Talos Energy Inc. has completed its previously announced strategic merger with Stone Energy Corp. The combined company began trading May 10 on the New York Stock Exchange under the new ticker symbol “TALO,” according to a news release.
The company is headquartered in Houston.
“This is a transformational combination, in which shareholders will greatly benefit from our increased scale and liquidity,” CEO Timothy S. Duncan said in a news release. “Talos is very well positioned to capitalize on its high quality asset portfolio and returns focused capital programs in the U.S. Gulf of Mexico and offshore Mexico as well as take advantage of potential business development opportunities. We deeply appreciate the efforts of everyone involved in getting us to this point.”
At the closing, Talos said it has:
- Entered a new credit facility agreement with an initial borrowing base of $600 million, half of which is available;
- Liquidity of $450 million, inclusive of about $150 million of cash on hand, net of transaction related costs; and
- Pro forma year-end 2017 2P Reserves, at SEC pricing, of about 205 MMBoe—roughly 80% liquids. Of about 150 MMBoe are proved reserves. The reserves include pro forma reserves for the Ram Powell acquisition, which was disclosed by Stone Energy Corp. in a filing with the U.S. Securities and Exchange Commission on April 27.
The company said it plans to provide detailed financial and operational guidance in the coming weeks.
Recommended Reading
US Appeals Court Upholds FERC Approvals for Gas Pipeline Expansion
2024-05-02 - A unanimous three-judge panel of the U.S. Circuit Court of Appeals for the D.C. Circuit held that the Federal Energy Regulatory Commission was right to determine the Evangeline Pass Expansion project is functionally separate from four related gas infrastructure developments.
Enterprise Targets FID for SPOT Project by End of 2024
2024-05-01 - Enterprise Products Partners’ co-CEO disputed capex figures reported in the media regarding its Sea Port Oil Export Terminal.
US Reforms Green Law to Speed Clean Energy, Infrastructure Permits
2024-04-30 - The reforms are the second and final phase of adjustments to the National Environmental Policy Act, or NEPA, by the Biden administration.
Canadian Railway Companies Brace for Strike
2024-04-25 - A service disruption caused by a strike in May could delay freight deliveries of petrochemicals.