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Houston energy CEO steps down, interim named

transition moves

Interim CEO Joseph Mills, CEO of Samson Resources II since March 2017, joined Talos as a board member in March. Photo via LinkedIn

Houston-based Talos Energy Inc. announced its transition plans for it's top executive position.

Tim Duncan stepped down from his role as president and CEO, the company announced last week. Duncan, who held the position since 2012, will be replaced by board member, Joseph A. Mills, who will serve as interim president and CEO as the Talos board of directors searches for a successor.

"On behalf of the Board and the entire Talos team, I want to express our gratitude to Tim for his invaluable contributions to the Company," Neal P. Goldman, chairman of Talos' Board of Directors, says in a news release. "We have complete confidence in Joe's capabilities to carry out Talos' strategy as we search for a new CEO to lead Talos into the future and unlock further value. Mills brings a wealth of industry experience and knowledge, boasting over 42 years in senior leadership positions and serving on the boards of both public and private companies in the oil and gas sector."

Mills, CEO of Samson Resources II since March 2017, joined Talos as a board member in March. He has 42 years of experience in oil in gas.

"I'm honored to step in as interim CEO of Talos," Mills adds. "The Board has played an active role guiding and evaluating our strategic approach, and I am confident about Talos's direction and strategy. Our commitment remains firm in delivering compelling value for our shareholders. I look forward to working closely with the Board and leadership team, drawing on their extensive knowledge to advance our strategic priorities during this transitional period."

Talos Energy is an upstream exploration and production business operating in the United States Gulf of Mexico and offshore Mexico. Talos is a part owner of the Bayou Bend CCS LLC joint venture, a carbon capture and storage project. Earlier this year, Talos made a $1.29 billion acquisition to expand deepwater assets.

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Houston energy transition folks — here's what to know to start your week. Photo via Getty Images

Talos offloads low carbon subsidiary, events not to miss, plus more Houston energy things to know

take note

Editor's note: Dive headfirst into the new week with three quick things to catch up on in Houston's energy transition: a roundup of events not to miss, a really big deal, and more.

Big deal: Talos Energy sells off low carbon arm to TotalEnergies in $148M deal

One of the biggest energy transition deals from last week was Talos Energy selling off its subsidiary, Talos Low Carbon Solutions LLC, to TotalEnergies. The deal is for a purchase price of $125 million plus customary reimbursements, adjustments and retention of cash, which totals approximately $148 million.

Talos plans to use the proceeds from the sale to repay borrowings under its credit facility and for general corporate purposes. The sale includes Talos's entire carbon capture and sequestration business, which includes its three projects along the U.S. Gulf Coast with Bayou Bend CCS, Harvest Bend CCS, and Coastal Bend CCS. Read more.

Apply for the Rice Clean Energy Accelerator

The deadline to apply for the fourth cohort of the Rice Clean Energy Accelerator is Friday, March 29. Those interested in the nine-week program can learn more and apply online.

The program seeks to advance emerging ventures and entrepreneurs in the clean energy industry. CEA connects participants with industry leaders and investors.

With a focus on early-stage startups operating in the TRL range of 3 to 7, accepted companies gain access to a range of benefits, including mentorship and essential resources.

Events not to miss

Put these Houston-area energy-related events on your calendar.

  • DeCarb Connect supports senior leaders in decarbonization to accelerate strategy and decision making to reduce carbon emissions and reach net zero targets. The event is March 26 to 28 at Westin Houston Memorial City. Register.
  • On March 27, Greentown Houston is hosting "Accelerating Net-Zero Solutions: CCUS Innovation and Startup Showcase." Watch the Go Make 2023 cohort pitch their innovations in carbon utilization, storage, and traceability; hear about their work with Shell throughout the startup-corporate-partnerships accelerator; and learn from CCUS industry experts. Register.
  • The 3rd Annual Carbon Tracking and Reporting Conference begins next Wednesday in Houston. The event's matchmaking and networking app has been launched and registrants are viewing attendees and setting up meetings. Register.
  • On April 17, the University of Houston presents "Gulf Coast Hydrogen Ecosystem: Opportunities & Solutions" featuring experts from academia, industry, government, and more. The symposium begins at 8 am with a networking reception takes place beginning at 5 pm at the University of Houston Student Center South - Theater Room. Register.

Talos Energy announced that it has entered into an agreement for the sale of its wholly owned subsidiary Talos Low Carbon Solutions to TotalEnergies. Photo via Getty Images

Talos Energy sells off low carbon arm to TotalEnergies in $148M deal

M&A moves

A Houston-based company is divesting its low-carbon subsidiary to TotalEnergies, which has its United States headquarters in Houston.

Talos Energy announced that it has entered into an agreement for the sale of its wholly owned subsidiary Talos Low Carbon Solutions LLC to TotalEnergies. The deal is for a purchase price of $125 million plus customary reimbursements, adjustments and retention of cash, which totals approximately $148 million.

According to a news release, Talos plans to use the proceeds from the sale to repay borrowings under its credit facility and for general corporate purposes. The sale includes Talos's entire carbon capture and sequestration business, which includes its three projects along the U.S. Gulf Coast with Bayou Bend CCS, Harvest Bend CCS, and Coastal Bend CCS.

There is an opportunity for additional future cash payments upon achievement of certain milestones at the Harvest Bend or Coastal Bend projects for Talos. More payments can be obtained also upon a sale of the aforementioned projects by TotalEnergies.

"Since TLCS's inception, we have successfully applied our energy expertise as an early mover aimed at developing decarbonization solutions along the U.S. Gulf Coast,” Talos President and CEO Timothy S. Duncan says in a news release. ”Strong market interest during our capital raise provided the strategic option to fully monetize the business to TotalEnergies, an established global leader in CCS development."

Talos Executive Vice President, Low Carbon Strategy and Chief Sustainability Officer Robin Fielder will continue to serve in her role for a transition period before leaving Talos.

"Robin and our entire CCS team did an outstanding job crystallizing value for Talos shareholders for a strong financial return," Duncan continues. "The transaction will further enable Talos to prioritize cash flow generation and optimal capital allocation in our core Upstream business. We are also continuing to explore business development and strategic M&A opportunities."

TotalEnergies is active in the Houston energy transition ecosystem and recently signed on as a partner at Greentown Houston. Last fall, the company also started commercial operations of its new solar farm, Myrtle Solar, just south of Houston.

Talos, a technology-based energy company that aims to work towards low-carbon solutions, acquired QuarterNorth Energy Inc. Photo via talosenergy.com

Houston energy company makes strategic acquisition in $1.29B deal

M&A moves

Houston-based Talos Energy Inc. announced a $1.29 billion acquisition this month.

Talos, a technology-based energy company that aims to work towards low-carbon solutions, acquired QuarterNorth Energy Inc., which has ownership in several big offshore fields, and is a privately-held U.S. Gulf of Mexico exploration and production company. The acquisition of the assets are expected to provide additional scale from high quality deepwater assets “with a favorable base decline profile along with attractive future development opportunities” from QuarterNorth.

QuarterNorth's assets include six major fields and are 95 percent operated and 95 percent in deepwater. The deal will add production of around 30,000 barrels of oil equivalent per day expected for 2024, which will average 75 percent oil.Talos will now expect run-rate synergies of about $50 million a year to be by end of 2024.

QuarterNorth's assets will bring ”significant reserves upside beyond current production from both producing probable zones and near-term development opportunities in 2024 and 2025” according to Talos.

“The addition of QuarterNorth's overlapping deepwater portfolio with valuable operated infrastructure will increase Talos's operational breadth and production profile while enhancing our margins and cash flow,” Talos President and CEO Timothy S. Duncan says in a news release. “This transaction aligns with Talos's overall strategy of leveraging existing infrastructure and complementary acreage to accelerate shareholder value creation. The pro forma footprint in the U.S. Gulf of Mexico should allow us to capture meaningful operating synergies.”

Talos secured $650 million in bridge financing from a syndicate of banks representing the majority sum of the company's reserves-based loan lender group.

“The expected financing structure of the transaction accelerates de-leveraging, immediately improves our credit profile, is accretive on key metrics, and positions us to consider additional capital return initiatives following deleveraging in the near term,” Duncan adds. “We look forward to completing this transaction in the next few months and continuing our strategy of building a large-scale, diverse energy company."

Through an acquisition, Equinor has joined a joint venture carbon capture and storage project in southeast Texas. Image via Getty Images

Equinor buys into massive CCS joint venture project near Houston

M&A Moves

A Norwegian energy company with its United States headquarters in Houston has announced it has acquired a significant chunk of a carbon capture and storage joint venture.

Equinor now owns a 25 percent interest in Bayou Bend CCS LLC, which is reported to be one of the largest domestic carbon capture and storage projects. The project — a JV between Chevron, Talos Energy Inc., and now Equinor, is located along the Gulf Coast in southeast Texas. The terms of the deal were not disclosed.

“Commercial CCS solutions are critical for hard-to-abate industries to meet their climate ambitions while maintaining their activity," Grete Tveit, senior vice president for Low Carbon Solutions in Equinor, says in a news release. "Entering Bayou Bend strengthens our low carbon solutions portfolio and supports our ambition to mature and develop 15-30 million tonnes of equity CO2 transport and storage capacity per year by 2035. Our experience from developing carbon storage projects can help advance decarbonization efforts in one of the largest industrial corridors in the US."

According to Equinor, it purchased its share through the acquisition of Carbonvert's subsidiary, Texas Carbon 1 LLC. Chevron, the operator, holds 50 percent interest, and Talos holds the other 25 percent interest.

“We look forward to working together with our partners to further mature this exciting project. Bayou Bend is Equinor’s first announced low carbon solutions project on the Gulf Coast. Alongside our upstream production and offshore wind developments, we’re strengthening our position as a broad energy company and expanding our footprint in the Gulf region,” Chris Golden, senior vice president and US Country Manager, says in the release. "Bayou Bend is a significant milestone towards growing our low carbon portfolio in the US.”

With about 140,000 gross acres of pore space for permanent CO2 sequestration and over one billion metric tons of gross potential storage resources, according to the release, Bayou Bend is positioned to be one of the largest CCS solutions in the US for industrial emitters.The project spans around 100,000 gross acres across Chambers and Jefferson Counties in southeast Texas, and approximately 40,000 gross acres offshore Beaumont and Port Arthur.

“Delivering lower carbon solutions to harder-to-abate industries is fundamental to Chevron New Energies’ mission, and as a Southeast Texas native, I know how vital these industries are to our local communities and their economies,” Chris Powers, vice president of CCUS at Chevron New Energies, in the release. “We thank Carbonvert for its work on the project, and we look forward to Equinor bringing its expertise and resources to Bayou Bend as it joins the partnership.”

Each of the company's low-carbon innovation arms — Low Carbon Solutions at Equinor, Chevron New Energies division, and Talos Low Carbon Solutions division — are collaborating on the project.

“We continue to make significant progress in developing Bayou Bend, which we believe will be a premier regional carbon storage hub solution for Texas’ largest industrial region. Equinor is a welcomed addition to the partnership. Their experience and track record further enhance the joint venture, which is committed to developing safe, reliable, cost-effective lower carbon solutions while enabling continued economic growth,” said Robin Fielder, executive vice president – Low Carbon Strategy and Chief Sustainability Officer of Talos.

In 2021, Texas General Land Office in Jefferson County, Texas, selected Talos and Carbonvert for the carbon storage lease, located in state waters offshore Beaumont and Port Arthur, Texas. Chevron joined the JV in May 2022. The project expanded earlier this year.

The project is located in southeast Texas, about 70 miles outside of Houston. Image via equinor.com

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Modular nuclear reactor company opens office in Houston

new to hou

The nuclear energy renaissance continues in Texas with an announcement by NuScale Power. The Oregon-based provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology announced in April it would be opening office space in Houston’s CityCentre.

“Opening this space in Houston underscores our commitment to meeting rising energy demand with safe, scalable nuclear technology,” John Hopkins, NuScale president and CEO, said in a news release. “This move expands our presence in a key market for partners, prospective customers, and stakeholders in addition to positioning us for the future as we focus on the near-term deployment of our industry-leading technology. Texas is leading the way in embracing advanced nuclear for grid resilience and industrial decarbonization, and we’re proud to expand our footprint and capabilities in this important region.”

Interest in nuclear power has been growing in recent years thanks to tensions with oil-rich nations, concerns about man-made climate change from fossil fuels, and the rapidly increasing power needs of data centers. Both Dow and Texas A&M University have announced expanded nuclear power projects in the last year, with an eye of changing the face of Texas’s energy industry through smaller, safer fission reactors.

Enter NuScale, founded in 2007 from technology developed at the University of Oregon. Their modular SMR technology generates 77 megawatts and is one of the only small modular reactors (SMR) to receive design approval from the U.S. Nuclear Regulatory Commission (NRC). These advances have led to runaway success for NuScale, whose stock has risen by more than 1,670 percent since the start of 2024.

The new operations campus in CityCentre is expected to facilitate the movement, installation and coordination of NuScale technology into the various energy systems. Typically, SMRs are used for off-grid installations, desalination operations, mining facilities and similar areas that lack infrastructure. However, the modularity means that they can be easily deployed to a variety of areas.

It comes none too soon. ERCOT projects that Texas data centers alone will require 77,965 megawatts by 2030.

Houston battery recycling company secures $32M in financing

fresh funding

Houston-based Ace Green Recycling has raised $32 million in private investment in public equity (PIPE) financing to support its future plans for growth.

The battery recycling technology company secured the financing with Athena Technology Acquisition Corp. II, a publicly traded special purpose acquisition company that Ace previously announced it plans to merge with. Once the merger is completed, Ace will become a publicly traded company on the Nasdaq Stock Exchange under the ticker symbol "AGXI."

Ace says the financing will be used to complete the merger and scale the company.

“This investment accelerates our mission to redefine battery recycling at a global scale,” Ace CEO Nischay Chadha said in a news release. “At Ace, we are deploying Greenlead® and LithiumFirst™ as a new standard–fully electrified, Scope 1 emissions-free solutions designed to replace legacy processes and unlock a cleaner supply chain for critical materials. We believe that the future of electrification depends on how efficiently and sustainably we recover these resources, and this milestone brings us meaningfully closer to that future.”

Ace says the funding will also be primarily used to fund capital expenditures related to the development of its planned flagship recycling facility, located outside of Beaumont, Texas. According to a February investor presentation, the facility is expected to launch in 2027. It will recycle lead-acid and lithium-ion batteries.

Ace agreed to a 15-year battery material supply agreement with Miami-based OM Commodities last year, in which OM Commodities would supply Ace with at least 30,000 metric tons of lead scrap to be recycled annually. Switzerland-based Glencore plc agreed to a 15-year offtake agreement to purchase up to 100 percent of ACE’s products from four of its planned lead-acid and lithium-ion battery recycling parks back in 2022.

Ace also reported that the funding will be put toward "supporting the expansion of operations and to fund the purchase of other companies," in the release.

Houston AI startup rolls out platform to reshape oil and gas workflows

AI for energy

Houston-based Collide is looking to solve AI issues in the energy industry from within.

Co-founded by former oil roughneck Collin McLelland, the company has developed AI software for operators and field teams, shaped by firsthand oilfield experience. Its AI-native platform “retrieves and synthesizes data from authoritative sources to deliver accurate, cited, and energy-focused insights to oil and gas professionals,” according to the company.

“Oil and gas has a graveyard full of technology that was technically impressive and operationally useless,” McLelland tells Energy Capital. “The reason is almost always the same: the people who built it didn't understand what they were actually solving for. When you're an outsider, you see workflows and try to automate them. When you're an insider, you understand why those workflows exist—the regulatory constraints, the physical realities, the liability concerns, the trust dynamics between operators and service companies.”

Collide’s large language model, known as RIGGS, performed well in recent benchmarking results when taking a standardized petroleum engineering (SPE) exam, the company reports. The exam assesses understanding from conceptual terminology to complex mathematical problem-solving.

According to Collide, RIGGS achieved a score of 67.5 percent on a 40-question subset of the SPE petroleum engineering exam, outperforming other large language models like Grok 4 (62.5 percent), Claude Sonnet 4.5 (52.5 percent) and GPT 5.1 (4 percent).

RIGGS completed the test in 15 minutes, while Grok took two hours. Collide hopes over the next few months, RIGGS will receive a score between 75 percent to 80 percent accuracy.

The software could potentially help oil and gas companies produce accurate outputs and automate trivial workflows, which can open up valuable time for engineers and teams to work on other pressing matters, according to McLelland.

“Collide exists because we sat in those seats — we were the engineers, the operators, the field guys,” he says. ”RIGGS scoring higher on the PE exam versus the frontier labs isn't a party trick. It's evidence that the model understands petroleum engineering the way a petroleum engineer does, because it was built by people who do.”

RIGGS was trained on Collide’s Spindletop hardware and is supported by a vast library of information, as well as a reasoning engine and validation layer that uses logic to solve problems.

“Longer term, we see RIGGS as the intelligence layer that sits underneath every operator's workflow — not a chatbot you open in a browser, but something embedded in the tools engineers already use,” McLelland says. “The goal is to give every engineer the knowledge and pattern recognition of a 30-year veteran, on demand."

According to McLelland, Collide is already building toward reservoir analysis and production optimization, automated regulatory compliance (Railroad Commission filings, W-10s, G-10s), workover report generation, and engineering decision support in the field for near-term use cases. In March, Collide and Texas-based oil and gas operator Winn Resources announced a collaboration to automate the time-intensive process of filing monthly W-10 and G-10 forms with the Texas Railroad Commission, completing what’s normally a multi-hour task in under 30 minutes. Collide reports that Winn’s infrastructure now automates regulatory filings and provides real-time visibility into data gaps, which has reduced processing time by over 95 percent.

“Before Collide, I'd spend hours manually keying in filings,” Buck Crum, director of operations, said in a news release. “(In March), we had 50 wells to file and I was done in 20 minutes. It does the majority of the heavy lifting while keeping me in control. That human-in-the-loop approach saves meaningful time and gives us greater confidence in our compliance and reporting.”

Collide was originally launched by Houston media organization Digital Wildcatters as “a professional network and digital community for technical discussions and knowledge sharing.” After raising $5 million in seed funding led by Houston’s Mercury Fund last year, the company said it would shift its focus to rolling out its enterprise-level, AI-enabled solution.
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