“Talos is very well positioned to capitalize on its high-quality asset portfolio and returns focused capital programs in the U.S. Gulf of Mexico and offshore Mexico, as well as take advantage of potential business development opportunities,” said CEO of Talos Energy Tim Duncan after his merger with Stone Energy in 2016.
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
His reasoning for saying this is not at all full of hot air: The new Talos Energy is stronger than ever from their combined 1.2 million square feet of drillable ocean floor space, their ability to produce almost 50,000 barrels of crude per day, their 136,000,000 reserve barrels, nearly $500,000 in cash and cash equivalents, and a Cheif Executive Officer who has a positive track record of turning around distressed oil assets from other companies. Talos also, by the way, has the capacity to borrow up to $600 Million and expand its operations as needed.
Talos Energy is expected to create a positive cash flow in 2018 after paying off Stone’s prior debts. Moreover, Talos has been working with the British to develop the Mexican Zama-1 well that has purportedly two billion barrels worth of oil which will start yielding crude within the next five years. Talos also has initiated well drills within the “Tornado number 3” well and the “Mount Providence” wells, which are expected to become fruitful by Q1 2019 and Q4 2018 (respectively).
Tim Duncan’s leadership and experience in turning around Cabot Oil and Phoenix after Hurrican Rita back in 2005, on top of the company’s listing on the New York Stock Exchange (TALO), poises Talos for the possibility of great growth in the coming years. “This is a transformational combination, in which shareholders will greatly benefit from increased scale and liquidity,” says Tim. “We deeply appreciate the efforts of everyone involved in getting us to this point.”
For details: www.crunchbase.com/organization/talos-energy