US independent Talos Energy posted a net income of $89.9 million for the first quarter of 2023, turning it around from a net loss of $66.4 million in the same period last year.

However, the company’s adjusted figures show a net loss of $1.26 million.

“Although we have encountered several operational challenges in recent weeks, we remain focused on the totality of our 2023 plan, which positions the business for long-term growth and value creation,” Talos chief executive Tim Duncan said.

“We are seeing our capital and operating expenses trending below our plan and we will look to continue this trend while also progressing our Venice and Lime Rock discoveries to first production.

“We expect that production will exceed 80,000 barrels of oil equivalent per day early in 2024, and we continue to expect to achieve our 2024-2026 production and cash flow goals.”

Total revenues for the quarter showed a drop of about 22% to $322.6 million.

Talos reported production of 63,600 barrels per day in the first quarter, which includes a partial quarter from its recent EnVen acquisition.

The company also announced in March it would participate in a $100 million share buy-back programme, and repurchased 1.9 million shares worth a total of about $27 million during the first quarter.