There is only a small breed of people who naturally talented such that they can negotiate the biggest deal of their lives amidst a crisis. When such a list is made, be sure that the name of Talos Energy Chief Executive Officer and President, Tim Duncan will appear at the top.
Tim Duncan was at home with his wife and his 6-year-old son when hurricane Harvey wrecked havoc in Kingwood Texas. As usual, the power went out, and word started spreading six feet floodwaters were sweeping across the streets destroying property and taking away lives. The 45-year-old executive took his family plus their two dogs into a rescue boat and then called for a private plane that took them his parents’ home in Alabama.
A few months before hurricane Harvey, Tim Duncan was beside himself. He had been planning one of the biggest deals of his life where the privately Talos Energy was set to merge with the publicly traded Stone Energy Company. The deal would cost Talos Energy a whopping $2.5 billion. Tim realized that the risk was too big for Talos Energy, but if everything went on as planned, it would be the best thing that ever happened to Talos Energy.
Hurricane Harvey was not subsiding, and it is at that point that Duncan realized that he had to carry on with his plans. For the next few weeks, Tim converted his mother’s dining room into an office where he would work until late into the night. He managed to close the entire merger deal from his mother’s dining room.
Details of the merger with Stone Energy
The merger allowed Talos Energy to take over the operations of an oil company which was making more than $900 million before the acquisition. Talos Energy has taken the bold move of taking most of their assets to the Gulf of Mexico where there is an enormous operating risk. A drilling platform in the Gulf of Mexico costs hundreds of millions of dollars without considering the catastrophic occurrences such as Hurricane Rita destroyed drilling equipment worth millions of dollar in 2005. With the merger, Talos will now manage to produce more than 48,000 barrels per day.
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