Acquisitions and Divestitures (Tables)

6 Months Ended

Jun. 30, 2024

QuarterNorth

Business Acquisition [Line Items]

Summary of Purchase Price

The following table summarizes the purchase price (in thousands except share and per share data):

Shares of Talos common stock		24,349,452
Talos common stock price(1)	$	13.25
Common stock value	$	322,630
Cash consideration	$	1,247,419
Total purchase price(2)	$	1,570,049

(1)Represents the closing price of the Company’s common stock on March 4, 2024, the date of the closing of the QuarterNorth Acquisition.

Total purchase price net of $331.4 million cash and cash equivalents acquired at closing is $1,238.7 million.

Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed

The following table presents the latest preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their fair values on March 4, 2024 (in thousands):

Cash and cash equivalents	$	331,374
Other current assets		160,117
Property and equipment		1,622,597
Other long-term assets		20,780
Current liabilities:
Current portion of asset retirement obligations		(6,748	)
Other current liabilities		(193,928	)
Long-term liabilities:
Asset retirement obligations		(192,771	)
Deferred tax liabilities		(168,481	)
Other long-term liabilities		(2,891	)
Allocated purchase price	$	1,570,049

Summary Of Revenues And Net Income Attributable To Acquisition

The following table presents revenue and net income attributable to the QuarterNorth Acquisition for the three months ended June 30, 2024 and the period from March 4, 2024 to June 30, 2024:

	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
Revenue	$	173,157	$	217,106
Net income (loss)	$	55,550	$	62,299

Supplemental Proforma Information

This information does not purport to be indicative of results of operations that would have occurred had the QuarterNorth Acquisition occurred on January 1, 2023, nor is such information indicative of any expected future results of operations (in thousands, except for the per share data).

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024			2023
Revenue	$	549,165	$	509,934	$	1,106,366		$	992,885
Net income (loss)	$	17,522	$	18,968	$	(92,937	)	$	93,288
Basic net income (loss) per common share	$	0.10	$	0.10	$	(0.51	)	$	0.53
Diluted net income (loss) per common share	$	0.10	$	0.10	$	(0.51	)	$	0.53

EnVen Energy Corporation

Business Acquisition [Line Items]

Summary Of Revenues And Net Income Attributable To Acquisition

The following table presents revenue and net income (loss) attributable to the EnVen Acquisition for the three months ended June 30, 2023 and the period from February 13, 2023 to June 30, 2023 (in thousands):

	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
Revenue	$	113,582	$	175,641
Net income (loss)	$	25,878	$	19,788

Supplemental Proforma Information

This information does not purport to be indicative of results of operations that would have occurred had the EnVen Acquisition occurred on January 1, 2022, nor is such information indicative of any expected future results of operations (in thousands, except for the per share data).

	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
Revenue	$	367,210	$	741,835
Net income (loss)	$	14,813	$	132,903
Basic net income (loss) per common share	$	0.12	$	1.05
Diluted net income (loss) per common share	$	0.12	$	1.05