During the fall of 2017, The city of Houston and other cities across southern Texas were preparing for the effects of Hurricane Harvey.
The Chief Executive Officer of Talos Energy, Tim Duncan, was in the midst of preparations of his own as the storm neared his neighborhood of Kingwood, Texas. Stone Energy, a failing and bankrupt oil and gas corporation, was on the line for a $2.5 million merger opportunity. Though he had to pause the proceedings to rescue his wife and child from the waist-high flood waters, Tim Duncan pressed on and sealed the deal between Talos Energy and Stone Energy Corporation.
This is a placeholder account for Talos Energy LLC in Houston, Texas. Questions about the company should be directed to 713-328-3000.
— talosenergy (@talosenergyllc) February 12, 2013
In May 2018, shareholders in the company would note the new New York Stock Exchange ticker, TALO, which would now represent both establishments stockholders. Shareholders should hold off on feeling nervous about a successful company like Talos Energy absorbing such a company as Stone, but one should wait for the low-risk ratio that comes with it before making any decisions. Stone Energy had a whopping $2.3 billion total in assets, which shadows the minimal to comparison $700 million in debt. The team has already reexamined new seismic data and discovered new drilling locations. Brand new wells have become established, and the newfound company is producing 16,000 barrels of oil in single day; however, the team at Talos Energy plans to do a far higher number than that soon.
Talos Energy didn’t halt their momentum there. No one ever had permissions to drill for natural resources in the Gulf of Mexico, but for the Mexican owned Pemex oil company. Talos Energy retained information from their Zama-1 well located in the A-7 block of shallow water in the Gulf of Mexico. They discovered a deposit in this location with the ability to produce between 1.2 billion and 1.8 billion barrels of oil. Pemex agreed upon a 2-year preliminary agreement which allows Talos Energy to drill wells in the A-7 shallow water block of Mexican waters in the Gulf of Mexico. At any point in time the President-elect, Obrador can review the contract between Pemex Oil and Talos Energy. With a staff with decades of experience in the industry are at the steering wheel, there’s no telling how far Talos Energy will continue to go!
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