Talos Energy Inc. (TALO · NYSE)

Name: Talos Energy Inc. (TALO) oil & gas valuation & reserves screen
Creator: Enerquill Advisory

Mid-cap E&P — HQ United States. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.

Category Mid-cap E&PRegion N. AmericaCEO Paul Goodfellow (2024)Jurisdiction risk Low (29)

Overview

Pure-play offshore operator: ~95 MBoe/d of ~70% oil production from operated deepwater Gulf of Mexico hubs, delivering $1.20bn adjusted EBITDA and $418M adjusted free cash flow in FY2025.

Optionality from Mexico's Zama field plus a deep tieback inventory (Katmai, Monument, Sunspear), offset by high decommissioning liabilities and a 2025 impairment that produced a GAAP net loss.

Valuation snapshot (FY2025)

Market cap

$2.5bn

Enterprise value

$3.5bn

EV / EBITDA

2.9x

P / E

n/m

FCF yield

16.9%

Dividend yield

0.0%

ROACE

Debt / equity

67%

Net debt / EBITDA

0.7x

EV / reserves

$19.71/boe

EV / flowing

$36k/boe/d

Free cash flow

$0.4bn

Its EV/EBITDA of 2.9x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 16.9% is higher than the 6.5% median, and at $19.71/boe of proved reserves it is richer than the $13.51/boe median.

On a balanced screen across the universe, Talos Energy Inc. scores 51/100, strongest on growth (60/100). Sub-scores: value 59, quality 44, growth 60, risk 54 (higher = riskier).

Reserves & production

Talos Energy Inc. holds approximately 0.17 billion boe of proved (1P) reserves with FY2025 production of about 95 thousand boe/d (78% liquids), a reserve life of roughly 5.1 years. Break-even: ~$40 (Brent FCF breakeven) — Low-cost deepwater oil weighting keeps corporate FCF breakeven around $40/bbl Brent.

Net asset value (public-source floor)

Using Talos Energy Inc.'s SEC-disclosed after-tax standardized measure of proved reserves ($2.8bn) less net debt ($0.9bn) gives an equity-NAV floor of about $1.9bn — the current market capitalisation sits +31% versus that floor. Disclosed pre-tax PV-10: $3.2bn. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines.

Jurisdiction risk · production-weighted country risk

29 /100

Low jurisdiction risk

Production-weighted average of the country scores below (0 = safest, 100 = riskiest).

Country / region	Prod. share	Country risk	Key jurisdiction risk
United States	80%	23	Stable, deep; federal-lands leasing and permitting policy swings.
Mexico	20%	55	Pemex financial stress, reversal of energy reform, state control.

How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

Asset	Location	Type	Notes
Katmai West	United States	Deepwater oil	Green Canyon development, key growth driver
Zama	Mexico	Deepwater oil	Block 7; Harbour named operator Dec 2025
Monument	United States	Deepwater oil	Walker Ridge, first oil ~2026
Ram Powell	United States	Deepwater oil/gas	Operated FPU hub
Pompano	United States	Deepwater oil	Operated deepwater platform
Sunspear	United States	Deepwater oil	Green Canyon subsea tieback
HP-1 / Phoenix	United States	Deepwater oil	Floating production unit hub
Lobster / Venice	United States	Deepwater oil	Subsea tiebacks

Five-year trend (FY2021–FY2025)

Metric	2021	2022	2023	2024	2025
Production (mboe/d)	60	62	66	92	95
Proved reserves (bnboe)	0.16	0.17	0.18	0.19	0.17
Revenue ($bn)	1.2	1.7	1.5	2.0	1.8
EBITDA ($bn)	0.8	1.2	1.0	1.3	1.2
Net income ($bn)	-0.2	0.4	0.2	-0.1	-0.5
Free cash flow ($bn)	0.1	0.4	-0.0	0.5	0.4

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Peer companies — Mid-cap E&P

FANG · Diamondback Energy PR · Permian Resources CHRD · Chord Energy Corporation MTDR · Matador Resources Company MGY · Magnolia Oil & Gas Corporation MUR · Murphy Oil Corporation TVE · Tamarack Valley Energy Ltd.CRC · California Resources Corporation NVPT · Navitas Petroleum CRGY · Crescent Energy BTE · Baytex Energy Corp.POU · Paramount Resources Ltd.ENRG · Energi Mega Persada NOG · Northern Oil & Gas

Sources

✓ FY2025 figures verified against primary sources:

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