TALOTALOS ENERGY INC.

Crude Petroleum & Natural Gas

Revenue: $1.8B; 9.8% YoY
Operating margin: -31.5%; 459% YoY
EBITDA: $496M; 59% YoY
Market cap: $1.5B
Employees: 700; $3M revenue each
Net debt / EBITDA: 0.8×; $405M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
13% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$3M · 57th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$408M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.2B	$1.7B	$1.5B	$2.0B	$1.8B	9.8%
Operating income	$375M	$736M	$210M	$173M	−$560M	424%
Net income	−$183M	$382M	$187M	−$76M	−$494M	547%
Operating cash flow	$411M	$710M	$519M	$963M	$936M	2.8%
Stock-based comp	$11M	$16M	$13M	$14M	$18M	27%
Buybacks	$0	$0	$48M	$45M	$119M	164%

Deal filings

Filed	Form	Acquirer	Price	Premium
Jan 10, 2023	DEFM14A	EnVen Energy Corporation	$10.50	30%

13D filers

Filed	Filer	Form	Stake	Intent
Oct 13, 2026	HELU CARLOS SLIM	SCHEDULE 13D/A	17.8%	Passive
Sep 17, 2026	HELU CARLOS SLIM	SCHEDULE 13D/A	23.4%	Passive
Mar 30, 2026	HELU CARLOS SLIM	SCHEDULE 13D/A	24.5%	Passive
Dec 18, 2024	HELU CARLOS SLIM	SCHEDULE 13D/A	24.2%	Passive
Sep 5, 2024	HELU CARLOS SLIM	SC 13D/A	23.8%	Passive
Aug 9, 2024	HELU CARLOS SLIM	SC 13D/A	22.3%	Passive
Jun 3, 2024	HELU CARLOS SLIM	SC 13D	20.5%	Passive
Jan 22, 2024	HELU CARLOS SLIM	SC 13D	22.6%	Passive
Jul 7, 2023	Riverstone Talos Energy Equityco LLC	SC 13D/A	0.0%	Passive
Jun 21, 2022	Riverstone Talos Energy Equityco LLC	SC 13D/A	10.1%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $408M · 22
Net: −$408M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	134	295
FY2024	—	—	118	288
FY2023	—	—	173	291
FY2022	—	—	229	280
FY2021	—	—	119	176