Tim Duncan says that he prefers taking big chances for big rewards. He is the Chief Executive Officer of Talos Energy as well as one of its co-founders. He says that he would rather take his chances discovering oil in the Gulf of Mexico than be a piker who tries to find oil in old onshore oil fields.
It was while he was in the middle of negotiating a huge merger for his company that Hurricane Harvey blasted into the greater Houston area. Tim Duncan’s home in Kingwood was one of the cities that was flooded by deep water. He says that once he got word that another 6 feet of water was headed his way that he got his family out of the house using one of the FEMA rescue boats.
After getting his wife, kids, and dog out of Texas to a home in Alabama he had to stay in the Houston area in order to finish this critical merger. As his parents nearby home was above flood waters and had power he decided to set up camp there. He said this was a risky transaction but if it worked out it would be very beneficial for Talos Energy. He wanted to merge with another oil company, Stone Energy Company, because they were publically owned. By merging with them his own company would become publically owned without going through the usual initial public offering.
Tim Duncan was able to negotiate a $2.5 billion deal with Stone Energy from his parent’s dining room table. This was a deal that took him about six months to complete with the last several of them being at his parent’s home. He said that while the deal had big risk, with Stone Energy being in bankruptcy, just like shooting for a big win in Gulf of Mexico the risk was well worth it.
Talos Energy is now a company with around $900 million in annual revenue. They drill for oil in both American and Mexican waters. It was one of the first international companies that Mexico allowed to explore for oil as in the past it was only the state-run oil company that could do so.
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