Talos Energy Acquisition of Stone

The Harvey tropical torment made the streets of Tim Duncan’s suburban region in Kingwood, Texas inaccessible. There was no power and the night was approaching when news came that another 6 feet Hurricane Harvey floodwaters were looming. Duncan carried his wife, son and their two dogs through the waist-high water into a FEMA rescue water vessel. Tim Duncan, the Chief Executive Officer of Talos Energy was sad. He was still arranging the merger of his company with Stone Energy and was bankrupt. The merger was a risky play although it was going to make Talos Energy a public entity.

Tim Duncan did not use the floods as an excuse. Instead, he boarded a private plane that took him and his family to his parent’s home in Alabama. He lived in his parents’ home and every day after dinner, he worked late into the night on their dining table to negotiate business deals. Duncan completed the deal and in May, Talos took over Stone’s listing and Duncan became the owner of an oil company worth revenue of 900 million USD annually. Most of the assets owned by the company are situated in the Gulf of Mexico. The oil company will be carrying out most of its operation in both the United States and Mexico waters. The most valuable asset that Talo Energy will acquire from Stone is the Pompano platform and several new drilling wells. The Pompano platform was purchased from BP for 200 million USD. To to know more about the company click here.

Talos Energy is a typical wildcatter since it is taking its chances on oil wells that are situated in both the United States and Mexico waters. Currently Talo can produce approximately 48,000 barrels of oil on a single day and it is aiming at producing more oil in the future. Tim Duncan was born and raised in Egypt, Texas, and Florida. Nonetheless, he speaks more like a New Yorker. Mr. Duncan has been known for making very tough business decisions Mr. Duncan started working in the oil industry in 1996 at Zilkha Energy. He took part in launching the Gryphon Exploration which bought an oil field known as High Island 52 in shallow water in 2000.