Why Talos Energy Shares Are Falling Today

Talos Energy, Inc. TALO shares are trading lower on Friday.

Talos Energy announced that Tim Duncan has resigned as President and Chief Executive Officer, effective August 29, 2024.

Joseph A. Mills, a Board member since March 2024, will serve as interim President and CEO until a permanent successor is appointed.

The Board has begun a search for Duncan’s replacement with the help of a top executive search firm. Also, Talos reaffirmed its third-quarter production guidance and operational and financial guidance for the full year 2024.

According to Benzinga Pro, TALO stock has lost over 36% in the past year. Investors can gain exposure to the stock via Invesco S&P SmallCap Energy ETF PSCE.

Also Read: What’s Going On With NIO Shares Today?

As previously reported, for the third quarter of 2024, Talos expects average daily production of 92.0 – 97.0 thousand barrels of oil equivalent per day.

Earlier this month, Talos Energy reported second-quarter results with revenue of $549.2 million, driven by realized prices of $80.50 per barrel for oil, $22.33 per barrel for natural gas liquids (NGLs), and $2.59 per thousand cubic feet (Mcf) for natural gas.

The company achieved a net income of $12.4 million, or $0.07 per diluted share, and an adjusted net income of $5.2 million, or $0.03 per diluted share.

Adjusted EBITDA was $344.0 million. Capital expenditures totaled $122.8 million, excluding plugging and abandonment, and settled decommissioning obligations. Operating cash flow was $289.4 million and adjusted free cash flow amounted to $148.0 million.

Price Action: TALO shares are trading lower by 7.41% to $11.06 at last check Friday.

Image via Unsplash/ Headway

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