Talos Energy Inc. has completed its previously announced strategic merger with Stone Energy Corp. The combined company began trading May 10 on the New York Stock Exchange under the new ticker symbol “TALO,” according to a news release.

The company is headquartered in Houston.

“This is a transformational combination, in which shareholders will greatly benefit from our increased scale and liquidity,” CEO Timothy S. Duncan said in a news release. “Talos is very well positioned to capitalize on its high quality asset portfolio and returns focused capital programs in the U.S. Gulf of Mexico and offshore Mexico as well as take advantage of potential business development opportunities. We deeply appreciate the efforts of everyone involved in getting us to this point.”

At the closing, Talos said it has:

  • Entered a new credit facility agreement with an initial borrowing base of $600 million, half of which is available;
  • Liquidity of $450 million, inclusive of about $150 million of cash on hand, net of transaction related costs; and
  • Pro forma year-end 2017 2P Reserves, at SEC pricing, of about 205 MMBoe—roughly 80% liquids. Of about 150 MMBoe are proved reserves. The reserves include pro forma reserves for the Ram Powell acquisition, which was disclosed by Stone Energy Corp. in a filing with the U.S. Securities and Exchange Commission on April 27.

The company said it plans to provide detailed financial and operational guidance in the coming weeks.