Talos Energy (TALO) Update - Sept 10

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Trump scrambles talking points with offshore drilling ban . E&E News
President Trump is aiming to make an election-season green pivot: painting himself as the best environmentalist the White House has seen — with his Democratic opponent, Joe Biden, an incompetent failure. The fulcrum of the pivot arrived yesterday, when Trump went to the crucial swing state of Florida to ban offshore drilling in the eastern Gulf of Mexico and off the Atlantic coasts of Florida, Georgia and South Carolina. And some oil and gas advocates were reluctant to immediately rebuke the president directly or criticize his record of support for fossil fuel interests. "IPAA will continue to work with the Administration to provide for sound offshore development policies in the future," the Independent Petroleum Association of America said in a statement.

Talos Energy Not Impacted By Expanded Offshore Moratorium

HOUSTON, Sept. 9, 2020 /PRNewswire/ -- Talos Energy Inc. ("Talos," or the "Company") (NYSE: TALO) today issued a statement clarifying that the Company's business will not be impacted by the recently announced Presidential Order extending the current moratorium on oil and gas development in the Eastern Gulf of Mexico (offshore Florida) and imposing new restrictions on oil and gas development in U.S. waters off the Atlantic coasts of Florida, Georgia and South Carolina.

Talos reiterates that 100% of the Company's assets located in the federal waters of the U.S. are in the Central and Western Gulf of Mexico Planning Areas, which are unaffected by the Presidential Order. Therefore, these actions have no impact on the Company's current or planned future operations and do not change the Company's ability to continue to responsibly develop its existing properties, acquire new leases, or obtain new drilling permits. Approximately 80% of the Company's U.S. net acreage is located in federal waters and approximately 20% in state waters and coastal lands.

Oil and gas production from the U.S. Gulf of Mexico contributes over $28 billion to the U.S. economy annually and sustains over 340,000 jobs across all 50 states. Royalties from oil and gas production are the second largest contributor to the U.S. Treasury behind only the federal income tax.

ABOUT TALOS ENERGY

Talos Energy (NYSE: TALO) is a technically driven independent exploration and production company focused on safely and efficiently maximizing cash flows and long-term value through its operations, currently in the United States Gulf of Mexico and offshore Mexico. As one of the U.S. Gulf of Mexico's largest public independent producers, we leverage decades of geology, geophysics and offshore operations expertise towards the acquisition, exploration, exploitation and development of assets in key geological trends that are present in many offshore basins around the world. Our activities in offshore Mexico provide high impact exploration opportunities in an oil rich emerging basin. For more information, visit www.talosenergy.com.