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Talos Energy becomes public company with closing of Stone Energy acquisition

Houston-based oil and gas producer Talos Energy LLC completed its merger with Stone Energy Corp., forming the publicly traded company Talos Energy Inc. in a deal worth about $2 billion.

Previously a private company, Talos went public by acquiring the publicly traded Stone Energy instead of executing an IPO, according to a May 10 report by the Houston Chronicle. The combined company started trading on the NYSE under the ticker TALO, according to a May 10 news release.

Upon deal closing, Talos entered into a new credit facility agreement with a $600 million initial borrowing base, of which $300 million is available, and liquidity of $450.0 million, including about $150.0 million of cash on hand. The company also has about 205 million barrels of oil equivalent of proved and probable reserves, 80% of which are liquids, as of year-end 2017.

Talos has exploration and production operations in the U.S. Gulf of Mexico and in the shallow waters off the coast of Mexico.