Talos Energy’s proposed Gulf of America acquisition would add two producing asset packages that, on a pro forma basis, would have lifted 2025 revenue to $2.15 billion from $1.78 billion, an increase of $371.3 million. Total operating expenses would have risen to $2.38 billion from $2.34 billion, a gain of $36.1 million, while operating loss would have narrowed to $225.1 million from $560.3 million.
For the year ended December 31, 2025, the Coulomb interest contributed $219.0 million of oil, natural gas and NGL revenue, up from $174.0 million in 2024, an increase of $45.0 million. Direct operating expenses rose to $17.4 million from $15.9 million, while revenues in excess of direct operating expenses increased to $201.6 million from $158.1 million.
The Na Kika interests moved in the opposite direction in 2025. Revenue fell to $152.2 million from $192.3 million in 2024, a decline of $40.1 million. Direct operating expenses dropped to $18.7 million from $21.7 million, and revenues in excess of direct operating expenses declined to $133.6 million from $170.6 million.
In the first quarter of 2026, Coulomb revenue increased to $58.3 million from $55.4 million a year earlier, up $2.9 million. Direct operating expenses decreased to $4.1 million from $4.4 million, and revenues in excess of direct operating expenses rose to $54.2 million from $51.1 million.
Na Kika showed a sharper first-quarter decline. Revenue fell to $31.3 million from $44.8 million, down $13.6 million. Direct operating expenses decreased to $3.5 million from $4.5 million, and revenues in excess of direct operating expenses dropped to $27.7 million from $40.3 million.
On a pro forma basis for 2025, the combined assets would have added $371.3 million of revenue to Talos and $35.1 million of operating income, taking operating income to a loss of $225.1 million from a loss of $560.3 million. Net loss attributable to Talos Energy would have improved to $159.1 million from $494.3 million, and adjusted EBITDA would have increased to $1.53 billion from $1.20 billion.
For the first quarter of 2026, the combined pro forma assets would have lifted revenue to $561.9 million from $472.3 million, an increase of $89.6 million. Operating loss would have narrowed to $37.5 million from $119.4 million, and net loss attributable to Talos Energy would have improved to $174.2 million from $256.2 million. Adjusted EBITDA would have climbed to $375.2 million from $293.2 million.
The reserve base would have expanded materially. Pro forma total proved reserves at December 31, 2025 would have reached 197.4 million barrels of oil equivalent, up from 174.7 million for Talos alone, an increase of 22.7 million boe. Proved developed producing reserves would have risen to 119.5 million boe from 102.9 million, and proved undeveloped reserves to 41.9 million boe from 37.9 million. Pro forma proved oil reserves would have increased to 148.6 million barrels from 130.6 million, natural gas to 222.2 billion cubic feet from 194.6 billion, and NGLs to 11.6 million barrels from 11.6 million. The pro forma standardized measure would have climbed to $3.48 billion from $2.80 billion. The market has reacted to these announcements by moving the company's shares 6.43% to a price of $13.74. Check out the company's full 8-K submission here.
