Energy is the name of the game, and as the old saying goes, “may the best man win.” Talos Energy is in it to win it. Of course, the same goes for everyone who goes into business doing anything. Success is always the ultimate goal. Those who can’t compete go out of business. It’s sad, but true. It is a tough world, and this particular tough world runs on oil.
It’s safe to say that everyone alive depends on oil in some way. Virtually everything mankind manufactures today, and for quite some time now, depends on crude oil, again, in some small way. There are those who may say that agriculture is all natural and good, however, the machinery used to cultivate large crops runs on fuel. Even if the machinery didn’t run on fuel, the raw materials needed to make heavy equipment, and manufacture it, require serious energy. Even the teeny tiny screws holding your cell phone together are composed of high quality steel which has to be mined and manufactured. The glass screen on your cell phone has to be melted and manufactured. Even the so called “Alternative Energy” methods require equipment that cannot even be manufactured without fossil fuel, or crude oil. For example, solar panels can’t even be made without crude oil. So, even alternative energy relies on fossil fuel. It’s a tough equation, but the answer is pretty much the same every time: Oil.
The entire population will throw their opinions into the ring all day long, making arguments for and against fossil fuel. The debates get heated at times (no pun intended) yet the demand for oil only ever increases. Thankfully there are great, capable people out there willing to dedicate their lives to extracting the black gold that already exists right here on the good Earth. Talos Energy is a team of staggeringly experienced people in the most important field of energy. Exploration and exploitation of the valuable resources in America are their specialty, and since we all depend on oil in one way or another, we should all be rooting for team Talos. Who else is going to get that oil, you? No, of course not. We the people only ever take advantage of energy brought to us by these very hard-working people. We complain about the prices all the time, however, I suspect that we would stop complaining so much if we had to get our own oil.
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Talos Energy is a Houston-based oil and gas company that performs offshore exploration and production. This company was founded in 2012 by Tim Duncan, John Harrison, John Parker, and Stephen Heitzman. They have a number of assets in and around the Gulf of Mexico.
Chief Executive Officer Tim Duncan says that he was in the midst of completing a $2.5 billion merger between his company and Stone Energy when Hurricane Harvey hit the Houston area. His home was flooded and so he evacuated his family out of state where they would be safe. He, however, needed to stay put in order to finish the merger negotiations. He ended up staying at his parent’s house where he spent several weeks continuing to negotiate with the team at Stone Energy Company.
Tim Duncan recalls that he told himself he couldn’t use Hurricane Harvey as an excuse to not getting this deal completed. He says that he worked from the kitchen table late into each night until the two parties came to an agreement. The main consequence of this deal was that, as Stone Energy was a publically traded firm, once the two companies merged Talos Energy took over the public listing.
After the merger was completed Talos Energy became a company with $900 million in annual revenues. Virtually all of their assets are in and around the Gulf of Mexico. Their balance sheet is also in great shape with $2.3 billion in assets and $700 million in debt. However, they take a high risk/high reward approach so where they drill the platforms can cost up to a few hundred million each.
Tim Duncan says that most oil drilling companies stick to the Permian shale. He says that while that is a safer bet the problem is that the wells stop producing after a few years. Where Talos Energy drills for oil it is more risky with one out of three drillings turning out to be dry. However, when oil is hit it can produce oil and gas for a decade. It is for this reason that Talos Energy has not joined the stampede to onshore drilling.
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Obsidian Energy is a conventional gas and oil producing company situated in Alberta, Canada. It recently changed its name from Penn West Petroleum following a continuing resolution in the company’s structure. In June 2017, a vote for the name change was conducted during the shareholders AGM with 92% of the votes favoring the resolution. David French the company’s CEO stated that they plan to oversee a moderate growth in the next few years with budgets tightly tied to the prices of gas and oil. The name change would cover the company’s high levels of debt, a crash on commodity price and an accounting scandal in 2017 that made investors act on lawsuits that had been settled in the previous year.
In mid-2014, Penn West Petroleum announced that they were experiencing improper classification of expenses that had led to the loss of so much money in millions. The situation forced them to restate their reports of finance from 2012 to March 2014. The scandals forced the company to reduce the employees count from 1,400 to about 400 and their product from 135,000 to 28,000 oil barrels in a day. Obsidian Energy then used their asset sales to reduce their net debt from about $3 billion in 2013 to $384 million in March 2017. In November 2017, they announced that they had settled a lawsuit filed by the US SEC in June 2017 concerning the 2014 restatement of particular financial results with $8.5 million. The settlement terms required the company to pay the stated amount without denying or admitting the allegations. This move would restore the company’s long-term Legacy.
Obsidian runs under three principles; innovation and relentless progress pursuit, disciplined commercial and technical decision making to protect and build enterprise value, and transparent and accountable efforts with their partners, shareholders, and operational communities. Obsidian Energy is now well-positioned with a balance sheet that’s healthy, a hedging strategy that is prudent and right assets that would allow it to set performance standards even in environments with lower prices. Its operations would now be different from those of Penn West Petroleum since it is now a smaller company whose maintenance will be easy to handle.
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