Talos, Stone Energy to merge

Talos Energy LLC and Stone Energy Corp. have agreed to merge in an all-stock transaction that will create Talos Energy Inc.

Offshore staff

HOUSTON and LAFAYETTE, Louisiana – Talos Energy LLC and Stone Energy Corp. have agreed to merge in an all-stock transaction that will create Talos Energy Inc., an offshore-focused E&P company.

The transaction is expected to close in late 1Q or in early 2Q 2018.

At closing, Talos stakeholders will own 63% of the combined company, with Stone shareholders owning the remaining 37%.

Talos CEO Timothy S. Duncan will be CEO of Talos Energy Inc. Neal P. Goldman will serve as non-executive chairman of the board of directors.

The combined company’s board of directors will be comprised of 10 members, including six members designated by Talos and four members designated by Stone from its current board.

The new company will be headquartered in Houston, with additional offices in Lafayette and New Orleans.

The combined company will have proved reserves of 136 MMboe as of June 30, 2017 based on SEC prices, which are 69% oil and 74% located in thedeepwater Gulf of Mexico.

11/21/2017

More in Business Briefs