Talos Energy Inc (TALO) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Talos Energy first-quarter 2025 earnings conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. (Operator Instructions) This call is being recorded on Tuesday, May 6, 2025. I would now like to turn the conference over to Clay Jeansonne. Please go ahead.

女士們、先生們，早安，歡迎參加 Talos Energy 2025 年第一季財報電話會議。此時，所有線路都處於只聽模式。演講結束後，我們將進行問答環節。（操作員指示）此通話於 2025 年 5 月 6 日星期二錄製。現在我想將會議交給 Clay Jeansonne。請繼續。

Thank you, operator. Good morning, everyone, and welcome to our first- quarter 2025 earnings conference call. Joining me today to discuss our results are Paul Goodfellow, President and Chief Executive Officer; and Sergio Maiworm, Executive Vice President and Chief Financial Officer. For our prepared remarks, please refer to our first quarter of 2025 earnings presentation that is available on Talos' website under the investors section for a more detailed look at our results and operations update.

謝謝您，接線生。大家早安，歡迎參加我們的 2025 年第一季財報電話會議。今天與我一起討論我們業績的有總裁兼執行長 Paul Goodfellow 和執行副總裁兼財務長 Sergio Maiworm。對於我們準備好的評論，請參閱我們 2025 年第一季的收益報告，該報告可在 Talos 網站的投資者部分找到，以更詳細地了解我們的業績和營運更新。

Before we start, I'd like to remind you that our remarks will include forward-looking statements subject to various cautionary statements identified in our presentation and earnings release.

在我們開始之前，我想提醒您，我們的評論將包括前瞻性陳述，這些陳述受我們在簡報和收益報告中確定的各種警告性聲明的約束。

Actual results may differ materially from those contemplated by the company. Factors that could cause these results to differ materially are set forth in yesterday's press release and our Form 10-Q for the period ending March 31, 2025, filed with the SEC.

實際結果可能與公司預期的結果有重大差異。可能導致這些結果出現重大差異的因素已在昨天的新聞稿和我們向美國證券交易委員會提交的截至 2025 年 3 月 31 日的 10-Q 表中列出。

Forward-looking statements are based on assumptions as of today, and we undertake no obligations to update these statements as a result of new information or future events. During this call, we may present GAAP and non-GAAP financial measures. A reconciliation of certain non-GAAP to GAAP measures is included in yesterday's press release, which was furnished with our Form 8-K filed with the SEC and is available on our website.

前瞻性陳述基於今天的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。在本次電話會議中，我們可能會介紹 GAAP 和非 GAAP 財務指標。昨天的新聞稿中包含了某些非 GAAP 與 GAAP 指標的對賬，該新聞稿隨我們向美國證券交易委員會 (SEC) 提交的 8-K 表格一起提供，並可在我們的網站上查閱。

And now I'd like to turn the call over to Paul.

現在我想把電話轉給保羅。

Clay. Good morning, everyone, and thank you for joining us on our call today. I'd like to begin with some remarks on our financial and operational results for the quarter. Following that, I will hand the call over to Sergio, who will provide a more detailed overview of our financial performance and guidance.

黏土。大家早安，感謝大家今天參加我們的電話會議。首先，我想就本季的財務和營運業績發表一些評論。之後，我將把電話交給塞爾吉奧，他將更詳細地概述我們的財務表現和指導。

Finally, I'll conclude with some closing thoughts before opening the call to Q&A. I want to start by saying how honored I am to be here and join you all for my first earnings call as Talos as CEO. Over the past two months, I've spent a lot of time connecting with our employees and stakeholders.

最後，在開始問答環節之前，我將總結我的一些想法。首先，我想說，我很榮幸來到這裡，與大家一起參加我作為 Talos 執行長的第一次財報電話會議。在過去的兩個月裡，我花了很多時間與我們的員工和利害關係人保持聯繫。

These conversations have been invaluable. They've given me a deeper understanding of where we stand as a company, the challenges we face, and the opportunities ahead. I've spent my entire career in the oil and gas industry with a particular focus on deep-water operations. With over 30 years of experience, getting the chance to lead a company like Talos presented an extraordinary and exciting opportunity.

這些對話非常有價值。他們讓我更深入地了解了我們公司的現狀、我們面臨的挑戰以及未來的機會。我的整個職業生涯都在石油和天然氣行業度過，尤其專注於深水作業。憑藉 30 多年的經驗，有機會領導像 Talos 這樣的公司是一個非凡而令人興奮的機會。

Talos has a solid asset base in the Gulf, along with a history of operational performance. The company's established infrastructure, coupled with its ability to capitalize on growth opportunities, positions it well in the industry.

Talos 在海灣地區擁有堅實的資產基礎和良好的營運表現歷史。該公司已建立的基礎設施，加上其利用成長機會的能力，使其在行業中佔據有利地位。

However, what has stood out even more is the entrepreneurial culture and the sense of pride shared by Talos’ talented and skilled workforce. It is something I noticed early on in my time here and it is a fundamental strength that I intend to build on during my tenure.

然而，更引人注目的是 Talos 的創業文化以及其才華橫溢、技術嫻熟的員工所共有的自豪感。這是我在這裡任職初期就注意到的事情，也是我打算在任職期間加強的基本優勢。

I'd like to thank our Talos team for their warm welcome, sharing their perspectives, and their hard work and dedication that delivered the strong results that we will discuss with you today.

我要感謝 Talos 團隊的熱情歡迎、分享他們的觀點以及他們的辛勤工作和奉獻精神，這些帶來了我們今天將與你們討論的出色成果。

We are leveraging our unique culture, history, and strengths to enhance our assets and foster stronger relationships with both internal and external stakeholders. By maintaining open communication and collaboration with stakeholders, employees, shareholders, analysts, and partners, we gain valuable insights that drive progress and build on Talos' success.

我們正在利用我們獨特的文化、歷史和優勢來增強我們的資產並與內部和外部利害關係人建立更牢固的關係。透過與利害關係人、員工、股東、分析師和合作夥伴保持開放的溝通和協作，我們獲得了寶貴的見解，推動了進步並鞏固了 Talos 的成功。

My goal is to take a very good company and make it great. I believe great companies are built on continuous improvement. So I'm challenging our entire team to enhance efficiency and reduce costs across the board.

我的目標是帶領一家非常優秀的公司走向卓越。我相信偉大的公司是建立在持續改善的基礎上的。因此，我要求我們整個團隊全面提高效率並降低成本。

We're making steady progress through the first 100 days as planned, advancing the development of our go forward strategy. This plan is built around three strategic lenses: the near term, medium term, and long term, to build upon our strong assets and further strengthen the organization. I understand that you are eager for more details. Rest assured, I plan to present the full plan to you in the coming weeks.

我們正按計畫穩定地推動第一個百日攻堅戰，推動前進戰略的發展。該計劃圍繞著三個策略視角製定：短期、中期和長期，以鞏固我們的強大資產並進一步加強組織。我了解您渴望了解更多詳細資訊。請放心，我計劃在未來幾週內向你們提交完整的計劃。

Now, I'd like to address our strong first-quarter results starting with slide 4. Our first-quarter results demonstrate our continued focus on operational execution and consistent free cash flow generation. We're extremely proud that the first quarter marks our fifth consecutive quarter of record production.

現在，我想從投影片 4 開始介紹我們強勁的第一季業績。我們第一季的業績顯示我們持續專注於營運執行和持續的自由現金流產生。我們非常自豪，第一季是我們連續第五個季度創下產量紀錄。

This is also highlighted on slide 5. For the first quarter, we achieved production totaling 109,000 barrels of oil equivalent per day, which was at the top end of our quarterly guidance range.

第 5 張投影片也重點強調了這一點。第一季度，我們的日產量總計達到 109,000 桶油當量，達到了季度指導範圍的最高值。

The production was comprised of 68% oil and including the NGL barrels was 78% liquids. We reported record EBITDA of $363 million for the first quarter, which equates to an EBITDA net-back margin of about $40 per barrel of oil equivalent. We believe we have consistently ranked in the top quartile among public E&P companies in net-back margins, as shown on slide 6.

產量中 68% 為石油，如果算上 NGL 桶的話，則 78% 為液體。我們報告第一季的 EBITDA 達到創紀錄的 3.63 億美元，相當於每桶油當量的 EBITDA 淨回利潤率約為 40 美元。我們相信，我們在淨回值利潤率方面一直在上市 E&P 公司中名列前茅，如幻燈片 6 所示。

Our CapEx in the quarter was $118 million and we spent an additional EUR10 million on plugging and abandonment activities. We are executing our plugging and abandonment activities with a prudent approach. Typically, these activities are better performed during the summer months, despite potential weather disruptions.

我們本季的資本支出為 1.18 億美元，另外還花費了 1,000 萬歐元用於封鎖和廢棄活動。我們正在以審慎的態度執行封鎖和廢棄活動。通常，儘管可能受到天氣幹擾，但這些活動最好在夏季進行。

As planned, we anticipate an increase in plugging and abandonment expenditures throughout the remainder of the year. After taking into account our capital expenditures and plugging and abandonment spending, we achieved record free cash flow of $195 million for the quarter.

按照計劃，我們預計今年剩餘時間封鎖和廢棄支出將會增加。考慮到我們的資本支出以及封鎖和廢棄支出後，我們本季實現了創紀錄的 1.95 億美元自由現金流。

Given our robust free cash flow and the inherent value of our asset base, the Board has approved an increase in our stock repurchase authorization to $200 million. We plan to execute the share repurchase plan through a structured programmatic approach, and we expect to allocate up to 50% of our annual free cash flow to share buybacks.

鑑於我們強勁的自由現金流和資產基礎的內在價值，董事會已批准將我們的股票回購授權增加至 2 億美元。我們計劃透過結構化的程序化方法執行股票回購計劃，並預計將年度自由現金流的 50% 分配給股票回購。

During the quarter, we repurchased 2.3 million shares for some $22 million. Our strong financial results enabled us to maintain our leverage ratio of 0.8. At the end of the quarter, we built our cash balance to approximately $203 million while also repurchasing our shares and improved our liquidity to approximately $960 million. This positions us well to capitalize on opportunities that may arise in the current environment.

本季度，我們以約 2,200 萬美元回購了 230 萬股。強勁的財務表現使我們能夠維持0.8的槓桿率。截至本季末，我們的現金餘額增至約2.03億美元，同時回購了股票，流動性也提升至約9.6億美元。這使我們能夠充分利用當前環境中可能出現的機會。

Operationally, we continue to make real progress in our drilling program, finishing our completion operations on our Sunspear discovery and starting completion operations on Katmai West Number 2.

在營運方面，我們的鑽探計畫繼續取得實質進展，完成了 Sunspear 發現的完井作業，並開始 Katmai West Number 2 的完井作業。

Moving to slides 7 and 8, our 2025 drilling program is progressing as planned with significant progress across multiple projects. The teams from Talos and the West Vela drillship are working in close coordination, which is helping to drive smooth and efficient operations, ensuring we meet our operational milestones.

轉到幻燈片 7 和 8，我們的 2025 年鑽探計劃正在按計劃進行，多個項目取得了重大進展。Talos 和 West Vela 鑽井船的團隊正在密切協調，這有助於推動順利且有效率的運營，確保我們實現營運里程碑。

At the Sunspear discovery, completion operations have concluded successfully. First production is anticipated late second quarter 2025 as planned.

在 Sunspear 發現區，完井作業已成功結束。預計首次生產將於 2025 年第二季末按計劃進行。

The well is being tied back to the Talos operated print platform with a projected gross production rate estimated to be between 8 to 10,000 barrels of oil equivalent per day, and we hold a 48% working interest in Sunspear.

該油井與 Talos 營運的列印平台相連，預計總產量估計為每天 8 至 10,000 桶石油當量，我們持有 Sunspear 48% 的工作權益。

Similarly, completion activities are underway on the Katmai West #2, well and are nearing completion as planned. First production is also expected by late second quarter of 2025.

同樣，Katmai West #2 井的完工工作也在進行中，並已接近計劃完成。預計首批產品將於 2025 年第二季末投產。

Production will flow back to Talos’ 100% owned and operated Tarantula facility, which is expected to be running at maximum capacity. Talos holds a 50% working interest in and operates the Katmai field. Following this, we expect drilling operations for the high-impact Miocene prospect Daenerys to start late second quarter of 2025.

生產將回流至 Talos 全資擁有並營運的 Tarantula 工廠，預計該工廠將以最大產能運作。Talos 擁有 Katmai 油田 50% 的權益並負責營運。隨後，我們預計具有高影響力的中新世勘探區 Daenerys 的鑽探作業將於 2025 年第二季末開始。

We estimate it will take around 100 to 120 days to drill the well with results expected mid- to late-third-quarter 2025. Talos holds a 30% working interest in and serves as the operator of Daenerys.

我們估計鑽井大約需要 100 到 120 天，預計 2025 年第三季中後期會有結果。塔洛斯 (Talos) 擁有丹妮莉絲 (Daenerys) 30% 的經營權並擔任其經營者。

Additionally, our non-operated Ewing Bank 953 discovery and monument project are advancing as planned as we continue making investments in ordering and procuring long-lead equipment for both.

此外，我們尚未運營的 Ewing Bank 953 發現和紀念碑項目正在按計劃推進，我們將繼續投資訂購和採購這兩個項目的長週期設備。

As previously announced, preliminary assessments for Ewing Bank 953 indicate an estimated recoverable resource potential of approximately 15 to 25 million barrels of oil equivalent, which we believe should lead to a production flow rate of between 8 and 10,000 barrels of oil equivalent per day.

正如先前宣布的那樣，對 Ewing Bank 953 的初步評估表明，可採資源潛力估計約為 1500 萬至 2500 萬桶油當量，我們認為這將導致每天的生產流量達到 8000 至 10000 桶油當量。

The world will be a single subsidy tied back to the Megalodon platform which Talos partially owns.

全世界將獲得一項與 Talos 部分擁有的 Megalodon 平台掛鉤的單一補貼。

We estimate that Ewing Bank 953 is economic at some $25 per barrel. Talos owns a 33% working interest in the world, and we expect for its production by mid-2026.

我們估計 Ewing Bank 953 的經濟價值約為每桶 25 美元。Talos 在全球擁有 33% 的開採權益，我們預計將於 2026 年中期投入生產。

For our monument development project, a large Wilcox oil discovery in the deep waters of the Gulf, we estimate proved and probable gross reserves of approximately 115 million barrels of oil with production expected to tie back to the Shenandoah production facility.

對於我們的里程碑式開發項目，即墨西哥灣深水區的大型威爾科克斯油田發現，我們估計已探明和可能的總石油儲量約為 1.15 億桶，預計產量將與謝南多厄生產設施掛鉤。

We expect to spread our first well at Monument by late fourth quarter 2025 with first production anticipated in late 2026. Talos has a significant acreage position in the Lower Wilcox trend, which we believe represents a growth opportunity for the company.

我們預計將於 2025 年第四季末在 Monument 打出第一口油井，並於 2026 年底開始生產。Talos 在 Lower Wilcox 趨勢區擁有大量土地，我們認為這對公司來說是一個成長機會。

In March, we increased our working interest in Monument from 21.4% to just under 29.8%. These updates highlight steady achievements in our key operational projects.

3 月份，我們將對 Monument 的權益從 21.4% 提高至略低於 29.8%。這些更新凸顯了我們重點營運專案的穩定進展。

Before handing over the call to Sergio, I want to reiterate my gratitude to all Talos employees for their continued efforts driving our success while upholding our values and key priorities, safety, and environmental performance and protection.

在將電話交給塞爾吉奧之前，我想再次感謝所有 Talos 員工，感謝他們堅持我們的價值觀和關鍵優先事項、安全以及環境績效和保護，並不斷努力推動我們的成功。

Slide 9 highlights our continued attention to safety and protection of the environment. This success reflects our personnel's commitment to rigorous safety systems, proactive maintenance, and to upholding the highest operational standards here at Talos. We never take safety for granted and view it as a critical practice that reflects our commitment to our most important asset, our people.

第 9 張投影片強調了我們對安全和環境保護的持續關注。這項成功體現了我們人員對嚴格的安全系統、主動維護以及維護 Talos 最高營運標準的承諾。我們從不將安全視為理所當然，而是將其視為一項重要實踐，體現了我們對最重要的資產——我們的員工的承諾。

With that, I'll now turn over the call to Sergio.

說完這些，我現在將電話轉給塞爾吉奧。

Thank you, Paul, and good morning, everyone.

謝謝你，保羅，大家早安。

For my remarks, I'll touch on Talos' commitment to financial discipline and our ability to deliver value through our strong cash flow generation and the flexibility of our capital budget, especially in light of lower commodity prices.

在我的演講中，我將談及 Talos 對財務紀律的承諾以及我們透過強勁的現金流創造和資本預算的靈活性創造價值的能力，尤其是在大宗商品價格較低的情況下。

Additionally, I'll provide a review of our guidance and our commitment to maintaining a strong balance sheet and robust hedging positions. These efforts aim to support cash flow stability and enhance shareholder value. Let me begin by reaffirming our commitment to achieving our operational and financial objectives by focusing on discipline, capital allocation, and free cash flow generation.

此外，我將對我們的指導以及維持強勁資產負債表和穩健對沖頭寸的承諾進行回顧。這些努力旨在支持現金流穩定並提高股東價值。首先，我要重申我們致力於透過注重紀律、資本配置和自由現金流產生來實現我們的營運和財務目標。

Looking at slide 10, we have a lot of flexibility in our budget for the second half of 2025, allowing us to adapt if oil prices decline further. Our confidence remains strong in the economic viability of the key projects we are advancing though.

從第 10 張投影片可以看出，我們在 2025 年下半年的預算中擁有很大的靈活性，如果油價進一步下跌，我們就可以進行調整。我們對正在推進的重點項目的經濟可行性仍然充滿信心。

For instance, our upcoming projects are expected to be economic on average at approximately $35 per barrel of oil. These projects underscore Talos’ resilience, flexibility, and depth of portfolio, even in a volatile commodity price environment, and they were positioned to balance short-cycle and long-cycle investments with robust returns aimed at delivering production, positive free cash flow, and a robust shareholder value.

例如，我們即將開展的項目預計平均經濟效益約為每桶石油 35 美元。這些項目凸顯了 Talos 的韌性、靈活性和投資組合深度，即使在波動的大宗商品價格環境中也是如此，並且它們的定位是平衡短期週期和長期週期投資，並獲得強勁的回報，旨在實現生產、正的自由現金流和強勁的股東價值。

As mentioned before, we still have significant flexibility on our capital plans in the second half of the year, and we will continue to monitor the market for continued softness in the commodity before using that flexibility. If oil prices deteriorate materially, we will consider postponing certain projects. But as of now, we're convinced the right approach is to continue to invest in these projects.

如前所述，我們下半年的資本計畫仍然具有很大的靈活性，並且在使用這種靈活性之前，我們將繼續監測市場對大宗商品的持續疲軟。如果油價大幅下跌，我們將考慮延後某些項目。但截至目前，我們確信正確的方法是繼續投資這些項目。

They are very economic at current prices, but more importantly, we need to think about this with a through-the-cycle prices approach.

以當前價格來看，它們非常經濟，但更重要的是，我們需要用整個週期的價格方法來考慮這個問題。

On slide 11, we reaffirm our operational and financial guidance for 2025. Regarding our capital expenditures guidance, we maintain our investment of $500 million to $540 million for the full year. In addition, we expect to execute between $100 million and $120 million of P&A and decommissioning activities this year.

在第 11 張投影片上，我們重申了 2025 年的營運和財務指導。關於我們的資本支出指導，我們維持全年 5 億至 5.4 億美元的投資。此外，我們預計今年將執行價值 1 億至 1.2 億美元的 P&A 和退役活動。

Our capital program reflects a strategic balance between low-risk development and higher risk with the potential of high-reward exploration projects.

我們的資本計畫體現了低風險開發與高風險且具有高回報勘探專案潛力之間的策略平衡。

Asset management efforts are focused on cost efficient, high rates of return production additions and enhancements, as well as extending the operational lifespan of fields.

資產管理工作的重點是提高成本效益、增加和增強產量並獲得高回報率，以及延長油田的營運壽命。

Additionally, our ongoing geological, geophysical, and land investments aim to refine and bolster our inventory. Capital spending in the first quarter came in lower than anticipated due to several projects phasing into the second quarter.

此外，我們正在進行的地質、地球物理和土地投資旨在完善和加強我們的庫存。由於幾個項目進入第二季度，第一季的資本支出低於預期。

Looking ahead, we anticipate the second quarter will reflect the highest level of investment for the year, driven by a high level of activity and the phasing of projects, including some long-lead items pushed to the second quarter, as well as timing of certain projects.

展望未來，我們預計第二季度的投資水平將達到全年最高水平，這得益於高水平的活動和項目的分階段實施，其中包括一些推遲到第二季度的長週期項目以及某些項目的時間安排。

Turning to slide 12, I want to briefly review how we think about our production guidance for '25. As demonstrated by our first-quarter production, Talos' business has the ability to produce well over 100,000 barrels of oil equivalent per day, so the base business continues to be very healthy.

翻到第 12 張投影片，我想簡單回顧一下我們對 25 年生產指導的看法。正如我們第一季的產量所表明的那樣，Talos 的業務每天能夠生產超過 100,000 桶石油當量，因此基礎業務繼續保持非常健康的狀態。

As an offshore operator, we have a number of things that can impact production guidance. While these activities will temporarily lower our production rates for the year as shown on slide 12, they are essential to ensuring the long-term safety, reliability, and uptime of our assets.

作為海上運營商，有許多因素會影響生產指導。雖然這些活動將暫時降低我們今年的生產力（如幻燈片 12 所示），但它們對於確保我們資產的長期安全性、可靠性和正常運行時間至關重要。

Additionally, we account for external factors such as weather-related disruptions, including hurricanes, and estimated potential unplanned downtime affecting third-party facilities and pipelines. Taking all of these considerations into account, we continue to expect production for 2025 to range between 90,000 and 95,000 barrels of oil equivalent per day, of which approximately 69% is expected to be oil and 79% liquids.

此外，我們還考慮了外部因素，例如與天氣有關的干擾（包括颶風）以及影響第三方設施和管道的預期潛在非計劃性停機時間。綜合考慮所有這些因素，我們繼續預計 2025 年的產量將在每天 90,000 至 95,000 桶油當量之間，其中預計約 69% 為石油，79% 為液體。

As previously mentioned, the warmer months are the ideal times for various offshore activities, including preventative maintenance on our assets and tie-back operations. Specifically, scheduled downtime will impact operations at Brutus for routine maintenance and at Tarantula as we complete Katmai West #2.

如前所述，溫暖的月份是進行各種海上活動的理想時間，包括對我們的資產進行預防性維護和回接作業。具體來說，計劃停機時間將影響 Brutus 的日常維護作業以及 Tarantula 的 Katmai West #2 完工作業。

Additionally, the Prince facility will have some downtime as we tie back the Sunspear discovery alongside other scheduled third party pipelines and maintenance projects.

此外，由於我們將 Sunspear 發現與其他預定的第三方管道和維護項目結合起來，Prince 設施將會有一些停機時間。

With that said, we expect our production for the second quarter will be between 92,000 and 96,000 barrels of oil equivalent per day. This range is a little wider than the one we provided for the first quarter, but that is a reflection of the increased levels of simultaneous operational activities we are expecting in the second quarter, and therefore, the greater uncertainty associated with that increased activity.

話雖如此，我們預計第二季的產量將在每天 92,000 至 96,000 桶油當量之間。這個範圍比我們為第一季提供的範圍要寬一些，但這反映了我們預計第二季同時營運活動水準將會增加，因此，與活動增加相關的不確定性也會更大。

But to be sure, we have confidence in this range, and we're very happy with how the base business is performing, as well as how the various teams are executing on their projects. As I mentioned, our approach emphasizes adaptability amid the current lower oil price environments. Even at current price levels, we still expect to generate free cash flow for the full year.

但可以肯定的是，我們對這個範圍有信心，我們對基礎業務的表現以及各個團隊的專案執行感到非常滿意。正如我所提到的，我們的方法強調在當前低油價環境下的適應性。即使在目前物價水準下，我們仍預計全年將產生自由現金流。

Our robust hedge positions over this timeline, as shown on slide 13, support our cash flow stability in a fluctuating commodity market. This enhances our ability to continue generating free cash flow for the year, even at oil prices in the low 40s% per barrel.

如投影片 13 所示，我們在此時間線上的強勁對沖部位支持了我們在波動的商品市場中的現金流穩定性。這增強了我們繼續產生年度自由現金流的能力，即使油價低於每桶40%也是如此。

Approximately, 42% of the projected balance of our 2025 oil production based on the midpoint of guidance is hedged at prices over $72 per barrel of oil. These hedges provide robust financial stability and support the 2025 capital program.

根據指導中點預測，我們 2025 年石油產量預計餘額的約 42% 以每桶 72 美元以上的油價進行對沖。這些對沖提供了強勁的金融穩定性並支持2025年資本計畫。

The current mark to market value of these hedge positions stands at $120 million as of April 30 and is even higher today given the current outlook, which further highlights the effectiveness of Talos’ proactive risk management strategy. Maintaining a strong balance sheet is paramount to our financial strategy, providing us with options and flexibility for long-term success.

截至 4 月 30 日，這些對沖頭寸的當前市值為 1.2 億美元，考慮到目前的前景，今天的市值甚至更高，這進一步凸顯了 Talos 主動風險管理策略的有效性。維持強勁的資產負債表對我們的財務策略至關重要，它為我們提供長期成功的選擇和靈活性。

As shown on slide 14, our strong balance sheet includes no near-term debt maturities and no borrowings on our credit facility. At the end of the first quarter, we had $203 million in cash contributing to a total liquidity of approximately $960 million.

如投影片 14 所示，我們強勁的資產負債表包括沒有近期債務到期，也沒有信貸借款。截至第一季末，我們擁有 2.03 億美元現金，總流動資金約 9.6 億美元。

Additionally, we maintained a leverage ratio of 0.8 times. We're committed to maintaining our strong balance sheet to help ensure we're prepared to capitalize on opportunities that may arise in the current low oil price environment.

此外，我們的槓桿率維持在0.8倍。我們致力於維持強勁的資產負債表，以幫助確保我們準備好利用當前低油價環境下可能出現的機會。

Our financial framework is built on a balanced three-pronged approach that targets sustainable investments in the business in high-returning projects to maintain production through the cycle and create value for shareholders.

我們的財務框架建立在平衡的三管齊下的方法之上，旨在對高回報項目進行可持續的業務投資，以在整個週期內維持生產並為股東創造價值。

Looking at slide 15, we focus on making strategic long-term investments to cultivate a sustainable asset base that generates robust returns through the cycle, strengthening our balance sheet to prepare to capitalize on opportunities and returning cash to shareholders.

看第 15 張投影片，我們專注於進行策略性長期投資，以培育可持續的資產基礎，在整個週期中產生強勁的回報，加強我們的資產負債表，為利用機會做好準備，並向股東返還現金。

As Paul mentioned earlier, our Board increased our share repurchase authorization to $200 million and we now expect to allocate up to 50% of our annual free cash flow to share buybacks in a programmatic approach. We believe our shares are significantly undervalued and repurchasing them represents a compelling use of capital.

正如保羅之前提到的，我們的董事會將股票回購授權增加到 2 億美元，現在我們預計將以程式化的方式將高達 50% 的年度自由現金流分配給股票回購。我們認為我們的股票被嚴重低估，回購股票代表著令人信服的資本用途。

Our approach also reinforces our commitment to enhancing shareholder value while maintaining flexibility for future inorganic and organic growth opportunities.

我們的方法也強化了我們對提高股東價值的承諾，同時為未來的無機和有機成長機會保持靈活性。

Maintaining the longevity and stability of Talos-based business remains a top priority for how we allocate our cash while also striving to maintain a robust balance sheet and generating meaningful free cash flow. With that, I'll now turn it back to Paul for some additional closing comments.

維持 Talos 業務的長期性和穩定性仍然是我們分配現金的首要任務，同時我們也努力保持穩健的資產負債表並產生有意義的自由現金流。好了，現在我將把話題轉回給保羅，讓他發表一些額外的結論。

Thanks, Sergio. As I wrap up our earnings call, I want to summarize the key achievements of the first quarter.

謝謝，塞爾吉奧。在結束我們的收益電話會議時，我想總結第一季的主要成就。

Slide 16 presents a scorecard of these accomplishments, highlighting our commitment to delivering results and maintaining a strong focus on execution.

投影片 16 展示了這些成就的記分卡，強調了我們對交付成果和保持對執行的高度關注的承諾。

This quarter, our robust operational performance and financial discipline led to solid results. Including record production levels of 109,000 barrels of oil equivalent per day, a record EBITDA of $363 million and record free cash flow of $195 million.

本季度，我們強勁的營運表現和財務紀律帶來了穩健的業績。包括創紀錄的每天 109,000 桶油當量的產量水準、創紀錄的 3.63 億美元 EBITDA 和創紀錄的 1.95 億美元自由現金流。

Our approach to value creation is built around making long-term investments to maintain a sustainable asset base that delivers strong returns through commodity cycles.

我們的價值創造方法是建立在長期投資的基礎上，以維持可持續的資產基礎，並在商品週期中帶來強勁的回報。

We are committed to strengthening our balance sheet to capitalize on the opportunities that may arise from the current environment while returning cash to our shareholders. By focusing on capital discipline, operational excellence, and free cash flow generation, we have achieved some significant milestones, and I believe we have laid a solid foundation for 2025 and beyond. With that, we'll open the line for Q&A. Thank you.

我們致力於加強我們的資產負債表，以利用當前環境中可能出現的機遇，同時向股東返還現金。透過專注於資本紀律、卓越營運和自由現金流創造，我們已經實現了一些重要的里程碑，我相信我們為2025年及以後奠定了堅實的基礎。我們將開始問答環節。謝謝。

(Operator Instructions)

（操作員指示）

[Greta Drake], Goldman Sachs.

[格雷塔·德雷克]，高盛。

Good morning, and thank you for taking my questions, and congratulations on the quarter. I wanted to first touch on your share-repurchase authorization increase. Can you speak to any tentative expectations around the timeline for deploying the current authorization outstanding or any other key factors influencing how you're thinking about the timing?

早安，感謝您回答我的問題，並祝賀本季取得的成績。我想先談談你們的股票回購授權增加問題。您能否談談對部署目前未決授權的時間表的任何暫定預期，或影響您對時間安排考慮的任何其他關鍵因素？

Hi Greta. Good morning. This is Sergio. Yeah, happy to answer that. So the plan is effective immediately. So we have the ability to execute on that outside of our blackout windows, right? So we have the ability to execute on that immediately.

你好，格雷塔。早安.這是塞爾吉奧。是的，很高興回答這個問題。因此該計劃立即生效。所以我們有能力在停電窗口之外執行該操作，對嗎？所以我們有能力立即執行這個目標。

Great, thanks so much. And then for my second question, I just wanted to touch on maybe the second half of the year's flexibility in the current program. Is the flexibility just mostly the unnamed Gulf of America? Well, you have listed on slide 7 and if current market expectations persist or worsen, do you expect any changes to non-operated project or capital expectations?

太好了，非常感謝。對於我的第二個問題，我只想談談目前計畫下半年的靈活性。彈性主要在於未命名的美國灣嗎？嗯，您已經在投影片 7 中列出了，如果當前市場預期持續或惡化，您預計非營運項目或資本預期會發生任何變化嗎？

Hey Gretta, good morning, this is Paul. Look, I'd say that we've kept guidance flat given the robust project set that we have for the rest of '25 and going into 2026. Those projects break even on average at around $35 per barrel.

嘿，格雷塔，早安，我是保羅。聽著，我想說，考慮到我們在 2025 年剩餘時間和 2026 年擁有強大的專案儲備，我們將保持指導不變。這些項目的平均損益平衡點為每桶 35 美元左右。

Now we do have flexibility, probably up to the level of about 20% of the totality of the CapEx budget that we are guiding for the year. And we'll look at making those calls as we go into the second quarter depending on how the macro develops. And so it is more than just the unknown project that we have at the moment. There are other projects that we can look to postpone if we see that the macro is deteriorating further. Yeah, but I would just reiterate that the break evens of the projects that that we have are incredibly robust, and of course we need to look at that through the lens of this 12- to 18-month investment cycle that it actually takes before we generate cash flow from those projects.

現在我們確實具有靈活性，可能達到我們今年指導的資本支出預算總額的 20% 左右。我們將根據宏觀經濟的發展情況，在進入第二季時做出這些決定。因此，這不僅僅是我們目前所擁有的未知項目。如果我們發現宏觀經濟進一步惡化，我們可以考慮延後其他項目。是的，但我只想重申，我們專案的損益平衡非常強勁，當然我們需要從 12 到 18 個月的投資週期來看待這個問題，實際上我們需要從這些專案產生現金流之前需要這個週期。

Tim Rezvan, KeyBanc Capital Markets.

Tim Rezvan，KeyBanc 資本市場。

Good morning, folks and thanks for taking my questions. I wanted to follow up on repurchases. They've been challenging for a lot of small-cap EMPs. Many management teams say they won't be cyclical, but they tend to kind of end up being cyclical without a lot of dry powder to buy at trough.

大家早安，謝謝你們回答我的問題。我想跟進回購的情況。它們對許多小型 EMP 來說都是一個挑戰。許多管理團隊表示他們不會受到週期性的影響，但他們往往最終會受到週期性的影響，而沒有大量的乾粉可以在低潮時購買。

So Paul, can you -- or maybe Sergio, can you explain when you say you're going to be programmatic, what does that mean? And then when we look at that 50% of free cash flow level, is it your expectation that you would, if the share price stays in the current range that you would sort of allocate that amount on an annual basis? Just trying to get more color on timing and intensity. Thanks.

那麼保羅，你或塞爾吉奧，你能解釋一下當你說你將要進行程式化時，這是什麼意思嗎？然後，當我們看一下 50% 的自由現金流水準時，您是否預期如果股價保持在當前範圍內，您會每年分配該金額？只是想在時間和強度上獲得更多的色彩。謝謝。

Thanks, Tim, let me -- maybe start with that. I think, as we mentioned in the comments, balancing, investing in the business with having a strong balance sheet and actually returning cash to shareholders via a buyback program is really our focus. And that's why we announced that we would return up to 50% of free cash flow per year.

謝謝，提姆，讓我——也許從那開始。我認為，正如我們在評論中提到的那樣，平衡、投資業務並擁有強大的資產負債表以及透過回購計劃向股東實際返還現金才是我們真正關注的重點。這就是我們宣布每年返還高達 50% 自由現金流的原因。

And I think it's in that that we talk about the programmatic effects. So rather than just doing it as a one-off, we're actually looking forward to say as we balance these three components of investing in the business, maintaining a strong balance sheet, and actually returning cash to shareholders, we can actually look at where we are as a company, look at where the macro is, and then make that decision as to what proportion up to that 50% that we would look to return.

我認為我們正是在這裡談論程序化效果。因此，我們並不是一次性地做到這一點，而是希望在平衡投資業務、維持強勁的資產負債表和向股東實際返還現金這三個要素的同時，我們能夠真正地審視公司目前的狀況，審視宏觀環境，然後決定我們希望返還的 50% 的比例。

That's the conversation agreement that we have with the Board, hence the announcement of increasing the level up to $200 million, and also announcing it as a programmatic approach that looks to return up to 50% on an annual basis.

這是我們與董事會達成的對話協議，因此宣布將金額提高至 2 億美元，並宣布採用程序化方式，希望每年的回報率達到 50%。

Okay, thank you for that context. And my follow up maybe for you, Paul, or even Sergio, it's hard to control leverage, but it's easier to control a debt balance. The team has made big strides getting debt below $1 billion. So Paul, what do you think holistically is sort of the right debt load for this company?

好的，謝謝你提供的背景資訊。我的後續問題可能對你、保羅，甚至塞爾吉奧來說都是如此，控制槓桿很難，但控制債務餘額更容易。該團隊取得了巨大進步，將債務降至 10 億美元以下。那麼保羅，您認為從整體來看，這家公司的正確債務負擔是多少？

And then related to that, some of your debt is now trading, closer to 90% of par. So how do you think about the right level of debt and maybe being opportunistic on debt reduction if you can kind of pick some debt off at a discount. Thank you.

與此相關，您的部分債務現在正在交易，接近票面價值的 90%。那麼，您如何看待適當的債務水平？如果您可以以折扣價償還一些債務，那麼您是否可以抓住機會減少債務？謝謝。

Let me make an opening comment and I'll hand it over to Sergio to maybe fill in. Yeah, I think we've said that it's important that we maintain a strong balance sheet for us that is having leverage, below 1 as we look at it over a period of time. That's the work that we've done to get the balance sheet and that strength, and we will continue in that vein as we go forward. Again, balancing those three components of looking to invest in the business to maintain our free cash flow.

請允許我先發表一個開場白，然後我會將其交給塞爾吉奧來填寫。是的，我想我們已經說過，對我們來說，保持強勁的資產負債表非常重要，即槓桿率在一段時間內低於 1。這就是我們為獲得資產負債表和實力所做的工作，我們將繼續沿著這一思路前進。再一次，平衡尋求投資業務的這三個要素以維持我們的自由現金流。

Maintaining the strength of the balance sheet and then looking to also return cash to shareholders. So that's the frame in which I think you should think about it. But let me hand over to Sergio maybe to fill in some of the color.

保持資產負債表的強勁，然後尋求向股東返還現金。所以我認為你應該從這個框架來思考這個問題。但讓我把工作交給塞爾吉奧來填充一些顏色。

Yeah, thanks Paul. Tim, that's a good question. Look, we are, as Paul said, we're balancing all of those things. But from a total leverage or a total debt load, we feel comfortable where we are. I think the business is doing really well, still generating free cash flow, so we're in a good spot. But as you pointed out, if the market presents us with opportunities to reduce that further, if the bonds trade off and we have the opportunity to buy them, we will consider doing that as well. So that is part of the broader frame that Paul talked about.

是的，謝謝保羅。提姆，這是個好問題。瞧，正如保羅所說，我們正在平衡所有這些事情。但從總槓桿率或總債務負擔來看，我們對目前的狀況感到滿意。我認為業務進展順利，仍在產生自由現金流，所以我們處於良好的狀態。但正如您所指出的，如果市場為我們提供進一步降低利率的機會，如果債券交易順利，我們有機會購買，我們也會考慮這樣做。這是保羅談到的更廣泛框架的一部分。

But we're not in a hurry to reduce that. We don't feel like the business needs to reduce leverage or reduce debt. That much more, but if there are opportunities to do so in a way that creates a better economic proposition for us, we will absolutely evaluate that.

但我們並不急於減少這一點。我們不認為企業需要降低槓桿或減少債務。話雖如此，但如果有機會以某種方式為我們創造更好的經濟利益，我們絕對會評估這一點。

Okay, thank you for the comments.

好的，感謝您的評論。

Nate Pendleton, Texas Capital.

內特·彭德爾頓 (Nate Pendleton)，德克薩斯州首府。

Good morning, and congrats on the strong quarter.

早安，恭喜本季業績強勁。

Thanks, Nate.

謝謝，內特。

With the softness in oil prices, are you seeing any deflation on the cost side or increased rig availability that could benefit investing through the cycle as you've mentioned previously?

隨著油價走軟，您是否看到成本方面的通貨緊縮或鑽機可用性增加，從而可能像您之前提到的那樣在整個週期內為投資帶來好處？

Yeah, Nate, good morning. Nice to speak to you again.

是的，內特，早安。很高興能再次和你交談。

I would say, it's early in that cycle at this point in time. We're not seeing mass reductions in terms of the price levels at this point. We do get indications that there is maybe some softness coming in the rig market for the second half of the year. But I think what's important is the fact that we have broken seven projects in the %30s and $40s a barrel that allows us to have robustness against the current price environment that we see.

我想說，目前這個時間點還處於這個週期的早期階段。目前我們還沒有看到物價水準出現大幅下降。我們確實有跡象表明，今年下半年鑽井市場可能會出現一些疲軟。但我認為重要的是，我們已經完成了 7 個油價在每桶 30 到 40 美元的項目，這使我們能夠在當前的價格環境下保持穩健。

Now, clearly if we stay at that level of price, we would expect the service sector in totality to maybe soften a little bit with respect to prices. But what's important, of course, is that we drive efficient outcome and actually look for the total cost of the project and the well that generally comes through having strong relationships as we have with the West Vela rig at the moment versus just always going after the marginal dollar. \

現在，顯然如果我們保持在該價格水平，我們預計整個服務業的價格可能會略有下降。但當然，重要的是我們要追求高效的結果，真正尋求專案的總成本和油井的總成本，這通常是透過與 West Vela 鑽井平台建立牢固的關係來實現的，而不是總是追求邊際成本。\

And so again, that is really the focus that we have looking at how do we drive down the cost of the project, and therefore, the break evens in totality. But clearly, I think with the macro that we're in at the moment we would expect to see some softening as we continue into the second or third quarters of this year.

因此，我們真正關注的重點是如何降低專案成本，從而實現整體收支平衡。但顯然，我認為，以我們目前所處的宏觀形勢來看，隨著進入今年第二季或第三季度，我們預計會出現一些疲軟現象。

Got it. Thanks, Paul. In referencing slide 15, you talk about having the balance sheet to capitalize on potential opportunities. Is there a cash-on-hand target that you're contemplating there and how would you characterize the size of potential opportunities that you are looking to take advantage of?

知道了。謝謝，保羅。在引用第 15 張投影片時，您談到了利用資產負債表來利用潛在機會。您是否正在考慮現金目標？您如何描述您希望利用的潛在機會的規模？

Hey Nate, this is Sergio. There's no target of cash balance on hand. I think, as Paul mentioned and we've mentioned many times during this call, is we're going to look to what is the best deployment of that cash, whether that is investing in new organic opportunities, whether that is returning some of that cash to shareholders, whether that is repurchasing some of the bonds in the market, or whether that's some inorganic opportunity that we see in the market.

嘿，內特，我是塞爾吉奧。手頭現金餘額無目標。我認為，正如保羅所提到的，而且我們在這次電話會議中多次提到，我們將研究如何最好地配置這些現金，無論是投資於新的有機機會，還是將部分現金返還給股東，無論是回購市場上的一些債券，還是我們在市場上看到的一些無機機會。

All of those things are in consideration, and we just have to look at the value that we can generate by doing that. Keeping that on the balance sheet certainly is an option as we continue to strengthen the balance sheet of the company, but that's not necessarily a goal to keep a certain number of cash on the balance sheet. It's just a matter of we're waiting for the right opportunity to deploy that cash.

所有這些事情都在考慮之中，我們只需要看看這樣做能產生什麼價值。隨著我們繼續加強公司的資產負債表，將其保留在資產負債表上當然是一種選擇，但這並不一定是在資產負債表上保留一定數量的現金的目標。這只是我們在等待合適的機會來部署這些現金的問題。

Got it. Thanks for taking my questions.

知道了。感謝您回答我的問題。

[Fo Pam], Ross Capital.

[Fo Pam]，羅斯資本。

Hi, good morning. Thanks for taking my question and congratulations on an (inaudible). So my question is about LOE. I think like LOE has been low since the fourth quarter ‘24, and we have started again in the first-quarter ‘25. So I just want to ask for this because of any one-time items, is this going to be the one way moving forward for LOE?

嗨，早安。感謝您回答我的問題，並祝賀您（聽不清楚）。我的問題是關於 LOE 的。我認為 LOE 自 2024 年第四季以來一直很低，而且我們在 2025 年第一季又重新開始了。所以我只是想問一下，由於任何一次性項目，這會是 LOE 前進的唯一方式嗎？

Thanks, Fo, for the question. We have an incredibly strong and efficient operational organization here at Talos that really searches after every dollar of efficiency and effectiveness that it can take out of the business, and that I think is what you're seeing through the first quarter of this year where you operating costs are in the high-teens dollars per barrel, we've maintained the guidance because what we have not seen yet is sort of the planned maintenance activities that are just starting, some of the intervention work that we will execute that will be counted as OpEx.

謝謝 Fo 提出的問題。在 Talos，我們擁有一個非常強大和高效的營運組織，該組織真正追求從業務中獲取每一美元的效率和效益，我認為這就是您在今年第一季度看到的情況，您的運營成本為每桶十幾美元，我們維持了指導方針，因為我們還沒有看到剛剛開始的計劃維護活動，我們將執行的一些幹預工作將計入運營支出。

But as I said in my comments, the challenge that we have and we've laid down to the organization is how do we drive continuous improvement and efficiency and how do we forge our own future, of which one element of that will be how do we actually take cost and drive efficiency further into the business.

但正如我在評論中所說，我們面臨的挑戰以及我們向組織提出的挑戰是如何推動持續改進和提高效率，以及如何建立我們自己的未來，其中一個要素是如何真正降低成本並進一步提高業務效率。

So I would expect that the type of run rate that we see in the future that we see at the moment is what we continue to see in the future. And clearly, that is something that we will update about when we roll out the broader strategic frame towards the back end of Q2.

因此，我預計我們現在看到的未來運行率類型就是我們未來繼續看到的。顯然，當我們在第二季末推出更廣泛的策略框架時，我們將對此進行更新。

Thank you. That's very helpful. Also, my same question is going to be about M&As. So given the micro headwinds right now, the low price environments, what do you think about the M&A's, what do you guys think about that? Like, are you going to like looking for opportunities in the couple of Americas? Yeah, I just want to hear about that.

謝謝。這非常有幫助。此外，我的問題也與併購有關。那麼，考慮到目前的微觀阻力和低價環境，您對併購有何看法，您對此有何看法？例如，您是否想在美洲尋找機會？是的，我只是想聽聽這個。

So, the strategic frame that we're developing is progressing well. And as I just mentioned, we will come and share that with the markets towards the end of the second quarter. Clearly, as part of that, Talos has shown that it can create significant value from both organic and inorganic activity, and we will continue to look at both tracks for accretive opportunities, whether that's from being active in lease sales to looking at how we can deliver bolt on type of opportunities into the portfolio as we did with the monument project, but always with the lens of what is the incremental accretive value that we can create through that. And so yes, we will be looking at opportunities both within the Gulf and maybe outside the Gulf to actually further bolster the robustness of the company.

因此，我們正在製定的戰略框架進展順利。正如我剛才提到的，我們將在第二季末與市場分享這個消息。顯然，作為其中的一部分，Talos 已經證明它可以從有機和無機活動中創造巨大的價值，我們將繼續在這兩個軌道上尋找增值機會，無論是積極參與租賃銷售，還是研究如何將附加類型的機會引入投資組合，就像我們在紀念碑項目中所做的那樣，但始終關注我們可以通過這種方式創造的增量增值。所以是的，我們將尋找海灣地區內部以及海灣地區以外的機會，以進一步增強公司的穩健性。

Right, thank you so much.

好的，非常感謝。

[Michael Shalliff], Stevens.

[邁克爾·沙利夫]，史蒂文斯。

Morning everybody. Paul, you mentioned the 12 to 18 month cycle for most of your investments. With that in mind, I wanted to ask about the visibility you have on activity that could impact next year's production. I know you mentioned Ewing Bank should be online kind of mid-year and monument late in the year. Are there any other exploitation projects you're doing this year that could help keep production flat next year, or what do you expect based on what you're seeing right now for production to decline?

大家早安。保羅，您提到大部分投資的週期為 12 至 18 個月。考慮到這一點，我想詢問您對可能影響明年生產的活動的了解程度。我知道您提到 Ewing Bank 應該在年中上線並在年末設立紀念碑。今年你們正在進行的其他開發項目是否有助於保持明年的產量平穩，或者根據目前看到的情況，你預計產量會下降嗎？

So I would say that the investment program that we currently think about for next year is probably in line with the levels that we are looking at today.

因此我想說，我們目前考慮的明年的投資計劃可能與我們今天所關注的水平一致。

We have a number of projects that are in the funnel that we'll need to actually think about bringing through to maturity. And there are a number that are in the exploration going into the exploitation phase that would then add into that. But that sort of work that is underway at the moment and we will build that as we go through the second and third quarters.

我們有許多項目正在籌備中，我們需要認真考慮如何讓它們成熟。還有一些處於探索階段並即將進入開發階段的項目將會被添加到其中。但這類工作目前正在進行中，我們將在第二季和第三季繼續推進。

Are any of those possible to shift to natural gas versus oil given the outlook for the two commodities, or are they pretty well set on oil?

考慮到這兩種商品的前景，是否有可能從石油轉向天然氣，或者他們是否已經完全依賴石油？

Yeah. We are probably a liquid-rich company. We have some projects that clearly have a higher proportion of gas such as the Brutus wells that are performing incredibly well at the moment, which is why maybe you see that our total oil volume is slightly lower than the average that we've guided for the year.

是的。我們可能是一家流動性豐富的公司。我們有一些項目顯然含有較高比例的天然氣，例如布魯特斯油井，目前表現得非常好，這就是為什麼你會看到我們的總石油產量略低於我們今年指導的平均水平。

We will continue to look for robust projects that have low break evens where we can deploy our skills. And that's almost irrespective of whether they are oil or gas given that you know, this is a cyclical commodity market in which we work.

我們將繼續尋找能夠發揮我們技能的、盈利水平較低的穩健項目。這幾乎與它們是石油還是天然氣無關，因為我們所在的是一個週期性商品市場。

One more, if I could slip in the -- I know you've sold Zama, your interest their way down, looks like Pemex is contemplating monetizing at least a portion of their interest and maybe giving up operatorship altogether. Is there any interest in that given that you have a looks like a distressed seller, especially if you could take over operatorship completely?

另外，如果我可以插一句——我知道你已經將 Zama 的股份賣掉了，看起來 Pemex 正在考慮將其至少一部分股份貨幣化，甚至可能完全放棄營運權。鑑於您看起來像是一個陷入困境的賣家，您是否對此感興趣，特別是如果您可以完全接管營運權？

Yeah, we're very happy with the partnership that we have down in Mexico with Zama at this point in time, and we'll continue to work that project through to a potential investment decision later in the year.

是的，我們對目前與 Zama 在墨西哥建立的合作關係感到非常滿意，我們將繼續推進該項目，並在今年稍後做出潛在的投資決策。

Okay. Fair enough, thank you.

好的。夠公平，謝謝。

Michael Furrow, Pickering Energy Partners.

邁克爾·弗羅 (Michael Furrow)，Pickering Energy Partners 的負責人。

Hey, good morning. Thanks for having me on and taking my questions.

嘿，早安。感謝您邀請我並回答我的問題。

Paul, I'd like to go back to one of your statements in the prepared remarks that Talos is well positioned to capitalize on growth opportunities. Typically, what we see with pull back in commodity prices, there's a divergence between bid as spreads, which makes these inorganic growth opportunities a bit more challenged the current macroenvironment. So my question is this dynamic at play currently right now in the offshore space, and is that maybe what's driving the change to the buyback program? And if so, should we anticipate buybacks returning to a more normalized rate at mid-cycle prices when these growth opportunities return?

保羅，我想回到你在準備好的發言中所說的一句話：Talos 已做好準備，可以利用成長機會。通常，我們會看到，隨著大宗商品價格回落，買賣價差出現分歧，這使得這些無機成長機會在當前的宏觀環境下面臨更大的挑戰。所以我的問題是，目前海上領域正在發生的這種動態，是否可能是推動回購計畫改變的原因？如果是這樣，當這些成長機會回歸時，我們是否應該預期回購率將以中期價格恢復到更正常化的速度？

Hi Michael, thanks for joining. I would say that it's not just about M&A, it's about what is the cost at which we can develop all of the opportunities that we have out in front of us. And we will look at the full suite of opportunities that we have in terms of looking at from an organic perspective of entering early in the life cycle in terms of leases all the way through to if there are assets or opportunities more broadly where we can clearly bring added value because of the way we can integrate those assets, drive costs out, capture synergies with the footprint that we have. Then we will absolutely look towards that, and I would probably leave it at that at this point in time given that this market is probably just starting to evolve.

你好，邁克爾，感謝你的加入。我想說，這不僅涉及併購，還涉及我們能夠以什麼樣的成本開發擺在我們面前的所有機會。我們將從有機角度審視我們所擁有的全部機會，從租賃的生命週期早期開始，一直到更廣泛的範圍內，是否存在資產或機會，我們可以透過整合這些資產的方式明確帶來附加價值，降低成本，利用我們現有的足跡實現協同效應。那麼我們絕對會關注這一點，考慮到這個市場可能才剛開始發展，我現在可能會就此打住。

All right. It's a great color, appreciate it. Next, I want to hit on the West Vela, but rig seems to be performing at or above expectations, with completing Katmai West, rigg's plans to be mobilized to drill the Daenerys upon successful drilling and completions there. What's on deck for that rig and where is that rig in terms of its contract and where does the company see that see that rig involved next year?

好的。顏色很棒，欣賞。接下來，我想談談西維拉 (West Vela)，但瑞格公司的表現似乎達到或超出了預期，隨著卡特邁西 (Katmai West) 的完工，瑞格公司計劃在那裡成功鑽探和完井後動員起來鑽探丹妮莉絲 (Daenerys)。該鑽井平台的狀況如何？根據合約規定，該鑽井平台目前處於什麼位置？公司預計鑽井平台明年將涉及哪些方面？

Hey Michael, this is Sergio. I'll start and Paul can provide additional comments if needed. So we have the contract of the West Vela through the drilling of the Daenerys exploration well that we're going to drill starting at the end of the second quarter.

嘿，邁克爾，我是塞爾吉奧。我先開始，如果需要的話，保羅可以提供額外的評論。因此，我們透過鑽探丹妮莉絲勘探井獲得了 West Vela 的合同，我們將從第二季末開始鑽探。

After that, I don't believe the rig has any additional contracts, so we still have the ability to extend that contract or sign a new contract with that. That is also part of the broader opportunities in this lower commodity cycle. We may have better opportunities to lock in some differentiated rates and differentiated service costs as well. So it's not just M&A, as Paul mentioned. There's an ability to actually partner with some of the service providers as well and increase value through that.

在此之後，我相信該鑽井平台不會有任何額外的合同，所以我們仍然有能力延長該合約或簽署新的合約。這也是大宗商品低迷週期中更廣泛的機會的一部分。我們可能有更好的機會鎖定一些差異化費率和差異化服務成本。正如保羅所提到的，這不僅僅是併購。實際上，我們也可以與一些服務提供者合作，並透過這種方式增加價值。

So -- and the West Vela probably falls on that category as well. Like if we continue to see softness in the oil markets, we may have even better opportunities to continue to lock up that rig for longer periods of time.

所以 —— West Vela 可能也屬於這一類。例如，如果我們繼續看到石油市場疲軟，我們可能有更好的機會繼續在更長時間內鎖定該鑽井平台。

All right, thanks. That's great. I'll turn it back.

好的，謝謝。那太棒了。我會把它轉回去。

[Tara Hammond], JPMorgan.

[塔拉·哈蒙德]，摩根大通。

Hi, good morning. This is Devan on Tara. Of the bucket that you have built into your production guidance for weather and unplanned downtimes, how much of that is specific to hurricane season in 3Q, and can you quantify any potential upside from -- if we have a more modest hurricane season in 3Q?

嗨，早安。這是 Tara 上的 Devan。您在生產指導中針對天氣和計劃外停機時間制定的預測中，有多少是針對第三季度的颶風季節的？如果第三季的颶風季節較為溫和，您能否量化任何潛在的好處？

Yeah, let me start on that, and Paul can supplement the answer. Look, most of that is related to weather disruptions, right? We have a couple of different buckets there, and the bucket related to whether it's focused on hurricanes, potential loop currents, et cetera.

是的，讓我從這個開始，保羅可以補充答案。看，大部分與天氣幹擾有關，對嗎？我們有幾個不同的桶，這些桶子與它是否關注颶風、潛在環流等有關。

A look, we have not even gotten into hurricane season yet, so I don't want to speculate on what's the potential upside. We tend to take a very conservative view on that. We tend to look at what's the average disruption we've had over the last few years, and we take to bake -- we tend to bake that into our projections.

看看，我們甚至還沒有進入颶風季節，所以我不想猜測潛在的好處是什麼。我們對此傾向於持非常保守的觀點。我們傾向於關注過去幾年中我們遇到的平均中斷情況，然後將其納入我們的預測中。

But obviously we don't control the weather. We don't know exactly how that's going to behave or perform. So I don't want to speculate on what's the potential upside on that one because there might be potential for downside as well if the activities -- the hurricane activity is larger than what we expected. So I'll just leave it at that. There's still a lot to happen as we go into the second quarter and third quarter, which is where the biggest part of the hurricane season is.

但顯然我們無法控制天氣。我們不知道它究竟會如何表現或運作。因此我不想猜測這個的潛在好處是什麼，因為如果颶風活動比我們預期的要大，那麼也可能有壞處。所以我就這樣吧。進入第二季和第三季度，颶風季節最活躍，屆時還有很多事情要做。

Let me just add maybe a comment on the maintenance and the turnaround component.

我只想對維護和周轉組件添加一些評論。

So we do have a significant set of activities this year, both in terms of the planned maintenance that we do, and we focus on that because that is what helps drive our up time towards the top quartile of the industry.

因此，我們今年確實有一系列重要的活動，包括我們所做的計劃維護，我們專注於此，因為這有助於推動我們的正常運行時間達到行業的前四分之一。

In addition, we have some outages to take to tie in the Sunspear and Katmai projects which will happen later in the second quarter. And so we have significant sort of maintenance and shutdown activities related to Katmai, to Pompano, to Prince, to Brutus, and then some other third party related activities.

此外，我們還需要進行一些停工以配合 Sunspear 和 Katmai 項目，這些項目將在第二季稍後進行。因此，我們對 Katmai、Pompano、Prince、Brutus 以及其他一些第三方相關活動進行了大量的維護和關閉活動。

Now clearly, the focus on that as we sort of forge our future going forward is how do we do that in the most efficient and effective way as we can. But again, the way we're guiding that. I would say think about it as a midpoint that's based off the current levels of performance that we've seen. But clearly, we will always be searching for ways to do that more effectively and to mitigate the risk of it taking longer than we had planned.

現在顯然，當我們展望未來時，重點是如何以最有效的方式做到這一點。但再次強調，我們正在引導這個過程。我想說，把它看作是基於我們所見的當前性能水平的中點。但顯然，我們將始終尋找更有效的方法來實現這一目標，並降低其耗時超過計劃的風險。

Yeah, I appreciate the call. Thank you.

是的，我很感謝你的來電。謝謝。

Paul Diamond, Citi.

花旗銀行的保羅戴蒙德 (Paul Diamond)。

Thank you. Good morning. Thanks for taking the call. I just want to touch base quickly on Katmai West 2 and Sunspear, both kind of tentatively lined up for first oil end of this coming quarter. Just want to get an idea of like how much of that is built in the 92 to 96 guidance, I guess how we should be thinking about or thinking about modeling up for the timing of that.

謝謝。早安.謝謝您接聽電話。我只是想快速地了解卡特邁西2號和Sunspear的情況，這兩個油田都暫時計劃在本季末產出第一批石油。只是想了解在 92 至 96 指導中構建了多少內容，我想我們應該如何思考或思考如何為其時間建立模型。

Yeah, thanks Paul. And so for both of those, in our plan we have, we've built into the plan that they will be on sort of at the midpoint of the range that we are planning, with the rates that we've shared with you in terms of the 8 to 10,000 barrels a day for Sunspear, et cetera.

是的，謝謝保羅。因此，對於這兩項業務，在我們的計劃中，我們已經將它們納入計劃，它們將處於我們計劃範圍的中點，我們已與您分享了 Sunspear 每天 8,000 至 10,000 桶的產量，等等。

Now clearly, with any new well, there is always a possibility of those wells performing better, and there's also a possibility of those wells maybe performing not quite as well as we expect. From everything that we've seen at the moment, I would say that the guidance range we have given you for those is extremely robust, but clearly, we will update you as we start to see those wells come on and start their production journey.

現在很明顯，對於任何新井來說，這些井的表現總是有可能更好的，也有可能這些井的表現可能不如我們預期的那麼好。從我們目前看到的一切來看，我想說，我們為您提供的指導範圍非常穩健，但顯然，當我們開始看到這些油井投產並開始生產時，我們會向您通報最新情況。

Understood. I appreciate the clarity. And just one quick one following up on OCTG, you mentioned that your parents pre-ordered well out on the horizon. Just want to get an idea if that was ‘25 or if that extended to ‘26 or if any potential tariff-induced inflationary pressures could start to bite at that point?

明白了。我很欣賞這種清晰度。關於油井管，我只想快速跟進一個問題，您提到您的父母已經提前預訂了油井管。我只是想知道那是不是 25 年，或者是否延長到 26 年，或者任何潛在的關稅引發的通膨壓力是否會在那時開始顯現？

Yeah. So because we have one of -- I think the differentiations that Talos has is that we do look to design our offshore deep-water wells in a standardized way.

是的。因為我們有一個——我認為 Talos 的差異化之處在於我們確實希望以標準化的方式設計我們的海上深水井。

That means that we can pre-purchase casings and tubulars and they have some fungibility between the projects that we have. And so where we sit at the moment is that the majority of all of the OCTGs that we need for ‘25 and well into 2026, actually, we have under our control and are purchased and therefore our exposure to tariffs is minimal if you think about the world in totality because that part is taken care of.

這意味著我們可以預先購買套管和管材，並且它們在我們的專案之間具有一定的可互換性。因此，我們目前的情況是，2025年到2026年所需的大部分油井管實際上都在我們的控制之下並且已經被購買，因此，從全球整體來看，我們受到的關稅影響很小，因為這部分已經得到妥善處理。

Understood, appreciate the clarity. I'll leave it there.

明白了，感謝您的清晰度。我就把它留在那裡。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯 (Noel Parks)、圖伊兄弟 (Tuohy Brothers)。

Hi, good morning. I just had a couple. Paul, with your coming aboard and sort of taking a fresh look at the portfolio, I'm just thinking of -- but the last few years, the company's grown a lot through acquisition, and as a result, the company its current size just definitely has more resources to apply to the various prospects. And I'm just wondering, do you sort of see the ownership interest, typical interest that the company has been taking in projects or retaining in projects as being about right now considering the strength of the balance sheet, the benefits of a higher interest as far as just higher impact on cash flow? Or are you sort of more in the boat of maybe a broader set of projects maybe at you know with somewhat lower working interest just sort of be able to spread your bets. I just wonder if you have an inclination one way or the other?

嗨，早安。我剛剛吃了幾個。保羅，隨著你的加入和對投資組合的重新審視，我只是在想——但在過去的幾年裡，公司透過收購實現了很大的成長，因此，公司目前的規模肯定有更多的資源可以應用於各種前景。我只是想知道，考慮到資產負債表的實力，您是否認為公司在專案中吸收或保留的所有權利益、典型利益現在與更高利益有關，因為更高的利益對現金流的影響更大？或者您是否更傾向於參與範圍更廣的項目，雖然工作興趣較低，但可以分散您的投資。我只是想知道您是否有這種傾向？

Look, I would say that the development of the go-forward strategy that we're working on is progressing well. As I mentioned, we'll look to come to yourselves at the back end of the second quarter as I promised to do, and share that with sort of full color.

瞧，我想說，我們正在製定的未來策略進展順利。正如我所提到的，我們將按照我的承諾，在第二季末與大家見面，並以全彩的形式與大家分享。

Now within that, we'll look at the various time horizons in terms of how we think about how we drive through self-help within the near term, how we look at opportunities in the midterm as well as over the longer term. Of course, looking at all of those in parallel. Part of that will be how do we think about the risk return of the various elements of the portfolio that we have.

現在，我們將從不同的時間範圍來考慮我們如何思考如何在短期內實現自助，如何看待中期和長期的機會。當然，我們要同時看待所有這些。其中一部分是我們如何看待我們投資組合中各個要素的風險回報。

So clearly, where we have development type of projects or where we are looking to bring infills back into the tremendous asset infrastructure footprint that that we have, we will be willing to take a maybe much higher working interest in, that type of an opportunity as compared to working on maybe the frontier where we'd look to share that risk with partners as we are doing today. But as I said, that's just a little bit of color, and we'll deepen that when we come and talk about strategy more broadly in several weeks' time.

因此，很明顯，當我們有開發類型的項目或我們希望將填充物重新納入我們擁有的巨大資產基礎設施足跡時，我們將願意承擔更高的工作興趣，與在前沿領域工作相比，這種機會我們希望與合作夥伴分擔風險，就像我們今天所做的那樣。但正如我所說，這只是一點點色彩，當我們在幾週後更廣泛地討論策略時，我們會加深這一點。

Great, thanks. Yeah, I was thinking of it partly in the context of just -- with the with the acquired assets, the track record to date has been terrific as far as -- just success in the -- in both the exploratory and the development projects. So I just wonder if that meant that we're at a technology threshold where -- just the average project is just somewhat less risky than we used to think of it . And the --

太好了，謝謝。是的，我部分是從收購資產的角度來考慮這個問題的，到目前為止，無論是在勘探項目還是開發項目中，業績記錄都非常出色。所以我只是想知道這是否意味著我們正處於一個技術門檻上——一般的專案風險比我們過去認為的要小一些。並且--

But maybe one more comment on that. I think what it shows is the just tremendous capability that the organization that Talos has to take assets, to integrate them, and to create incremental value because of the capabilities that that we have. And I think that's maybe the lens at which you should think about this through.

但也許對此還有一點評論。我認為這表明 Talos 組織擁有巨大的能力，可以獲得資產、整合資產，並利用我們擁有的能力創造增量價值。我認為這也許是您應該思考這個問題的視角。

Great, and just my last one is do you have -- just interested to hear your thoughts on the company branching out more internationally, it's been a topic of discussion for a while. And I was talking about exploration before, we are seeing more dollars going into the deep water in general, and in particular even some a little bit more exploratory work going on than we had for quite a while. So just, any thoughts or interests you -- that are on your radar screen?

太好了，我的最後一個問題是，你有什麼想法嗎？我只是想聽聽你對公司拓展國際業務的看法，這已經成為討論的話題一段時間了。我之前談到勘探，我們看到越來越多的資金投入深水區，特別是一些勘探工作比我們之前相當長一段時間所做的還要多。那麼，您有什麼想法或興趣嗎？

And the deep water is an advantaged play segment in the energy complex in totality. It can give us advantage margins as well as sort of advantage carbon intensity, which is important. As part of the go forward strategy that we're working on, we're looking at the totality of the opportunities that lay in front of us from organic opportunities for deepening where we are. Also, looking at the global basins and where can we leverage our capabilities to actually create incremental value and take advantage of opportunities that may exist there.

而深水區是整個能源綜合體中一個有利的發揮環節。它可以為我們帶來優勢利潤以及優勢碳強度，這是很重要的。作為我們正在實施的前進策略的一部分，我們正在從深化現狀的有機機會中尋找擺在我們面前的所有機會。此外，放眼全球盆地，我們可以在哪裡利用我們的能力來真正創造增量價值並利用那裡可能存在的機會。

And so yes, we will look as part of the strategy work that we're doing across the totality of that, and we'll share the outcome of that as I've mentioned in the end of the second quarter.

是的，我們將把它作為我們正在進行的整體策略工作的一部分，並且我們將在第二季末分享其成果。

Great thanks a lot.

非常好，非常感謝。

Jeff Robertson, Water Tower Research.

傑夫·羅伯遜，水塔研究公司。

Thanks, good morning. Paul and Sergio, given the commentary around this strong liquidity position that Talos has, can you talk about whether or not that's actually attracting M&A activity or prospects of people who recognize your position and want to come talk to you about either acquiring or partnering on prospects?

謝謝，早安。保羅和塞爾吉奧，鑑於 Talos 擁有強大的流動性地位的評論，您能否談談這是否真正吸引了併購活動或認可您的地位並希望與您談論收購或合作前景的人的前景？

Hey Jeff, good morning. Look, we're not going to comment on any discussions around M&A, right? So that's not something that we typically do. But we're very happy with the liquidity position that we are that actually puts us in a very good spot from a strategic standpoint that we can actually act on potentially weaker situations for other companies or partners that need a strong partner to join them into opportunities so we can farm into really good projects.

嘿，傑夫，早安。你看，我們不會對任何有關併購的討論發表評論，對嗎？所以這不是我們平常會做的事情。但我們對我們的流動性狀況感到非常滿意，這實際上使我們從戰略角度處於非常有利的位置，我們實際上可以針對其他公司或合作夥伴可能處於的弱勢局面採取行動，這些公司或合作夥伴需要強大的合作夥伴來加入他們的機遇，以便我們能夠參與到真正好的項目中。

So we're very happy with the liquidity position that we have. And we're going to continue to look for opportunities to create value for the company using that liquidity. But other than that, I can't comment any further.

因此，我們對現有的流動性狀況非常滿意。我們將繼續尋找機會利用流動性為公司創造價值。但除此之外，我無法發表更多評論。

Sergio, you've owned EnVen now for a little over two years in QuarterNorth for one. Can you talk a little bit about how those assets or how your review of those assets is filling out your op opportunity set for 2025, ‘26, and beyond?

塞爾吉奧，你在 QuarterNorth 擁有 EnVen 已經兩年多了。您能否稍微談談這些資產或您對這些資產的評估如何填補您 2025 年、2026 年及以後的營運機會？

For sure, look, we're very happy with the acquisitions that we've made over the last two years. Each one of them set us in a course that is kind of led to where we are now with a very strong base production with really good and robust portfolio.

當然，我們對過去兩年的收購感到非常滿意。他們每個人都為我們設定了目標，使我們如今擁有非常強大的基礎生產能力和非常優秀和穩健的產品組合。

So we're very happy with how those acquisitions have performed. Some of them -- some of the assets have really unlocked a really good upside potential for us. Katmai is a great example of that, but there are others in the portfolio. So we feel like the inventory that we've acquired plus the inventory that Talos already had and the inventory that the team continues to generate is very attractive. And as Paul said, very low break even prices and I think those two acquisitions have just bolstered that. So we're very happy with the outcome of all of those.

因此，我們對這些收購的表現非常滿意。其中一些資產確實為我們釋放了非常好的上行潛力。卡特邁就是一個很好的例子，但投資組合中還有其他公司。因此，我們覺得我們獲得的庫存加上 Talos 已經擁有的庫存以及團隊繼續生成的庫存非常有吸引力。正如保羅所說，盈虧平衡價格非常低，我認為這兩項收購鞏固了這一點。因此，我們對所有這些的結果都非常滿意。

Thank you.

謝謝。

Thank you. There are no further questions at this time. I will now turn the call over to Paul Goodfellow, President and Chief Executive Officer. Please continue.

謝謝。目前沒有其他問題。現在我將電話轉給總裁兼執行長保羅古德菲洛 (Paul Goodfellow)。請繼續。

Thank you, Desiree, and let me thank you all for joining us this morning for the interest that you've shown in Talos and your questions. And we look forward to further engaging with you in the months ahead. And again, just a huge, huge thanks for your time this morning.

謝謝你，Desiree，也請允許我感謝大家今天早上加入我們，感謝你們對 Talos 表現出的興趣以及你們提出的問題。我們期待在未來的幾個月與您進一步合作。再次非常非常感謝您今天上午抽出時間。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。