Tim Duncan serves Talos Energy as the Chief Executive. He spent months working on a $2.5 million merger with Stone Energy to make Talos Energy a public entity without an expensive public offering. Hurricane Harvey brought destruction to where he lived in Texas so he took his family to Alabama. He returned to Texas where he stayed with his parents and continued working on the deal. He was successful and the merger was completed in May. Talos took over the listing for Stone Energy and Tim Duncan now runs an oil company with a $900 million yearly revenue.
The majority of the assets for Talos Energy are in the Gulf of Mexico. The cost for a drilling platform is hundreds of millions due to the risk of a catastrophic spill. Talos Energy is considered a wildcatter and takes chances of wells in the United States and Mexico. Their current daily production is 48,000 barrels.
Tim Duncan spent his childhood in Florida, Texas and Egypt as the son of an oil man. He views a crisis as an opportunity and manages to make the most of the toughest situations. The Phoenix field is the biggest asset for Talos Energy. Chevron was the developer until their platform was capsized in 2015 by Hurricane Rita. Talos Energy cleaned up the mess and currently pumps 16,000 barrels every day from the Phoenix field. After a reexamination of the seismic data, the conclusion is the output will increase. Talos inherited the Pompano platform from Stone and this is the companies most promising asset and more
Talos Energy was founded by Tim Duncan in 2012 with equity funding from Apollo and Riverstone for $600 million. The cost of the Phoenix field in 2013 was another $620 million. The oil market crashed a year later and Talos Energy is in the position to capitalize on the rebounds. Next to the Permian Basin, the gulf is the nations largest oil province with 1.6 million barrels pumped every day. The United States treasury receives $3 billion annually because the majority of these resources are located in federal waters. Talos Energy has a good track record with seven hits out of 28 attempts.