talos pompano platform

January 25, 2021 0 Comments

Uncover why Talos Energy is the best company for you. Talos Energy Inc. (TALO) FORM 8-K ... rate of approximately 3,000 to 5,000 barrels of oil equivalent per day and will be tied back to the 100% Stone owned Pompano platform … Pompano Facility: connect the third-party Praline subsea development. Compare pay for popular roles and read about the team’s work-life balance. Offshore Mexico: includes the front-end engineering and design ("FEED") work related to the Talos-operated Zama discovery on Block 7. Accordingly, reserve estimates may differ significantly from the quantities of oil, natural gas and NGLs that are ultimately recovered. The 2020 guidance therefore assumes the Transaction closes on February 28, 2020; therefore, production, cash expenses and capital expenditures from the Acquired Assets are only included in 2020 from March 1, 2020 onwards. Bulleit (50% working interest – operated): completion and tieback to the GC18 platform, with first production expected in the third quarter of 2020. The Company's 2020 capital program was devised to balance infrastructure-led short-cycle projects, such as the Bulleit completion and tieback and several near-field development and exploitation wells, with up to three high-impact exploration wells, including Puma West. Puma West (25% working interest – non-operated): plans are being developed to return to the prospect later this year with a slightly modified casing design to continue drilling the well through the main objectives in the Middle and Lower Miocene to a total true vertical depth of approximately 25,200 feet below the seabed. Pro forma reserves estimated and compiled by Talos reservoir engineers. The platform rig allows for a facilities Our estimates are based on certain other assumptions, such as well performance, which may vary significantly from those assumed. Talos owns 100% of the Mt. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the ‘unsubscribe’ section below. President and Chief Executive Officer Timothy S. Duncan commented, "We are pleased to present our 2020 guidance, which I believe strikes the right balance between free cash flow generation in a volatile commodity market environment, and the appropriate level of investment to allow for longer term value creation for our shareholders. 2020 capital expenditures expected to be between $520.0 million and $545.0 million, inclusive of plugging and abandonment, which is expected to be fully funded within cash flow from operations. The shallow waters off the coast of Mexico provide us high impact exploration opportunities in an emerging basin. Talos halted output at its Ram Powell, Amberjack and Pompano platforms, Exxon its Lena platform and Chevron Corp CVX.N curtailed its Petronius platform. 2020 WTI swaps of approximately 6.5 MMBbl of oil at a weighted average price of $56.21 per barrel; 2020 WTI collars of approximately 2.7 MMBbl of oil at a weighted average floor and ceiling prices of $55.00 and $64.23 per barrel, respectively; 2021 WTI swaps of approximately 0.7 MMBbl of oil at a weighted average price of $54.63 per barrel; and. The Company also announced that it expects to close the previously announced acquisition of affiliates of ILX Holdings, among other entities (the "Acquired Assets", the "Acquisition", or the "Transaction"), on February 28, 2020. Houston Texas Photographer David Duncan with David Duncan Photography captures images for Image Libraries Annual Reports Corporate Clients Energy Industrial Companies Significant positive 2020 free cash flow at $50.00/bbl WTI and $2.00/MMBtu Henry Hub, as Talos expects to benefit from strong margins and premium pricing to WTI. Our team's preparation allowed us to take advantage of earlier rig availability to exceed expectations on timing. The Company plans to restart production from the Ram Powell field as well as third-party production handling from the Stonefly field in October 2020. Ram Powell Production Restart: Talos has received final regulatory approvals and is in the process of completing repairs to the Ram Powell production platform, which was producing approximately 4.8 MBoe/d net to Talos prior to the shut-in. GC18 Facility: connect the Talos operated Bulleit well, in which the Company owns a 50% working interest. Up to two additional high-impact projects expected in 2020: projects currently going through permitting stages and specifics will be announced as these plans are finalized. Projected free cash flow is a non-GAAP financial measure defined by the Company as net cash provided by operating activities less capital expenditures, principal payments of the capital lease and changes in operating assets and liabilities. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the ‘unsubscribe’ section below. “The combined Talos team completed the well and hooked it up to the 100% Talos owned Pompano platform in the company’s Mississippi Canyon complex within six months of concluding drilling operations,” Talos said in the release. If significant, such revisions would change the schedule of any further production and development drilling. On a full year pro forma basis, if Talos were to assume the contribution from the Acquired Assets beginning January 1, 2020, the total daily average production guidance for the year would have been approximately 70.0 – 73.5 MBoe/d, inclusive of planned deferrals. Platform Rig Contract: Talos has contracted the Helmerich & Payne 100 platform drilling rig for near-field development and exploitation drilling opportunities surrounding the Company's Green Canyon 18 facility, with the option thereafter of similar projects at the Pompano and Amberjack facilities. If you experience any issues with this process, please contact us for further assistance. We expect to achieve this balance by continuing to invest in our core business of infrastructure-led development and exploitation projects while exposing a portion of our capital program to high-impact catalysts. As of February 18, 2020, the Company's consolidated hedge position included: ANALYST & INVESTOR EVENT AND YEAR-END 2019 EARNINGS CALL. Providence is a subsea well drilled in the Mississippi Canyon Block 028 (MC 028) at a water depth of approximately 1,850 ft. The combined Talos team completed the well and hooked it up to the 100% Talos owned Pompano platform in the Company's Mississippi Canyon complex within six months of concluding drilling operations. President and Chief Executive Officer Timothy S. Duncan commented, "We are extremely pleased with the results achieved in the Mt. Institutional investors and analysts interested in attending the event should contact Rose & Company at 1-212-517-0810 or by email at talos@roseandco.com. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, access to or downtime at third-party infrastructure, potential adverse reactions or changes to business or employee relationships, competitive responses, generally, including those discussed under the heading "Risk Factors" in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q  and other filings with the Securities and Exchange Commission. Total Capital Expenditures and Plugging & Abandonment. Gross production from Mt. The parties to the Transaction expect to amend the transaction documents in order to close the Transaction at an earlier date. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The Mt. It was nice to see the production rate come at the high end of our expectations. Offshore components include two bi- directional 74 km (46 mi) 36-inch pipelines connecting the Oyster Creek terminal to an eight-pile fixed platform situated in a water depth of 35 m (115 ft). This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. Houston — Gulf of Mexico operator Talos Energy drilled two wells on Mexico's offshore Block 31 during the third quarter of 2019, which revealed a reservoir that appears thicker and bigger than expected, the company's top executive said Thursday. Gunflint #5 (9.6% working interest – non-operated): this drilling location was recently identified, and will provide upside to the economics of Talos's January 2019 acquisition of Gunflint. Gross production from Mt. With a six month turnaround from completing drilling operations to first production, the team executed this project well ahead of schedule. 5 – 2.0 MBoe/d and is already accounted A live webcast of the analyst and investor event and accompanying presentation materials will be available on the Company's website at https://www.talosenergy.com/investors. Providence subsea well, which is tied into the existing Pompano Phase II subsea template located approximately 5 miles from the Pompano platform, which is also owned 100% owned by Talos; The expected IRR from Mt. ", Duncan added, "As we approach the closing of our Transaction, expected at the end of February, we believe we are opportunity rich when combining the pro-forma inventory; however, we will continue to maintain the appropriate level of capital discipline, cost control and balance sheet conservatism throughout the year. Please dial in approximately 10 minutes before the teleconference is scheduled to begin and ask to be joined into the Talos Energy call. The production sales volumes, as guided, include certain Talos-owned facilities' shut-ins, each related to operations necessary to connect and host new Talos and third-party subsea wells, operations necessary to mobilize and de-mobilize a platform rig on the Green Canyon 18 ("GC18") platform, and general preventative maintenance on different facilities. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Our activities in offshore Mexico provide high impact exploration opportunities in an oil rich emerging basin. No reconciliation between projected free cash flow and net cash provided by operating activities is included in this release, however, because we are unable to quantify certain amounts that would be required to be included in the GAAP measure without unreasonable efforts. Claiborne #3 (25% working interest – non-operated): this well was spud in January of 2020 and first production is expected at the end of the second quarter of 2020. Asset Management: consists of 15 to 20 low-cost projects on our current producing assets to offset field declines and improve profitability across selected facilities. The Talos-operated Phoenix complex, which consists of the Typhoon, Boris and Tornado assets, recently reached a production milestone of 40.0 thousand barrels of oil per day gross in early May following the drilling, completion, and connection of two recent subsea wells, Tornado 3 and Boris 3. . Additionally, the Company is working on permits for a potential drilling campaign of additional exploration opportunities on Block 7 in 2021. Talos owns 100% of the Mt. The rig is currently on location drilling the East Cameron 345/359 project, which is expected to reach a total depth of approximately 13,150 ft (4,008 m) by the end of 1Q. Ram Powell Facility: connect the third-party Stonefly subsea development. All statements, other than statements of historical fact included in this communication, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. You can sign up for additional alert options at any time. Providence well. Talos expects that the biggest impact will be in the second quarter of 2020, with an approximate production deferral of 3.0 – 3.5 MBoe/d in the quarter, but all four quarters of the year will be impacted by some level of downtime. Ram Powell. After submitting your request, you will receive an activation email to the requested email address. Providence well. President and Chief Executive Officer Timothy S. Duncan commented, "We are extremely pleased with the results achieved in the Mt. Should one or more of these risks occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. In particular, reconciliation of projected free cash flow to net cash provided by operating activities is not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures such as the measures and effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price and other non-recurring or unusual items such as impairment charges, transaction-related costs and gains or losses on sales of assets. The Company expects to continue to maintain its low leverage metrics. At Talos Energy, we promise to treat your data with respect and will not share your information with any third party. Lastly, Talos is participating in additional geological and geophysical studies related to the Company's 2019 Xaxamani oil discovery on Block 31. Sergio Maiworm+1.713.328.3008investor@talosenergy.com, CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS. The first well in the program is expected to spud at the end of the first quarter with first production planned for the third quarter of 2020. Providence subsea well, which is tied into the existing Pompano Phase II subsea template located approximately 5 miles from the Pompano platform, which is also owned 100% owned by Talos; The expected IRR from Mt. Providence is a subsea well drilled in the Mississippi Canyon Block 028 (MC 028) at a water depth of approximately 1,850 ft. If successful, first oil is expected in 2021. The actual timing of these shut-ins may change from one quarter to the next, depending on several factors, which may include, among others things, weather and/or operations optimization. The combined Talos team completed the well and hooked it up to the 100% Talos owned Pompano platform in the Company's Mississippi Canyon complex within six months of concluding drilling operations. You can sign up for additional alert options at any time. Providence is 3,850 Boe/d (3,370 Boe/d net of royalties), of which 88% is oil with an API gravity of 33º, Talos owns 100% of the Mt. The Company will host an earnings conference call, which will be broadcast live over the internet, on Thursday, March 12, 2020 at 10:00 AM Eastern Time. The combined Talos team completed the well and hooked it up to the 100% Talos owned Pompano platform in the Company's Mississippi Canyon complex within six … Alternatively, the conference call can be accessed by dialing 1-888-348-8927 (U.S. toll-free), 1-855-669-9657 (Canada toll-free) or 1-412-902-4263 (International). The 2020 capital program will continue to focus on infrastructure-led, short-cycle projects, while allocating a portion of the program to high-impact exploration catalysts. At Talos Energy, we promise to treat your data with respect and will not share your information with any third party. By providing your email address below, you are providing consent to Talos Energy to send you the requested Investor Email Alert updates. 2020 Henry Hub swaps of approximately 5.9 million MMBtu of gas at a weighted average price of $2.78 per MMBtu. This benefit will manifest itself as a purchase price reduction at closing. You must click the activation link in order to complete your subscription. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. Pompano Facility: connect the third-party Praline subsea development. Providence well. Mt. Reserve engineering is a process of estimating underground accumulations of oil, natural gas and NGLs that cannot be measured in an exact way. Talos owns 100% of the Mt. Continued focus on cost control on all aspects of the business, with cash general and administrative ("G&A") expenses expected to be below $3.00 per Boe. This communication may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. Free cash flow after debt service is a supplemental non-GAAP financial measure used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. Mt. Talos Energy Announces Full Year 2020 Operating And Financial Guidance, http://www.prnewswire.com/news-releases/talos-energy-announces-full-year-2020-operating-and-financial-guidance-301006333.html. In offshore Mexico, we continue to stay focused on moving Zama forward towards final investment decision and also integrating the data we gathered during our successful Xaxamani discovery on Block 31. HOUSTON, Feb. 18, 2020 /PRNewswire/ -- Talos Energy Inc. ("Talos" or the "Company") (NYSE: TALO) today announced full year 2020 operating and financial guidance. • GC18 Facility: connect the Talos operated Bulleit well, in which the Company owns a 50% working interest. www.talosenergy.com The well is being drilled from the Talos-operated East Cameron 345 platform, and, if successful, will generate near-term production growth. This technique will allow for intra-well flow between the aquifer and the producing horizon, providing a natural source of water and reservoir energy to the Tornado 1 and Tornado 2 subsea wells. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. View original content with multimedia:http://www.prnewswire.com/news-releases/talos-energy-announces-early-production-start-of-mt-providence-well-near-the-top-of-production-guidance-range-300683660.html. ", 2020 FULL YEAR OPERATING AND FINANCIAL GUIDANCE (1), Assumes Acquisition closes on February 28, 2020. Providence and the Pompano Field. Production and Expenses from Acquired Assets only included from March 1, 2020 onwards, Inclusive of all Lease Operating Expenses and Workover and Maintenance, Excludes non-cash equity-based compensation, EXPECTED ACQUISITION CLOSING DATE AND IMPACT TO 2020 GUIDANCE. Talos expects to be free cash flow neutral at an average 2020 WTI price well below $45.00/bbl, assuming $2.00/MMBtu gas prices. Providence well was drilled in January 2018 by Stone Energy after entering into, but before closing, the combination with … The proposed expenditures are primarily focused on the Pompano platform rig development program and … There will be four PLEMs, four 1 km (0.66 mi) 30-inch pipelines (two per PLEM) that will connect platform and PLEMs. After submitting your request, you will receive an activation email to the requested email address. Pompano. • Platform Rig Contract:Talos has contracted the Helmerich & Payne 100 platform drilling rig -for nearfield development and exploitation drilling opportunities surrounding the Company’s Green Canyon 18 facility, with the option thereafter of similar projects at the Pompano and Amberjack . We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. Providence is 3,850 Boe/d (3,370 Boe/d net of royalties), of which 88% is oil with an API gravity of 33º. Furthermore, the Company expects free cash flow in excess of $100.0 million at $55.00/bbl WTI and $2.50/MMBtu Henry Hub commodity prices. A replay of the webcast will also be available on the Company's website following the event. The total full year production impact of the planned downtime is approximately 1. Providence is 93%, assuming a $60 per barrel of oil flat, The Pompano field began production in 1994 and has produced over 190 million barrels of oil equivalent ("MMBoe") of gross production to date. Amberjack. Stone Energy’s Interim Chief Executive Officer and President James M. Trimble said the acquisition of the Ram Powell field would support the strategies associated with the previously announced combination with Talos Energy. Our focus in the United States Gulf of Mexico is the exploration, acquisition, exploitation and development of shallow and deepwater assets near existing infrastructure. About: Talos Energy Inc. (TALO) View as PDF UNITED STATES SECURITIES AND EXCHANGE COMMISSION ... is located nine miles from the Pompano platform and is estimated to … GC18 Facility: connect the Talos operated Bulleit well, in which the Company owns a 50% working interest. The Company defines free cash flow after debt service as net cash from operations less capital expenditures, dividends and cash interest paid. Our 2020 capital program will be self-funded well below the current $50.00/bbl WTI commodity price environment, and assures that we can maintain, and even improve, our peer leading leverage metrics. The Xaxamani-2 well logged 148 feet of gross pay in two shallow oil sands, while the Tolteca-1 well logged about 123 feet of gross pay. For more information, visit www.talosenergy.com. Tornado 4 is expected to be drilled in the second quarter before the Bulleit completion and tieback operations. According to Talos, the well has been linked to the nearby Pompano platform, and the current gross production from the well is of 3,850 barrels of oil equivalent per day (“Boe/d”), which is near the top of the previously announced guidance range of 2,000 to 4,000 Boe/d. Current gross production of 3,850 barrels of oil equivalent per day ("Boe/d"), which is near the top of the previously announced guidance range of 2,000 to 4,000 Boe/d. A replay of the call will be available one hour after the conclusion of the conference through March 19, 2020 and can be accessed by dialing 1-877-344-7529 and using access code 10139354. Shut-ins associated with these projects included in the 2020 production guidance include: The total full year production impact of the planned downtime is approximately 1.5 – 2.0 MBoe/d and is already accounted for in the production guidance. Additionally, Talos will host its first-ever analyst and investor event on Thursday, March 12, 2020 at 2:00 PM Eastern Time, during which members of Talos's management team will discuss the Company's strategic and execution milestones, assets, portfolio and future outlook for the business, among other topics. Listeners can access the earnings conference call live over the Internet through a webcast link on the Company's website at: https://www.talosenergy.com/investors. We expect the variability of these items to have a significant, and potentially unpredictable, impact on our future GAAP financial results. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, to reflect events or circumstances after the date of this communication. The planned infill wells were identified by Talos as a result of the Company's initial round of seismic reprocessing within the field leases. Below is a further breakdown of the types of projects Talos will invest in 2020, as a percentage of US D&C. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures,  potential adverse reactions or changes to business or employee relationships resulting from the business combination between Talos Energy LLC and Stone Energy Corporation, competitive responses to such business combination, the possibility that the anticipated benefits of such business combination are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies, litigation relating to the business combination, and other factors that may affect our future results and business, generally, including those discussed under the heading "Risk Factors" in our final consent solicitation statement/prospectus, dated April 9, 2018, filed with the Securities and Exchange Commission pursuant to Rule 424(b)(3) under the Securities Act. The Company's website is located at Estimates for our future production volumes are based on assumptions of capital expenditure levels and the assumption that market demand and prices for oil and gas will continue at levels that allow for economic production of these products. By accessing the regional aquifer, the intra-well water injection does not require any subsea or topside modifications. Providence well, is sold on the High Louisiana Sweet ("HLS") market, which currently sells approximately at $4.00 per barrel premium to WTI pricing. The 1,565 ft tall, 40 slot platform on BP's five tract Pompano oil and gas development project rests in 1,290 ft of water on Viosca Knoll Block 989, about 120 miles southeast of New Orleans. Therefore, we can give no assurance that our future production volumes will be as estimated. 2020 production sales volumes expected to be 24.4 – 25.7 million barrels of oil equivalent ("MMBoe"), which represents an average daily production of 66.8 – 70.2 thousand barrels of oil equivalent per day ("MBoe/d"), including the impact of planned deferrals. HOUSTON, July 19, 2018 /PRNewswire/ -- Talos Energy Inc. ("Talos" or the "Company") (NYSE: TALO) today announced that the Mt. Regardless of exact closing date, however, the economic benefits of the Acquired Assets will accrue to Talos's benefit, because the effective date of the Transaction is July 1, 2019. You must click the activation link in order to complete your subscription. The Company expects to generate significant free cash flow in 2020, despite the recent commodity pullback. Tornado water flood (65% working interest – operated): drilling the Tornado 4 subsea injector well that includes two completions: one completion in a known regional aquifer above the Tornado producing sands and a second completion in the Tornado pay sand. ", About Mt. If you experience any issues with this process, please contact us for further assistance. The production mix for the fourth quarter of 2017 was approximately 72% oil, 21% natural gas, and 7% natural gas liquids (“NGLs”), on an equivalent basis. Providence Well Near The Top Of Production Guidance Range, http://www.prnewswire.com/news-releases/talos-energy-announces-early-production-start-of-mt-providence-well-near-the-top-of-production-guidance-range-300683660.html. The well was temporarily suspended in January of 2020. The platform rig allows for a shortened turnaround from drilling to first production by utilizing dry trees … The Mt. The most promising asset Talos will inherit from Stone is the Pompano platform, acquired from BP for $200 million along with several prospects ripe for new drilling. HOUSTON, July 19, 2018 /PRNewswire/ -- Talos Energy Inc. ('Talos' or the 'Company') (NYSE: TALO) today announced that the Mt.

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