Talos Energy Inc. (TALO) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Talos Energy first-quarter 2026 earnings call conference. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Wednesday, May 6, 2026. I would now like to turn the conference over to Clay Jeansonne. Please go ahead.

各位女士、先生，早安，歡迎參加 Talos Energy 2026 年第一季財報電話會議。目前所有線路均為僅收聽模式。簡報結束後，我們將進行問答環節。若您在通話期間任何時候需要立即協助，請按星號零以聯繫接線員。本通話於 2026 年 5 月 6 日（星期三）錄音。現在我想將會議交給 Clay Jeansonne。請開始。

Thank you, operator. Good morning, everyone, and welcome to our first-quarter 2026 earnings conference call. Joining me today to discuss our results are Paul Goodfellow, President and Chief Executive Officer; and Zach Dailey, Executive Vice President and Chief Financial Officer. For our prepared remarks, please refer to our first-quarter 2026 earnings presentation that is available on the Talos website under the Investor Relations section for a more detailed look at our results and operations.

謝謝，接線員。各位早安，歡迎參加我們 2026 年第一季財報電話會議。今天與我一同討論業績的有：總裁兼執行長 Paul Goodfellow，以及執行副總裁兼財務長 Zach Dailey。關於我們的事先準備發言，請參閱 Talos 官網「投資人關係」專區所提供的 2026 年第一季財報簡報，以更深入了解我們的業績與營運。

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. 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-K for the period ending December 31, 2025, filed with the SEC.

在開始之前，我想提醒各位，我們的發言將包含前瞻性陳述，並受我們簡報與財報新聞稿中所列各項警示性聲明之約束。實際結果可能與公司所預期者有重大差異。可能導致結果出現重大差異的因素，已載於昨日新聞稿，以及我們向美國證券交易委員會（SEC）提交、截至 2025 年 12 月 31 日期間的 Form 10-K。

Forward-looking statements are based on assumptions as of today. 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.

前瞻性陳述係基於截至今日的假設。除非因新資訊或未來事件，我們不承擔更新這些陳述的任何義務。在本次電話會議中，我們可能會呈現 GAAP 與非 GAAP 財務衡量指標。部分非 GAAP 與 GAAP 指標之調節表已包含於昨日新聞稿中；該新聞稿已隨我們向 SEC 提交的 Form 8-K 一併提供，並可於我們網站查閱。

Now I'd like to turn the call over to Paul.

現在我想把電話會議交給 Paul。

Thanks, Clay. Good morning to everyone joining us on the call today. To start, I want to thank our employees for their hard work, dedication, and unwavering commitment to safety and environmental stewardship in delivering the results Zach and I have the privilege of discussing today, especially during these dynamic times.

謝謝，Clay。早安，感謝各位今天加入本次電話會議。首先，我要感謝我們的員工在這段充滿變動的時期，仍以辛勤付出、敬業精神，以及對安全與環境管理的堅定承諾，促成 Zach 與我今天有幸與各位分享的成果。

Before turning to our results, I'd like to briefly provide some context on the current energy market. Recent geopolitical tensions have reminded global markets of a couple of fundamental truths. Energy security is not guaranteed, and reliable and affordable hydrocarbons remain essential to meeting the world's energy needs. We believe Talos Energy, as part of the vibrant US energy industry, plays a clear and increasingly important role in delivering reliable Gulf of Mexico oil that the world requires.

在談到我們的業績之前，我想先簡要說明目前能源市場的一些背景。近期的地緣政治緊張局勢提醒全球市場幾項基本事實。能源安全並非理所當然，而可靠且可負擔的碳氫化合物仍是滿足全球能源需求所不可或缺。我們相信，Talos Energy 作為充滿活力的美國能源產業的一員，在提供全球所需、可靠的墨西哥灣原油方面，扮演著明確且日益重要的角色。

Our strategy is designed to build Talos into a leading pure-play offshore E&P company by delivering high-margin production through disciplined execution, a resilient cost structure, and building a long-lived portfolio that creates durable value across the cycle.

我們的策略旨在透過嚴謹執行、具韌性的成本結構，以及打造具長期壽命的資產組合，在景氣循環中創造持久價值，將 Talos 建設成領先的純海上勘探與生產（E&P）公司，並提供高毛利產量。

Today, I'd like to focus on three key takeaways from our results, where outstanding execution across the business drove another quarter of strong financial outcomes, generating adjusted free cash flow of $113 million on production of approximately 89,000 bbl oil equivalent per day.

今天我想聚焦於我們業績的三項關鍵重點：在全公司卓越執行的帶動下，我們再度交出強勁的季度財務成果，於日產約 89,000 桶油當量（boe）的產量水準下，創造 1.13 億美元的調整後自由現金流。

First, our disciplined operational performance remains the foundation of our financial results. During the first quarter, we delivered oil production of approximately 64,000 bpd and total production of approximately 89,000 bbl oil equivalent per day, which just exceeded first quarter guidance. This outperformance was driven by strong new well productivity at Cardona, continued solid base performance, and high facility uptime.

第一，我們嚴謹的營運表現仍是財務成果的基石。第一季我們實現原油產量約 64,000 桶/日（bpd），總產量約 89,000 桶油當量/日，略高於第一季指引。此一優於預期的表現，主要來自 Cardona 新井的高生產力、既有基礎產量的持續穩健表現，以及設施高開工率。

I'm extremely proud of our team and want to recognize their tireless focus on operational excellence and identifying opportunities to maximize value across our asset base. This mindset is core to pillar one of our strategy and ultimately leads into pillar two by driving production and profitability.

我為我們的團隊感到非常自豪，也要肯定他們對營運卓越的不懈專注，以及在整體資產基礎上持續尋找機會以最大化價值。這種思維是我們策略第一支柱的核心，並最終銜接到第二支柱，透過推動產量與獲利能力來實現。

My second key takeaway is that execution is off to a strong start in what is an active drilling and completion year for Talos. In addition to efficient execution and strong performance at Cardona, we drilled and completed the CPN well in quarter one with first production on track for the third quarter. Execution at CPN was best in class, highlighted by the fact that the well was completed with zero completion-related non-productive time, an outstanding achievement and a testament to the high-performance team here at Talos.

第二項關鍵重點是：在 Talos 今年鑽井與完井活動相當活躍的背景下，我們的執行已強勢開局。除了 Cardona 的高效率執行與強勁表現外，我們也在第一季鑽探並完成 CPN 井，首度投產仍按計畫於第三季進行。CPN 的執行達到同業最佳水準，亮點在於該井完井作業相關的非生產時間（NPT）為零；這是卓越的成就，也證明 Talos 這支高績效團隊的實力。

The plan for remediation work to begin on the Genovesa well is on track for quarter two, with a return to production mid-year, slightly ahead of schedule. Lastly, on the execution front, drilling is underway at the Monument project operated by Beacon Offshore, with first oil on track by late 2026.

Genovesa 井的修復作業計畫將於第二季開始，目前進度如期，預計年中恢復生產，較原排程略為提前。最後，在執行面方面，由 Beacon Offshore 擔任營運商的 Monument 專案已開始鑽井，預計於 2026 年底前後實現首油。

Our relentless focus on improving the business every day has strengthened our position as a low-cost E&P operator in the Gulf of Mexico, while also delivering top-decile EBITDA margins across the sector. Over the last three years, as industry cost structures in the Gulf of Mexico have increased, Talos' proactive cost management and production growth have resulted in a reduction in unit operating costs. In fact, for 2025, which is the most recent available full-year data set, our operating costs were approximately 30% lower on average than the offshore peer group.

我們每天持續精進業務的堅定投入，強化了我們作為墨西哥灣低成本 E&P 營運商的地位，同時也在全產業中交出前十分位（top-decile）的 EBITDA 利潤率。過去三年，隨著墨西哥灣產業成本結構上升，Talos 主動的成本管理與產量成長，使單位營運成本反而下降。事實上，以最新可得的完整年度資料 2025 年來看，我們的營運成本平均較離岸同業群低約 30%。

Our advantage cost structure, combined with our oil-weighted production, drives top-decile EBITDA margins in the E&P sector. My third and final key takeaway is that we continued this trend of low costs and high margins into the first quarter. Total company lease operating expenses were approximately $16 per barrel of oil equivalent in Q1, which was in line with our 2025 average.

我們具優勢的成本結構，加上以原油為主的產量組合，推動我們在 E&P 產業中達到前十分位的 EBITDA 利潤率。第三項也是最後一項關鍵重點是：我們在第一季延續了低成本與高利潤率的趨勢。公司整體租賃營運費用（LOE）在第一季約為每桶油當量 16 美元，與 2025 年平均水準一致。

It's also been an impressive start to the year for our Optimal Performance Plan, with greater than 40% of the 2026 target already achieved. These results are broad-based with free cash flow enhancements driven by operating cost reductions, margin improvement, and capital efficiency, which spans operations, development, and P&A activities. We expect to build on the outstanding first quarter performance and carry that momentum forward into the second quarter. We expect to spud the Daenerys appraisal well later the second quarter.

我們的「最佳化績效計畫」（Optimal Performance Plan）今年開局同樣令人印象深刻，2026 年目標目前已達成超過 40%。這些成果涵蓋面廣，自由現金流的提升來自營運成本下降、利潤率改善與資本效率提升，並橫跨營運、開發以及 P&A 活動。我們預期將在第一季卓越表現的基礎上再接再厲，並把這股動能延續到第二季。我們預計於第二季稍晚鑽進（spud）Daenerys 評估井。

The primary objectives are to test the northern portion of the prospect and further evaluate reservoir and fluid properties. The well has been designed to penetrate multiple prospective intervals with optionality to accommodate future sidetracks, enabling further appraisal and development. We are ready to start execution as soon as the rig returns from the current operator's well.

主要目標是測試該標的北部區域，並進一步評估儲層與流體性質。該井設計為穿透多個具潛力的層段，並保留可因應未來側鑽（sidetrack）的彈性，以利進一步評估與開發。一旦鑽機自目前營運商的井位作業返回，我們即可立即開始執行。

We expect to have the well drilled and evaluated by the end of the year. Exploration is a core element of our strategy falling under pillar three, building a long-lived scale portfolio that supports sustainable growth. To deepen our exploration inventory for the future, we've been proactive with recent seismic investments, giving Talos the most advanced reprocessed data across our core areas. This approach to leveraging modern technology enabled a successful December 2025 Lease Sale, with all 11 leases now awarded.

我們預期在年底前完成鑽探並完成評估。勘探是我們策略的核心要素之一，隸屬於第三支柱：打造具長期壽命且具規模的資產組合，以支持可持續成長。為了強化未來的勘探庫存，我們近期主動投入地震資料（seismic）相關投資，使 Talos 在核心區域擁有最先進的再處理資料。這種運用現代科技的做法，促成 2025 年 12 月租賃拍賣（Lease Sale）的成功，目前 11 個租約均已獲授予。

The eight identified prospects among those leases, several of which span multiple blocks, represent more than 300,000,000 bbl of gross and risk resource potential across amplitude-supported Miocene and Wilcox opportunities. While the work is underway and is still early, our objective is to advance these prospects towards drill status, allowing them to compete for capital in 2027. For me, the bottom line is simple. A strong execution quarter delivered solid financial outcomes.

在這些租約中已識別的八個前景，其中數個橫跨多個區塊，於振幅支撐的中新世（Miocene）與 Wilcox 機會上，代表超過 300,000,000 桶（bbl）的總量（gross）及風險後（risk）資源潛力。雖然相關工作正在進行且仍處於早期階段，我們的目標是推進這些前景至可鑽探（drill-ready）狀態，使其能在 2027 年參與資本配置競爭。對我而言，結論很簡單。強勁的執行季度帶來穩健的財務成果。

With that, I'll turn it over to Zach to walk through our first quarter financial results along with the full year and second quarter guidance.

接下來，我把時間交給 Zach，請他說明我們第一季的財務結果，以及全年與第二季的指引。

Thanks, Paul. I'll focus my remarks this morning on our first quarter financial performance, which was underpinned by the strong operational execution Paul just discussed and our unchanged disciplined capital allocation framework. I'll also touch on our latest hedging activity before wrapping up with guidance and then opening it up for Q&A. Starting with the quarter, we invested just under $120 million of exploration and development capital and delivered oil production at the high end of our guidance range, with total oil equivalent production exceeding guidance. This strong execution across the business translated into $293 million of adjusted EBITDA and $113 million of adjusted free cash flow.

謝謝，Paul。今天早上我將把重點放在我們第一季的財務表現，其基礎來自 Paul 剛才談到的強勁營運執行，以及我們一貫不變、嚴謹的資本配置框架。在以指引作結並開放問答之前，我也會簡要提及我們最新的避險活動。先從本季開始，我們投入略低於 1.2 億美元的勘探與開發資本，原油產量達到指引區間的高端，總油當量產量亦超出指引。這項全業務的強勁執行，轉化為 2.93 億美元的調整後 EBITDA，以及 1.13 億美元的調整後自由現金流。

Importantly, these results were achieved at a low reinvestment rate of approximately 41%, reflecting the capital efficiency of our development program and our ability to convert consistent operating performance into strong financial outcomes. While we expect the macro and commodity price environment to remain volatile, Talos has the financial strength and flexibility to execute on our strategic priorities across a range of commodity price scenarios.

重要的是，這些成果是在約 41% 的低再投資率下達成，反映我們開發計畫的資本效率，以及將穩定的營運表現轉化為強勁財務成果的能力。儘管我們預期總體環境與商品價格仍將波動，Talos 具備財務實力與彈性，可在各種商品價格情境下執行我們的策略優先事項。

Our 2026 plan features development projects with breakevens in the 30s and 40s, with a corporate free cash flow breakeven in the low $50 WTI range. Although oil prices have moved higher since the Iran war began, our capital allocation priorities and our 2026 budget remain unchanged. We will continue to allocate capital in a disciplined, balanced, and focused manner, guided by the framework that underpins execution across all three of our strategic pillars.

我們的 2026 年計畫包含損益兩平（breakeven）落在 30 多至 40 多美元區間的開發專案，而公司層級自由現金流損益兩平約在 WTI 低 50 美元區間。雖然自伊朗戰爭開始以來油價走高，我們的資本配置優先順序與 2026 年預算維持不變。我們將持續以嚴謹、均衡且聚焦的方式配置資本，並以支撐我們三大策略支柱執行的框架作為指引。

This consistency is especially important during periods of volatility, we believe adherence to our capital allocation framework positions Talos to deliver strong financial outcomes and long-term value creation through the cycle. As a reminder, our capital allocation framework calls for returning up to 50% of annual free cash flow to shareholders, the first quarter represented another quarter of consistent execution on this front. We returned $38 million or 34% of adjusted free cash flow to shareholders through share repurchases. Since announcing our return of capital framework in the second quarter of 2025, Talos has returned approximately $135 million to shareholders through repurchases, resulting in an approximately 7% reduction in our outstanding share count.

我們認為，在波動期間維持一致性尤其重要；遵循我們的資本配置框架，使 Talos 能在景氣循環中交出強勁財務成果並創造長期價值。提醒一下，我們的資本配置框架主張每年最多回饋 50% 的自由現金流給股東；第一季再次展現我們在此方面的穩定執行。我們透過庫藏股回購向股東回饋 3,800 萬美元，約占調整後自由現金流的 34%。自 2025 年第二季宣布資本回饋框架以來，Talos 已透過回購向股東回饋約 1.35 億美元，使流通在外股數約減少 7%。

Turning to the balance sheet, our liquidity remains strong and leverage is low, resulting in financial strength that underpins our ability to execute across all three of our strategic pillars. During the first quarter, cash on hand increased while net debt declined sequentially, further enhancing our financial position. In addition to approximately $1 billion of liquidity, we have no near-term debt maturities and have recently extended our credit facility, which now matures in 2030.

談到資產負債表，我們的流動性仍然強勁、槓桿偏低，形成支撐我們三大策略支柱執行的財務實力。第一季期間，手上現金增加，而淨負債較前一季下降，進一步強化我們的財務狀況。除約 10 億美元的流動性外，我們近期沒有到期債務，且最近已延長我們的信貸額度（credit facility），目前到期日為 2030 年。

Together, our balance sheet strength provides flexibility to invest in the business through the cycle, return capital to shareholders, and advance both our development and exploration priorities while maintaining financial discipline. Now let me share a few thoughts on hedging and provide an update on our recent activity. The end of the first quarter was marked by elevated oil price volatility driven by geopolitical developments and broader macroeconomic uncertainty.

整體而言，我們強健的資產負債表提供彈性，使我們能在景氣循環中投資業務、回饋股東，並在維持財務紀律的同時推進開發與勘探優先事項。接著我想分享幾點關於避險的看法，並更新我們近期的活動。第一季末，受地緣政治發展與更廣泛的總體經濟不確定性影響，油價波動顯著升高。

In that environment, we remain disciplined and selectively opportunistic, acting consistently within our established hedging framework to support free cash flow while preserving upside. We added some 2026 oil hedges at the beginning of the Iran war, our primary focus during the quarter was to begin layering in required oil hedges for early 2027, a time period in which Talos was unhedged before the war began.

在那樣的環境下，我們仍保持紀律並選擇性把握機會，持續在既定的避險框架內行動，以支撐自由現金流，同時保留上行空間。我們在伊朗戰爭開始之初新增了一些 2026 年原油避險；本季的主要重點則是開始分批建立 2027 年初所需的原油避險部位，而在戰爭開始前 Talos 在該期間是未避險的。

These initial positions were added to establish protection around future free cash flow, maintain exposure to additional upside, and satisfy credit facility requirements. We view this early positioning in 2027 as prudent and well-timed, given the current level of market volatility and uncertainty in longer-dated oil prices. It's also worth highlighting that approximately two thirds of our oil production is sour and that we benefit from a balanced oil marketing portfolio with access to multiple physical crude pricing benchmarks.

這些初始部位的建立，是為了對未來自由現金流提供保護、維持對額外上行的曝險，並滿足信貸額度的要求。鑑於目前市場波動程度以及遠期油價的不確定性，我們認為在 2027 年提早布局是審慎且時機恰當的。另外也值得強調的是，我們約三分之二的原油產量為含硫原油（sour），且我們受益於均衡的原油行銷組合，可接觸多個實體原油定價基準。

Beginning with April pricing, we saw strength in a number of Gulf Coast sour grades relative to historical levels, which all else equal, should support near-term price realizations. Overall, our hedging activity during the quarter reflects a measured and steady approach using periods of volatility to strengthen cash flow resilience and reinforce our ability to execute consistently across the cycle. For the forward outlook, all of our full year 2026 operational and financial guidance ranges we released in late February remain unchanged. For the second quarter, we expect oil production to be in the range of 63,000 to 67,000 bbl of oil per day and total production to be in the range of 88,000 to 92,000 bbl of oil equivalent per day. Additional details describing our guidance can be found in our presentation, which is available on our website.

從 4 月的定價開始，我們看到多個墨西哥灣沿岸含硫油品級相對於歷史水準走強；在其他條件不變下，這應可支撐短期的實現價格。整體而言，我們本季的避險活動反映出審慎且穩健的作法，利用波動期間強化現金流韌性，並鞏固我們在景氣循環中持續穩定執行的能力。就前瞻展望而言，我們在 2 月下旬發布的 2026 全年營運與財務指引區間皆維持不變。第二季方面，我們預期原油產量介於每日 63,000 至 67,000 桶（bbl），總產量介於每日 88,000 至 92,000 桶油當量（bbl of oil equivalent）。更多指引細節可見於我們的簡報，已發布於公司網站。

In closing, the business is off to a very solid start to the year. With a clearly defined strategy, an advantaged cost structure, and top decile margins, we have the financial strength and flexibility to execute on our strategic priorities while remaining anchored to our disciplined capital allocation framework.

最後，業務在今年開局非常穩健。憑藉清晰明確的策略、具優勢的成本結構以及前十分位（top decile）的利潤率，我們具備財務實力與彈性，可在堅守嚴謹資本配置框架的同時，執行我們的策略優先事項。

With that, we will open the line for Q&A.

接下來，我們將開放電話線進行問答。

(Operator Instructions)

（接線員指示）

Greta Drefke, Goldman Sachs.

Greta Drefke，高盛。

Good morning, all. Thank you for taking my questions. I was wondering if you could just update us with your latest thoughts around how different uses of free cash flow compete across holding cash on the balance sheet, leaning into share repurchases like you did this past quarter, or potential M&A here.

各位早安。謝謝你們回答我的問題。我想請你們更新一下你們最新的看法：自由現金流的不同用途之間如何競爭，例如把現金留在資產負債表上、像你們本季那樣加大股票回購，或是潛在的併購（M&A）。

Thanks, Greta. Good morning. Look, I'd say nothing changes. We have a very clear sort of framework in terms of how we think about capital allocation that we've been working within over the last year, where we've seen sort of prices rise and decline during that timeframe. That really is sort of focused on investing in the business, making sure we remain sort of or keep the strength of the balance sheet. Absolutely returning cash to shareholders, but also giving ourselves the opportunity to sort of invest in the future of the business to make sure that we have length in the portfolio. When we've said that that investment needs to actually make Talos better and not bigger, so it's not investment for investment's sake.

謝謝，Greta。早安。我想可以說沒有任何改變。我們對資本配置的思考有一套非常清楚的框架，過去一年我們一直在這個框架內運作，而在這段期間價格有上升也有下跌。這個框架的重點在於投資於業務本身，並確保我們維持資產負債表的強度。當然也要把現金回饋給股東，同時也要讓我們有機會投資於業務的未來，確保投資組合具有足夠的延續性。我們也說過，這類投資必須讓 Talos 變得更好，而不是只是變得更大；因此不是為了投資而投資。

Actually, in the same way as you see us investing in sort of projects in 2026 and going into 2027 that have low breakevens and high returns and can deal with the volatility that we see in the macro, that's how we sort of look for that sort of fourth component as well. We'll balance that as we go through 2026 and 2027 with no change to the overall framework in which we are thinking and operating and planning.

其實，就像你看到我們在 2026 年投資一些專案並延伸到 2027 年，這些專案具有低損益兩平點、高報酬，且能應對我們在總體環境中看到的波動一樣，我們也會用同樣的方式去尋找那種「第四個組成要素」。我們會在 2026 年與 2027 年的推進過程中加以平衡，而不會改變我們思考、營運與規劃的整體框架。

Great. Thank you. Just for my second question, I was just wondering if just on the longer term outlook, and if we are in a higher for longer oil price environment, albeit very volatile. As you're thinking about organic growth opportunities like you mentioned, is Talos considering leaning into any incremental organic growth projects in 2027 or 2028 to have potentially turned economic, given where the oil forward curve is even today relative to a few months ago?

很好。謝謝。就我的第二個問題，我想請教較長期的展望：如果我們處在油價「高檔維持更久」的環境中，雖然波動很大。當你們在思考你提到的內生成長機會時，Talos 是否會考慮在 2027 或 2028 年加碼任何額外的內生成長專案，以便在經濟性上可能更具吸引力，考量到即使以今天的油價遠期曲線來看，相較幾個月前也有所不同？

I'd just probably reiterate what we sort of spoken about before, which is we actually look for projects that have low breakevens, and Zach sort of mentioned that in the comments. We're not going to chase a oil curve, we'll look for projects that have resilience through the cycle. Now, as we mentioned, I think in the last quarter's call, we were very successful in the first lease sale that was held at the end of 2025.

我大概會重申我們之前談過的重點：我們實際上是在尋找低損益兩平點的專案，Zach 也在評論中提到這點。我們不會去追逐油價曲線，我們會尋找能夠穿越景氣循環、具韌性的專案。另外，如同我們提到的，我想在上一季的電話會議中，我們在 2025 年底舉行的第一次租約標售中非常成功。

All of those leases, the 11 leases, have now been awarded to us, and we are working those diligently to allow some of those, the majority of those, to compete for capital in 2027. That's just sort of normal course. It's not in reaction to where the price is today.

所有那些租約，也就是 11 個租約，現在都已經授予我們，我們正勤勉地推進相關工作，讓其中一些、而且是大多數，能在 2027 年參與資本競爭。這只是正常的例行作業。並不是對今天價格水準的反應。

If you look at the shape of the curve, it's still incredibly backwardated. Yes, the long end is sort of slightly higher than where it was pre the Iran war, but it is nothing that would make us sort of fundamentally change our view on how we invest in projects and the thresholds that we have for those projects to be considered to compete for capital, Greta.

如果你看曲線的形狀，仍然是非常明顯的逆價差。是的，長端相較伊朗戰爭前略高一些，但這不足以讓我們在投資專案的方式上、以及專案要被納入資本競爭所需的門檻上，做出任何根本性的改變，Greta。

Thank you very much.

非常感謝。

Phillip Jungwirth, BMO.

Phillip Jungwirth，BMO。

Hey, guys. This is Ajay Bakshani on for Phil. Thanks for taking our question. As we think about the upcoming appraisal well at Daenerys, you do a good job of listing out the objectives, but what are some of the key risks here? Assuming you accomplish these objectives, how does this inform your resource potential estimates, or is further appraisal needed to really dial this in?

嗨，各位。我是 Ajay Bakshani，代 Phil 提問。謝謝讓我們提問。談到即將在 Daenerys 進行的評估井，你們把目標列得很清楚，但這裡有哪些關鍵風險？假設你們達成這些目標，這會如何影響你們對資源潛力的估算？還是說仍需要進一步評估，才能把它真正校準到位？

Yeah, thank you. I mean, look, the reason that we're drilling the appraisal well at Daenerys is to try and de-risk the range of uncertainties that we have. The sort of clearest risk as there is with any exploration or appraisal well is, are the main objectives that we're looking for present? Do we see the reservoir characteristics that we're looking for? Do we see the fluid characteristics that we're looking for? How does that all then get folded into the overall resource size and estimate and quality that can then sort of inform the next steps? Now, clearly, there are always mechanical risks when you're drilling deep subsalt wells such as this.

好的，謝謝。我的意思是，你看，我們之所以在 Daenerys 鑽評估井，是為了降低我們所面臨的不確定性範圍。最明顯的風險，就像任何探勘井或評估井一樣，是我們要找的主要目標是否存在？我們是否看到我們想要的儲層特性？我們是否看到我們想要的流體特性？這些結果如何被納入整體資源規模、估算與品質之中，進而為下一步提供依據？當然，像這種深層鹽下井在鑽進時，總是會有機械風險。

We're incredibly fortunate at Talos to have, I think, one of the best drilling and completion teams in the industry. I think they've sort of demonstrated that time and time again with what they've done on the first Daenerys well, on Sunspear, on Cardona, on CPN. We plan accordingly. We're really thinking about the risks and how do we mitigate those. Really outside the mechanical risks of the well, then it really is looking at de-risking the reservoir and fluid properties and characteristics.

我們在 Talos 非常幸運，擁有我認為業界最頂尖的鑽井與完井團隊之一。我想他們已經一次又一次證明了這點，無論是在第一口 Daenerys 井、Sunspear、Cardona，還是 CPN 上的表現。我們會據此進行規劃。我們確實會仔細思考風險，以及如何加以緩解。除了井的機械風險之外，重點就回到降低儲層與流體性質與特徵的不確定性。

From that point, we'll then make the determination of what further appraisal, if any, is needed, dependent on where those results come in, which as we've mentioned, we expect to be spudding that well once we get the rig back from the current operator in second quarter. We saw results, all being well available before the end of the year that we'll clearly be able to update you and colleagues on then.

在那之後，我們會依據結果落點來判斷是否需要、以及需要多少進一步的評估；如同我們提到的，我們預期在第二季從目前的作業者那邊把鑽機交回後就會開鑽。如果一切順利，我們預期在年底前取得結果，屆時我們也會清楚地向你以及各位同業更新。

Very helpful. Thank you. For my next question, can you just talk about what you've been seeing on crude differentials through 2Q so far as there's a strong global bid for waterborne medium sour barrels? Also just on that, what's the typical breakdown as far as barrels and key price ups for Talos?

非常有幫助。謝謝。下一個問題，你能談談到目前為止第二季在原油價差方面你們看到的情況嗎？因為全球對海運的中質含硫原油有很強的買盤。另外也想問一下，就 Talos 而言，你們的原油桶數結構與主要的價格加成（price ups）通常是怎麼分布的？

Yeah. Let me pass that over to Zach.

好的。我把這題交給 Zach。

Yeah. Ajay, this is Zach. I appreciate the question. The diffs that we've experienced in April and May have been positive to HLS. About two thirds of our crude is sour and with a little bit higher sulfur content than a sweet barrel. They price at Mars, Poseidon and Southern Green Canyon. We have seen an uplift in those sour diffs in the first part of the second quarter. All else equal, that should help realizations in Q2. Yes. Hope that helps.

好的。Ajay，我是 Zach。謝謝你的問題。我們在 4 月與 5 月經歷到的價差，對 HLS 來說是正向的。我們大約三分之二的原油是含硫原油，硫含量比甜油桶稍高一些。它們以 Mars、Poseidon 和 Southern Green Canyon 定價。我們在第二季前段看到這些含硫價差有所上升。在其他條件不變下，這應該會有助於第二季的實現價格。是的。希望這有幫助。

Thanks, guys. Very helpful and congrats on the good quarter.

謝謝各位。非常有幫助，也恭喜這一季表現不錯。

Michael Furrow, Pickering Energy Partners.

Michael Furrow，Pickering Energy Partners。

Hey, good morning. Thanks for taking our questions. Look, this might not be the best morning for it, but it does seem like the oil market might be going through a structural shift that could result in a higher mid-cycle price. Under that context, how does the Talos business strategy change, if at all, in a higher pricing scenario? If it doesn't change, what levers can you pull to capitalize on higher prices?

嗨，早安。謝謝讓我們提問。我知道今天早上可能不是最適合談這個的時機，但看起來石油市場可能正在經歷一個結構性轉變，可能導致中周期價格更高。在這樣的背景下，如果油價更高，Talos 的業務策略會如何改變（如果有的話）？如果不改變，你們可以拉動哪些槓桿來把握更高的價格？

Yeah, thanks, Michael. I mean, I think it doesn't change. We have a very robust sort of strategy in terms of the three pillars that we're driving against. We have a disciplined capital allocation framework in which we'll look at how to deploy capital within that. That's where our focus will remain.

好的，謝謝，Michael。我的意思是，我認為不會改變。我們有一個非常穩健的策略，圍繞我們推進的三大支柱。我們也有一套嚴謹的資本配置框架，會在其中評估如何部署資本。我們的重點會持續放在這裡。

Clearly, we're laser-driven in terms of improving our business each and every day, driving continuous improvement. I think we've continued to see evidence and examples of that through the first quarter. We're equally focused in terms of the second and third pillars, in terms of driving production and profitability and building a longer live scale portfolio.

當然，我們非常專注於每天都把業務做得更好，推動持續改善。我想我們在第一季已經持續看到相關證據與例子。我們也同樣聚焦在第二與第三支柱，也就是推動產量與獲利能力，以及打造更長壽、具規模的資產組合。

Whilst there's a lot of activity going on in those spaces, I'd say there's an equal amount of activity going on there as there is in the sort of continuous improvement space. Clearly, until something gets to the finish line, then difficult for us to talk about that. I think bottom line is that our strategy doesn't change. Especially when we sort of look at, as you mentioned, sort of slight structural changes potentially through the cycle. I think if anything, it sort of reinforces the strategy that we have and the need for the capital discipline that we are driving.

雖然那些領域有很多活動在進行，但我會說，那裡的活動量與所謂持續改善領域的活動量同樣多。很明顯，在事情尚未抵達終點之前，我們很難就此多談。我認為歸根結底是，我們的策略不會改變。尤其當我們如你所提到的，去看可能在景氣循環中出現的一些輕微結構性變化時。我想如果有什麼影響的話，反而是強化了我們既有的策略，以及我們正在推動的資本紀律之必要性。

Michael, I might just add to what Paul said, to your second point, how do you capitalize on higher oil prices? I mean, for us, as you know, we expect to be 73% oil in 2026, which drives those top decile margins that we're very proud of. Similar to the prior question, strong differentials are a kind of a near-term benefit. With the sour crude we produce.

Michael，我可能補充一下 Paul 所說的，針對你的第二點：你們如何把握更高的油價？我的意思是，對我們而言，如你所知，我們預期到 2026 年油品占比將達 73%，這也帶動了我們非常引以為傲的頂級十分位利潤率。類似前一個問題，強勁的價差在短期內是一種利多。尤其是我們所生產的酸性原油。

I appreciate the context. One related area we're trying to understand is how these oil pricings affect the offshore rig market. With the West Vela contract rolling and with the upcoming Daenerys appraisal as well as other prospects. Presumably Talos has been active in this market recently. Paul, I'd be curious to hear your views on the high-spec drillship market. Are you seeing a tightening? Do you feel that there's enough availability? And maybe you could offer your opinion on how leading-edge day rates in the Gulf have evolved over the last 12 months.

我理解這些背景。我們想了解的一個相關面向是，這些油價如何影響離岸鑽井平台市場。隨著 West Vela 合約到期展期，以及即將進行的 Daenerys 評估井，還有其他前景案。推測 Talos 最近在這個市場應該相當活躍。Paul，我很想聽聽你對高規格鑽井船市場的看法。你是否看到市場正在收緊？你覺得供給量是否足夠？也許你可以分享一下，過去 12 個月墨西哥灣的前沿日租金是如何演變的。

Yeah, thanks. I mean, I think the trends we're seeing are the trends that were maybe suggested six, nine months ago, which was some potential capacity in 2026. The market tightening in 2027. I think that is what you're actually seeing, maybe a slight acceleration of that tightening given what's happened in oil prices over the last two months. I think it's also important to remember though, of course, as we think about deepwater projects and deepwater wells, the cycle time is much longer from sort of decision to actually having the well online. I still think for operators like ourselves, there's a degree of sort of caution, as I've mentioned, in terms of making sure the projects that we do go forward with have low break-even prices.

好的，謝謝。我的意思是，我認為我們看到的趨勢，可能就是六到九個月前所暗示的趨勢，也就是 2026 年可能會有一些產能。而市場在 2027 年收緊。我認為你現在實際看到的就是這樣，甚至因為過去兩個月油價的變化，這種收緊可能略有加速。不過我也認為要記得一點很重要：當我們思考深水專案與深水井時，從做出決策到實際讓油井上線的週期時間要長得多。我仍然認為，對像我們這樣的營運商而言，在推進專案時仍有一定程度的謹慎——如我提過的——以確保我們推進的專案具有較低的損益兩平油價。

We have been in the market for with a tender for deepwater rig activity in 2027. We've had a number of high-spec rigs sort of bid into that, and we'll be making our decision in the coming sort of weeks and months as to which rig or rigs we sort of take on in 2027 and beyond. We are sort of looking at our needs beyond just the very near term, and starting to think maybe a little bit more sort of strategically about our deepwater rig needs.

我們已經在市場上針對 2027 年的深水鑽井平台作業發出招標。有多座高規格平台參與投標，我們將在接下來幾週到幾個月內做出決定，選定我們在 2027 年及之後要採用的某一座或多座平台。我們正在看的不只是非常短期的需求，也開始更具策略性地思考我們的深水鑽井平台需求。

I think it's also important that -- one thing that we've spent a fair amount of time working on here is recognizing that we also need the ability to intervene quickly on wells should they have a problem, such as the Genovesa well that we identified at the back end of last year. So sort of leveraging technology and how can we use intervention vessel platforms to do that intervention type work versus only relying on the high-spec rigs, I think gives us another degree of flexibility as we think about the type of vessel, and therefore the sort of price of the vessel to do the work that we need to do. In fact, that's one of the reasons why the Genovesa well is sort of on or slightly ahead of plan at the moment is because of our ability to execute that well-offered intervention vessel versus a high-spec rig. I hope that gives you some color, Michael.

我也認為還有一點很重要——我們在這方面花了不少時間在做的，是認知到：一旦油井出現問題，我們也需要能夠快速介入處理，例如我們在去年年底發現的 Genovesa 油井。因此，運用技術、以及我們如何利用介入船（intervention vessel）平台來做這類介入作業，而不是只依賴高規格鑽井平台，我認為這讓我們在思考要用什麼船舶、以及因此所需的船舶價格來完成工作時，多了一層彈性。事實上，這也是 Genovesa 油井目前能夠按計畫甚至略微超前的原因之一，因為我們能夠以介入船來執行該井的作業，而非使用高規格鑽井平台。希望這能讓你更了解一些，Michael。

No, that's great. Thanks for your time.

不，這很棒。謝謝你撥冗。

Tim Rezvan, KeyBanc Capital Markets.

Tim Rezvan，KeyBanc Capital Markets。

Good morning, folks. Thank you for taking our questions. First one, maybe this is for Zach on the balance sheet. Talos has one and a quarter billion of second lien notes out there. The company's in much better financial health than when those were issued. They're trading above par and some are callable now, and I know the call stepped down in 2027. Just curious kind of where that is on your radar screen this year. Maybe for Paul, is that sort of a part of that $100 million cash flow uplift, getting those refinanced? Thanks.

各位早安。謝謝你們回答我們的問題。第一個問題，可能是問 Zach 關於資產負債表。Talos 目前有 12.5 億美元的第二順位擔保票據在外流通。公司的財務狀況比當初發行時好很多。這些票據目前交易價格高於面值，其中一些現在已可被提前贖回，而且我知道贖回條款在 2027 年會下調。只是好奇今年這件事在你們的雷達上大概排在什麼位置。另外問 Paul，這是否算是那 1 億美元現金流提升的一部分，也就是把它們再融資？謝謝。

Thanks for the question, Tim. Good morning. You pretty much nailed the state of affairs on the '29s. Yeah, I mean, it's front and center on our minds. The notes are trading as you'd expect, very well. The high-yield market is very tight, and it's a good place to be for companies like Talos. I would say, we have lots of flexibility in our balance sheet and our capital structure right now to support the strategy that we've laid out to the market and go out and execute the plan. I don't want to get into too many specifics, but just suffice it to say that it's definitely front and center and we're in a good spot.

謝謝你的問題，Tim。早安。你基本上把 2029 年到期那批（'29s）的現況講得很到位。是的，我的意思是，這確實是我們最關注的事項之一。這些票據的交易表現如你所預期，非常好。高收益市場非常緊俏，對 Talos 這樣的公司而言是個不錯的環境。我會說，我們目前在資產負債表與資本結構上有很大的彈性，足以支撐我們向市場闡述的策略，並去落實執行計畫。我不想談太多細節，但簡而言之，這確實是我們高度關注的重點，而且我們目前處於很好的位置。

Yeah, simple answer to the second part of your question, Tim, is, any sort of refinancing benefit we would get is not considered in the $100 million of additional free cash flow. That's very much sort of centered around the operational capital supply chain efficiency world in terms of the execution of the plan today. As Zach said, the actions it will take around those bonds is very much sort of front and center in our thinking at this point in time.

是的，對你問題第二部分的簡單回答，Tim，是：任何我們可能取得的再融資效益，都沒有納入那 1 億美元的額外自由現金流之中。那 1 億美元主要是圍繞在營運、資本、供應鏈效率等面向，著重於今天如何執行計畫。如 Zach 所說，針對那些債券我們將採取的行動，目前確實是我們思考的核心重點。

Okay. Okay. The market's wide open, so that's why we're asking right now. Appreciate the details. As a follow-up also on the capital allocation theme, Talos has repurchased shares for five straight quarters. It seems to be sort of a consistent part of your use of free cash flow. We're also going into today, at least, shares pushing two-year highs.

好的。好的。市場窗口非常開放，所以我們才會現在就問。感謝你們提供細節。另外追問一個同樣關於資本配置的主題：Talos 已連續五個季度回購股票。看起來這是你們運用自由現金流的一個相當一致的部分。而且至少到今天為止，股價正逼近兩年高點。

I don't know if it's for Paul or Zach, but should we think of that as maybe you toggle that up or down, but you expect that to be kind of a consistent part of the program as in like a greater than zero, but you'll be opportunistic? Just trying to understand how you think about repurchase intensity with shares back at $16. Thanks.

我不確定是問 Paul 還是 Zach，但我們是否可以這樣理解：你們可能會上調或下調回購力度，但預期它會是計畫中一個持續存在的部分——也就是大於零——同時你們會把握機會、視情況而定？只是想了解，當股價回到 16 美元時，你們如何看待回購強度。謝謝。

No, thanks. I mean, look, we think about it within the framework that we've laid out. We've sort of said we're going to invest in the business today. We're going to maintain strength of the balance sheet. We're going to look for these sort of accretive opportunities to support and build the business, and we're going to sort of return capital to shareholders through share buybacks. It's a balance of those four, and that is what you've seen us do over the last four quarters. Thank you for the recognition of that in terms of the consistency of executing against the strategy that we have. That's how you'll see us think about it going forward, not only in this quarter but the quarters to come.

不，謝謝。我的意思是，你看，我們是在我們已經建立的框架內來思考這件事。我們大致上已經說過，我們今天會投資於業務。我們會維持資產負債表的強健。我們會尋找這類具增益性的機會來支持並打造業務，同時我們也會透過股票回購把資本回饋給股東。這四者之間需要取得平衡，而這就是你在過去四個季度看到我們所做的事。也謝謝你肯定我們在執行既定策略上的一致性。未來你會看到我們仍以這樣的方式來思考，不僅是本季度，還包括接下來的幾個季度。

Yeah. Tim, Paul's exactly right. I'll just add on to that in Q1, it was about 34% of free cash flow allocated to repurchases. Within the financial framework that we wanna stay consistent to, we do have the flexibility of up to 50%. At any one point in time, we'll be toggling in that range. As we kind of highlighted in the prepared remarks, we've reduced the outstanding share count by about 7% over the last 12 months since the strategy was rolled out to the street. We do wanna stay consistent, but do have flexibility within that framework.

是的。Tim，Paul 說得完全正確。我補充一下，在第一季，大約有 34% 的自由現金流分配用於回購。在我們希望維持一致性的財務框架內，我們確實有最高到 50% 的彈性。在任何時間點，我們都會在這個區間內做調整。正如我們在事先準備的發言中提到的，自從這項策略對外發布以來的過去 12 個月，我們已將流通在外股數減少了約 7%。我們希望保持一致性，但在該框架內也保有彈性。

Thank you.

謝謝。

Paul Diamond, Citigroup.

Paul Diamond，花旗集團。

Thank you. Good morning, all. Thanks for taking the call. Just a quick one on Katmai Tarantula. I know that there was some recent debottlenecking there, and I guess looking at it longer term, I guess, how do you see competing for capital, like, going out beyond? I know it's flatlining through 2027, but going out beyond that.

謝謝。各位早安。感謝接聽電話。我想快速問一下 Katmai Tarantula。我知道那邊最近做了一些去瓶頸措施；從長期來看，我想問的是，你們如何看待它在更往後期間的資本競爭？我知道它到 2027 年會維持在平台期，但 2027 年之後呢？

Yeah. Thanks, Paul. Look, the Katmai field is doing incredibly well. The operations team there continue to focus on safe, efficient operations and really sort of maximizing the throughput, and that's what we've seen as we've gone through the first quarter of this year into a continuation of what we were doing in 2025. I think what we've said is, look, there are a number of opportunities around the Katmai field, and so Katmai North, as well as some of the leases that we acquired in the last lease sale. As we sort of think about maturing those, we'll also think about that then in the light of what further debottlenecking or expansion of that facility is actually needed.

是的。謝謝你，Paul。你看，Katmai 油田表現非常好。那邊的營運團隊持續專注於安全、高效率的營運，並真正把處理量最大化；這也是我們在今年第一季所看到的，延續了我們在 2025 年所做的工作。我想我們說過的是，你看，Katmai 油田周邊有許多機會，包括 Katmai North，以及我們在上一輪租賃拍賣中取得的一些租約。當我們逐步推進這些機會成熟化時，也會在此基礎上評估是否真的需要進一步去瓶頸或擴建該設施。

For where we are today, we sort of see that nice plateau, and that's where we will sit. I think the next level of expansion would be actually a looping of the pipeline that would sort of give us additional capacity. To do that, we would want to have additional volumes coming in from near field wells. Those are the wells that the team are maturing at the moment to compete for capital in 2027.

就我們目前的位置而言，我們看到一個不錯的平台期，而我們會維持在那個水準。我認為下一階段的擴張，實際上會是對管線進行複線化（looping），以便提供額外的輸送能力。要做這件事，我們會希望有更多來自近場井的額外產量導入。這些井目前正由團隊推進成熟化，以在 2027 年爭取資本配置。

Got it. Makes perfect sense. Then just a bit of housekeeping on the Optimal Performance Plan. They talked about $100 million in savings, gotten about 40% there. I guess, how should we think about the vector of that plan? Does the low-hanging fruit come first and the rest should be somewhat linear, or is it more, I guess, chunky? I guess, what's the timeline on those on the completion there?

了解。非常合理。接著就 Optimal Performance Plan 做一點例行追問。你們提到要節省 1 億美元，目前大約完成了 40%。我想問，我們應該如何看待這個計畫的推進軌跡？是先拿到比較容易的成果，剩下的會比較線性推進，還是說會比較不均勻、呈現一段一段的？另外，完成的時間表是怎麼看？

Yeah, great question. I mean, look, the plan, of course, is a continuation of what we laid out last year. We sort of set an interim target, which the teams did incredibly well to exceed last year. There's an element of those that sort of recur from 2025 to 2026. There is some sort of lumpiness in terms of as it comes through. I would think of sort of the vector overall as, sort of, between where we are now and a delta of $100 million at the end of the year. We have a reasonable degree or a high degree of confidence in sort of delivering that $100 million, and we'll be looking to ways to exceed it. We're not changing that sort of target at this point in time, Paul.

是的，問得很好。我的意思是，你看，這個計畫當然是延續我們去年所提出的內容。我們設定了一個階段性目標，而各團隊去年表現非常好，甚至超越了該目標。其中有一部分會從 2025 年延續到 2026 年、具有重複性。在落地的節奏上確實會有一些不均勻。我會把整體推進軌跡理解為：從我們現在的位置，到年底達成 1 億美元的差額（delta）。我們對於交付這 1 億美元有相當高的信心，也會尋找超越它的方法。目前這個時間點，我們不會調整這個目標，Paul。

Paul, I'd just add on to that, the real prize here is instilling a culture of continuous improvement, which really has been a cornerstone of Talos for a long time, but really putting kind of a framework and a little bit of structure into it. That will continue. I would expect that vector of that mindset and that culture to continue well into the future.

Paul，我再補充一下，這裡真正的重點在於建立持續改善的文化。這其實長期以來一直是 Talos 的核心基石之一，但現在我們是把它放進一個框架，並加入一些結構化的做法。這會持續下去。我預期這種思維與文化的推進軌跡，未來還會延續很長一段時間。

Got it. Understood. Appreciate the clarity. I'll leave it there.

了解。明白。謝謝說明得很清楚。我就先到這裡。

Michael Scialla, Stephens.

Michael Scialla，Stephens。

Morning, guys. Looks like you'll have some growth heading into 2027 with Monument coming online at the end of the year. Realize there's a lot of variability and unpredictability with your business, can you say if you're anticipating year-over-year growth next year, say, barring a collapse in 2027 oil prices, or is it too early to go out that far?

早安，各位。看起來隨著 Monument 在年底上線，你們在邁入 2027 年時會有一些成長。我知道你們的業務有很多變動性與不可預測性；你們能否談談，假設 2027 年油價不出現崩跌，你們是否預期明年會有年增成長？還是說現在談到那麼遠仍太早？

Hey, Michael. In simple terms, it's sort of too early to go out that far. There's a lot of uncertainty in terms of the work that we have to do this year still. As you say, the Monument project has started and with our partner, Beacon Offshore, that are the operator, so far the operations are going well, but there's a long way between now and actually getting production from those wells. There's a range of uncertainty. Although clearly the area in which Monument sits is a sort of prolific area, if you think about the Shenandoah hub, which is where it will tie back to.

嗨，Michael。簡單來說，現在談到那麼遠確實還太早。我們今年還有很多工作要做，因此存在不少不確定性。如你所說，Monument 專案已經啟動，且與我們的合作夥伴 Beacon Offshore（他們是營運商）一起推進；到目前為止作業進展良好，但從現在到那些井真正開始產出，還有很長一段路。不確定性範圍仍然存在。不過很明顯，Monument 所在的區域是相當高產的區域；如果你想到 Shenandoah 樞紐（hub），也就是它將回接（tie back）到的地方。

We also have a fairly significant redevelopment program at Brutus coming through in the second half of the year that we're sort of getting ready to start up now and other activities as well. I think we're investing this year in good quality, low break-even projects, excuse me, that sort of give us that stability for the future, but it is too early to sort of put sort of a number on a vector relative to where we are in 2026.

我們在今年下半年也會在 Brutus 推進一個相當重要的再開發計畫，我們現在正準備啟動，另外也還有其他活動。我認為我們今年投資的是高品質、低損益兩平點的專案，不好意思，這些專案能為未來帶來穩定性；但要就 2026 年相對於目前的位置給出一個成長軌跡的數字，現在仍然太早。

Understood. I want to see if you could talk more about the 11 new leases that you got in the lease sale. You said that came with or it kind of unlocks eight new prospects. Looks like some of that is in the Wilcox. That inventory's expanded. Maybe your thoughts on the confidence in that play and what you're seeing with those new leases.

了解。我想看看你是否可以再多談談你們在租賃拍賣中取得的 11 份新租約。你提到那帶來、或說某種程度上解鎖了 8 個新的潛在目標。看起來其中一些是在 Wilcox。那個庫存已經擴大了。想請教你對那個開發方向的信心，以及你從這些新租約看到的情況。

Yes, you're right. We were successful in getting 11 leases where we've identified eight prospects. Some of those span a number of blocks. We sort of focus them around key areas for us, so around the Katmai area, around the Daenerys location. We sort of focus them on plays where we have sort of deep skills and so some amplitude supported, some in the Wilcox, some in the Paleogene. And we're now going through the work of sort of the seismic. We've pre-invested in sort of seismic such that we could actually mature those prospects and have them compete for capital in 2027. We are focused specifically in the Wilcox.

是的，你說得沒錯。我們成功取得了 11 份租約，並在其中辨識出 8 個潛在目標。其中一些橫跨多個區塊。我們大致把它們聚焦在對我們而言的關鍵區域，例如 Katmai 區域、Daenerys 位置周邊。我們也把重點放在我們具備深厚能力的開發層系上，因此有些是振幅支撐的（amplitude supported），有些在 Wilcox，有些在 古近紀（Paleogene）。我們目前正在進行地震資料相關的工作。我們已先行投入地震資料，使我們能夠把這些目標成熟化，並讓它們在 2027 年能夠參與資本配置競爭。我們特別聚焦在 Wilcox。

These are a proven part of the play where we see those opportunities, one, having sort of tieback potential, but also having an upside to be standalone and hub class. That's really sort of some of the criteria that we look to sort of the leases through. We'll continue to look at opportunities in future lease sales. What I think is important, though, is the pre-investment of really advanced sort of seismic that we've done around those key areas and key fairways where our focus is.

這些屬於已被驗證的開發帶，我們在其中看到機會：第一，具備回接（tieback）潛力；同時也有上行空間，能夠作為獨立開發並達到樞紐等級（hub class）。這些基本上就是我們篩選租約時所看的部分標準。我們也會在未來的租賃拍賣中持續尋找機會。不過我認為重要的是，我們在那些關鍵區域與關鍵走廊（fairways）周邊，已經先行投入並完成相當先進的地震資料工作，而那正是我們的聚焦所在。

Sounds good. Thank you, Paul.

聽起來很好。謝謝你，Paul。

Nate Pendleton, Texas Capital.

Nate Pendleton，Texas Capital。

Morning. Congrats on the strong results.

早安。恭喜你們有強勁的成果。

Thank you, Nate.

謝謝你，Nate。

You just mentioned the Brutus Of course. You just mentioned the Brutus wells. Can you talk about the potential you see for similar recompletion activity across your portfolio? Maybe also how those types of opportunities compete for capital when you're looking at potentially doing a dedicated drilling program as you look out 2027, 2028.

你剛剛當然提到了 Brutus。你剛剛提到了 Brutus 的井。你能談談在你們的資產組合中，是否有類似的再完井（recompletion）活動潛力嗎？另外，當你們展望 2027、2028 年可能進行一個專門的鑽井計畫時，這類機會在資本配置上是如何與其他方案競爭的？

Yes. I think what we're doing at Brutus is really bread and butter for Talos, which is our ability to take these mid to late life assets, identify opportunities that have maybe been overlooked, and then execute those very efficiently and effectively to maintain the volumes and the throughputs of those hosts. I think this is the second or third incarnation of redevelopment that we've done at Brutus, and we've had sort of similar activities, but similar activities with other hubs. It's important to know that, again, going back to the seismic issue, the fact we have high-quality seismic over those locations, sort of the near field from an infrastructure point of view, also allows us to look at opportunities.

是的。我認為我們在 Brutus 所做的，其實是 Talos 的基本功：也就是我們有能力接手這些中後期壽命的資產，找出可能被忽略的機會，然後以非常高效率、有效率的方式執行，以維持這些主機設施（hosts）的產量與處理量（throughputs）。我想這是我們在 Brutus 進行的第二或第三次再開發（redevelopment），我們也在其他樞紐做過類似的工作。同樣回到地震資料的議題，重要的是我們在那些位置上方擁有高品質的地震資料，從基礎設施角度來看也屬於近場（near field），這也讓我們能夠評估相關機會。

You're right, Nate, that they need to compete in terms of the type of breakevens and returns relative to other opportunities that we have in the portfolio. It's also important that we're sort of balancing that focus on maybe larger scale opportunities in the exploration phase with sort of high-quality development that can maintain the high oil component of the portfolio that we're sort of delivering at the moment, sort of north of 70% oil cut. The Brutus program specifically will be targeting more oil opportunities than gas. In fact, some of the wellbores that it will use are wells that have been gas wells that are coming to the end of their life, and we'll use those wellbores now to go and add additional oil into the portfolio.

你說得對，Nate，這些機會必須在損益兩平（breakevens）與報酬率方面，與我們資產組合中的其他機會相互競爭。同時也很重要的是，我們要在勘探階段可能更大規模的機會，與高品質的開發案之間取得平衡；後者能維持我們目前交付的資產組合中較高的原油占比，目前原油切割率（oil cut）在 70% 以上。Brutus 計畫本身會鎖定更多原油機會而非天然氣。事實上，它將使用的一些井筒原本是天然氣井，已接近壽命末期；我們會利用這些井筒，為資產組合增加額外的原油產量。

Yeah, I appreciate the detail there. As my follow-up, I want to zoom out and kind of discuss M&A for a second. Can you talk about the opportunity you see in the Gulf of Mexico in smaller asset level acquisitions versus corporate M&A potential? If you have any interest in shallow water assets versus deepwater.

好的，感謝你提供這些細節。作為追問，我想把視角拉遠一點，談一下併購（M&A）。你能談談你在墨西哥灣看到的機會嗎？例如較小的單一資產層級收購，相較於公司層級的併購潛力。以及你們對淺水資產相較於深水資產是否有興趣？

Yeah. Look, I mean, our focus is to become a leading pure play sort of offshore E&P player. From a Gulf shelf perspective, we have a large legacy position and we'll continue to operate and execute those as efficiently and as effectively as we can through to end of life, being a responsible operator and sort of taking those through to abandonment and decommissioning when the time is right for that. In terms of sort of asset level opportunities, clearly, there has been a history of asset activity within the Gulf of Mexico. We'd expect that to continue to some degree.

是的。你看，我們的重點是成為領先的純海上（offshore）勘探與生產（E&P）業者。就墨西哥灣陸棚（Gulf shelf）而言，我們有很大的歷史既有部位，我們會持續以最高效率與效能去營運與執行，直到資產壽命終點；並作為負責任的營運商，在適當時點推進封井與棄置（abandonment）以及除役（decommissioning）。就資產層級機會而言，墨西哥灣過去確實一直有資產交易活動。我們預期這在某種程度上仍會持續。

Clearly, what has happened over the last two months post the Iran war, sort of run-up in prices has created a bit of a bump in the road in terms of how buyers and sellers sort of think about that from a price point of view. I do think we're sort of getting to a sort of new norm of an understanding of how to sort of deal with that. I think there'll be a continual degree of opportunities that come forward. Maybe not as a super high level as current incumbents look to optimize their portfolios as any company, including ourselves, would do, Nate.

很明顯地，過去兩個月在伊朗戰爭之後，價格上行（run-up）使得買賣雙方在價格認知上出現一些顛簸。但我確實認為，我們正在逐步走向一個新的常態，也就是對如何處理這種情況有更一致的理解。我認為未來仍會持續有一定程度的機會出現。也許不會像現在這麼高的水準，因為現有業者會像任何公司（包括我們自己）一樣，持續優化其資產組合，Nate。

Got it. Thank you, Paul.

了解。謝謝你，Paul。

Phu Pham, Roth Capital Partners.

Phu Pham，Roth Capital Partners。

Hi. Good morning, everyone. My first question is about the cost savings. We know that you guys executed $72 million in 2025, and the company expect to realize in total $100 million in 2026. It's in the slide that you guys have executed greater than 40% of the 2026 target. Is that, like, 20%, 40% of the $28 million left of the $100 million in totals for 2026? Can you, like, quantify that a little bit?

嗨。各位早安。我的第一個問題是關於成本節省。我們知道你們在 2025 年已執行 7,200 萬美元，而公司預期在 2026 年合計可實現 1 億美元。投影片上寫你們已執行超過 2026 年目標的 40%。那是指 2026 年 1 億美元總目標中剩下的 2,800 萬美元的 20%、40% 嗎？你能稍微量化一下嗎？

Thanks, Phu. Look, the $100 million for 2026 was a new $100 million starting at zero. We've executed just above 40% of that $100 million. $72 was a number in 2025 that was attributable to the activities in 2025. Some of the solutions that we put in place are repeatable, and we'd expect to be able to see those continue into 2026. The target we set for 2026 was a new $100 million target, and that was built into our plan.

謝謝你，Phu。你看，2026 年的 1 億美元是一個新的 1 億美元目標，是從零開始計算的。我們已執行略高於這 1 億美元的 40%。2025 年的 7,200 萬美元是歸因於 2025 年的相關活動。我們所導入的一些解決方案具有可複製性，我們預期在 2026 年也能持續看到這些效益。我們為 2026 年設定的目標是一個新的 1 億美元目標，並已納入我們的計畫之中。

That's very helpful. My second question is about the Genovesa wells. Can you provide a little bit update on that? I think originally we expect to bring it back on third quarter 2026, but now it's mid-year. Can you provide more, like, exact timing for the wells?

這非常有幫助。我的第二個問題是關於 Genovesa 的井。你能提供一些最新進度嗎？我記得原本預期在 2026 年第三季恢復投產，但現在變成是年中。你能提供更精確的時間點嗎？

Yeah. Look, the team has done a great job of procuring all the equipment that's needed in terms of the insert safety valve, which is now here and over in the Gulf with us of working with the operator to make sure we can have access to the control system of the well and then to access a platform in terms of an intervention vessel. We're sort of working now towards the execution of that. I mean, I can't be any more specific than sort of mid-year because there's still an awful lot of uncertainty in terms of when we actually get the vessel, when the actual date is that we can go onto the well in terms of working with the operator.

是的。你看，團隊在採購所有所需設備方面做得非常出色，包括插入式安全閥；該設備現在已到位，並且在墨西哥灣與我們在一起，同時也正與作業方合作，確保我們能夠取得井的控制系統存取權，並且就介入船舶而言，能夠取得一個作業平台的使用權。我們目前正朝著執行這些工作推進。我的意思是，我無法比「年中左右」更具體，因為在我們實際何時能拿到船、以及我們能在何時實際上井（與作業方合作進行作業）方面，仍然存在非常多的不確定性。

Again, as is the culture of Talos, the team has worked incredibly hard to look at every lever that we can pull to get that as early as we can while still executing it incredibly, efficiently and safely. That is our prime driver is to make sure that we execute efficiently to get that well back online, which at the moment we see slightly ahead of that sort of third quarter target that we gave when we first shared the Genovesa update last quarter.

同樣地，依照 Talos 的文化，團隊非常努力地檢視我們可以動用的每一個槓桿，力求在仍能以極高效率與安全性執行的前提下，盡可能把時間提前。我們最主要的驅動因素，是確保高效率地執行、讓那口井重新恢復上線；就目前來看，我們認為進度會略早於我們在上季首次分享 Genovesa 更新時所給出的第三季目標。

All right. Thank you.

好的。謝謝。

Noel Parks, Tuohy Brothers.

Noel Parks，Tuohy Brothers。

I was wondering a bit about exploration in the industry, and we've heard so much, I guess especially over the last couple quarters, about onshore exhaustion, more capital heading out to the deepwater, globally. I, with sort of exploration drilling starting to get rolling more and more, because it's, I guess, nowhere near its past peaks, is there anything that you see in the Gulf that you think is particularly exciting to the point where you could be enticed to maybe take a non-op role in someone else's exploratory prospect? Just kinda wondering if the quality of what's out there is something you're excited about or just more sort of routine.

我想稍微問一下產業的勘探情況。我們聽到很多消息，我想特別是過去幾個季度，談到陸上資源枯竭、更多資本在全球範圍內流向深水。隨著勘探鑽井開始越來越活躍——因為我想它離過去的高峰仍差很遠——在墨西哥灣這邊，有沒有什麼你們覺得特別令人興奮、以至於可能會吸引你們在別人的勘探前景中擔任非作業方角色的機會？我只是想了解一下，外面的機會品質是否讓你們感到興奮，還是比較偏例行性。

No, thanks, Noel. I mean, look, the first thing I would say is if we weren't excited about the opportunities, we wouldn't have taken the 11 leases that we did in the first Big Beautiful Lease Sale 1 in December.

不，謝謝你，Noel。我的意思是，你看，我首先要說的是，如果我們對這些機會不感到興奮，我們就不會在 12 月的第一場「Big Beautiful Lease Sale 1」中拿下我們取得的那 11 個租約。

Sure.

當然。

We've had a strategy of not just sort of looking for exploration, but to look for exploration opportunities that can that can raise, if you like, the volume picture that we have. I think as I've said in the past, that first sort of lease round, we have now access to some 300,000,000 bbl of gross and risk volume opportunity, but also the individual opportunity size has sort of gone up by roughly 50% relative to what we had prior to that.

我們的策略不只是單純尋找勘探，而是尋找能夠提升——如果你願意這麼說——我們所掌握的產量規模圖景的勘探機會。我想我過去也提過，在那第一輪租約中，我們現在可接觸到約 3 億桶的總量（gross）且經風險調整（risk）的資源量機會；同時，單一機會的規模相較於我們在那之前所擁有的，也大約提升了 50%。

Now, clearly, we prefer to be an operator. We think we have great skills in operating. But if partnering opportunities are out there, we will clearly look at those if it was the right type of subsurface opportunity that sort of fits our skills.

當然，我們更偏好擔任作業方。我們認為自己在作業營運方面具備很強的能力。但如果市場上有合作機會，只要是合適的地下地質（subsurface）機會、並且符合我們的技能，我們也會明確地加以評估。

I think the other point that I'd make, that I raised slightly earlier is our investment, our continued investment in seismic. If we weren't sort of excited by the opportunity set or the opportunity potential here, then we would not be investing in high-quality, sort of state-of-the-art reprocessed proprietary seismic that then allows us to actually go look for and develop those opportunities.

我想我還要補充一點，我稍早也提到過：我們在地震資料（seismic）上的投資，以及持續投資。如果我們對這裡的機會組合或機會潛力不感到興奮，我們就不會投資於高品質、最先進的再處理自有專屬地震資料，因為這些投資能讓我們實際去尋找並開發那些機會。

Great. Thanks.

很好。謝謝。

Clearly, we are happy to be a non-operator with the right operator, as you see with the monument development that we are doing now.

很明顯地，只要作業方合適，我們也樂於擔任非作業方——就像你看到的，我們目前正在進行的 Monument 開發案一樣。

Sure. Fair enough. Again, just sort of a general macro question. When we look at the volatility we've had in oil prices in the last couple of months, I just wonder, just from your long experience, if you have any thoughts on the 2027 strip and sort of your gut on whether there's a big leg up ahead for us there or whether we've seen about as much as it's gonna do unless there's a huge swing in world events one way or the other.

當然。有道理。再問一個比較宏觀的問題。回顧過去幾個月油價的波動，我只是想請教，以你長期的經驗來看，你對 2027 年期貨曲線（strip）有沒有什麼看法？以及你直覺上覺得那邊是否還會有一段明顯上行，還是說除非全球事件朝某個方向出現巨大變化，否則大概也就差不多到這個程度了。

Yeah. Noel, the only thing that we focus on here at Talos is making sure that our unit development costs, drilling costs, our lifting costs are as low as they can be, and that we do that as safely and efficiently as we can be. That regardless of where the strip goes, we know that we have a robust set of opportunities that we can then go execute against. We will not get sort of caught up in trying to have our decision quality driven by what we think a strip price may or may not be.

是的。Noel，我們在 Talos 唯一專注的事情，就是確保我們的單位開發成本、鑽井成本、以及舉升成本（lifting costs）能夠盡可能低，並且在安全且高效率的前提下做到這一點。無論期貨曲線怎麼走，我們都知道自己有一套具韌性的機會組合可以去執行。我們不會陷入試圖讓決策品質被我們認為期貨價格可能或不可能是多少所左右。

Okay. Thanks a lot.

好的。非常感謝。

Thank you. We have reached the end of the question and answer session. I will now turn the call over to Paul Goodfellow for closing remarks. Please go ahead.

謝謝。我們已到達問答環節的結束。接下來我將把電話交給 Paul Goodfellow 作結語。請開始。

Thank you, Angelina. Thank you all for joining today and for your continued interest in Talos. To close, the current geopolitical landscape reinforces our belief that the world will continue to need reliable and affordable oil supply to meet rising global demand well into the future. As I've said, we believe that Talos is well-positioned as a low-cost, high-margin oil producer, executing a well-defined strategy to become a leading pure play offshore E&P company and play a meaningful role in meeting that opportunity. Thank you all.

謝謝你，Angelina。也謝謝各位今天的參與，以及各位持續對 Talos 的關注。最後，當前的地緣政治局勢更加強化了我們的看法：為了滿足未來全球需求的持續成長，世界在很長一段時間內仍將需要可靠且可負擔的石油供應。如我所說，我們相信 Talos 具備良好定位，作為低成本、高毛利的石油生產商，正執行一項明確的策略，成為領先的純海上油氣勘探與生產（E&P）公司，並在把握該機會、滿足需求方面扮演有意義的角色。謝謝各位。

Thank you. This concludes today's conference, and you may now disconnect your lines. Thank you all for your participation.

謝謝。今天的會議到此結束，您現在可以掛斷電話線路。感謝各位的參與。