Deep-Sea Power Play: Talos Energy Acquires QuarterNorth for $1.29 Billion, Boosting Gulf Footprint

In a decisive move, publicly traded Talos Energy, based in New York, has announced a $1.29 billion acquisition of fellow American company, QuarterNorth Energy. This strategic agreement strengthens Talos' position in the deep waters of the Gulf of Mexico, expanding its valuable asset base.

This deal reflects a recent trend of consolidation within the oil and gas industry, following major mergers last year such as ExxonMobil's purchase of Pioneer Natural Resources and Chevron's acquisition of Hess. According to Timothy Duncan, Talos' Chief Executive, this acquisition marks "one of Talos's most significant milestones," paving the way for the company to develop into a leading offshore exploration and production player.

QuarterNorth contributes roughly 30,000 barrels of oil equivalent per day to Talos' production, which is expected to hold steady throughout 2024. With approximately 75% of this production oil and 95% operated by Talos itself, this strategic acquisition fuels the company's ambitions to dominate the deep-sea energy landscape.

• New York-listed Talos Energy has inked an agreement to acquire compatriot QuarterNorth Energy in a $1.29 billion deal, potentially widening its deep-water asset base in the Gulf of Mexico.

• Houston-based Talos Energy's acquistion of privately held QuarterNorth is the latest in a wave of consolidation that has reshaped the oil and gas sector, after megadeals last year by ExxonMobil to buy Pioneer Natural Resources and Chevron to acquire Hess.

• Talos chief executive Timothy Duncan said the acquisition “marks one of Talos's most significant milestones,” as it builds a large-scale offshore exploration and production company.

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• Talos said the acquisition would add “production of approximately 30,000 barrels of oil equivalent per day expected for the full year 2024, averaging about 75% oil from approximately 95% operated assets.”