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Acquisitions and Divestitures (Tables) - EnVen Energy Corporation
 9 Months Ended
Sep. 30, 2023
Business Acquisition [Line Items]  
Summary of Purchase Price

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

Talos common stock

 

43,799,890

 

Talos common stock price per share(1)

$

19.00

 

Common stock value

$

832,198

 

 

 

 

Cash consideration

$

207,313

 

Settlement of preexisting relationship

$

8,388

 

 

 

 

Total purchase price

$

1,047,899

 

 

(1)
Represents the closing price of the Company’s common stock on February 13, 2023, the date of the closing of the EnVen Acquisition.
Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed

The following table presents the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their fair values on February 13, 2023 (in thousands):

Current assets

$

238,293

 

Property and equipment

 

1,459,916

 

Other long-term assets:

 

 

Restricted cash

 

100,753

 

Notes receivable, net

 

14,844

 

Other long-term assets

 

48,899

 

Current liabilities:

 

 

Current portion of long-term debt

 

(33,234

)

Current portion of asset retirement obligations

 

(7,079

)

Other current liabilities

 

(123,399

)

Long-term liabilities:

 

 

Long-term debt

 

(233,836

)

Asset retirement obligations

 

(251,779

)

Deferred tax liabilities

 

(150,504

)

Other long-term liabilities

 

(14,975

)

Allocated purchase price

$

1,047,899

 
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 September 30, 2023 and the period from February 13, 2023 to September 30, 2023 (in thousands):

 

Three Months Ended September 30, 2023

 

Nine Months Ended September 30, 2023

 

Revenue

$

126,358

 

$

301,999

 

Net income (loss)

$

37,790

 

$

57,578

 
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 September 30,

 

Nine Months Ended September 30,

 

 

2023

 

2022

 

2023

 

2022

 

Revenue

$

383,136

 

$

552,168

 

$

1,124,970

 

$

1,888,702

 

Net income (loss)

$

(1,483

)

$

334,368

 

$

131,421

 

$

404,026

 

Basic net income (loss) per common share

$

(0.01

)

$

2.65

 

$

1.05

 

$

3.20

 

Diluted net income (loss) per common share

$

(0.01

)

$

2.62

 

$

1.04

 

$

3.18