It is said that mother nature discriminates against no one, not even CEO of Talos Energy Tim Duncan. After two days of nonstop rain and wind from Hurrican Harvey, Tim Duncan’s Kingwood, Texas hometown was overcome with over 6 feet of floodwaters. Duncan and his family were then forced to evacuate via FEMA rescue boat.
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— talosenergy (@talosenergyllc) February 12, 2013
Although the flood would have been a bad enough situation for anyone, for Tim Duncan it was more than just an inconvenience, it could have cost his company a huge opportunity to grow. Tim Duncan was in the midst of working on a $2.5 billion merger deal that would see Talos Energy taking over a recent bankrupt Stone Energy Corporation. The merger would mean that Talos Energy would be able to become a public entity without having to go into an expensive public offering.
Not wanting to use the flood as an excuse to give up or produce poor results, Duncan would take shelter in his mothers Houston home (one of the few dry spots in Houston) and continue his work from the homes dining room table. A few months later in May, Tim Duncan and Stone Energy reached a deal to a merger. Tim Duncan would now lead a company with almost $900 million in annual revenue and most of its assets in the Gulf of Mexico. Although contrary to many experts stating that the Gulf is a very risky area to own platforms, Duncan knew that the $700 million in debt compared to its $2.3 billion in assets was enough of an offset to move forward with the merger. It is often said that Talos Energy tends to take over projects with high risk, though this is merely a mirror characteristic of its Chief Executive Officer Tim Duncan. In fact, managing director of Citi Jerry Schretter has stated publicly “For Tim, crises are an opportunity.”
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