In this part, we’ll discuss Stone Energy (SGY)—the final company in the top-five lineup of upstream companies with the highest forecast capex (capital expenditure) growth in 2018 compared to the levels in 2017. Stone Energy’s management forecast a capex of $212 million in 2018 compared to $154 million spent in 2017, which is ~38% growth. In November 2017, Stone Energy announced its decision to combine with Talos Energy LLC. Under the agreement terms, Talos Energy LLC and Stone Energy will both become wholly-owned subsidiaries of a new holding company, which will become a publicly traded entity. The combined company will be named “Talos Energy.” At closing, Talos shareholders will own 63% of the new combined company, while Stone Energy shareholders will own 37%.