Talos Energy Sinks A New Offshore Oil Well In The Sureste Basin

The last time a private company sunk an oil well in Mexico was eighty years ago. The new offshore well is an attempt to bring foreign competitors into the energy markets. Mexico’s Sierra Oil & Gas along with Talos Energy LLC and Premier Oil Plc have joined forces to start the drilling of the well. The only offshore explorations since 1938 have been launched by state run monopolies. This was when Mexico nationalized their oil industry.

The location of the new well is in the Sureste Basin off the state of Tabasco and the estimation on the barrels of crude it contains are from 100 to 500 million. The estimated drilling time required is ninety days with an expected cost of $16 million. The three companies were given prospecting rights in 2015 when Mexico opened their first round of bidding to private investments.

The well is significant since it is the first since the Mexican waters have been opened due to the new reform process of the country. The oil industry will be keeping close tabs on this particular well. The basins structure indicates a high geological rate of success. As the operator, Talos has a 35% stake, Sierra 40% and Premier 25%.

Talos Energy is based in Houston, Texas and is a privately held oil and gas company. They have acquired Energy Resource Technology which is a subsidiary of Helix Energy. The company is located in the gulf of Mexico and was purchased for $620 million. They average 16,155 barrels of oil each day.

Talos Energy is a portfolio company and affiliated with Riverstone Holdings and Apollo Global Management. Talos Energy has $600 million in equity that was committed in February of 2012. Talos Energy is classified as a private upstream company specializing in both gas and oil. They place their main focus on exploring and acquiring gas and oil properties located on the Gulf of Mexico and the Gulf Coast.

Apollo Global Management, Talos Management and Riverstone Holdings LLC are the main backers for Talos Energy. Their backing comes from investment funds associated with the companies.

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Bruce Bent II: A World Class Business Person

Bruce R. Bent II is an established entrepreneur who is serving as the current vice-chairman to the Double Rock Corporation. The company deals with the incorporation of technology to simplify finances and cash management. Bruce is also the former president of the Reserve Management Company which was started by his father Mr. Bruce R. Bent together with his partner Henry Brown. Birthed in 1970, it was the very first money market fund in the World.

Bruce Bent II is most known for his amazing inventions in the field of short-term asset management. He is the successful owner of over sixty patents which are all privately owned. Before 2008 when Bent stopped working with the Reserve Management Company, it was through Bruce’s able hands that the company increased in net worth from $4 billion to over $130 billion, making it the second largest money market fund worldwide. All this he accomplished in a record time of seventeen years. Given the lots of positive reviews and recommendations, his business empire is growing every single day that passes.

Holding a Bachelor of Science in Philosophy from Northeastern University, Bent has featured a couple of times in some of the top publications including the Wall Street Journal and The New York Times as a World-class business leader. Most notable is the fact that Bent has been a member of more than a dozen executive positions in all sorts of institutions bringing to light his great leadership qualities. Bent is also involved in other entrepreneurial ventures including pharmaceuticals and business consulting, and the list just keeps on growing.

When it comes to the social side of his life, Bruce is an active nature lover and conservationist. He was once a board member in the Scenic Hudson, which is an environmental organization founded to conserve the Hudson River.

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Capital Group’s New Chairman – The Last Company Man?

Few these days work their way up the ladder the way Timothy Armour has. The trend nowadays is to jump from company to company, but Armour dedicated his career to Capital Group and in 2015 it paid off big when he became its chairman and chief executive officer.

While Armour didn’t start in the proverbial mail room, he did begin it as a participant in Capital’s “Associates Program.” The Los Angeleno put to work his bachelor’s degree in economics from Middlebury College and began working his way up. It was no case of overnight success for this advocate of active management. Timothy Armour has 33 years of investment experience – all at Capital.

Before taking the reins as head of the company, he worked for Capital as an equity investment analyst specializing in the areas of global telecommunications and US service companies. He also held the position of equity portfolio manager. Timothy Armour now also serves as chairman and principal executive officer of Capital Research and Management Company, Inc. and as chairman of the Capital Group Companies Management Committee. He illustrated throughout his career the importance of holding on to a good investment.

At the time of his appointment, he discussed the company’s strengths and his drive to continue its success.

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“The true strength of Capital Group lies not in an individual but in the collective talents of all our associates who are aligned behind our mission to deliver superior, long-term investment results to our investors and clients,” Armour said in a statement. “Our management committee and our 7,600 associates look forward to continuing our 84-year legacy of delivering on our commitments to investors and the advisors who serve them.”

In a modern business world of ship jumpers, Armour stands testament to the old-fashioned company man. He started at the bottom, put in effort and hard work, and rose to the top of his game, and to the top of the company to which he devoted his career. The key was picking a company he could believe in.

“We believe in what we do, even if at times the world doesn’t,” Armour told Bloomberg Markets in a 2015 article on top performing mutual funds.

Related: https://www.americanfunds.com/individual/news/senior-management-changes.html