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Talos Energy Is an Independent Oil and Gas Company Led by a Management Team with Decades of Experience in Offshore Exploration and Production

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Talos Energy Is an Independent Oil and Gas Company Led by a Management Team with Decades of Experience in Offshore Exploration and Production Strong Sustainable Growth 2018 ANNUAL REPORT 66696.indd 1 3/28/19 7:07 AM Talos Energy is an independent oil and gas company led by a management team with decades of experience in offshore exploration and production. We are experts at acquiring operated shelf and developed deepwater assets in the Gulf of Mexico, then exploring, exploiting and optimizing those assets using innovative techniques and cutting-edge seismic technologies. NYSE: TALO 66696.indd 2 3/28/19 7:07 AM LETTER TO SHAREHOLDERS 2018 was a historic year for Talos Energy as we completed and fully integrated our transformative merger with Stone Energy. The merger signifi cantly expanded the scale and operational breadth of Talos, and its benefi ts were immediately noticeable. ddi onally, the merger set the stage for us to more broadly share base and add signifi cant new volumes in 2019. In addi on, I’m very Aour story and values as a publicly-traded company focused on posi ve excited about numerous drilling prospects that we have iden fi ed free cash fl ow, moderate, sustainable growth and balance sheet discipline. and are currently evalua ng. Some of these prospects are on previously In 2018, Talos delivered solid fi nancial performance and successfully held Talos leases while others have been added through our targeted executed on a number of complex projects and we expect more of the business development eff orts. same in 2019 and beyond. Upon closing of the merger with Stone, we focused on lower-risk We also believe in our diff eren ated strategy, which we have refi ned but high impact projects that could grow produc on in 2018 while and validated over nearly two decades. We leverage our deep also posi oning the company for sustainable growth and maintaining understanding of the basins in which we operate, the US Gulf of Mexico our ability to generate posi ve free cash fl ow for years to come. And (“GOM”) and off shore Mexico, to iden fy and execute on highly economic our team has delivered on these goals to date. Our 2018 produc on was drilling projects. In the US GOM, we are able to capitalize on the ample approximately 5% higher than pro forma 2017 Talos and Stone produc on infrastructure and premium commodity pricing closely ed to Brent, and we increased Proved Developed reserves by 20%, as compared to and the current market environment further allows us to engage in low our pro forma reserves as of December 31, 2017. cost acquisi ons and infrastructure-led explora on and exploita on with conven onal off shore wells. These conven onal wells boast lower In November 2018, we ini ated the appraisal of the Zama discovery in ini al declines as compared to onshore shale projects. Complimen ng off shore Mexico. I am extremely proud of our team for the opera onal these more mature assets, off shore Mexico provides Talos early access excellence they have achieved in Mexico as we con nue to safely execute to an emerging basin with a signifi cant resource base in shallow water the project ahead of schedule and under budget. depths that allows for low oil price break-evens and facilitates shorter development cycles. I believe our por olio of assets will allow Talos to Our Proved Reserves as of December 31, 2018 were 151.7 MMBoe, and the con nue to grow at a measured pace in the US GOM while con nuing present value of these reserves discounted at 10% was $3.9 billion on a to generate posi ve free cash fl ow, with the ini a on of produc on pre-tax basis. Approximately 80% of these reserves reside in our US GOM from our off shore Mexico assets driving a step-change in Talos’s deepwater assets. Importantly, the Zama discovery in off shore Mexico produc on and cash fl ows in the future. is not yet included in our proved reserves, per SEC guidelines, un l we reach a Final Investment Decision (“FID”). As we conduct our opera ons, we con nue to live by the highest standards of health, safety and environmental focus and stewardship. Low Entry Cost M&A and Best PracƟ ces Seismic Reprocessing We believe in and support the communi es along the coasts of both Leads to BeƩ er Drilling Economics countries in which we operate, and we appreciate and deeply value A key aspect of our strategy is the variety of low cost business development the symbio c rela onship that we have with these communi es. opportuni es that are available to us. Talos is well-posi oned as a credible consolida on candidate in the US GOM and is ready to capitalize on the Quality Asset Base lower valua on market dynamics driven by the over-alloca on of capital Talos has a solid asset base from which to grow our company. We are in various onshore shale plays and the resul ng underinvestment in off shore currently execu ng on projects that will further stabilize our produc on projects. We were able to exploit some consolida on opportuni es in 2018 ANNUAL REPORT 1 66696.indd 3 3/28/19 7:07 AM We continue to live by the highest standards of health, safety and environmental focus and stewardship. — Timothy S. Duncan 2018 by closing three small bolt-on transac ons, including the Ram Powell In 2018, we commenced our appraisal program on the Zama discovery, and Gunfl int assets in our Mississippi Canyon core area and the Green which includes three reservoir penetra ons that we expect will advance Canyon 18 asset in our Green Canyon core area. These assets were acquired our progress toward FID in 2020. Our fi rst penetra on was successful at compelling valua on metrics and add to our scalable infrastructure and in line with our expecta ons, thus valida ng our geophysical models. base upon which we will drive further growth. The appraisal program is expected to conclude by mid-year 2019. Through these acquisi ons we have access to underu lized produc on Building for the Future facili es. The combina on of infrastructure with throughput capacity in I believe Talos maintains all of the cri cal elements necessary to con nue an area where we have a deep geological exper se and our reprocessed to drive material, long-term value crea on for our shareholders. The seismic allows Talos to develop drilling opportuni es with enhanced company’s strategy has been validated through mul ple commodity economics. For example, since the announcement of our Green Canyon 18 cycles by focusing on an environment we know best, being both pa ent acquisi on, we were able to acquire nearby leases with subsea prospects and opportunis c, and conserva vely managing cash fl ow and leverage through the semi-annual federal lease sale, we farmed into a lease as to protect our balance sheet and capital program. Today, I am very the operator with a drill-ready prospect, and we purchased a stranded proud that Talos has been able to generate posi ve free cash fl ow while discovery from Exxon, all of which will e into the Green Canyon 18 facility so many companies in our industry have not been able to do so. We if they are successful. These business development ac vi es around have also accumulated a deep inventory of highly economic projects acquired infrastructure exemplify our strategy of execu ng low-entry and a globally recognized discovery in Zama, maintained a conserva ve cost acquisi ons in order to facilitate a rac ve economic explora on, balance sheet and established ourselves as a trusted counterparty to exploita on and development ac vi es. transact with. We believe that we have established a great founda on to build on. Globally Recognized Zama Discovery We opportunis cally entered off shore Mexico in the fi rst private sector In 2018, we asked a lot of our team. We successfully integrated a lease auc on in July 2015 and competed against a number of globally signifi cant merger while simultaneously taking our fi rst steps as a recognized companies. We narrowly outbid the compe tors and were publicly-traded company. We balanced a series of challenging projects awarded two Produc on Sharing Contracts covering a total of over and acquisi ons that helped expand the scale of our business. And we 160,000 acres in Block 7 and Block 2, both in the Sureste Basin. advanced our world-class Zama discovery towards future FID on schedule. Throughout all of these ac vi es, we proved we can reliably generate Our focus was on the explora on of the same geological trends that posi ve free cash fl ow, maintain appropriate debt and liquidity metrics and we focus on in the US GOM, which are the Lower Pliocene through the deliver opera onally. I am pleased with all that Talos has accomplished Miocene sec on. These geological trends have been under-explored in an in 2018, but we’re already looking ahead. I am truly excited about what otherwise prolifi c basin off shore Mexico. A er proprietarily reprocessing the future holds. the available seismic data, in 2017 we drilled the fi rst off shore explora on well by the private sector in the history of Mexico resul ng in the Zama Sincerely Yours, discovery, which was awarded the worldwide Discovery of the Year by Wood Mackenzie. This is an extremely pres gious honor for Talos and validates our ability to execute once-in-a-genera on projects.
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