TotalEnergies (TTE) is set to acquire Talos' (TALO) carbon capture and sequestration business, Talos Low Carbon Solutions LLC, for a total consideration of $148 million.
U.S. oil and gas producer Talos Energy said on Monday it will sell its carbon capture and sequestration unit to French firm TotalEnergies for about $148 million. Talos intends to use the proceeds from the sale to immediately repay borrowings under its credit facility and other corporate purposes, it said in a statement. Talos is entitled to additional future cash payments upon achievement of certain milestones or upon a subsequent sale of these projects by TotalEnergies, it said.
Talos Energy Inc. ("Talos") (NYSE: TALO) today announced that it has entered into an agreement for the sale of its wholly owned subsidiary, Talos Low Carbon Solutions LLC ("TLCS"), to TotalEnergies E&P USA, Inc. ("TotalEnergies") for a purchase price of $125 million plus customary reimbursements, adjustments and retention of cash, combined totaling approximately $148 million. The transaction was based on an effective date of January 1, 2024 and will close later today. Talos intends to use the pr