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Acquisitions and Divestitures (Tables)
 3 Months Ended
Mar. 31, 2024
QuarterNorth  
Business Acquisition [Line Items]  
Summary of Purchase Price

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

Shares of Talos common stock

 

24,349,452

 

Talos common stock price(1)

$

13.25

 

Common stock value

$

322,630

 

 

 

 

Cash consideration

$

1,247,419

 

 

 

 

Total purchase price(2)

$

1,570,049

 

 

(1)
Represents the closing price of the Company’s common stock on March 4, 2024, the date of the closing of the QuarterNorth Acquisition.
Total purchase price net of $331.4 million cash and cash equivalents acquired at closing is $1,238.7 million.
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 March 4, 2024 (in thousands):

Cash and cash equivalents

$

331,374

 

Other current assets

 

160,978

 

Property and equipment

 

1,621,507

 

Other long-term assets

 

20,780

 

Current liabilities:

 

 

Current portion of asset retirement obligations

 

(6,748

)

Other current liabilities

 

(194,278

)

Long-term liabilities:

 

 

Asset retirement obligations

 

(192,771

)

Deferred tax liabilities

 

(168,481

)

Other long-term liabilities

 

(2,312

)

Allocated purchase price

$

1,570,049

 
Summary Of Revenues And Net Income Attributable To Acquisition

The following table presents revenue and net income attributable to the QuarterNorth Acquisition for the period from March 4, 2024 to March 31, 2024:

 

Three Months Ended March 31, 2024

 

Revenue

$

43,949

 

Net income (loss)

$

6,749

 
Supplemental Proforma Information This information does not purport to be indicative of results of operations that would have occurred had the QuarterNorth Acquisition occurred on January 1, 2023, nor is such information indicative of any expected future results of operations.

 

Three Months Ended March 31,

 

 

2024

 

2023

 

Revenue

$

557,201

 

$

482,951

 

Net income (loss)

$

(110,459

)

$

74,320

 

Basic net income (loss) per common share

$

(0.60

)

$

0.45

 

Diluted net income (loss) per common share

$

(0.60

)

$

0.45

 
EnVen Energy Corporation  
Business Acquisition [Line Items]  
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 period from February 13, 2023 to March 31, 2023 (in thousands):

 

Three Months Ended March 31, 2023

 

Revenue

$

62,059

 

Net income (loss)

$

(6,090

)
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 March 31, 2023

 

Revenue

$

374,625

 

Net income (loss)

$

118,090

 

Basic net income (loss) per common share

$

0.93

 

Diluted net income (loss) per common share

$

0.92