Forty-five year old Tim Duncan is a risk taker at heart. Son of an oil-company man, Duncan spent his growing up years in Egypt, Florida and Texas. Some of his colleagues, however, would say he has the flare and panache of a New Yorker. Jerry Schreller, a managing Director at Citi, who has worked with Tim Duncan for years, states: “For Tim, crises are an opportunity.”
Today Duncan serves as the CEO of Talos Energy, and has proven that this risk-taking spirit can pay off. Recently Mr. Duncan and his ventures with Talos Energy were covered in an article in Forbes magazine (see: “Deepwater Wildcatter: Meet Talos Energy, The New Gulf of Mexico Pure Play” — by: Christopher Helman, Forbes, May 31, 2018 https://www.forbes.com/sites/christopherhelman/2018/05/10/deepwater-wildcatter-meet-talos-energy-the-new-gulf-of-mexico-pure-play/#2da8244352ff ).
The article outlines a number of high risk, yet ultimately profitable, bets that Talos Energy (“Talos”) has made in the off-shore drilling market. Under Mr. Duncan’s leadership, Talos Energy resisted the temptation, exercised by many other oil companies, to make a land grab for easier sources of petroleum resources and revenue. On the mainland in the southern United States lies the Permian Basin. Here new technology, such as hydraulic fracturing, has been applied to old resevoirs to produce new yields, profitably and at lower risk than off-shore drilling. This land race became most pronounced after the Obama administration implemented an off-shore drilling moratorium following the British Petroleum (BP) catastrophe.
In a contrarian move, Duncan founded Talos in 2012. In 2013 Talos acquired the Phoenix field in Gulf of Mexico. His bet was on the Gulf being the biggest oil province in the nation, next to the Permian Basin. Duncan and Talos Energy made some savvy investments, as offshore oil companies like Fieldwood Energy and Energy XXI limped toward bankruptcy. Talos was able to pick up assets for pennies compared to their peak market values.
Winding forward to the present day, Talos has been able to reap the benefits of their seemingly risky investments. President Trump has authorized more off-shore oil exploration in the Gulf of Mexico, and the future looks bright for Talos Energy.
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