Tim Duncan, chief executive of Talos Energy, does not bother wasting time with onshore oil or natural gas fields; Instead, Tim Duncan searches for locations in the waters off the Gulf Coast to pursue a riskier, yet more rewarding challenge.
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— talosenergy (@talosenergyllc) February 12, 2013
In 2017, as Hurricane Harvey ripped its way through the south-central region’s of Texas and the city of Houston, Tim was right in the thick of a drawn-out negotiation for the merger of Talos Energy with the public, albeit failing, Stone Energy. The $2.5 billion mergers would never have gone smoothly, but it became more challenging as the flood waters began to rise in the neighborhood of Kingwood.
Knowing that the storm could not become an excuse for failure on his part, Tim carried his wife, son, and pets to a nearby FEMA rescue boat. Now that his family was safe from Hurricane Harvey’s rising waters, Tim could refocus on the task at hand from the comfort of his mother’s dining room. It would be right there at his parents home in a high and dry location in Houston, where Tim would finalize negotiations on the merger.
In May, the two companies would officially come together as stockholders would see the new ticker, TALO. Since the new company began drilling in the Gulf, they have produced nearly 48,000 barrels of oil and natural gas a day, but they expect to do far more than that in the future. It may seem like a frightening task to take on a company nearly as big as your own, and one that is faltering at that, but again, Tim Duncan has never been one to pass up an opportunity. Seeing the low-risk balance figures for Stone Energy gave Tim the confidence he needed to make the merge happen.
Though Stone has a massive debt of $700 million, they show an impressive $2.3 billion in assets. Equity shareholders can find comfort in the history of Talos Energy and Tim Duncan purchasing and rebuilding failing companies similar to their own. Where others have been unable to see a profit, Tim and his team have flourished and thrived.