After tapping the jackpot deep within the Gulf of Mexico, Talos Energy has become much better than before. The company announced that it would be undergoing a future merger with the Stone Energy Corporation. The decision came in after the board of directors of the company voted in favor of acquiring the Stone Energy Corporation. The company will then be renamed and rebranded as the Talos Energy Inc. Talos Energy is one of the largest oil and petroleum exploration firms in the country. Currently, they are stationed in the Gulf of Mexico, and they are continuing their operations gathering resources deep within the sea. The directors of both companies stated that the merging would be good for the growth of the Stone Energy Corporation and Talos Energy.
While the merging will take place in the months to come, the newly established organizational officials are now working to put the company at the New York Stock Exchange. Currently, Talos Energy has been given the ticker symbol named “TALO.” People who are behind this decision are backing it up, saying that trading the company open to the public would dramatically increase its value. According to reports, the total cost of the merger will be around $1.9 billion, and this is considered as one of the largest transactions in the history of the company.
The chief executive officer of Talos Energy, Timothy S. Duncan, stated that he is positive about the merger between the two companies. He is expecting more growth as the two companies merge, and he stated that their stock market value has the potential to skyrocket because of the merger. Another point raised by Timothy S. Duncan is the division of ownership that would take place after the merger – 63% of the new company would be under the control of the stakeholders from Talos Energy, while 37% of the remaining company would be under the control of the stakeholders from Stone Energy Corporation.
Talos Energy can extract 47,000 barrels of oil in the Gulf of Mexico each day. The company is dedicated to bringing only the best oil and petroleum products to their customers, and according to Timothy S. Duncan, they are still on the process of exploring the vast Gulf of Mexico in search for more oil and petroleum hotspots. He wanted to make the company the best when it comes to exploration and extracting the resources deep beneath the waters of the gulf.