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Talos Vitality (NYSE:TALO) +3.3% pre-market Monday after saying it agreed to promote its Talos Low Carbon Options subsidiary to TotalEnergies (TTE) for $148M in money.
Talos (TALO) mentioned the sale consists of its complete carbon seize and sequestration enterprise, together with its three initiatives alongside the U.S. Gulf Coast: Bayou Bend, Harvest Bend and Coastal Bend.
The corporate mentioned it could notice extra future money funds upon achievement of sure milestones on the Harvest Bend or Coastal Bend initiatives or upon a subsequent sale of the initiatives by TotalEnergies (TTE).
“The transaction will additional allow Talos to prioritize money circulation era and optimum capital allocation in our core Upstream enterprise,” President and CEO Timothy Duncan mentioned.
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