Tim Duncan And Talos Energy, Up For The Challenge

Tim Duncan, current CEO of Talos Energy, isn’t a man afraid of a challenge. He started career in oil industry back in 1996 as an Engineer, and, right before the oil market crash in 2012, he founded Talos. It was the perfect moment for a new company with plenty of capital to purchase assets from bankrupt companies. But it had plenty of risks. After the BP disaster and the additional mandates from the Obama administration, oil drilling became increasingly difficult and companies lost profits.

But where other companies see risk, Talos sees opportunity. The Gulf is one of the biggest oil producers at nearly 1.6 million barrels per day, and with the Trump Administration opening federal waters, Talos is in prime position to profit. Still, there were valid reasons for those oil companies to sell off their deep sea assets such as the 200 million dollar price tag for a well that has a 1 in 3 chance of turning up dry. With those kinds of costs, many companies fled to dry land where fracking promised a more secure profit. In spite of this, Talos entered into negotiations with Pemex, the Mexican state run energy company, to drill in the Sureste Basin.

This negotiation was particularly trying for Tim Duncan. Not only was the agreement with Pemex critical for Talos, but it coincided with Hurricane Harvey. While Mr. Duncan had planned the weather the storm in his Houston home, the flooding drove him and his family to higher ground. Tim Duncan was forced to finish the negotiations from his mother’s dining room table. But he never once flinched from the challenge. And that fearless dedication has paid off for Talos, in the last twenty-eight wells drilled in the Gulf region, only 7 have turned up dry, a far lower percentage than the average. And in the face of all turmoil, Tim Duncan has said “what I enjoy is the challenge of building something that other folks may come to the conclusion you can’t build anymore.” Could there be a worthier leader for a company who looks to profit where others fear the risk?

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