Talos Energy to Sell Subsidiary Firm Talos Low Carbon Solutions to Total Energies

CCS Talos Energy to Sell Subsidiary Firm Talos Low Carbon Solutions to Total Energies

2024-03-26 Source: Press release Talos Energy 1 min Reading Time

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Total Energies has plans to purchase Talos Low Carbon Solutions for 125 million dollars. The deal will include the sale of Talos' entire carbon capture and sequestration business comprising of three projects along the U.S. Gulf Coast.

The sale includes Talos' entire CCS business, including its three projects along the U.S. Gulf Coast: Bayou Bend CCS, Harvest Bend CCS and Coastal Bend CCS.(Source: Pixabay) — The sale includes Talos' entire CCS business, including its three projects along the U.S. Gulf Coast: Bayou Bend CCS, Harvest Bend CCS and Coastal Bend CCS.
(Source: Pixabay)

Texas/USA – Talos Energy has entered into an agreement for the sale of its wholly owned subsidiary, Talos Low Carbon Solutions (TLCS), to Total Energies E&P USA for a purchase price of 125 million dollars plus customary reimbursements, adjustments and retention of cash, combined totaling approximately 148 million dollars. Talos intends to use the proceeds from the sale to immediately repay borrowings under its credit facility and for general corporate purposes.

The sale includes Talos' entire carbon capture and sequestration (CCS) business, including its three projects along the U.S. Gulf Coast: Bayou Bend CCS, Harvest Bend CCS and Coastal Bend CCS. Talos may realize additional future cash payments upon achievement of certain milestones at the Harvest Bend or Coastal Bend projects or upon a subsequent sale of these projects by Total Energies. Robin Fielder, Talos Executive Vice President, Low Carbon Strategy and Chief Sustainability Officer, will continue to serve in her role for a transition period before leaving Talos to pursue other opportunities.

Talos President and Chief Executive Officer Timothy S. Duncan stated: "Since TLCS's inception, we have successfully applied our energy expertise as an early mover aimed at developing decarbonization solutions along the U.S. Gulf Coast. Strong market interest during our capital raise provided the strategic option to fully monetize the business to Total Energies, an established global leader in CCS development. Robin and our entire CCS team did an outstanding job crystallizing value for Talos shareholders for a strong financial return. The transaction will further enable Talos to prioritize cash flow generation and optimal capital allocation in our core Upstream business. We are also continuing to explore business development and strategic M&A opportunities."

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