Talos Energy and Stone Energy Become Larger with Merger

The announced merger between Talos Energy LLC and Stone Energy Corp has finished, resulting in the two companies combining into Talos Energy, Inc. The new company is headed by Talos Energy LLC CEO Timothy Duncan and a Board of Directors that will consist of six Talos executives and four Stone executives.

The merger was approved universally by both companies Board’s as well as through a shareholder vote. Shareholders of Talos Energy LLC ended up owning 63% of Talos Energy, Inc., while Stone shareholders got the other 37%. With an increased exploratory and production capacity, shares of the new company are expected to be of similar or greater value for said shareholders from both companies.

Now possessing over 1.2 million acres of land, Talos Energy, Inc. is poised to become a, if not the, major player in the Gulf of Mexico energy production industry. Estimated value of all assets exceeds $2.28 billion. With a production capacity estimated at 47,000 barrels a day and over 136 million barrels still in the ground, excluding the recent Zama field find of up to 2 billion barrels, Talos isn’t going away anytime soon.

Among the acreage owned by Talos is 160,000 acres off the coast of Mexico, where the above mentioned Zama field was found. Mexico only recently began leasing out offshore resources to private companies, and Talos’ Zama field find made their investment in Mexico worthwhile. As said above, Zama may be up to 2 billion barrels worth of oil and with the increased capacity of the new Talos after merging with Stone, development is expected to proceed apace in short order.

The increased capital and production capacity of the new Talos means that not only will the Zama field get developed quickly, but also that other potential drilling sites can be explored while maintaining operations at other fields, such as Phoenix and Pompano fields. Combined with increased capital, borrowing power and other assets, the merger seems to have been the best outcome for both companies. As Stone chairman Neal P. Goldman remarked, it is a profitable deal for both companies and shareholders alike.

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