Houston-based oil and gas company Talos Energy was founded in 2012 by Timothy Duncan. The company develops the production of oil and natural gas through exploration of properties up and down the Gulf of Mexico. Duncan founded the company using a $600 million dollar equity raise from Apollo Global Management. In 2013 Talos bought Energy and Resource Technology GOM Inc., a subsidiary of Houston-based Helix Group, for a sum total of $620 million. Now it is acquiring Stone Energy Corp. Stone Energy is a gas and oil producer from Louisiana. It filed for bankruptcy back in 2017, and now it will merge with Talos under their name, and Duncan will become CEO for both companies. The merger is further proof that Timothy Duncan wants it all.
The Stone Energy acquisition is another step in Talos Inc.’s plan to become premier company for gas and oil exploration offshore. In a statement provided by Duncan, the CEO reaffirmed his company’s mission, and expressed that Stone’s acquisition would speed the up development. In 2015, Talos won a bid for shallow exploration in Mexico. The bid struck pay dirt when it wrought 1.4 to 2 billion barrels of oil. Now with the purchase of IRT, and the merger with Stone, Talos is set to fully realize its goal. The discovery was made at the Zama-1 well in Mexico.
The completion of the merger will leave Talos stakeholders with 63 percent of the company, and Stone shareholders will retain the residual 37 percent. Initially the equity for market capitalization if figured at around $1.9 billion, with the stock price eleveating to $35.49. The newly formed combo company will begin trading at the New York Stock Exchange using the moniker TALO. The sale of Talos stock will also take the company public. Duncan is sure that the unified talent of both companies will grant the ability to pursue major exploration ventures. With their gain of shallow exploration in Mexico, the company is primed to become the name in offshore oil and gas production. The merger is expected to fully complete sometime next year, possibly within the first quarter, or early in the second.