In Tabasco, Mexico, there are waters that hold a lot of potential profit for numerous companies. The oil held in one well in particular is around 100 to 500 million barrels worth according to industry reports. This is what led to a bidding frenzy in 2015.
While many companies wanted a piece of the pie, only three survived the bidding. They are Sierra Oil and Gas, Premier Oil, and Talos Energy. Being from the UK, Mexico, and the U.S. respectively, they are teaming up to pull up as much oil as possible. They will split the proceeds fairly evenly across the board.
This kind of cooperation with foreign investors is not something you would have seen until recently. 1938 ushered in a ban on foreign oil well operators. However, with Mexico’s economy, they have seen that outside investment can be great for business.
Talos, Energy LLC was founded in Houston, Texas. It was founded by investors from the financial industry who put around $600 million into it from the start. This was to ensure they had the capital necessary to compete in a rough industry.
They quickly saw success, growing from about a dozen employees to over one hundred in a few short years. This led to them buying their competitor called Helix Energy for around $620 million. The employees at Talos don’t just get a salary either. That’s not the way that Talos competes. The ownership decided that workers would be more motivated if they had a piece of the pie. For that reason, they each receive profit sharing.
The result is a company that has been awarded the number one small business in their industry. The reason is that unlike other companies where people clock out right at the end of the day, Talos workers often pull overtime in the hopes of boosting the value of the company. They know they’ll see that in their paychecks in the end, which is more valuable than the occasional casual Friday or daycare that other companies provide. Talos focuses mainly on drilling in Texan and Mexican areas, pulling around 16,000 barrels of oil out of the ground every day.
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