Offshore E&P Talos Energy has updated its share repurchase program and ongoing debt paydown in a July 22 press release.

Talos said it has repaid $325 million in debt since closing its $1.29 billion acquisition of E&P QuarterNorth Energy in March.

Talos issued approximately 24.4 million shares of common stock to QuarterNorth shareholders to help fund the cash-and-stock transaction.

During second-quarter 2024, Talos repurchased approximately $43 million, or 3.8 million shares, of common stock at an average price of $11.26 per share. The company said it also authorized an additional $150 million for its existing common stock repurchase program.

“We repurchased 3.8 million of our shares in the second quarter because we are confident in our business and committed to opportunistically allocating capital to maximize shareholder value. In order to continue doing so, we increased the share repurchase authorization to maintain flexibility going forward," said Tim Duncan, Talos’ president and CEO.

Talos’ total debt ended the second quarter at $1.475 billion after the company said it reduced borrowings by $100 million under its credit facility, with $225 million still outstanding.

“This paydown is a positive step toward our goal of using our free cash flow to reduce debt and targeting a long-term leverage ratio below 1.0x while maintaining a clear focus on executing our strategy,” Duncan said.

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