TALO - Talos Energy Inc. (TALO) Q1 2024 Earnings Call Transcript
2024-05-07 23:09:08 ET
Talos Energy Inc. (TALO)
Q1 2024 Earnings Conference Call
May 07, 2024, 10:00 AM ET
Company Participants
Clay Jeansonne - IR
Tim Duncan - President and CEO
Sergio Maiworm - SVP and CFO
Conference Call Participants
Tim Rezvan - KeyBanc Capital Markets
Subash Chandra - Benchmark
Leo Mariani - ROTH MKM
Jeff Robertson - Water Tower Research
Nate Pendleton - Stifel
Jarrod Giroue - Stephens
Paul Diamond - Citi
Kevin MacCurdy - Pickering Partners
Noel Parks - Tuohy Partners
Presentation
Operator
Good morning, ladies and gentlemen, and welcome to the Talos Energy First Quarter 2024 Earnings 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 7, 2024.
And I would now like to turn the conference over to Clay Jeansonne. Thank you. Please go ahead.
Clay Jeansonne
Thank you, operator. Good morning, everyone, and welcome to our first quarter 2024 earnings conference call. Joining me today to discuss our results are Tim Duncan, President and Chief Executive Officer; Sergio Maiworm, Executive Vice President and Chief Financial Officer. For our prepared remarks, we will refer to our first quarter 2024 earnings slide presentation, which is available for viewing and downloading on Talos' website.
Starting on Slide 2. Cautionary statements, I'd like to remind you that our remarks will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. 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, 2024, filed yesterday with the SEC. 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 GAAP to non-GAAP measures is included in yesterday's press release, which was filed with the SEC and is available on our website.
And now I'd like to turn the call over to Tim.
Tim Duncan
Thank you, Clay, and welcome aboard.
We're going to start this presentation on Slide 3. We're going to discuss how we've repositioned ourselves over the last year with the last two M&A deals. We're the Fourth Largest Acreage Holder in the Gulf of Mexico, and we're the Fifth Largest Operator in the Gulf of Mexico. And we have two tenets to our strategy that we think are important.
One, we focus on oil-weighted assets, and two, we think it's critically important that we operate our deepwater infrastructure, and it allows us to focus our prospect inventory around this infrastructure and allows us to shorten our cycle times when we think about drilling these wells and getting them in first oil.
Let's go to Slide 4, and talk about what might have been one of our busiest quarters in the company's history. We ended the year by bringing on Venice and Lime Rock ahead of schedule and with sustained rates at over 18,000 barrels equivalent a day. And in January we announced the QuarterNorth transaction, our second transaction of over $1 billion in the last year, adding important scale to our business....
Talos Energy Inc. (TALO) Q1 2024 Earnings Call Transcript