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FINWIRES

Talos Energy Q1 Output Near Higher End of Guidance, Project Pipeline Advances on Schedule

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-- Talos Energy (TALO) produced an average of 63,800 barrels of oil per day and 88,800 barrels of oil equivalent per day in Q1, it said in an earnings update on Tuesday, volumes it said were at high end of its guidance.

Natural gas production alone was 107.7 million cubic feet per day and natural gas liquids production was 7,100 barrels per day, it said. The company did not provide year-ago figures for comparison.

Talos said it had made a strong start to 2026, having delivered its Cardona well ahead of schedule and receiving output from it above expectations. It said it had also achieved pleasing results from its deepwater facilities that would add to momentum over the course of the year.

Talos drilled its CPN well and finished completion operations in Q1, delivering the project under budget and earlier than planned. It expects the well to deliver its first production in Q3, it said.

The Monument discovery, in which Talos has a 29% non-operating stake, is expected to yield 20,000 to 30,000 barrels of oil equivalent a day from late 2026 and is being developed as a subsea tie-back to the Shenandoah facility in Walker Ridge.

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Research Alert: L: Q1 Revenue And Eps Miss, Though Results May Not Be Comparable To Consensus

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:L's Q1 revenue of CAD14.4B (+4% Y/Y) missed consensus by CAD90M, while adjusted EPS of CAD0.49 (+9% Y/Y) fell short of CAD0.52 estimates, though we think PC Financial's presentation in discontinued operations may affect comparability. Food retail same-store sales of 2.4% accelerated from Q4's 1.5%, with drug retail posting 4.1% growth. We view the solid same-store sales momentum as encouraging, particularly given internal food inflation remained well below the 4.4% CPI, indicating L's strong value proposition. Management reiterated 2026 guidance for high single-digit EPS growth and CAD2.4B in gross capex. Store expansion accelerated with 13 net openings, including five hard discount locations, aligning with consumer preference shifts toward value formats. Strong FCF of CAD621M (+189% Y/Y) supported aggressive share repurchases of CAD648M. We believe the pending PC Financial divestiture in Q3 2026 will simplify operations and provide additional capital flexibility for core retail growth.

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