The roads were blocked in Tim Duncan’s neighborhood in Kingwood, Texas after Hurricane Harvey hit. Tim Duncan put his wife, his son, and two dogs into a rescue boat. Duncan is Talos Energy’s Chief Executive Officer. He had planned a $2.5 billion merger with Stone Energy for four months. It would make his company a public entity without a public offering expense. He then went to Houston to camp out at his parents’ house. He negotiated the merger from their kitchen table. Most of his company’s assets will be in the Gulf of Mexico. Talos Energy takes chances on wells in Mexico and the U.S. The merger led to the production of 48,000 barrels each day.
Tim Duncan grew up in Egypt, Florida, and Texas as the son of an oil-company man. During the hurricane, he was also negotiating with Mackay Shields and Franklin Templeton Investments. His company’s largest asset is the Phoenix field. Chevron developed it by drilling 6 wells and installing a production platform. In 2005, the platform was capsized and carried away by the waters of Hurricane Rita. Talos now pumps 16,000 barrels each day in the Helix Producer ship. Talos is inheriting the Pompano platform from Stone Energy. Talos can combine new discoveries with the preexisting infrastructure.
Duncan began his oil industry career in 1996 with Zilkha Energy. He helped start Gryphon Exploration in 2000. He co-founded Phoenix Exploration in 2006, and he sold it to Apache Corp. in 2011. The offshore industry was negatively affected by the drilling moratorium. In response, Duncan founded Talos Energy in 2012. The company bought the Phoenix field and other assets for $620 million. The oil market crashed soon after causing companies to go bankrupt.
The Permian Basin is still pumping 1.6 million barrels each day. Talos has hit seven dusters in 28 drilling attempts in the last three years. Talos acquired auctioned acreage in Mexican water thanks to Tim Duncan. He is ready to get back home and fix his house up that has been under muddy water for three days.
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