Each one in plain English, with the numbers worked through for a shareholder.
22 Sept 2022business combination▲ GoodMajor
Talos announced it had agreed on September 21, 2022 to acquire EnVen Energy Corporation under a merger agreement, and furnished an investor presentation and call transcript on the deal. The transaction was subject to Talos and EnVen stockholder approvals and other closing conditions.
Talos disclosed that it signed the EnVen merger agreement on September 21, 2022. EnVen holders get 43.8 million Talos shares plus about $212.5 million in cash, leaving them with about 34% of the combined company, and two EnVen designees join an eight-member board.
Talos filed its 10-Q for the quarter ended June 30, 2022. It covered the second-quarter results, including the Bayou Bend CCS joint venture expansion with Chevron and the repayment of the 7.5% Notes at maturity.
Talos reported second-quarter 2022 revenue of $519.1 million and net income of $195.1 million, with production of 65.4 MBoe/d. It cut leverage to 1.0x by repaying $146.1 million of debt and ended the quarter with record liquidity of $702.2 million.
Talos gave a preliminary second-quarter 2022 update, estimating production of 65.0 to 65.5 MBoe/d (about 67% oil) and realized cash hedge losses of about $160 million. It also repaid $146 million of debt, cutting the credit facility balance to $200 million.
Riverstone Talos Energy Equityco LLC, Riverstone Talos Energy Debtco LLC, ILX Holdings II, LLC, Riverstone V Castex, Riverstone V Talos Holdings, L.P, Riverstone Energy Partners V, L.P, Riverstone Energy GP V, LLC, Riverstone Energy GP V Corp, Riverstone Holdings LLC &#, Riverstone/Gower Mgmt Co Holdings, L.P. &#, Riverstone Management Group, L.L.C. &#, David M. Leuschen &#, Pierre F. Lapeyre, Jr. &# reported a TALOS ENERGY INC. shareholding of 12,291,914 shares (14.90% of votes) in a periodic institutional filing.
Riverstone Talos Energy Equityco LLC, Riverstone Talos Energy Debtco LLC, ILX Holdings II, LLC, Riverstone V Castex, Riverstone V Talos Holdings, L.P, Riverstone Energy Partners V, L.P, Riverstone Energy GP V, LLC, Riverstone Energy GP V Corp, Riverstone Holdings LLC, Riverstone/Gower Mgmt Co Holdings, L.P, Riverstone Management Group, L.L.C, David M. Leuschen, Pierre F. Lapeyre, Jr reported a TALOS ENERGY INC. shareholding of 13,295,898 shares (16.10% of votes) in a periodic institutional filing.
Talos held its first analyst and investor day, citing about 100 prospects with roughly 1.1 billion barrels of oil equivalent of unrisked resource potential. It also announced the closing of the expanded Bayou Bend carbon capture joint venture with Carbonvert and Chevron.