Talos Energy is an independent oil and gas E&P company focused exclusively on offshore operations in the U.S. Gulf of America, primarily in deepwater. Production is roughly 70% oil, which drives the vast majority of revenue and nearly all margins. Talos operates key deepwater fields including Katmai, Gunflint, Brutus, Pompano, and Sunspear, and holds a non-operated 30% interest in the Monument project, a large Wilcox oil discovery expected online in late 2026. Talos owns key offshore infrastructure — including the Tarantula, Prince, and Pompano platforms — which allows new discoveries to be tied back cheaply to existing facilities, compressing development timelines. Talos sells production to major oil companies and pipeline operators; Shell, ExxonMobil, and Chevron collectively accounted for 70% of revenues. Talos's business model is straightforward: produce oil and gas and sell at prevailing commodity prices. Profitability is driven primarily by oil prices, production volumes, and cost efficiency. Talos claims lease operating expenses roughly 30% below the offshore peer average, supporting peer-leading EBITDA margins. Talos also partially hedges oil production to stabilize cash flows. Growth is driven by organic development of high-return deepwater oil projects, selective acreage acquisition through Gulf lease sales, and a recently announced initiative targeting $100M in annualized free cash flow improvements. Talos also holds a minority equity stake in the Zama field offshore Mexico, though Talos is divesting that position and Mexico is increasingly non-core.