan" and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain such identifying words. 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.
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. These risks
include, but are not limited to, the timing and amount of any
repurchases made pursuant to the share repurchase plan and
repayment of debt; the ability to attain capital allocation goals;
the uncertainty inherent in projecting free cash flow; and the
other risks discussed in our Annual Report on Form 10-K for the
year ended December 31, 2023. Should
one or more of the risks or uncertainties described herein occur,
or should underlying assumptions prove incorrect, our actual
results and plans could differ materially from those expressed in
any forward-looking statements. All forward-looking statements,
expressed or implied, included in this communication are expressly
qualified in their entirety by this cautionary statement. This
cautionary statement should also be considered in connection with
any subsequent written or oral forward-looking statements that we
or persons acting on our behalf may issue. Except as otherwise
required by applicable law, we disclaim any duty to update any
forward-looking statements, all of which are expressly qualified by
the statements in this section, to reflect events or circumstances
after the date of this communication.
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SOURCE Talos Energy