Europétrole, le portail de l'industrie du pétrole
 accueil | actualité française | actualité internationale | recherche | interviews | focus | actualité par entreprise | actualité pétrole/gaz de schiste 
Partager :

  • Talos Energy Announces Strategic Acquisition of EnVen Energy, Increasing Operational Scale and Improving Financial Profile Through the Addition of Oil-Weighted, Deepwater Assets with Significant Infrastructure
    édité le 22/09/2022 - Plus de news de "Talos Energy" - Voir la fiche entreprise de "Talos Energy"

Talos Energy Announces Strategic Acquisition of EnVen Energy, Increasing Operational Scale and Improving Financial Profile Through the Addition of Oil-Weighted, Deepwater Assets with Significant Infrastructure
Talos Energy Inc. (Talos) announced the execution of definitive agreements to acquire EnVen Energy Corporation (EnVen), a private operator in the deepwater U.S. Gulf of Mexico, for $1.1 billion(1). The strategic transaction expands Talos's Gulf of Mexico operations with high margin, oil-weighted assets, is accretive to Talos shareholders on 2023E Free Cash Flow per Share(2) and is immediately de-leveraging.

Consideration for the transaction consists of 43.8 million Talos shares and $212.5 million in cash, plus the assumption of EnVen's net debt upon closing, currently estimated at approximately $50.0 million at year-end 2022. Following the transaction, Talos shareholders will own approximately 66% of the pro forma company and EnVen's equity holders will own the remaining 34%. The transaction has been unanimously approved by each company's Board of Directors. Closing is expected by year end 2022, subject to customary closing conditions.

Key Transaction Highlights:

   - Adds ~24 thousand barrels of oil equivalent per day ("MBoe/d") of production (>80% oil, >90% operated).
   - Increases production by 40% and gross acreage by 35%, significantly increasing operational scale and diversity.
   - Doubles Talos's operated deepwater facility footprint, adding key infrastructure in existing Talos operating areas.
   - ~$460 million of 2022E Adj. EBITDA (~$630 million unhedged) and ~$170 million of 2022E Free Cash Flow.
   - >13% accretive to Talos shareholders on 2023E Free Cash Flow per Share.
   - Implied enterprise value representing 2.4x 2022E hedged Adj. EBITDA (1.7x unhedged), a discount to Talos's current metrics.
   - Immediately de-leveraging, with estimated year-end pro forma net debt ratio(3) of less than 0.8x.
   - At least $30 million in expected annual run-rate synergies to be achieved in 2023.
   - Reduces Talos's GHG Emissions Intensity with deepwater operating footprint.
   - Enhances Board of Directors with 7 fully independent directors plus Talos CEO.
   - Talos will introduce a proposal to eliminate its classified election structure such that all directors are elected annually.

Talos President and Chief Executive Officer Timothy S. Duncan commented: "This transaction adds significant scale and diversity to our business through logical, in-basin expansion with an excellent strategic fit. EnVen's high-margin, oil-weighted assets in key deepwater regions, operated infrastructure and significant overlapping acreage footprint will enhance our ability to accelerate shareholder value creation. The acquisition is financially attractive, expanding our operating margins and increasing Free Cash Flow per Share while immediately improving our credit profile before accounting for significant expected cost synergies. The enhanced cash flow profile will provide us with increased capital allocation optionality, including additional high-impact subsea tie-back opportunities, opportunistic acquisitions, accelerating our low-carbon initiatives and positioning Talos for a potential shareholder return of capital program in the future. We are excited for the numerous benefits that this transaction provides and look forward to closing around year end."

(1) Enterprise Value based on Talos share price as of September 21, 2022 and EnVen estimated capital structure at December 31, 2022.
(2) Free Cash Flow per Share presented before changes in working capital; accretion inclusive of $30 million in expected annual synergies.
(3) Year-End Net Debt ratio defined as estimated pro forma net debt at December 31, 2022 divided by last twelve months pro forma Adjusted EBITDA.

About Talos Energy

Talos Energy (NYSE: TALO) is a technically driven independent exploration and production company focused on safely and efficiently maximizing long-term value through its operations, currently in the United States and offshore Mexico, both through upstream oil and gas exploration and production and the development of carbon capture and sequestration opportunities. As one of the Gulf of Mexico's largest public independent producers, we leverage decades of technical and offshore operational expertise towards the acquisition, exploration and development of assets in key geological trends that are present in many offshore basins around the world. With a focus on environmental stewardship, we are also utilizing our expertise to explore opportunities to reduce industrial emissions through our carbon capture and sequestration initiatives along the U.S. Gulf Coast and Gulf of Mexico.

About EnVen

EnVen is an independent oil and natural gas company engaged in the development, exploitation, exploration and acquisition of primarily oil properties in the deepwater region of the U.S. Gulf of Mexico.

Origine : Communiqué Talos Energy

Voir la fiche entreprise de "Talos Energy"

Les dernières news de "Talos Energy"

Rechercher une news

française internationale

Les dernières news internationales

>> Toute l'actualité internationale     >> RSS
Recherche de news par tags

abu-dhabi acquisition adnoc aker-bp aker-solutions algeria algerie algerie alstom anadarko angola apache australia axens baker-hughes bechtel bg-group bp brazil canada carburant cbi cgg cheniere chevron china cnooc cnpc co2 commission-europeenne compressor conocophillips consommation cpdp deepwater discovery drilling e-on edf egypt engie engineering eni equinor equinor exxonmobil feed flng fluor fluxys foster-wheeler fpso france fsru fugro gabon gas gaz gazprom gazprom-neft gdf-suez ge germany ghana gnl gtt gulf-of-mexico guyana hess india indonesia inpex iraq italy jacobs kbr keppel licence lng lukoil lundin maersk-drilling malaysia mcdermott methanier mexico mozambique natural-gas neptune-energy nigeria nigeria north-sea norway novatek offshore oman omv opec pemex petrobras petrofac petronas pgnig pipeline platform poland production qatar qatar-petroleum qatargas raffinerie refinery repsol rig riser rosneft russia rwe saipem santos saudi-arabia saudi-aramco schlumberger senegal shale-gas shell socar sonatrach statoil subsea subsea-7 survey tap technip technipfmc texas total totalenergies tullow turbine uae ufip uk ukraine us vopak well wintershall wood-group woodside

Europétrole © 2003 - 2022