Tim Duncan lives in Texas, Houston, and after the two days of Harvey’s equatorial distress, the roads were impassible. Duncan and his family were in danger. During this time Tim who is the Chief Executive Officer of Talos Energy was making a risky but important business deal together with other colleagues including Franklin of Templeton Investment. Riverstone, Apollo Management as well as Mackay Shield. Duncan had to ask for a private jet to help him move his family to his mother’s home. Duncan was making a risky deal of acquiring Stone Energy which was at the time undergoing financial challenges. The 45 years investor and the founder of Talos Energy knew how much he needed the deal done, and the hurricane was not to be an excuse. The deal was sealed after four months at his mother’s dining table.
After the completion of the deal, Duncan will be the new owner of Stone Energy and Talos will take over Stone Energy’s operations. Stone Energy has a revenue of about $900 million generation each year. Talos Energy will now have most of their asset in the Gulf of Mexico, helping the firm to lower their risk. Talos can be described as “classic wildcatter” taking opportunities of waters not only in the United States of America but also in the neighboring nation of Mexico. Even though the new company has a record of producing about 4800 barrels a day, Duncan and Talos Energy believes that they can do more. Duncan’s father owned an oil company, and he has also lived in different places among them Texas, New York and also Egypt. To know more about the company click here.
Before the Hurricanes, Duncan and his partners were negotiating on how they can settle $800 million debt, and according to his advisor Jerry Schhretter who is the Managing Director of Citi, despite the Hurricane, the deal would still be a challenge. Since 1996 Tim Duncan has worked in the oil drilling industry, and in 2012 he decided to established Talos Energy. Talos Energy acquires some Stone Energy assets, but the most promising asset is Pompano platform, which Stone Energy purchased from BP for $200 million.