Talos Energy Inc. | February 15, 2023 | Read time : 02:00 min
Talos Energy Inc. announces that its previously disclosed acquisition of EnVen Energy Corporation has been finalized. The firm anticipates providing investors with 2023 financial and operational guidance for the merged company simultaneously with the full year 2022 results press release to be delivered on February 28, 2023.
Upon completion of the transaction, Talos will now have about 126,370,000 shares of outstanding common stock and a market value of approximately $2.5 billion, assuming the share price at the close on February 10, 2023.
Timothy S. Duncan, Talos President and CEO, stated, "We are excited to close the EnVen transaction, which adds significant scale and diversity to our business and integrate these high-margin, oil-weighted assets, operated infrastructure and overlapping acreage into our portfolio, strengthening our position as a safe, reliable, responsible operator in the Gulf of Mexico. The added scale and greater free cash flow generation ability also allows us to be even more competitive in our Carbon Capture & Sequestration business. I'm extremely proud of the Talos team for their strong focus and hard work and appreciate the continued support of the EnVen employees as we work together to ensure successful integration and realize the valuable synergies this transaction provides. We look forward to sharing our plans for the future in our upcoming earnings call."
(Source – PR Newswire)
As previously disclosed, the senior management team of Talos leads the merged firm. In addition, as previously stated, Robert Tichio, the Riverstone Holdings representative on Talos's Board of Directors, resigned, and Shandell Szabo and Richard Sherrill, two EnVen-designated directors, were added to the Board of Directors. Mr. Duncan joins seven independent members on the Board of Directors.
About Talos Energy Inc.
Talos Energy Inc. is a technically focused independent exploration and production company committed to maximizing long-term value through its operations, which are currently in the U.S. and offshore Mexico, both upstream through oil and gas exploration, manufacturing and downstream through the enhancement of future carbon capture and storage opportunities. As one of the significant public independent producers in the Gulf of Mexico, the firm harnesses decades of technical and offshore operational knowledge to acquire, explore, and develop properties in significant geological trends prevalent in many offshore basins around the globe. With an emphasis on environmental stewardship, it also explores the potential to minimize industrial emissions throughout the U.S. Gulf Coast and the Gulf of Mexico via its carbon capture and storage programs.