Talos Energy: 2Q26 Preview: Anticipating In-Line 2Q Results, with Focus Shifting to 2H Following Accretive GoA Bolt-On

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Talos Energy: 2Q26 Preview: Anticipating In-Line 2Q Results, with Focus Shifting to 2H Following Accretive GoA Bolt-On

J P M O R G A N North America Equity Research

27 July 2026

Talos Energy Neutral

TALO, TALO US

2Q26 Preview: Anticipating In-Line 2Q Results, with Price (24 Jul 26):$14.93

Focus Shifting to 2H Following Accretive GoA Bolt-On ▲Price Target (Dec-26):$19.00 Prior (Dec-26):$17.00

JPM View: We anticipate a relatively straightforward quarter from TALO in

2Q26, with in-line cash flow and EBITDA vs. the STe after marking to market, Oil & Gas Exploration & Production

though we suspect the majority of the focus on the call will surround the company’s Arun Jayaram AC

recently announced bolt-on acquisition in the GoA. On June 30, TALO announced (1-212) 622-8541

a $850 MM “headline” property acquisition from Shell in the GoA, which appears arun.jayaram@jpmchase.com

highly accretive to the company’s cost structure, oil mix, and margins. We view the Pankaj Bhatter, CFA

deal as a logical extension of the company’s strategy to scale the company’s (1-212) 622-3795

pankaj.bhatter@jpmchase.com

portfolio in assets that are well known by the senior leadership team (CEO

Jack Jerusalmi

Goodfellow and EVP Langin both had extended stints at Shell). One of the highly

(1-212) 622-6552

attractive features of the deal, which we expect to close on September 1, is the July jack.jerusalmi@jpmorgan.com

1, 2025 effective date, which is expected to reduce the company’s outlay at J.P. Morgan Securities LLC

transaction close to only $450 MM to $500 MM. The Shell asset transaction is

expected to be accretive to the company’s cost structure and margin profile. In

1Q26, the assets delivered 16 MBoe/d of production (77% oil mix) and an EBITDA Key Changes (FYE Dec)

margin of $56 per boe vs.