Talos Energy CEO Steps Down

Talos Energy announced that CEO Tim Duncan, one of the company's founders, stepped down from his position on Aug. 29 after over 12 years at the helm. Duncan's departure marks a significant leadership change at the US oil and gas firm, where he played a crucial role in pioneering exploration efforts.

Joseph Mills, a seasoned oil and gas industry executive with over four decades of experience, has been appointed as interim chief. Mills, who also serves on Talos' board, will oversee the company while the board searches for a permanent successor in collaboration with a leading executive search firm. The news of Duncan's departure caused Talos Energy's shares to drop by 2.7% in premarket trading. The company did not provide further details on Duncan's exit.

Duncan, who joined Talos as CEO in January 2012, has been instrumental in the company's growth and success, shared the company. During his tenure, Talos became one of the few companies to make significant oil and gas discoveries in offshore Mexico, positioning the firm as a key player in the region.

Mexican billionaire Carlos Slim has been increasing his involvement in Talos Energy. As of Aug. 7, Slim's family holding company, Grupo Carso, owned approximately 22% of Talos, according to data compiled by Bloomberg. This stake is part of a broader strategy by Grupo Carso to expand its energy portfolio, which includes refining, petrochemicals, and other ventures.

Earlier this year, Slim expressed his willingness to deepen Grupo Carso's investment in Talos Energy. "It depends on the conditions," Slim said during a press conference, indicating interest not only in Talos' Mexican subsidiary, where Grupo Carso owns 49.9%, but also in further expanding his involvement in the parent company.

Slim's interest in Talos aligns with his broader ambitions in the energy sector. Grupo Carso has steadily increased its energy holdings, with its energy division, Carso Energy, now constituting 18% of the conglomerate's earnings, up from 6% in 2018.

Slim's strategy in the oil business is clear: "We are not entering to be 10% of Zama; we are looking to go further and have activity in the most important sector and eventually reach petrochemicals," he stated. This indicates that Grupo Carso's collaboration with Talos is part of a long-term vision to become a more significant player in the global energy landscape.