Tim Duncan worked for close to four months to broker a merger deal between Stone Energy and Talos Energy. The merger was going to cost up to $2.5 billion. Talos Energy’s CEO hoped to have the private company join the public sphere without being involved in a public offering. Tim was among the co founders of Talos Energy when the company saw the light of day in 2012.
Duncan will soon be incharge of a $2.3 billion company. The oil company raises revenue that amounts to $900 million every year. The listing belong to Stone Energy will get new owners and it will be represented as TALOS.
With a current production of 48000 barrels of oil on a daily basis, Talos Energy seeks to increase and probably even double its proceeds. This is despite venturing into the unfamiliar Mexican territory. They are hopeful of drilling a lot of oil from the gulf.
Having been raised by an oil-company man, Duncan knew a lot about drilling and value addition of oil at an early age. In 1996 he officially began his own career in the oil industry. Zilkha Energy gave the young engineer an opportunity to start off.
Over the years he has garnered sufficient expertise to provide solutions for different clients. He thrives in the midst of crises something that his advisor,Jerre Schretrr, has discovered over the years. He has developed a habit of using tough conditions to benefit greatly.
Talos’ equity owners along with the Apollo Management team joined him at the negotiation table. Prior to the merger Talos Energy had invested heavily in the Phoenix field making it its greatest asset. They did this in 2013 after parting with $620 million. Chevron was its first developer and 6 wells were drilled as a result. In 2005, Hurricane Rita briefly halted the operations of the Typhoon platform.
Helix Producer is the the ship used by the firm when barrels are drawn from Phoenix. Its usefulness was most appreciated back in 2010 after the Deepwater tragedy. With the merger deal falling through, Talos energy has reviewed their operations with a view of increasing production. They will gain heavily from the Pompano platform that has been under the management of Stone Energy. The platform brings along great infrastructure that the firm can exploit.