TALOS ENERGY INC.

Our business is subject to a variety of risks and uncertainties. These risks are described elsewhere in this Quarterly Report, including in Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, or in our other filings with the SEC, including Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. You should carefully consider the risks and other cautionary statements described in this Quarterly Report, our 2025 Annual Report and the risk factors and other cautionary statements contained in our other SEC filings, which could materially affect our business, financial condition or future results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results. Except as described below and elsewhere in this Quarterly Report, there have been no material changes in our risk factors from those described in our 2025 Annual Report.

Our expansion into international regions, including our recently announced offshore project in Honduras, may expose us to additional political, regulatory, operational and commercial risks that could adversely affect our ability to realize the benefits of our investments.

Our strategy includes pursuing exploration and development opportunities in international basins, including our recently announced offshore project in Honduras as well as our pending offshore Mexico farm-in transaction. Operations in foreign jurisdictions, including offshore Honduras and offshore Mexico, present risks that differ from those associated with our operations in the U.S. Gulf of America. These risks include potential changes and uncertainties in laws, regulations, fiscal requirements or contractual terms; delays in obtaining or maintaining governmental approvals, permits or licenses; political instability and transitions; challenges associated with operating in an underdeveloped offshore basin; limitations in transportation, processing or export infrastructure; local content requirements; and difficulties in attracting qualified service providers and personnel.

In particular, offshore Honduras remains relatively underexplored, and geological interpretations, resource estimates and commercial assumptions may ultimately differ from our current expectations. If we are unable to successfully explore, develop or monetize our interests in Honduras, or if the political, regulatory or economic environment becomes less favorable, we may be unable to realize the anticipated benefits of our investment and exploration efforts in this and other new international regions.

We recently closed the acquisition of certain assets in the U.S. Gulf of America. We may not be able to successfully integrate these assets or other future acquisitions or achieve anticipated benefits.

The success of the Coulomb and Na Kika Acquisition in the U.S. Gulf of America and other pending and future acquisitions will depend, in part, on our ability to effectively integrate acquired assets and interests into our existing portfolio, accurately assess reserves and production performance, manage additional operating and abandonment obligations, and manage any increased leverage or capital requirements associated with these assets. Actual results may differ materially from our expectations, and any failure to realize anticipated benefits or identify liabilities associated with acquired assets could adversely affect our business, financial condition and results of operations.