Independent oil and gas company Talos Energy releases its third quarter financial results for 2018 after a merger with Stone Energy. CEO Timothy Duncan said in a press release in November that he’s pleased about combining Stone Energy Corporation with Talos. Now that both companies are Stone Combination’s wholly owned subsidiaries, Talos is the financial recorder and reporter. The report comprises of items on the balance sheet and income statement for Talos before May 10th, 2018 which does not include Stone before that time.
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Duncan believes third quarter financial represents production growth, drilling inventory expansion, and key milestone achievements with offshore projects in Mexico. The company generated a cash flow over the capital program expectation. Talos Energy showed millions of dollars that are liquid, the end of 2018 and cash exceeding $80 million. The company also has access to a large line of credit. The net income for the third quarter is favorable while its financial position is considerable high in long-term debt.
The results of 2018 third quarter financial make Timothy Duncan confident in starting the deep water campaign for Talos Energy by the end of December of this year. The company is planning to start on the Zama discovery program in Mexico during the same time. They will focus on bringing a large production online by the end of the second quarter of 2019. He said since the Stone and Talos merger; he has seen a lot of progress within six months. Their commitment to continuous production and reserves growth is being accomplished by creating value opportunities.
Talos Energy has operations in the US Gulf of Mexico and the Coast of Mexico with the focus on acquisition, exploration, development, and exploitation of deep and shallow waters. After the merger with Stone, the company had over $2 billion in assets, $700 million of debt, and an additional 48,000 barrels of daily oil production. From 2013 to 2017, the oil and gas company received honors from Houston Chronicle as Top Workplace. Talos offers great benefits and incentives to their personnel and promotes life and work balance in the working environment.
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