The chief executive of Talos Energy, Tim Duncan, does not waste any time in the onshore oil and natural gas production game; He has bigger plans that involve digging more wells in the Gulf of Mexico. The team at Talos Energy successfully grew and sold two separate Gulf Coast oil and gas companies before they founded Talos in 2012.
Talos Energy has a strong record of optimizing their assets in the Gulf of Mexico to produce outstanding results. In late 2017, As Hurricane Harvey worked its way through Houston, Texas, leaving devastation in its wake, Tim Duncan found himself in the middle of a $2.5 million merger negotiation as the flood reached his home in Kingwood.
He knew that the storm could not be an excuse to fail, and so he took his family out of the house, through waist-high flood water to a nearby FEMA rescue boat. Once to safety, Tim Duncan and his family found refuge at his parents home in a high and dry neighborhood in the city.
At his mother’s dining room table, is where Tim would complete the negotiations for the merger of Talos Energy and Stone Energy. It might seem like a risky move to merge a successful company with one that is failing, but Tim saw the low-risk balance and knew that he could make it work. Stone Energy had a whopping debt of $700 million but boasts a massive $2.3 billion in assets.
With his history in purchasing failing oil production companies and turning a profit, it should give stockholders of Talos Energy peace of mind that the chief executive is acquiring a company with several oil fields in the Gulf of Mexico. As of its start, the new company is producing well over 48,000 barrels of oil a day, and they anticipate to do far more than that shortly.