The Gulf of Mexico is abundant in natural resources, and companies like Talos Energy are quickly scooping up acreage when they can. Recently, the federal lease sale hosted many top-tier establishments who actively search for and exploit oil and gas resources.
Though they had plenty of competition at the sale, Talos Energy took all 14 blocks that were up for grabs. With eight shallow water and six deepwater locations, they are sure to continue their massive success in the Gulf of Mexico.
There are many industry leading companies that focus their time with onshore drilling, but Tim Duncan and the corporate team at Talos are daring enough to stick to the Gulf. Talos Energy recently acquired Stone Energy after a grueling negotiation process during Hurricane Harvey in 2017. It wasn’t until May 2018 that shareholders would note the new ticker at the NYSE, TALO, which represents the newly formed company.
Stone Energy may have come with a massive deficit, but a substantially higher margin of success masks that red mark. The most significant asset that came with the merging of Talos and Stone Energy is the Pompano Platform which Stone acquired from BP for $200 million.
Talos Energy has an even more profitable location in the Gulf of Mexico known now as the Phoenix Field. Initially owned by Chevron, the Phoenix Field, formerly the typhoon field, lies 165 miles south of New Orleans. A platform was built and tethered to the sea-floor 4,000 feet beneath the surface, and the company drilled six wells at the location. When Hurricane Rita ripped through the Gulf of Mexico, the platform was toppled into the water and drifted nearly 60 miles away.
Many companies wouldn’t want the hassle of cleaning up after such a disaster, but Talos Energy is not a corporation that steers away from difficult endeavors. Since they have cleaned up the catastrophic mess, Talos Energy now produces more than 16,000 barrels of oil a day which is picked up by an exclusive ship called the Helix Producer.
The Helix Producer is also responsible for helping with the BP disaster that leaked four million barrels worth of oil into the Gulf of Mexico after a problem with their Macondo field in 2010.