$TALO
TALOS ENERGY INC.

2023 Q2 Form 10-Q Financial Statement

#000095017023018966 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $367.2M $322.6M $413.6M
YoY Change -29.26% -22.0% 54.95%
Cost Of Revenue $101.8M $81.97M $60.67M
YoY Change 15.07% 35.12% -10.13%
Gross Profit $265.4M $240.6M $352.9M
YoY Change -38.36% -31.82% 76.01%
Gross Profit Margin 72.29% 74.59% 85.33%
Selling, General & Admin $29.67M $41.18M $49.06M
YoY Change 6.21% -16.07% 181.95%
% of Gross Profit 11.18% 17.11% 13.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $169.8M $147.3M $98.34M
YoY Change 62.47% 49.81% -3.26%
% of Gross Profit 63.97% 61.23% 27.87%
Operating Expenses $221.5M $210.8M $161.9M
YoY Change 38.73% 30.16% 20.83%
Operating Profit $40.43M $7.852M $217.5M
YoY Change -85.35% -96.39% 236.58%
Interest Expense $45.63M $37.58M $31.49M
YoY Change 48.27% 19.34% -7.59%
% of Operating Profit 112.88% 478.62% 14.48%
Other Income/Expense, Net $1.591M $6.666M $28.13M
YoY Change -49.73% -76.31% -301.68%
Pretax Income $20.57M $43.32M -$66.91M
YoY Change -89.6% -164.74% -44.66%
Income Tax $6.900M -$46.50M -$500.0K
% Of Pretax Income 33.55% -107.35%
Net Earnings $13.68M $89.86M -$66.44M
YoY Change -92.99% -235.25% -45.31%
Net Earnings / Revenue 3.72% 27.86% -16.07%
Basic Earnings Per Share $0.11 $0.85 -$0.81
Diluted Earnings Per Share $0.11 $0.84 -$0.81
COMMON SHARES
Basic Shares Outstanding 125.6M 126.4M 82.07K
Diluted Shares Outstanding 125.7M 107.0M 82.07K

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.05M $70.72M $78.35M
YoY Change -43.79% -9.73% 17.46%
Cash & Equivalents $17.53M $16.17M $78.35M
Short-Term Investments $45.52M $54.55M $0.00
Other Short-Term Assets $17.25M $11.90M $1.808M
YoY Change 306.48% 558.24% -94.76%
Inventory
Prepaid Expenses $85.70M $60.13M $43.40M
Receivables $157.3M $169.9M $242.3M
Other Receivables $116.8M $98.50M $35.94M
Total Short-Term Assets $440.2M $411.1M $401.8M
YoY Change -7.43% 2.31% 37.6%
LONG-TERM ASSETS
Property, Plant & Equipment $4.138B $4.158B $2.371B
YoY Change 75.92% 75.35% -5.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $22.44M $22.02M $2.665M
YoY Change 1883.73% 726.38% 26.9%
Other Assets $17.51M $18.14M $11.78M
YoY Change 110.94% 54.01% -71.62%
Total Long-Term Assets $4.365B $4.385B $2.409B
YoY Change 82.83% 82.03% -5.46%
TOTAL ASSETS
Total Short-Term Assets $440.2M $411.1M $401.8M
Total Long-Term Assets $4.365B $4.385B $2.409B
Total Assets $4.805B $4.796B $2.810B
YoY Change 67.84% 70.64% -1.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $184.2M $184.5M $91.16M
YoY Change 79.88% 102.36% 25.22%
Accrued Expenses $220.4M $201.4M $126.8M
YoY Change 44.63% 58.75% -38.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $33.16M $33.20M $6.060M
YoY Change 447.87% -73.65%
Total Short-Term Liabilities $691.9M $671.2M $705.6M
YoY Change -1.35% -4.88% 46.33%
LONG-TERM LIABILITIES
Long-Term Debt $1.000B $977.0M $925.1M
YoY Change 26.84% 5.61% -11.84%
Other Long-Term Liabilities $283.4M $284.4M $35.58M
YoY Change 589.71% 699.35% -92.38%
Total Long-Term Liabilities $1.284B $1.261B $960.7M
YoY Change 54.73% 31.31% -8.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $691.9M $671.2M $705.6M
Total Long-Term Liabilities $1.284B $1.261B $960.7M
Total Liabilities $2.744B $2.735B $2.115B
YoY Change 39.58% 29.29% 4.08%
SHAREHOLDERS EQUITY
Retained Earnings -$431.5M -$445.2M -$983.4M
YoY Change -45.26% -54.73%
Common Stock $2.541B $2.533B $1.679B
YoY Change 50.73% 50.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.062B $2.061B $695.1M
YoY Change
Total Liabilities & Shareholders Equity $4.805B $4.796B $2.810B
YoY Change 67.84% 70.64% -1.03%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $13.68M $89.86M -$66.44M
YoY Change -92.99% -235.25% -45.31%
Depreciation, Depletion And Amortization $169.8M $147.3M $98.34M
YoY Change 62.47% 49.81% -3.26%
Cash From Operating Activities $214.2M $62.86M $113.6M
YoY Change -11.02% -44.67% 69.68%
INVESTING ACTIVITIES
Capital Expenditures $203.2M $111.8M -$53.98M
YoY Change -374.19% -307.04% -16.57%
Acquisitions -$17.62M $3.500M
YoY Change -603.34% -57.94%
Other Investing Activities -$2.425M $4.782M -$5.404M
YoY Change -114.92% -188.49% -32.45%
Cash From Investing Activities -$205.6M -$107.0M -$59.38M
YoY Change 255.4% 80.15% -18.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.261M 117.1M -45.73M
YoY Change -95.25% -356.09% -225.2%
NET CHANGE
Cash From Operating Activities 214.2M 62.86M 113.6M
Cash From Investing Activities -205.6M -107.0M -59.38M
Cash From Financing Activities -7.261M 117.1M -45.73M
Net Change In Cash 1.356M 73.00M 8.496M
YoY Change -95.5% 759.19% -72.37%
FREE CASH FLOW
Cash From Operating Activities $214.2M $62.86M $113.6M
Capital Expenditures $203.2M $111.8M -$53.98M
Free Cash Flow $11.04M -$48.90M $167.6M
YoY Change -96.49% -129.18% 27.29%

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CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.85
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.84
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
5389000
CY2022Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
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StockholdersEquity
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CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2023Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2023Q1 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
832198000
CY2023Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
26647000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
2060841000
CY2022Q1 us-gaap Profit Loss
ProfitLoss
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CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
25173000
CY2023Q1 talo Depreciation Depletion Amortization And Accretion Expense
DepreciationDepletionAmortizationAndAccretionExpense
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CY2022Q1 talo Depreciation Depletion Amortization And Accretion Expense
DepreciationDepletionAmortizationAndAccretionExpense
112717000
CY2023Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
4148000
CY2022Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
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CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2023Q1 us-gaap Gain Loss From Price Risk Management Activity
GainLossFromPriceRiskManagementActivity
58937000
CY2022Q1 us-gaap Gain Loss From Price Risk Management Activity
GainLossFromPriceRiskManagementActivity
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CY2023Q1 talo Net Cash Received Paid From Price Risk Management Activity
NetCashReceivedPaidFromPriceRiskManagementActivity
-12323000
CY2022Q1 talo Net Cash Received Paid From Price Risk Management Activity
NetCashReceivedPaidFromPriceRiskManagementActivity
-127086000
CY2023Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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CY2022Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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CY2023Q1 us-gaap Asset Retirement Obligation Cash Paid To Settle
AssetRetirementObligationCashPaidToSettle
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CY2022Q1 us-gaap Asset Retirement Obligation Cash Paid To Settle
AssetRetirementObligationCashPaidToSettle
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CY2023Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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CY2022Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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CY2023Q1 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
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CY2022Q1 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
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CY2023Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2022Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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IncreaseDecreaseInOtherCurrentLiabilities
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CY2022Q1 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
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CY2023Q1 us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
36035000
CY2022Q1 us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
4013000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
62857000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
113610000
CY2023Q1 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
103962000
CY2022Q1 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
53978000
CY2023Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
-17617000
CY2022Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
3500000
CY2023Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0
CY2022Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
346000
CY2023Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
12835000
CY2022Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
2250000
CY2023Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
7796000
CY2022Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
0
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-106976000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-59382000
CY2023Q1 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
275000000
CY2022Q1 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
35000000
CY2023Q1 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
110000000
CY2022Q1 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
70000000
CY2023Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
11346000
CY2022Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0
CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
3987000
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
6256000
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
7378000
CY2023Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
100973000
CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
0
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4476000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
117116000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-45732000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
72997000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
8496000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
44145000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
69852000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
117142000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
78348000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
174597000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
53317000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
40988000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
43352000
CY2023Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2017-11-14
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
16169000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
44145000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
117142000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
44145000
CY2023Q1 us-gaap Business Acquisition Pro Forma Information Description
BusinessAcquisitionProFormaInformationDescription
The following supplemental pro forma financial information (in thousands, except per common share amounts), presents the condensed consolidated results of operations for the three months ended March 31, 2023 and 2022 as if the EnVen Acquisition had occurred on January 1, 2022. The unaudited pro forma information was derived from historical statements of operations of the Company and EnVen adjusted to include (i) depletion expense applied to the adjusted basis of the oil and natural gas properties acquired, (ii) interest expense to reflect borrowings under the Bank Credit Facility and to adjust the amortization of the premium of the 11.75% Notes (as defined below), (iii) general and administrative expense adjusted for transaction related costs incurred, (iv) other income (expense) to adjust the accretion of the discount on the P&A Notes Receivable and (v) weighted average basic and diluted shares of common stock outstanding from the issuance of 43.8 million shares of common stock to EnVen. Supplemental pro forma earnings for the three months ended March 31, 2022 were adjusted to include $78.9 million of general and administrative expenses, of which $16.3 million were incurred during the year ended December 31, 2022. Supplemental pro forma earnings for the three months ended March 31, 2023 were adjusted to exclude $62.6 million of general and administrative expenses.
CY2022Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
541661000
CY2023Q1 talo Fair Value Of Asset Retirement Obligations Assumed
FairValueOfAssetRetirementObligationsAssumed
258858000
CY2023Q1 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
69000
CY2023Q1 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
10113000
CY2023Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
19414000
CY2023Q1 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
7762000
CY2023Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
817651000
CY2023Q1 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
45592000
CY2023Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
772059000
CY2023Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
3708000
CY2022Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2059000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
908000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
568000
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
32985000
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
5762000
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
363000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
363000
CY2023Q1 us-gaap Lease Cost
LeaseCost
37964000
CY2022Q1 us-gaap Lease Cost
LeaseCost
8752000
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
18572000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5903000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3129000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1943000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
25981000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
14855000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
29110000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
16798000
CY2023Q1 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
166261000
CY2022Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
166261000
CY2023Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
16642000
CY2022Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
16306000
CY2023Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
144740000
CY2022Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
149064000
CY2023Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
161382000
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
165370000
CY2023Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
3708000
CY2022Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
2059000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1265000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
923000
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
12971000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
7191000
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
5652000
CY2023Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
3253000
CY2022Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
2334000
CY2023Q1 us-gaap Concentration Risk Credit Risk Financial Instruments
ConcentrationRiskCreditRiskFinancialInstruments
The Company is subject to the risk of loss on its financial instruments as a result of nonperformance by counterparties pursuant to the terms of their contractual obligations. The Company has entered into International Swaps and Derivative Association agreements with counterparties to mitigate this risk. The Company also maintains credit policies with regard to its counterparties to minimize overall credit risk. These policies require (i) the evaluation of potential counterparties’ financial condition to determine their credit worthiness; (ii) the regular monitoring of counterparties’ credit exposures; (iii) the use of contract language that affords the Company netting or set off opportunities to mitigate exposure risk; and (iv) potentially requiring counterparties to post cash collateral, parent guarantees, or letters of credit to minimize credit risk. The Company’s assets and liabilities from commodity price risk management activities at March 31, 2023 represent derivative instruments from nine counterparties; all of which are registered swap dealers that have an “investment grade” (minimum Standard & Poor’s rating of BBB- or better) credit rating, and eight of which are parties under the Company’s Bank Credit Facility. The Company enters into derivatives directly with these counterparties and, subject to the terms of the Company’s Bank Credit Facility, is not required to post collateral or other securities for credit risk in relation to the derivative activities. Had the Company’s counterparties failed to perform under existing commodity derivative contracts the maximum loss at March 31, 2023 would have been $31.0 million.
CY2023Q1 us-gaap Concentration Risk Credit Risk Financial Instrument Maximum Exposure
ConcentrationRiskCreditRiskFinancialInstrumentMaximumExposure
31000000.0
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1061041000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
638541000
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
50829000
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
53201000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
1010212000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
585340000
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
33201000
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
977011000
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
585340000
CY2023Q1 us-gaap Debt Instrument Frequency Of Periodic Payment
DebtInstrumentFrequencyOfPeriodicPayment
The indenture governing the 11.75% Notes requires the redemption of $15.0 million of the principal amount outstanding at par value on April 15th and October 15th of each year
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3938000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3318000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-46500000
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-1.074
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-1.074
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-54900000
CY2023Q1 us-gaap Valuation Allowance Deferred Tax Asset Explanation Of Change
ValuationAllowanceDeferredTaxAssetExplanationOfChange
The release of the valuation allowance is a result of the deferred tax liabilities acquired with the EnVen Acquisition.
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-500000
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.007
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.007
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
89860000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-66441000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
105634000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82071000
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1316000
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
106950000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82071000
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.85
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.81
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.84
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.81
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
983000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3329000
CY2023Q1 talo Stockholders Agreement Date
StockholdersAgreementDate
2018-05-10
CY2023Q1 talo Stockholders Agreement Amendment Date
StockholdersAgreementAmendmentDate
2020-02-24
CY2023Q1 talo Amended Restated Stockholders Agreement Date
AmendedRestatedStockholdersAgreementDate
2022-03-29
CY2023Q1 talo Amended Restated Stockholders Agreement Termination Date
AmendedRestatedStockholdersAgreementTerminationDate
2023-02-13
CY2022Q1 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
27500000
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2023Q1 us-gaap Revenues
Revenues
322582000
CY2022Q1 us-gaap Revenues
Revenues
413566000
CY2023Q1 talo Adjusted Ebitda
AdjustedEbitda
204326000
CY2022Q1 talo Adjusted Ebitda
AdjustedEbitda
209551000
CY2023Q1 talo Noncurrentassetadditions
Noncurrentassetadditions
211213000
CY2022Q1 talo Noncurrentassetadditions
Noncurrentassetadditions
84706000
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
43317000
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-66913000
CY2023Q1 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
103962000
CY2022Q1 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
53978000

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