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    The Bull Case For Talos Energy (TALO) Could Change Following Zama Operatorship Shift To Harbour Energy

    Simply Wall St·01/04/2026 21:26:09
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    • Harbour Energy has been appointed operator of the Zama offshore oil project in Mexico, a joint venture with Pemex, Grupo Carso, and Talos Energy, following approval by Mexico's Ministry of Energy and moving into engineering and design work ahead of a future final investment decision.
    • For Talos Energy, ceding operatorship while retaining a significant role in Zama's development could reshape how investors assess its long-term offshore growth pipeline and influence in Mexican upstream projects.
    • We'll now assess how Harbour Energy taking over Zama's operatorship, while Talos retains influence, may reshape Talos Energy's investment narrative.

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    Talos Energy Investment Narrative Recap

    To own Talos Energy, you need to be comfortable with a focused offshore producer that is currently unprofitable, relies heavily on the Gulf of Mexico and is investing to improve efficiency and margins. Harbour Energy taking over Zama’s operatorship looks more like a governance and execution shift than a near term earnings catalyst for Talos, so it does not materially change the key risk today around ongoing losses and capital intensity.

    The most relevant recent development alongside Zama is Talos’s continued use of its share buyback program, with 18,525,798 shares repurchased for US$195.16 million through Q3 2025. For investors watching catalysts, that capital return stance sits in tension with recent net losses and reinforces how important future project execution and cost control will be to justify ongoing cash deployment.

    Yet while Zama’s progress is encouraging, Talos’s concentration in hurricane exposed Gulf of Mexico assets remains a risk investors should be aware of…

    Read the full narrative on Talos Energy (it's free!)

    Talos Energy's narrative projects $1.8 billion revenue and $260.2 million earnings by 2028.

    Uncover how Talos Energy's forecasts yield a $13.71 fair value, a 22% upside to its current price.

    Exploring Other Perspectives

    TALO 1-Year Stock Price Chart
    TALO 1-Year Stock Price Chart

    Four fair value estimates from the Simply Wall St Community span from US$3.07 to US$13.71, showing how far apart views on Talos can be. Against this spread, the company’s continued net losses and heavy Gulf of Mexico exposure give you important context for thinking about how its offshore projects might influence future performance over time.

    Explore 4 other fair value estimates on Talos Energy - why the stock might be worth as much as 22% more than the current price!

    Build Your Own Talos Energy Narrative

    Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.