Talos Energy Inc. has announced its operational and financial results for fiscal quarter ended June 30, 2024. Talos also provided third quarter 2024 production guidance and reiterated its operational and financial guidance for the full year 2024.
Talos President and Chief Executive Officer Tim Duncan stated, "The second quarter 2024 marked our first full quarter following the closing of the QuarterNorth transaction, resulting in record levels of production, Adjusted EBITDA, and Adjusted Free Cash Flow. This achievement enabled us to remain on track with our debt repayments while opportunistically buying back 3.8 million shares, representing 2% of our market capitalization. Our team's hard work and commitment have put us ahead of schedule on our integration efforts, leveraging the advantages of our increased scale and diversity.
"In our capital drilling program, the Lobster waterflood project commenced water injection in the second quarter 2024, and we anticipate a positive impact on production rates by 2025. We are currently drilling at our non-operated Ewing Bank 953, with results expected later in the third quarter 2024. Additionally, we anticipate receiving the West Vela deepwater rig late in the third quarter 2024, which will begin drilling three consecutive high-impact subsalt wells, including the Katmai West #2 appraisal in 2024, followed by the Daenerys and Helms Deep prospects in 2025.
"Subsequent to the second quarter 2024, we executed an important transaction securing a 21.4% non-operated interest in the Monument deepwater discovery. The Monument discovery presents an attractive post-FID subsea tie-back opportunity with gross resource potential exceeding 150 MMBoe, including a potential drilling opportunity beyond the appraised discovery. We have built a meaningful acreage position within the prolific Wilcox play in the deepwater Gulf of Mexico, and Monument represents the first of several potential investments in this well-established geological trend. We are pleased to have added this project to our projected 2024 capital program."
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