Talos Energy, Inc. (NYSE: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 (NASDAQ:PSCE).
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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.
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