Talos Energy Of Houston Continues Its Expansion In The Oil And Gas Industry

Talos Energy, Inc. is a dynamic firm in the oil and gas industry which was founded in Houston, Texas, in 2011. It’s founders were Stephen E. Heitzman, John A. Parker, and Timothy S. Duncan. Duncan is the president and chief executive officer, Heiztman is an executive vice president and chief operating officer, while Parker is the executive vice president of exploration. Their firm has holdings in the Gulf Coast as well as deeper in the Gulf of Mexico where they operate multiple offshore drilling platforms.

This company was established in 2011. For the past five years, they have been recognized as one of the Top Work Places in Houston by the Houston Chronicle. Their strategy is to recover oil and natural gas through the use of new technology that had been previously unreachable. They acquire the rights to areas and explore and exploit it through the use of their seismic database and other resources. Their management and employees have a lot of experience when it comes to operational geophysical, and geological processes.

Talos Energy has made a few mergers and acquisitions in the past few years. The latest one involved Whistler Energy II, LLC, which was also based in Houston. They are now a subsidiary of Talos Energy was they acquired Whistler Energy as of August 31, 2018. Whistler Energy had produced about 1,900 barrels of oil so far from their wells in the United States year to date. Talos Energy paid $52 million in this transaction.

During the negotiation to buy Whistler Energy, Talos Energy’s Tim Duncan was able to negotiate a release of around $77 million of its cash collateral. This money had been held in reserve in order to secure their surety bonds. Of this money, Talos Energy got $31 million while the seller got the remaining $46 million. Whistler Energy had $7 million in cash as of the day this deal closed which was also acquired by Talos Energy. In all, Talos Energy had to spend $14 million in order to acquire Whistler Energy once you take out the cash considerations.