The Houston-based offshore oil and gas production company said it made $195.1 million in...
last year. Revenues rose just over 70 percent to $519 million from $303.8 million during the second quarter in 2021.“It was a strong quarter for Talos as we achieved rapid debt reduction led by record-breaking revenue and cost control efforts despite macro inflationary pressures,” said Talos CEO Timothy Duncan in a statement to investors.
The stellar quarter comes after some bumpy ones for the company. In the first quarter of the year, as oil and gas companies raked in profits thanks to high prices and rising demand, Talos lost $66.4 million partly due to unplanned third-party pipeline shut-ins. Losses during the second quarter of last year stem from Talos’ hedges, a practice oil companies use to lock in the price of oil to avoid losses when prices plunge. The company made a bad bet that prices would go down last year, and when they rose instead, it cost Talos $186.6 million.
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