Talos Energy, a mid-sized U.S. oil producer operating in the Gulf of Mexico, is set to appoint Paul Goodfellow, a seasoned executive from Shell, as its new CEO, according to sources familiar with the situation. Goodfellow, who is currently the chief internal auditor at Shell, is expected to be announced in this role as early as this week. He will take over from Tim Duncan, the company’s founder and long-time CEO, who left unexpectedly in August after leading Talos to become the fifth-largest oil and natural gas producer in the U.S. Gulf of Mexico over his 12-year tenure.
With 34 years of experience at Shell, Goodfellow has held various significant positions, including executive vice president for deep-water operations and chairman of Shell Midstream Partners. Talos Energy, based in Houston and valued at approximately $1.8 billion, has been on the lookout for a new CEO since Duncan’s departure. On January 6, the company indicated it had identified a new CEO, although the individual was not named at that time, coinciding with the resignation of interim CEO Joseph Mills.
Since Duncan’s exit, Talos has also faced challenges, including a conflict with major shareholder Carlos Slim, whose investment firm owns a 24% stake in the company. In response, Talos briefly implemented a poison pill strategy to deter Slim from attempting to gain control. Founded in 2012 by Duncan with support from private equity firms Apollo Global Management and Riverstone Holdings, which invested a total of $600 million, Talos went public in 2018 through a reverse merger with Stone Energy. In the third quarter, the company reported an average production of 96,500 barrels per day of oil equivalent.
