Talos Energy recently bought the company Stone Energy to form one larger stronger company called Talos Energy LLC. It was determined that both companies would benefit greatly from the sale of Stone Energy Corporation to Talos Energy. As both companies were alike and had the same interests in the oil and natural gas commodity. Both companies were independently owned.
Stone Energy Corporation was similar to that of Talos Energy. Stone was an independent company that explored new grounds to find oil deposits. As well as the company had productive profitable wells already established in the Gulf of Mexico. Stone also had existing wells established in the Appalachia region.
Both companies drill and extract the oil, they ship the oil via tanker ships. The oil companies use tanker trucks to send crude oil to refineries to turn petroleum into more than just gas and oil. Petroleum products make plastic containers and products, the world uses daily. Oil that was not used in the refineries was either stockpiled in barrels for later use or it was sold to the highest bidder.
December of the year 2017 Stone Energy assets of stockpiled oil and natural gas totaled $32 and a half million dollars. November 2017 Stone Energy Corporation known as Sailfish Energy Holdings Corporation agreed to the sale of the company to Talos Energy. When the sale completed the two companies became Talos Energy LLC.
Once the sale became completed Talos Energy LLC. requested that the stocks of Stone Energy (SYG) be unlisted from the New York Stock Exchange. The Stock Symbol for Talos became (TALOS) on the NYSE or New Your Stock Exchange.
Both energy companies gained blocks of acreage in and around the Gulf of Mexico. The companies have rigs in 5 other states along the coastal areas of Texas, Mississippi, Alabama, Louisiana, Mexico. The two companies were producing over 47,000 barrels of oil or more per day.
Stone Energy Partnered with other oil conglomerates before the sale like Deep Gulf Energy lll LLC, Rampart Deep, and Ridgewood Energy Corporation managed these companies. Therefore, Talos Energy Gained a valuable asset through the purchase of Stone Energy.
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