Tim Duncan knows better than to waste time and resources on onshore oil fields; He would much rather take a chance on drilling more wells in the Gulf of Mexico and take a chance in the deep waters. In late 2017, Hurricane Harvey ripped through the city of Houston, Texas during the middle of a $2.5 billion merger negotiation that had already taken Tim months to advance as far as it was.
As the flood waters rose, Tim knew that he had to take his family to safety; Tim carted his wife, son, and pets to a FEMA rescue boat in the waist-high waters of his Kingwood neighborhood. Once they had found safety out of the flood, Tim Duncan and his family found refuge with his parents in their Houston home, which was luckily left high and dry. From his mother’s dining room table, Tim would continue bargaining for the public, yet failing, Stone Energy, until the deal wrapped up in his favor.
Now that the two companies could merge, Talos Energy would a public entity, without costing the public a dime. In May, stockholders would see a new ticker in the market, TALO, which would combine both of the companies. Though it may seem that taking on such a significant risk would be daunting, Tim was never known to shy away from a challenge. Stone energy came with a whopping $700 million debt but boasts a significant $2.3 billion in assets; Therefore, the possibilities for success are there, and with that, shareholders can find some comfort in Mr. Duncan’s work. Since the new company started drilling in the Gulf of Mexico, it has produced nearly 48,000 barrels of natural gas a day and anticipates that those numbers to climb rapidly in the future.
Now that this new challenge is on the climb to success, Tim can get back to a healthy life. After Harvey, the storm left Tim’s home in ruins, and so the house was knocked down to its studs, and even still, Mr. Duncan hold’s his head high and works diligently to produce and exploit natural gas and oil in the Gulf of Mexico.
Talos Energy’s Facebook Page.