Talos Energy announced the completion of its previously announced acquisition of EnVen Energy.
After completing the acquisition Talos has approximately 126,370,000 shares of common stock outstanding and a market capitalization of approximately $2.5 billion, assuming the closing share price as of February 10, 2023.
Talos President and Chief Executive Officer Timothy S. Duncan commented: “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.”
As previously announced, the combined company is led by the senior management team of Talos. In addition, in connection with the closing of the acquisition and as previously announced, Robert Tichio, the Riverstone Holdings representative serving on Talos’s Board of Directors, resigned from the Board of Directors, and Shandell Szabo and Richard Sherrill, two directors designated by EnVen, were appointed to the Board of Directors. The Board of Directors now consists of seven independent directors and Mr. Duncan.
