Talos Energy, LLC, is a company that explores, develops, and produces oil and natural gas. They operate in the Gulf of Mexico and along the Gulf Coast. This company was established in 2012 by businessman Timothy Duncan who acts as the Chief Executive Officer and president. Their headquarters is in Houston, Texas.
Up through the middle of 2018, Talos Energy was a privately held company. This changed when a deal that took Tim Duncan months to complete was finalized and it is now listed on the NYSE. How this came about was that they merged with Stone Energy Corporation of Louisiana. Since Stone Energy was publically held the merger resulted in Talos Energy going public. This deal was worth almost $2 billion and was completed on May 10, 2018. The financial backers of Talos Energy now own 63% of this combined company while the people who had shares in Stone Energy now own the remaining 37%.
This company grew again on September 4, 2018, when Tim Duncan announced that his company had acquired another oil and natural gas firm, Whistler Energy II, which had been in bankruptcy. They purchased this firm for $52 million. During the negotiations, Talos Energy was able to have $77 million of Whistler’s cash freed up that had been secured for their surety bonds. Talos Energy got $31 million of this cash while the seller received the remaining $46 million.
As a result of this deal, Talos Energy now owns three lucrative oil production blocks in the Central Gulf of Mexico. These are Green Canyon 18, Green Canyon 60, and Ewing Bank 988. This is nearly 17,000 acres of the ocean floor and included is the fixed production platform that Whistler Energy II had built there. To date, 117 million barrels of oil have been pumped from this area and they are pumping out 30,000 barrels of oil per day as well as 30 million cubic feet of natural gas.
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