Talos Energy (TALO) 10-Q 4 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 27, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Trading Symbol	TALO
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Registrant Name	Talos Energy Inc.
Document Quarterly Report	true
Document Transition Report	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Incorporation, State or Country Code	DE
Entity File Number	001-38497
Entity Tax Identification Number	82-3532642
Entity Address, Address Line One	333 Clay Street
Entity Address, Address Line Two	Suite 3300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	328-3000
Entity Central Index Key	0001724965
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		81,872,498

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 65,354	$ 34,233
Accounts receivable
Trade, net	144,763	106,220
Joint interest, net	33,057	50,471
Other	10,448	18,448
Assets from price risk management activities	39	6,876
Prepaid assets	48,813	29,285
Other current assets	1,742	1,859
Total current assets	304,216	247,392
Property and equipment:
Proved properties	5,112,597	4,945,550
Unproved properties, not subject to amortization	253,988	254,994
Other property and equipment	28,481	32,853
Total property and equipment	5,395,066	5,233,397
Accumulated depreciation, depletion and amortization	(2,897,546)	(2,697,228)
Total property and equipment, net	2,497,520	2,536,169
Other long-term assets:
Assets from price risk management activities	42	945
Other well equipment inventory	20,282	18,927
Operating lease assets	7,601	6,855
Other assets	22,504	24,258
Total assets	2,852,165	2,834,546
Current liabilities:
Accounts payable	111,128	104,864
Accrued liabilities	160,602	163,379
Accrued royalties	48,768	27,903
Current portion of long-term debt	6,060
Current portion of asset retirement obligations	47,027	49,921
Liabilities from price risk management activities	230,258	66,010
Accrued interest payable	39,447	9,509
Current portion of operating lease liabilities	2,176	1,793
Other current liabilities	29,278	24,155
Total current liabilities	674,744	447,534
Long-term liabilities:
Long-term debt, net of discount and deferred financing costs	976,573	985,512
Asset retirement obligations	409,357	392,348
Liabilities from price risk management activities	44,144	9,625
Operating lease liabilities	18,380	18,554
Other long-term liabilities	42,546	54,372
Total liabilities	2,165,744	1,907,945
Commitments and Contingencies (Note 11)
Stockholders' equity:
Preferred stock, $0.01 par value; 30,000,000 shares authorized and no shares issued or outstanding as of June 30, 2021 and December 31, 2020
Common stock $0.01 par value; 270,000,000 shares authorized; 81,872,498 and 81,279,989 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively	819	813
Additional paid-in capital	1,666,887	1,659,800
Accumulated deficit	(981,285)	(734,012)
Total stockholdersʼ equity	686,421	926,601
Total liabilities and stockholdersʼ equity	$ 2,852,165	$ 2,834,546

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	270,000,000	270,000,000
Common stock, shares issued	81,872,498	81,279,989
Common stock, shares outstanding	81,872,498	81,279,989

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues and other:
Total revenues and other	$ 303,768	$ 88,874	$ 571,676	$ 276,638
Operating expenses:
Lease operating expense	72,013	63,882	138,641	122,123
Production taxes	953	166	1,775	415
Depreciation, depletion and amortization	99,841	88,443	201,498	181,986
Write-down of oil and natural gas properties	0	0	0	57
Accretion expense	15,457	13,794	30,442	26,211
General and administrative expense	19,377	17,192	38,566	44,661
Other operating expense	2,783	0	2,783	0
Total operating expenses	210,424	183,477	413,705	375,453
Operating income (expense)	93,344	(94,603)	157,971	(98,815)
Interest expense	(33,570)	(26,190)	(67,646)	(52,040)
Price risk management activities income (expense)	(186,617)	(68,682)	(324,125)	174,535
Other expense (income)	(1,559)	528	12,391	674
Net income (loss) before income taxes	(125,284)	(190,003)	(246,191)	23,006
Income tax expense (benefit)	(498)	49,392	(1,082)	(5,868)
Net income (loss)	$ (125,782)	$ (140,611)	$ (247,273)	$ 17,138
Net income (loss) per common share:
Basic	$ (1.54)	$ (2.14)	$ (3.03)	$ 0.28
Diluted	$ (1.54)	$ (2.14)	$ (3.03)	$ 0.28
Weighted average common shares outstanding:
Basic	81,823	65,807	81,630	62,023
Diluted	81,823	65,807	81,630	62,318
Oil
Revenues and other:
Total revenues and other	$ 267,990	$ 74,471	$ 497,551	$ 241,095
Natural Gas
Revenues and other:
Total revenues and other	26,131	11,140	54,365	23,038
NGL
Revenues and other:
Total revenues and other	9,647	1,964	18,760	6,265
Other
Revenues and other:
Total revenues and other	$ 0	$ 1,299	$ 1,000	$ 6,240

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock	Additional Paid-in Capital	Accumulated Deficit
Balance at Dec. 31, 2019	$ 1,078,277	$ 542		$ 1,346,142	$ (268,407)
Balance, shares at Dec. 31, 2019		54,197,004
Equity-based compensation	6,978	$ 1		6,977
Equity-based compensation, shares		167,778
Issuance of preferred stock (Note 2)	156,200		$ 1	156,199
Issuance of preferred stock (Note 2), shares			110,000
Conversion of preferred stock into common stock (Note 2)		$ 110	$ (1)	(109)
Conversion of preferred stock into common stock (Note 2), shares		11,000,000	(110,000)
Issuances of common stock (Note 6)	35,960	$ 31		35,929
Issuance of common stock (Note 6), shares		3,050,000
Net income (loss)	17,138				17,138
Balance at Jun. 30, 2020	1,294,553	$ 684		1,545,138	(251,269)
Balance, shares at Jun. 30, 2020		68,414,782
Balance at Mar. 31, 2020	1,394,897	$ 652		1,504,903	(110,658)
Balance, shares at Mar. 31, 2020		65,342,273
Equity-based compensation	4,307	$ 1		4,306
Equity-based compensation, shares		22,509
Issuances of common stock (Note 6)	35,960	$ 31		35,929
Issuance of common stock (Note 6), shares		3,050,000
Net income (loss)	(140,611)				(140,611)
Balance at Jun. 30, 2020	1,294,553	$ 684		1,545,138	(251,269)
Balance, shares at Jun. 30, 2020		68,414,782
Balance at Dec. 31, 2020	$ 926,601	$ 813		1,659,800	(734,012)
Balance, shares at Dec. 31, 2020	81,279,989	81,279,989
Equity-based compensation	$ 7,093	$ 6		7,087
Equity-based compensation, shares		592,509
Net income (loss)	(247,273)				(247,273)
Balance at Jun. 30, 2021	$ 686,421	$ 819		1,666,887	(981,285)
Balance, shares at Jun. 30, 2021	81,872,498	81,872,498
Balance at Mar. 31, 2021	$ 807,154	$ 817		1,661,840	(855,503)
Balance, shares at Mar. 31, 2021		81,707,214
Equity-based compensation	5,049	$ 2		5,047
Equity-based compensation, shares		165,284
Net income (loss)	(125,782)				(125,782)
Balance at Jun. 30, 2021	$ 686,421	$ 819		$ 1,666,887	$ (981,285)
Balance, shares at Jun. 30, 2021	81,872,498	81,872,498

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ (247,273)	$ 17,138
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation, depletion, amortization and accretion expense	231,940	208,197
Write-down of oil and natural gas properties and other well inventory		190
Amortization of deferred financing costs and original issue discount	6,934	3,985
Equity based compensation, net of amounts capitalized	5,681	3,974
Price risk management activities expense (income)	324,125	(174,535)
Net cash received (paid) on settled derivative instruments	(117,618)	122,499
Loss (gain) on extinguishment of debt	13,225	(1,470)
Settlement of asset retirement obligations	(36,329)	(18,496)
Gain on sale of assets	(853)
Changes in operating assets and liabilities:
Accounts receivable	(12,633)	(5,164)
Other current assets	(19,409)	15,128
Accounts payable	3,776	12,645
Other current liabilities	48,597	16,039
Other non-current assets and liabilities, net	(1,069)	(8,518)
Net cash provided by operating activities	199,094	191,612
Cash flows from investing activities:
Exploration, development and other capital expenditures	(125,846)	(154,628)
Cash paid for acquisitions, net of cash acquired	(5,399)	(296,966)
Proceeds from sale of property and equipment, net	4,612
Net cash provided by (used in) investing activities	(126,633)	(451,594)
Cash flows from financing activities:
Issuance of senior notes	600,500
Redemption of senior notes and other long-term debt	(356,803)	(1,209)
Proceeds from Bank Credit Facility		300,000
Repayment of Bank Credit Facility	(240,000)
Deferred financing costs	(25,981)	(1,287)
Other deferred payments	(5,575)	(7,575)
Payments of finance lease	(10,361)	(8,323)
Employee stock awards tax withholdings	(3,120)	(791)
Net cash (used in) provided by financing activities	(41,340)	280,815
Net increase in cash and cash equivalents	31,121	20,833
Cash and cash equivalents:
Balance, beginning of period	34,233	87,022
Balance, end of period	65,354	107,855
Supplemental non-cash transactions:
Capital expenditures included in accounts payable and accrued liabilities	95,724	113,461
Debt exchanged for common stock	0	35,960
Supplemental cash flow information:
Interest paid, net of amounts capitalized	$ 19,006	$ 34,163

Nature of Business and Basis of

Nature of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	Not e 1 — Nature of Business and Basis of Presentation Nature of Business Talos Energy Inc. (including its subsidiaries, collectively “Talos” or the “Company”) is a technically driven independent exploration and production company focused on safely and efficiently maximizing long-term value through its operations, currently in the United States (“U.S.”) Gulf of Mexico and offshore Mexico both upstream through oil and gas exploration and production and downstream through the development of future carbon capture and storage opportunities. The Company leverages decades of technical and offshore operational expertise towards the acquisition, exploration and development of assets in key geological trends that are present in many offshore basins around the world. With a focus on environmental stewardship, we are also utilizing our expertise to explore opportunities to reduce industrial emissions through our carbon capture and storage collaborative arrangement along the U.S. Gulf Coast and Gulf of Mexico. Basis of Presentation and Consolidation The Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC regarding interim financial reporting. Accordingly, certain information and disclosures normally included in complete financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, these financial statements include all adjustments, which unless otherwise disclosed, are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations, cash flows and changes in equity for the periods presented. The results for interim periods are not necessarily indicative of results for the entire year. The unaudited financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s audited Consolidated Financial Statements and accompanying notes included in the 2020 Annual Report. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods and the reported amounts of proved oil and natural gas reserves. Actual results could differ from those estimates. The Company has one reportable segment, which is the exploration and production of oil, natural gas and NGLs. Substantially all of the Company’s long-lived assets, proved reserves and production sales are related to the Company’s operations in the United States.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Acquisitions	Note 2 — Acquisitions Business Combination The following acquisition was accounted for as a business combination whereby the Company recorded the assets acquired and liabilities assumed at their respective fair values as of the acquisition date. ILX and Castex Acquisition — On February 28, 2020 , the Company acquired the outstanding limited liability interests in certain wholly owned subsidiaries of ILX Holdings, LLC; ILX Holdings II, LLC; ILX Holdings III LLC and Castex Energy 2014, LLC; each a related party and an affiliate of the Riverstone Funds (as defined below) (the “Riverstone Sellers”), and Castex Energy 2016, LP (together with the Riverstone Sellers, the “Sellers”) with an effective date of July 1, 2019 (collectively, the “ILX and Castex Acquisition”). The ILX and Castex Acquisition was consummated pursuant to separate Purchase and Sale Agreements, dated December 10, 2019 (as amended from time to time, the “Purchase Agreements”) for aggregate consideration consisting of (i) $ 385.0 million in cash subject to customary closing adjustments and (ii) an aggregate 110,000 shares (the “Preferred Shares”) of a series of the Company’s preferred stock designated as “Series A Convertible Preferred Stock” which subsequently converted to 11.0 million shares of the Company’s common stock on March 30, 2020 (such common stock, the “Conversion Stock”). The cash payment and escrow deposit were funded with borrowings under the Bank Credit Facility (as defined in Note 5 — Financial Instruments ). The following table summarizes the purchase price (in thousands except share and per share data): Talos Conversion Stock 11,000,000 Talos common stock price per share (1) $ 14.20 Conversion Stock value $ 156,200 Cash consideration $ 385,000 Customary closing and post-closing adjustments ( 81,878 ) Net cash consideration $ 303,122 Total purchase price $ 459,322 (1) Represents the closing price of the Company’s common stock on February 28, 2020, the date of the closing of the ILX and Castex Acquisition. The purchase price was based on the value of the Conversion Stock as the value approximates the value of the Preferred Shares as a result of the automatic conversion and dividend rights described in that certain Certificate of Designation, Preferences, Rights and Limitations. The following table presents the final allocation of the purchase price to the assets acquired and liabilities assumed, based on their fair values on February 28, 2020 (in thousands): Current assets (1) $ 11,060 Property and equipment 496,835 Other long-term assets 148 Current liabilities ( 16,520 ) Other long-term liabilities ( 32,201 ) Allocated purchase price $ 459,322 (1) Includes trade and other receivables of $ 8.2 million. The Company incurred a total of $ 12.1 million of transaction related costs, of which nil and $ 0.8 million were incurred during the three months ended June 30, 2021 and 2020 , respectively, and nil and $ 8.3 million were incurred during the six months ended June 30, 2021 and 2020, respectively. These costs are reflected in “General and administrative expense” in the Condensed Consolidated Statements of Operations. The following table presents revenue and net income attributable to the assets acquired in the ILX and Castex Acquisition: Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Revenue $ 26,299 $ 40,191 Net loss $ ( 15,161 ) $ ( 11,952 ) Pro Forma Financial Information (Unaudited) — The following supplemental pro forma financial information (in thousands, except per common share amounts), presents the condensed consolidated results of operations for the six months ended June 30, 2020 as if the ILX and Castex Acquisition had occurred on January 1, 2020. The unaudited pro forma information was derived from historical statements of operations of the Company and the Sellers adjusted to (i) include depletion expense applied to the adjusted basis of the oil and natural gas properties acquired, (ii) include interest expense to reflect borrowings under the Bank Credit Facility, (iii) eliminate the write-down of oil and natural gas properties on the assets acquired to reflect the pro-forma ceiling test calculation and (iv) include weighted average basic and diluted shares of common stock outstanding, which was calculated assuming the 11.0 million shares of Conversion Stock were issued to the Sellers. This information does not purport to be indicative of results of operations that would have occurred had the ILX and Castex Acquisition occurred on January 1, 2020, nor is such information indicative of any expected future results of operations. Six Months Ended June 30, 2020 Revenue $ 324,073 Net income $ 29,996 Basic net income per common share $ 0.46 Diluted net income per common share $ 0.46

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2021
Oil And Gas Property [Abstract]
Property, Plant and Equipment	No te 3 — Property, Plant and Equipment Proved Properties During the three and six months ended June 30, 2021 and 2020, the Company’s ceiling test computations did no t result in a write-down of its U.S. oil and natural gas properties. At June 30, 2021, the Company’s ceiling test computation was based on SEC pricing of $ 50.23 per Bbl of oil, $ 2.48 per Mcf of natural gas and $ 14.92 per Bbl of NGLs. Asset Retirement Obligations The asset retirement obligations included in the Condensed Consolidated Balance Sheets in current and non-current liabilities, and the changes in that liability were as follows (in thousands): Asset Retirement Obligations Asset retirement obligations at December 31, 2020 $ 442,269 Obligations acquired 398 Obligations settled ( 36,329 ) Obligations divested ( 340 ) Accretion expense 30,442 Changes in estimate 19,944 Asset retirement obligations at June 30, 2021 $ 456,384 Less: Current portion at June 30, 2021 ( 47,027 ) Long-term portion at June 30, 2021 $ 409,357

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	No te 4 — Leases The Company has operating leases principally for office space, drilling rigs, compressors and other equipment necessary to support the Company’s operations. Additionally, the Company has a finance lease related to the use of the Helix Producer I (the “HP-I”), a dynamically positioned floating production facility that interconnects with the Phoenix Field through a production buoy. The HP-I is utilized in the Company’s oil and natural gas development activities and the right-of-use asset was capitalized and included in proved property and depleted as part of the full cost pool. Once items are included in the full cost pool, they are indistinguishable from other proved properties. The capitalized costs within the full cost pool are amortized over the life of the total proved reserves using the unit-of-production method, computed quarterly. Costs associated with the Company’s leases are either expensed or capitalized depending on how the underlying asset is utilized. The lease costs described below are presented on a gross basis and do not represent the Company’s net proportionate share of such amounts. A portion of these costs have been or may be billed to other working interest owners. The Company’s share of these costs is included in property and equipment, lease operating expense or general and administrative expense, as applicable. The components of lease costs were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Finance lease cost - interest on lease liabilities $ 3,012 $ 4,040 $ 6,268 $ 8,305 Operating lease cost, excluding short-term leases (1) 720 866 1,436 1,732 Short-term lease cost (2) 12,092 15,748 17,852 19,283 Variable lease cost (3) 322 3 644 6 Total lease cost $ 16,146 $ 20,657 $ 26,200 $ 29,326 (1) Operating lease cost reflect a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a straight-line basis. (2) Short-term lease costs are reported at gross amounts and primarily represent costs incurred for drilling rigs, most of which are short-term contracts not recognized as a right-of-use asset and lease liability on the Condensed Consolidated Balance Sheets. (3) Variable lease costs primarily represent differences between minimum payment obligations and actual operating charges incurred by the Company related to its long-term leases. The present value of the fixed lease payments recorded as the Company’s right-of-use asset and liability, adjusted for initial direct costs and incentives were as follows (in thousands): June 30, 2021 December 31, 2020 Operating leases: Operating lease assets $ 7,601 $ 6,855 Current portion of operating lease liabilities $ 2,176 $ 1,793 Operating lease liabilities 18,380 18,554 Total operating lease liabilities $ 20,556 $ 20,347 Finance leases: Proved property $ 124,299 $ 124,299 Other current liabilities $ 24,279 $ 21,804 Other long-term liabilities 27,386 40,222 Total finance lease liabilities $ 51,665 $ 62,026 The table below presents the supplemental cash flow information related to leases (in thousands): Six Months Ended June 30, 2021 2020 Operating cash outflow from finance leases $ 6,268 $ 8,306 Operating cash outflow from operating leases $ 1,974 $ 911 Right-of-use assets obtained in exchange for new operating lease $ 1,020 $ —

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2021
Financial Instruments [Abstract]
Financial Instruments	No te 5 — Financial Instruments Debt Instruments The following table presents the carrying amounts, net of discount and deferred financing costs, and estimated fair values of the Company’s debt instruments (in thousands): June 30, 2021 December 31, 2020 Carrying Fair Carrying Fair 12.00 % Second-Priority Senior Secured Notes – January 2026 $ 583,777 $ 684,093 $ — $ — 11.00 % Second-Priority Senior Secured Notes – April 2022 $ — $ — $ 343,579 $ 355,935 7.50 % Senior Notes – due May 2022 $ 6,060 $ 5,069 $ 6,060 $ 5,238 Bank Credit Facility – matures November 2024 $ 392,796 $ 400,000 $ 635,873 $ 640,000 As of June 30, 2021 and December 31, 2020, the carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate their fair values because of the short-term nature of these instruments. The carrying value of the senior notes are presented net of the original issue discount and deferred financing costs. Fair value is estimated (representing a Level 1 fair value measurement) using quoted secondary market trading prices. The carrying amount of the Company’s bank credit facility, as amended and restated (the “Bank Credit Facility”), is presented net of deferred financing costs. The fair value of the Bank Credit Facility is estimated based on the outstanding borrowings under the Bank Credit Facility since it is secured by the Company’s reserves and the interest rates are variable and reflective of market rates (representing a Level 2 fair value measurement). Oil and Natural Gas Derivatives The Company attempts to mitigate a portion of its commodity price risk and stabilize cash flows associated with sales of oil and natural gas production through the use of oil and natural gas swaps and costless collars. Swaps are contracts where the Company either receives or pays depending on whether the oil or natural gas floating market price is above or below the contracted fixed price. Costless collars consist of a purchased put option and a sold call option with no net premiums paid to or received from counterparties. Collar contracts typically require payments by the Company if the NYMEX average closing price is above the ceiling price or payments to the Company if the NYMEX average closing price is below the floor price. The Company has elected not to designate any of its derivative contracts for hedge accounting. Accordingly, commodity derivatives are recorded on the Condensed Consolidated Balance Sheets at fair value with settlements of such contracts, and changes in the unrealized fair value, recorded as “Price risk management activities income (expense)” on the Condensed Consolidated Statements of Operations in each period. The following table presents the impact that derivatives, not qualifying as hedging instruments, had on its Condensed Consolidated Statements of Operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net cash received (paid) on settled derivative $ ( 69,237 ) $ 86,039 $ ( 117,618 ) $ 122,499 Unrealized gain (loss) ( 117,380 ) ( 154,721 ) ( 206,507 ) 52,036 Price risk management activities income (expense) $ ( 186,617 ) $ ( 68,682 ) $ ( 324,125 ) $ 174,535 The following table reflects the contracted volumes and weighted average prices the Company will receive under the terms of its derivative contracts as of June 30, 2021: Production Period Instrument Average Weighted Weighted Weighted Crude Oil – WTI: (Bbls) (per Bbl) (per Bbl) (per Bbl) July 2021 – December 2021 Swaps 22,505 $ 45.45 $ — $ — July 2021 – December 2021 Collars 1,000 $ — $ 30.00 $ 40.00 January 2022 – December 2022 Swaps 19,101 $ 48.62 $ — $ — January 2023 – June 2023 Swaps 3,000 $ 54.07 $ — $ — Crude Oil – LLS: (Bbls) (per Bbl) (per Bbl) (per Bbl) July 2021 – December 2021 Swaps 3,500 $ 42.00 $ — $ — Natural Gas – NYMEX Henry Hub: (MMBtu) (per MMBtu) (per MMBtu) (per MMBtu) July 2021 – December 2021 Swaps 50,815 $ 2.50 $ — $ — July 2021 – December 2021 Collars 5,000 $ — $ 2.50 $ 3.10 January 2022 – December 2022 Swaps 40,162 $ 2.69 $ — $ — January 2023 – June 2023 Swaps 5,000 $ 2.61 $ — $ — The following tables provide additional information related to financial instruments measured at fair value on a recurring basis (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas swaps and costless collars $ — $ 81 $ — $ 81 Liabilities: Oil and natural gas swaps and costless collars — ( 274,402 ) — ( 274,402 ) Total net liability $ — $ ( 274,321 ) $ — $ ( 274,321 ) December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas swaps and costless collars $ — $ 7,821 $ — $ 7,821 Liabilities: Oil and natural gas swaps and costless collars — ( 75,635 ) — ( 75,635 ) Total net liability $ — $ ( 67,814 ) $ — $ ( 67,814 ) Financial Statement Presentation Derivatives are classified as either current or non-current assets or liabilities based on their anticipated settlement dates. Although the Company has master netting arrangements with its counterparties, the Company presents its derivative financial instruments on a gross basis in its Condensed Consolidated Balance Sheets. On derivative contracts recorded as assets in the table below, the Company is exposed to the risk the counterparties may not perform. The following table presents the fair value of derivative financial instruments (in thousands): June 30, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Oil and natural gas derivatives: Current $ 39 $ 230,258 $ 6,876 $ 66,010 Non-current 42 44,144 945 9,625 Total $ 81 $ 274,402 $ 7,821 $ 75,635 Credit Risk The Company is subject to the risk of loss on its financial instruments as a result of nonperformance by counterparties pursuant to the terms of their contractual obligations. The Company has entered into International Swaps and Derivative Association agreements with counterparties to mitigate this risk. The Company also maintains credit policies with regard to its counterparties to minimize overall credit risk. These policies require (i) the evaluation of potential counterparties’ financial condition to determine their credit worthiness; (ii) the regular monitoring of counterparties’ credit exposures; (iii) the use of contract language that affords the Company netting or set off opportunities to mitigate exposure risk; and (iv) potentially requiring counterparties to post cash collateral, parent guarantees, or letters of credit to minimize credit risk. The Company’s assets and liabilities from commodity price risk management activities at June 30, 2021 represent derivative instruments from eight counterparties; all of which are registered swap dealers that have an “investment grade” (minimum Standard & Poor’s rating of BBB- or better) credit rating, and seven of which are parties under the Company’s Bank Credit Facility. The Company enters into derivatives directly with these counterparties and, subject to the terms of the Company’s Bank Credit Facility, is not required to post collateral or other securities for credit risk in relation to the derivative activities.

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	N ote 6 — Debt A summary of the detail comprising the Company’s debt and the related book values for the respective periods presented is as follows (in thousands): June 30, 2021 December 31, 2020 12.00 % Second-Priority Senior Secured Notes – due January 2026 $ 650,000 $ — 11.00 % Second-Priority Senior Secured Notes – due April 2022 — 347,254 7.50 % Senior Notes – due May 2022 6,060 6,060 Bank Credit Facility – matures November 2024 400,000 640,000 Total debt, before discount and deferred financing cost 1,056,060 993,314 Discount and deferred financing cost ( 73,427 ) ( 7,802 ) Total debt, net of discount and deferred financing costs 982,633 985,512 Less: current portion of long-term debt ( 6,060 ) — Long-term debt, net of discount and deferred financing costs $ 976,573 $ 985,512 12.00% Second-Priority Senior Notes The 12.00% Second-Priority Senior Secured Notes due 2026 (the “ 12.00 % Notes”) were issued pursuant to an indenture dated January 4, 2021 and the first supplemental indenture dated January 14, 2021 between Talos Energy Inc. (the "Parent Guarantor"), Talos Production Inc. (the "Issuer"), and certain of the Issuer's subsidiaries (the "Subsidiary Guarantors" and, together with the Parent Guarantor, the "Guarantors") and Wilmington Trust, National Association, as trustee and collateral agent. The 12.00 % Notes rank pari passu in right of payment and constitute a single class of securities for all purposes under the indentures. The 12.00% Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Parent Guarantor and on a second-priority senior secured basis by each of the Subsidiary Guarantors and will be unconditionally guaranteed on the same basis by certain of the Issuer’s future subsidiaries. The 12.00% Notes are secured on a second-priority basis by liens on substantially the same collateral as the Issuer’s existing first-priority obligations under its Bank Credit Facility. The 12.00 % Notes mature January 15, 2026 and have interest payable semi-annually each January 15 and July 15 , commencing on July 15, 2021. At any time prior to January 15, 2023, the Company may redeem up to 40 % of the principal amount of the 12.00% Notes at a redemption rate of 112.00 % of the principal amount plus accrued and unpaid interest. Thereafter, the Company may redeem all or a portion of the 12.00% Notes at redemption prices decreasing annually on January 15 from 106.00 % to 100.00 % plus accrued and unpaid interest. The indenture governing the 12.00% Notes applies certain limitations on the Company’s ability and the ability of its subsidiaries to, among other things, (i) incur, assume or guarantee additional indebtedness or issue certain convertible or redeemable equity securities; (ii) create liens to secure indebtedness; (iii) pay distributions on equity interests, repurchase equity securities or redeem junior lien, unsecured or subordinated indebtedness; (iv) make investments; (v) restrict distributions, loans or other asset transfers from Talos Production Inc.’s restricted subsidiaries; (vi) consolidate with or merge with or into, or sell substantially all of Talos Production Inc.’s properties to, another person; (vii) sell or otherwise dispose of assets, including equity interests in subsidiaries; and (viii) enter into transactions with affiliates. The 12.00 % Notes contain customary quarterly and annual reporting, financial and administrative covenants. The Company was in compliance with all debt covenants at June 30, 2021. 11.00% Second-Priority Senior Secured Notes On January 13, 2021, the Company redeemed $ 347.3 million aggregate principal amount of the 11.00% Second-Priority Senior Secured Notes due 2022 (the “ 11.00 % Notes”) at 102.75 % plus accrued and unpaid interest using the proceeds from the issuance of the 12.00% Notes. The debt redemption resulted in a loss on extinguishment of debt of nil and $ 13.2 million for the three and six months ended June 30, 2021, respectively, which is presented as “Other income (expense)” on the Condensed Consolidated Statements of Operations. On June 15, 2020, the Company entered into an exchange agreement pursuant to which the Company agreed to exchange $ 37.2 million aggregate principal amount of the 11.00 % Notes from certain holders in exchange for 3.1 million shares of the Company’s common stock plus cash in an amount equal to accrued interest up to the June 18, 2020 settlement date. Additionally, during the three months ended June 30, 2020, the Company repurchased $ 2.0 million of the 11.00 % Notes in two separate open market repurchases. The exchange agreement and debt repurchases resulted in a gain on extinguishment of $ 1.5 million for the three and six months ended June 30, 2020, respectively, and is presented as “Other income (expense)” on the Condensed Consolidated Statements of Operations. Bank Credit Facility The Company maintains a Bank Credit Facility with a syndicate of financial institutions. The Bank Credit Facility provides for determination of the borrowing base based on the Company’s proved producing reserves and a portion of our proved undeveloped reserves. The borrowing base is redetermined by the lenders at least semi-annually during the second quarter and fourth quarter each year. On June 22, 2021, the Company entered into a Borrowing Base Redetermination Agreement and Sixth Amendment to Credit Agreement (the “Sixth Amendment”). The Sixth Amendment, among other things, (i) extended the maturity date of the Bank Credit Facility from May 10, 2022 to November 12, 2024 , (ii) decreased the borrowing base from $ 960.0 million to $ 950.0 million and (iii) decreased the commitments to $ 655.0 million. The next scheduled redetermination meeting is expected to occur in November 2021. The Bank Credit Facility sets the interest rate at either (at the Company’s option) an alternative base rate plus a specified percentage, or London Interbank Offered Rate (“LIBOR”) plus a specified percentage. The specified percentage is referred to as the applicable margin, which varies based on the borrowing base utilization percentage. As of June 30, 2021, the Company's borrowing base was $ 950.0 million with total commitments of $ 655.0 million . Additionally, no more than $ 200.0 million of the Company’s borrowing base can be used as letters of credit with current commitments at $ 150.0 million. The amount the Company is able to borrow with respect to the borrowing base is subject to compliance with the financial covenants and other provisions of the Bank Credit Facility. The Company was in compliance with all debt covenants at June 30, 2021. As of June 30, 2021, the Company had $ 400.0 million in outstanding borrowings at a weighted average interest rate of 3.55 % and $ 13.6 million in letters of credit issued under the Bank Credit Facility. Subsequent Event — During July 2021, the Company announced the addition of a new lender to its Bank Credit Facility adding an additional $ 75.0 million of commitments. The addition increases total commitments from $655.0 million to $ 730.0 million.

Employee Benefits Plans and Sha

Employee Benefits Plans and Share-Based Compensation	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Employee Benefits Plans and Share-Based Compensation	N ote 7 — Employee Benefits Plans and Share-Based Compensation Long Term Incentive Plans On May 11, 2021, the Company’s stockholders approved the Talos Energy Inc. 2021 Long Term Incentive Plan (the “2021 LTIP”), which had previously been approved by the board of directors of the Company. No further awards will be granted under the Talos Energy Inc. Long Term Incentive Plan (the “2018 LTIP”). The 2021 LTIP provides for potential grants of: (i) incentive stock options qualified as such under U.S. federal income tax laws (“ISOs”), (ii) stock options that do not qualify as ISOs (together with ISOs, “Options”), (iii) stock appreciation rights, (iv) restricted stock awards, (v) restricted stock units (the “RSUs”), (vi) awards of vested stock, (vii) dividend equivalents, (viii) other stock-based or cash awards and (ix) substitute awards (collectively, the “Awards”). Employees, non-employee directors and consultants of the Company and its affiliates are eligible to receive awards under the 2021 LTIP. The 2021 LTIP authorizes the Company to grant awards of up to 8,639,415 shares of the Company’s common stock, subject to the share counting and share recycling provisions of the 2021 LTIP. Restricted Stock Units — The following table summarizes RSU activity for the six months ended June 30, 2021: RSUs Weighted Average Unvested RSUs at December 31, 2020 1,652,988 $ 13.73 Granted 1,067,141 $ 13.11 Vested ( 657,590 ) $ 14.92 Forfeited ( 61,055 ) $ 12.63 Unvested RSUs at June 30, 2021 (1) 2,001,484 $ 13.04 (1) As of June 30, 2021, 44,372 of the unvested RSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheet. The Company considers its intent and ability to settle awards in cash or shares in determining whether to classify the awards as equity or as a liability. Certain awards granted during the six months ended June 30, 2021 were originally classified as liability awards; however, these awards became equity-classified awards upon stockholder approval of the 2021 LTIP. The aggregate amount of compensation cost related to these awards is determined by the fair value of the award on the modification date. Performance Share Units (“PSUs”) — The following table summarizes PSU activity for the six months ended June 30, 2021: PSUs Weighted Average Unvested PSUs at December 31, 2020 834,172 $ 25.46 Granted 586,984 $ 18.96 Vested ( 197,585 ) $ 44.61 Forfeited ( 14,400 ) $ 18.47 Unvested PSUs at June 30, 2021 1,209,171 $ 19.26 Certain awards granted during the six months ended June 30, 2021 were originally classified as liability awards; however, these awards became equity-classified awards upon stockholder approval of the 2021 LTIP. The following table summarizes the assumptions used in the Monte Carlo simulations to calculate the fair value of the PSUs granted and modified at the date indicated: Modification Date Grant Date May 11, 2021 March 8, 2021 Expected term (in years) 2.6 2.8 Expected volatility 80.9 % 78.3 % Risk-free interest rate 0.3 % 0.3 % Dividend yield — % — % Fair Value (in thousands) $ 9,715 $ 11,129 Share-based Compensation Expense, net Share-based compensation expense associated with RSUs, PSUs and other awards are reflected as “General and administrative expense,” in the Condensed Consolidated Statements of Operations, net amounts capitalized to “Proved Properties,” in the Condensed Consolidated Balance Sheets. Because of the non-cash nature of share-based compensation, the expensed portion of share-based compensation is added back to net income in arriving at “Net cash provided by operating activities” in the Condensed Consolidated Statements of Cash Flows. The Company recognized the following share-based compensation expense, net (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Share-based compensation costs $ 5,626 $ 4,455 $ 10,541 $ 7,667 Less: amounts capitalized to oil and gas properties ( 2,609 ) ( 2,108 ) ( 4,860 ) ( 3,693 ) Total share-based compensation expense, net $ 3,017 $ 2,347 $ 5,681 $ 3,974

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	N ote 8 — Income Taxes The Company is a corporation that is subject to U.S. federal, state and foreign income taxes. For the three months ended June 30, 2021, the Company recognized an income tax expense of $ 0.5 million for an effective tax rate of negative 0.4 %. The Company’s effective tax rate of negative 0.4 % is lower than the U.S. federal statutory income tax rate of 21 % primarily due to recording a valuation allowance for its deferred tax assets. For the three months ended June 30, 2020, the Company recognized income tax benefit of $ 49.4 million for an effective tax rate of 26.0 %. The Company’s effective tax rate of 26.0 % is higher than the U.S. federal statutory income tax rate of 21 % primarily due to the state income taxes and other permanent differences. For the six months ended June 30, 2021, the Company recognized income tax expense of $ 1.1 million for an effective tax rate of negative 0.4 %. The Company’s effective tax rate of negative 0.4 % is lower than the U.S. federal statutory income tax rate of 21 % primarily due to recording a valuation allowance for its deferred tax assets. For the six months ended June 30, 2020 , the Company recognized an income tax expense of $ 5.9 million for an effective tax rate of 25.5 %. The difference between the Company’s effective tax rate of 25.5 % and federal statutory income tax rate of 21 % primarily due to the state income taxes, and other permanent differences, primarily related to non-deductible executive compensation and the impact of equity-based compensation shortfalls. The Company evaluates and updates the estimated annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Consequently, based upon the mix and timing of the Company’s actual earnings compared to annual projections, the effective tax rate may vary quarterly and may make quarterly comparisons not meaningful. The quarterly income tax provision is generally comprised of tax expense on income or benefit on loss at the most recent estimated annual effective tax rate. The tax effect of discrete items is recognized in the period in which they occur at the applicable statutory rate. Deferred income tax assets and liabilities are recorded related to net operating losses and temporary differences between the book and tax basis of assets and liabilities expected to produce deductions and income in the future. The Company reduces deferred tax assets by a valuation allowance when, based on estimates, it is more likely than not that a portion of those assets will not be realized in a future period. The deferred tax asset estimates are subject to revision, either up or down, in future periods based on new facts or circumstances. In evaluating the Company’s valuation allowance, the Company considers cumulative losses, the reversal of existing temporary differences, the existence of taxable income in carryback years, tax optimization planning and future taxable income for each of its taxable jurisdictions. The Company assesses the realizability of its deferred tax assets quarterly; changes to the Company’s assessment of its valuation allowance in future periods could materially impact its results of operations. As of June 30, 2021 , the Company maintains a full valuation allowance for U.S. federal, state and foreign net deferred tax assets.

Income (Loss) Per Share

Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Income (Loss) Per Share	N ote 9 — Income (Loss) Per Share Basic earnings per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Except when the effect would be antidilutive, diluted earnings per common share includes the impact of RSUs, PSUs and outstanding warrants. The following table presents the computation of the Company’s basic and diluted income (loss) per share were as follows (in thousands, except for the per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) $ ( 125,782 ) $ ( 140,611 ) $ ( 247,273 ) $ 17,138 Weighted average common shares 81,823 65,807 81,630 62,023 Dilutive effect of securities — — — 295 Weighted average common shares 81,823 65,807 81,630 62,318 Net income (loss) per common share: Basic $ ( 1.54 ) $ ( 2.14 ) $ ( 3.03 ) $ 0.28 Diluted $ ( 1.54 ) $ ( 2.14 ) $ ( 3.03 ) $ 0.28 Anti-dilutive potentially issuable securities 869 5,106 2,252 4,732

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	N ote 10 — Related Party Transactions On February 3, 2012, Talos Energy LLC completed a transaction with funds and other alternative investment vehicles managed by Apollo Management VII, L.P. and Apollo Commodities Management, L.P., with respect to Series I (“Apollo Funds”), and entities controlled by or affiliated with Riverstone Energy Partners V, L.P. (“Riverstone Funds” and, together with the Apollo Funds, the “Sponsors”) and members of management pursuant to which the Company received a private equity capital commitment. The Sponsors hold greater than 10 % of the Company’s voting power. ILX and Castex Acquisition On February 28, 2020 the Company acquired assets and liabilities at fair value from sellers that include, the Riverstone Sellers, affiliates of the Riverstone Funds. See additional details in Note 2 — Acquisitions . Whistler Acquisition On August 31, 2018 , the Company acquired certain properties from Whistler Energy II Holdco, LLC, an affiliate of the Apollo Funds. Included in current assets at June 30, 2021 is $ 1.1 million in receivables from an affiliate of the Apollo Funds to reimburse the Company for certain payments made post-closing. Equity Registration Rights Agreement The Sponsors and Riverstone Sellers are parties to an amended registration rights agreement relating to the registered resale of the Company’s common stock owned by such parties, a discussion of which is included in the Notes to the Consolidated Financial Statements in the 2020 Annual Report. The Company will bear all of the expenses incurred in connection with the offer and sale, while the selling stockholders will be responsible for paying underwriting fees, discounts and selling commissions. For the three and six months ended June 30, 2021 , fees incurred by the Company were $ 0.3 million and $ 0.4 million, respectively. For the three and six months ended June 30, 2020 , the Company incurred nil and $ 0.2 million, respectively. Stockholders’ Agreement Amendment On May 10, 2018, the Company entered into a Stockholders’ Agreement (the “Stockholders’ Agreement”) by and among the Company and the other parties thereto. On February 24, 2020, the Company and the other parties thereto amended the Stockholders’ Agreement (the “Stockholders’ Agreement Amendment”). A discussion of the Stockholders’ Agreement Amendment is included in the Notes to Consolidated Financial Statements in the 2020 Annual Report. Legal Fees The Company has engaged the law firm Vinson & Elkins L.L.P. to provide legal services. An immediate family member of William S. Moss III, the Company’s Executive Vice President and General Counsel and one of its executive officers, is a partner at Vinson & Elkins L.L.P. For the three and six months ended June 30, 2021 , the Company incurred fees of approximately $ 0.8 million and $ 1.7 million, respectively, of which $ 0.9 million were payable for legal services performed by Vinson & Elkins L.L.P. as of June 30, 2021. For the three and six months ended June 30, 2020 , the Company incurred fees of approximately $ 1.8 million and $ 3.4 million, respectively, of which $ 3.2 million were payable for legal services performed by Vinson & Elkins L.L.P. as of June 30, 2020 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	N ote 11 — Commitments and Contingencies Performance Obligations Regulations with respect to offshore operations govern, among other things, engineering and construction specifications for production facilities, safety procedures, plugging and abandonment of wells, removal of facilities and to guarantee the execution of the minimum work program under the Mexico production sharing contracts. As of June 30, 2021, the Company had secured performance bonds totaling approximately $ 673.9 million . The cost of securing these bonds are reflected as “Interest expense" in the Condensed Consolidated Statements of Operations. As of June 30, 2021, the Company had $ 13.6 million in letters of credit issued under its Bank Credit Facility. Legal Proceedings and Other Contingencies The Company is named as a party in certain lawsuits and regulatory proceedings arising in the ordinary course of business. The Company does not expect that these matters, individually or in the aggregate, will have a material adverse effect on its financial condition. Decommissioning Obligations The Company has divested various leases, wells and facilities located in the U.S. Gulf of Mexico where the purchasers typically assume all abandonment obligations acquired. Certain of these counterparties in these divestiture transactions or third parties in existing leases have filed for bankruptcy protection or undergone associated reorganizations and may not be able to perform required abandonment obligations. Under certain circumstances, regulations or federal laws could require the Company to assume such obligations.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	N ote 12 — Subsequent Events Debt For additional information, see Note 6 — Debt .

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Business	Nature of Business Talos Energy Inc. (including its subsidiaries, collectively “Talos” or the “Company”) is a technically driven independent exploration and production company focused on safely and efficiently maximizing long-term value through its operations, currently in the United States (“U.S.”) Gulf of Mexico and offshore Mexico both upstream through oil and gas exploration and production and downstream through the development of future carbon capture and storage opportunities. The Company leverages decades of technical and offshore operational expertise towards the acquisition, exploration and development of assets in key geological trends that are present in many offshore basins around the world. With a focus on environmental stewardship, we are also utilizing our expertise to explore opportunities to reduce industrial emissions through our carbon capture and storage collaborative arrangement along the U.S. Gulf Coast and Gulf of Mexico.
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC regarding interim financial reporting. Accordingly, certain information and disclosures normally included in complete financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, these financial statements include all adjustments, which unless otherwise disclosed, are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations, cash flows and changes in equity for the periods presented. The results for interim periods are not necessarily indicative of results for the entire year. The unaudited financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s audited Consolidated Financial Statements and accompanying notes included in the 2020 Annual Report. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods and the reported amounts of proved oil and natural gas reserves. Actual results could differ from those estimates. The Company has one reportable segment, which is the exploration and production of oil, natural gas and NGLs. Substantially all of the Company’s long-lived assets, proved reserves and production sales are related to the Company’s operations in the United States.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2021
Business Acquisition [Line Items]
Supplemental Proforma Information	The following supplemental pro forma financial information (in thousands, except per common share amounts), presents the condensed consolidated results of operations for the six months ended June 30, 2020 as if the ILX and Castex Acquisition had occurred on January 1, 2020. The unaudited pro forma information was derived from historical statements of operations of the Company and the Sellers adjusted to (i) include depletion expense applied to the adjusted basis of the oil and natural gas properties acquired, (ii) include interest expense to reflect borrowings under the Bank Credit Facility, (iii) eliminate the write-down of oil and natural gas properties on the assets acquired to reflect the pro-forma ceiling test calculation and (iv) include weighted average basic and diluted shares of common stock outstanding, which was calculated assuming the 11.0 million shares of Conversion Stock were issued to the Sellers. This information does not purport to be indicative of results of operations that would have occurred had the ILX and Castex Acquisition occurred on January 1, 2020, nor is such information indicative of any expected future results of operations. Six Months Ended June 30, 2020 Revenue $ 324,073 Net income $ 29,996 Basic net income per common share $ 0.46 Diluted net income per common share $ 0.46
ILX and Castex
Business Acquisition [Line Items]
Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed	The following table presents the final allocation of the purchase price to the assets acquired and liabilities assumed, based on their fair values on February 28, 2020 (in thousands): Current assets (1) $ 11,060 Property and equipment 496,835 Other long-term assets 148 Current liabilities ( 16,520 ) Other long-term liabilities ( 32,201 ) Allocated purchase price $ 459,322 (1) Includes trade and other receivables of $ 8.2 million.
Summary of Revenue and Net Income Attributable to Assets Acquired	The following table presents revenue and net income attributable to the assets acquired in the ILX and Castex Acquisition: Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Revenue $ 26,299 $ 40,191 Net loss $ ( 15,161 ) $ ( 11,952 )
Summary of Purchase Price	The following table summarizes the purchase price (in thousands except share and per share data): Talos Conversion Stock 11,000,000 Talos common stock price per share (1) $ 14.20 Conversion Stock value $ 156,200 Cash consideration $ 385,000 Customary closing and post-closing adjustments ( 81,878 ) Net cash consideration $ 303,122 Total purchase price $ 459,322 Represents the closing price of the Company’s common stock on February 28, 2020, the date of the closing of the ILX and Castex Acquisition. The purchase price was based on the value of the Conversion Stock as the value approximates the value of the Preferred Shares as a result of the automatic conversion and dividend rights described in that certain Certificate of Designation, Preferences, Rights and Limitations.

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2021
Oil And Gas Property [Abstract]
Schedule of Asset Retirement Obligations	Asset Retirement Obligations The asset retirement obligations included in the Condensed Consolidated Balance Sheets in current and non-current liabilities, and the changes in that liability were as follows (in thousands): Asset Retirement Obligations Asset retirement obligations at December 31, 2020 $ 442,269 Obligations acquired 398 Obligations settled ( 36,329 ) Obligations divested ( 340 ) Accretion expense 30,442 Changes in estimate 19,944 Asset retirement obligations at June 30, 2021 $ 456,384 Less: Current portion at June 30, 2021 ( 47,027 ) Long-term portion at June 30, 2021 $ 409,357

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Components of Lease Costs	The components of lease costs were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Finance lease cost - interest on lease liabilities $ 3,012 $ 4,040 $ 6,268 $ 8,305 Operating lease cost, excluding short-term leases (1) 720 866 1,436 1,732 Short-term lease cost (2) 12,092 15,748 17,852 19,283 Variable lease cost (3) 322 3 644 6 Total lease cost $ 16,146 $ 20,657 $ 26,200 $ 29,326 (1) Operating lease cost reflect a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a straight-line basis. (2) Short-term lease costs are reported at gross amounts and primarily represent costs incurred for drilling rigs, most of which are short-term contracts not recognized as a right-of-use asset and lease liability on the Condensed Consolidated Balance Sheets. Variable lease costs primarily represent differences between minimum payment obligations and actual operating charges incurred by the Company related to its long-term leases.
Schedule of Right-of-Use Asset and Liability, Adjusted for Initial Direct Costs and Incentives	The present value of the fixed lease payments recorded as the Company’s right-of-use asset and liability, adjusted for initial direct costs and incentives were as follows (in thousands): June 30, 2021 December 31, 2020 Operating leases: Operating lease assets $ 7,601 $ 6,855 Current portion of operating lease liabilities $ 2,176 $ 1,793 Operating lease liabilities 18,380 18,554 Total operating lease liabilities $ 20,556 $ 20,347 Finance leases: Proved property $ 124,299 $ 124,299 Other current liabilities $ 24,279 $ 21,804 Other long-term liabilities 27,386 40,222 Total finance lease liabilities $ 51,665 $ 62,026
Supplemental Cash Flow Information Related to Leases	The table below presents the supplemental cash flow information related to leases (in thousands): Six Months Ended June 30, 2021 2020 Operating cash outflow from finance leases $ 6,268 $ 8,306 Operating cash outflow from operating leases $ 1,974 $ 911 Right-of-use assets obtained in exchange for new operating lease $ 1,020 $ —

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Financial Instruments [Abstract]
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments	The following table presents the carrying amounts, net of discount and deferred financing costs, and estimated fair values of the Company’s debt instruments (in thousands): June 30, 2021 December 31, 2020 Carrying Fair Carrying Fair 12.00 % Second-Priority Senior Secured Notes – January 2026 $ 583,777 $ 684,093 $ — $ — 11.00 % Second-Priority Senior Secured Notes – April 2022 $ — $ — $ 343,579 $ 355,935 7.50 % Senior Notes – due May 2022 $ 6,060 $ 5,069 $ 6,060 $ 5,238 Bank Credit Facility – matures November 2024 $ 392,796 $ 400,000 $ 635,873 $ 640,000
Schedule of Impact that Derivatives not Qualifying as Hedging Instruments in Condensed Consolidated Statements of Operations	The following table presents the impact that derivatives, not qualifying as hedging instruments, had on its Condensed Consolidated Statements of Operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net cash received (paid) on settled derivative $ ( 69,237 ) $ 86,039 $ ( 117,618 ) $ 122,499 Unrealized gain (loss) ( 117,380 ) ( 154,721 ) ( 206,507 ) 52,036 Price risk management activities income (expense) $ ( 186,617 ) $ ( 68,682 ) $ ( 324,125 ) $ 174,535
Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under the Terms of Derivative Contracts	The following table reflects the contracted volumes and weighted average prices the Company will receive under the terms of its derivative contracts as of June 30, 2021: Production Period Instrument Average Weighted Weighted Weighted Crude Oil – WTI: (Bbls) (per Bbl) (per Bbl) (per Bbl) July 2021 – December 2021 Swaps 22,505 $ 45.45 $ — $ — July 2021 – December 2021 Collars 1,000 $ — $ 30.00 $ 40.00 January 2022 – December 2022 Swaps 19,101 $ 48.62 $ — $ — January 2023 – June 2023 Swaps 3,000 $ 54.07 $ — $ — Crude Oil – LLS: (Bbls) (per Bbl) (per Bbl) (per Bbl) July 2021 – December 2021 Swaps 3,500 $ 42.00 $ — $ — Natural Gas – NYMEX Henry Hub: (MMBtu) (per MMBtu) (per MMBtu) (per MMBtu) July 2021 – December 2021 Swaps 50,815 $ 2.50 $ — $ — July 2021 – December 2021 Collars 5,000 $ — $ 2.50 $ 3.10 January 2022 – December 2022 Swaps 40,162 $ 2.69 $ — $ — January 2023 – June 2023 Swaps 5,000 $ 2.61 $ — $ —
Summary of Additional Information Related to Financial Instruments Measured at Fair Value on Recurring Basis	The following tables provide additional information related to financial instruments measured at fair value on a recurring basis (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas swaps and costless collars $ — $ 81 $ — $ 81 Liabilities: Oil and natural gas swaps and costless collars — ( 274,402 ) — ( 274,402 ) Total net liability $ — $ ( 274,321 ) $ — $ ( 274,321 ) December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas swaps and costless collars $ — $ 7,821 $ — $ 7,821 Liabilities: Oil and natural gas swaps and costless collars — ( 75,635 ) — ( 75,635 ) Total net liability $ — $ ( 67,814 ) $ — $ ( 67,814 )
Schedule of Fair Value of Derivative Financial Instruments	The following table presents the fair value of derivative financial instruments (in thousands): June 30, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Oil and natural gas derivatives: Current $ 39 $ 230,258 $ 6,876 $ 66,010 Non-current 42 44,144 945 9,625 Total $ 81 $ 274,402 $ 7,821 $ 75,635

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Summary of Detail Comprising Debt and Related Book Values	A summary of the detail comprising the Company’s debt and the related book values for the respective periods presented is as follows (in thousands): June 30, 2021 December 31, 2020 12.00 % Second-Priority Senior Secured Notes – due January 2026 $ 650,000 $ — 11.00 % Second-Priority Senior Secured Notes – due April 2022 — 347,254 7.50 % Senior Notes – due May 2022 6,060 6,060 Bank Credit Facility – matures November 2024 400,000 640,000 Total debt, before discount and deferred financing cost 1,056,060 993,314 Discount and deferred financing cost ( 73,427 ) ( 7,802 ) Total debt, net of discount and deferred financing costs 982,633 985,512 Less: current portion of long-term debt ( 6,060 ) — Long-term debt, net of discount and deferred financing costs $ 976,573 $ 985,512

Employee Benefits Plans and S_2

Employee Benefits Plans and Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Restricted Stock Units Activity	The following table summarizes RSU activity for the six months ended June 30, 2021: RSUs Weighted Average Unvested RSUs at December 31, 2020 1,652,988 $ 13.73 Granted 1,067,141 $ 13.11 Vested ( 657,590 ) $ 14.92 Forfeited ( 61,055 ) $ 12.63 Unvested RSUs at June 30, 2021 (1) 2,001,484 $ 13.04 (1) As of June 30, 2021, 44,372 of the unvested RSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheet. The Company considers its intent and ability to settle awards in cash or shares in determining whether to classify the awards as equity or as a liability. Certain awards granted during the six months ended June 30, 2021 were originally classified as liability awards; however, these awards became equity-classified awards upon stockholder approval of the 2021 LTIP. The aggregate amount of compensation cost related to these awards is determined by the fair value of the award on the modification date.
Summary of Performance Share Units Activity	The following table summarizes PSU activity for the six months ended June 30, 2021: PSUs Weighted Average Unvested PSUs at December 31, 2020 834,172 $ 25.46 Granted 586,984 $ 18.96 Vested ( 197,585 ) $ 44.61 Forfeited ( 14,400 ) $ 18.47 Unvested PSUs at June 30, 2021 1,209,171 $ 19.26 Certain awards granted during the six months ended June 30, 2021 were originally classified as liability awards; however, these awards became equity-classified awards upon stockholder approval of the 2021 LTIP.
Summary of Assumptions Used to Calculate the Grant And Modifications Date Fair Value of PSUs Granted	The following table summarizes the assumptions used in the Monte Carlo simulations to calculate the fair value of the PSUs granted and modified at the date indicated: Modification Date Grant Date May 11, 2021 March 8, 2021 Expected term (in years) 2.6 2.8 Expected volatility 80.9 % 78.3 % Risk-free interest rate 0.3 % 0.3 % Dividend yield — % — % Fair Value (in thousands) $ 9,715 $ 11,129
Schedule of Recognized Share Based Compensation Expense, Net	The Company recognized the following share-based compensation expense, net (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Share-based compensation costs $ 5,626 $ 4,455 $ 10,541 $ 7,667 Less: amounts capitalized to oil and gas properties ( 2,609 ) ( 2,108 ) ( 4,860 ) ( 3,693 ) Total share-based compensation expense, net $ 3,017 $ 2,347 $ 5,681 $ 3,974

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Income (Loss) Per Share	The following table presents the computation of the Company’s basic and diluted income (loss) per share were as follows (in thousands, except for the per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) $ ( 125,782 ) $ ( 140,611 ) $ ( 247,273 ) $ 17,138 Weighted average common shares 81,823 65,807 81,630 62,023 Dilutive effect of securities — — — 295 Weighted average common shares 81,823 65,807 81,630 62,318 Net income (loss) per common share: Basic $ ( 1.54 ) $ ( 2.14 ) $ ( 3.03 ) $ 0.28 Diluted $ ( 1.54 ) $ ( 2.14 ) $ ( 3.03 ) $ 0.28 Anti-dilutive potentially issuable securities 869 5,106 2,252 4,732

Nature of Business and Basis _3

Nature of Business and Basis of Presentation - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021Segment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of reportable segment	1

Acquisitions - Business Combina

Acquisitions - Business Combination - Additional Information (Details) - USD ($)	Mar. 30, 2020	Feb. 28, 2020	Dec. 10, 2019	Jul. 01, 2019	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Base Purchase Price Subject to Adjustment		$ 385,000,000
General and Administrative Expense
Business Acquisition [Line Items]
Acquisition, transaction related cost					$ 0	$ 800,000		$ 0	$ 8,300,000
Series A Convertible Preferred Stock
Business Acquisition [Line Items]
Aggregate shares issued		110,000
Conversion stock issued to sellers							11,000,000
ILX and Castex
Business Acquisition [Line Items]
Business acquisition, date of acquisition agreement			Dec. 10, 2019
Business Acquisition Acquisition Agreement Effective Date1				Jul. 1, 2019
Base Purchase Price Subject to Adjustment		$ 385,000,000
Business acquisition, effective date		Feb. 28, 2020
ILX and Castex | General and Administrative Expense
Business Acquisition [Line Items]
Acquisition, transaction related cost		$ 12,100
ILX and Castex | Contingent Convertible Preferred Stock
Business Acquisition [Line Items]
Conversion stock issued to sellers	11

Acquisitions - Summary of Purch

Acquisitions - Summary of Purchase Price, Subject to Customary Post-Closing Adjustments (Details) - USD ($) $ / shares in Units, $ in Thousands		Feb. 28, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Base Purchase Price Subject to Adjustment		$ 385,000
Net cash consideration			$ 5,399	$ 296,966
ILX and Castex
Business Acquisition [Line Items]
Talos Conversion Stock		11,000,000
Talos common stock price per share	[1]	$ 14.20
Conversion Stock value		$ 156,200
Base Purchase Price Subject to Adjustment		385,000
Customary closing and post-closing adjustments		(81,878)
Net cash consideration		303,122
Total purchase price		$ 459,322
[1]	Represents the closing price of the Company’s common stock on February 28, 2020, the date of the closing of the ILX and Castex Acquisition. The purchase price was based on the value of the Conversion Stock as the value approximates the value of the Preferred Shares as a result of the automatic conversion and dividend rights described in that certain Certificate of Designation, Preferences, Rights and Limitations.

Acquisitions - Business Combi_2

Acquisitions - Business Combination - Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed Including the Measurement Period Adjustments (Details) - ILX and Castex $ in Thousands	Feb. 28, 2020USD ($)
Business Acquisition [Line Items]
Current assets	$ 11,060
Property and equipment	496,835
Other long-term assets	148
Current liabilities	(16,520)
Other long-term liabilities	(32,201)
Allocated purchase price	$ 459,322

Acquisitions - Business Combi_3

Acquisitions - Business Combination - Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed Including the Measurement Period Adjustments (Parenthetical) (Details) $ in Millions	Feb. 28, 2020USD ($)
ILX and Castex | Trade and Other Receivables
Business Acquisition [Line Items]
Primary fair values of receivables acquired	$ 8.2

Acquisitions - Business Combi_4

Acquisitions - Business Combination - Summary of Revenue and Net Income Attributable to Assets Acquired (Details) - ILX and Castex - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Business Acquisition [Line Items]
Revenue	$ 26,299	$ 40,191
Net income (loss)	$ (15,161)	$ (11,952)

Acquisitions - Business Combi_5

Acquisitions - Business Combination - Summary of Supplemental Proforma Information (Details) - ILX and Castex $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)$ / shares
Business Acquisition [Line Items]
Revenue | $	$ 324,073
Net income | $	$ 29,996
Basic net income per common share | $ / shares	$ 0.46
Diluted net income per common share | $ / shares	$ 0.46

Property, Plant and Equipment -

Property, Plant and Equipment - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)$ / bbl$ / Mcf	Jun. 30, 2020USD ($)
Property, Plant and Equipment [Line Items]
Write-down of oil and natural gas properties | $	$ 0	$ 0	$ 0	$ 57,000
US
Property, Plant and Equipment [Line Items]
Write-down of oil and natural gas properties | $	$ 0	$ 0	$ 0	$ 0
Unweighted average first day of month commodity price for crude oil for prior twelve months | $ / bbl			50.23
Unweighted average first day of month commodity price for natural gas for prior twelve months | $ / Mcf			2.48
Unweighted average first day of month commodity price for natural gas liquids for prior twelve months | $ / bbl			14.92

Property, Plant and Equipment_2

Property, Plant and Equipment - Schedule of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Oil And Gas Property [Abstract]
Asset retirement obligations at December 31, 2020			$ 442,269
Obligations acquired			398
Obligations settled			(36,329)
Obligations divested			(340)
Accretion expense	$ 15,457	$ 13,794	30,442	$ 26,211
Changes in estimate			19,944
Asset retirement obligations at June 30, 2021	456,384		456,384
Less: Current portion at June 30, 2021	(47,027)		(47,027)		$ (49,921)
Long-term portion at June 30, 2021	$ 409,357		$ 409,357		$ 392,348

Leases - Components of Lease Co

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lease, Cost [Abstract]
Finance lease cost - interest on lease liabilities		$ 3,012	$ 4,040	$ 6,268	$ 8,305
Operating lease cost, excluding short-term leases	[1]	720	866	1,436	1,732
Short-term lease cost	[2]	12,092	15,748	17,852	19,283
Variable lease cost	[3]	322	3	644	6
Total lease cost		$ 16,146	$ 20,657	$ 26,200	$ 29,326
[1]	Operating lease cost reflect a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a straight-line basis.
[2]	Short-term lease costs are reported at gross amounts and primarily represent costs incurred for drilling rigs, most of which are short-term contracts not recognized as a right-of-use asset and lease liability on the Condensed Consolidated Balance Sheets.
[3]	Variable lease costs primarily represent differences between minimum payment obligations and actual operating charges incurred by the Company related to its long-term leases.

Leases - Schedule of Right-of-U

Leases - Schedule of Right-of-Use Asset and Liability, Adjusted for Initial Direct Costs and Incentives (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets and Liabilities, Lessee [Abstract]
Operating lease assets	$ 7,601	$ 6,855
Current portion of operating lease liabilities	$ 2,176	$ 1,793
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current portion of operating lease liabilities	Current portion of operating lease liabilities
Operating lease liabilities	$ 18,380	$ 18,554
Total operating lease liabilities	20,556	20,347
Proved property	124,299	124,299
Other current liabilities	$ 24,279	$ 21,804
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Other long-term liabilities	$ 27,386	$ 40,222
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Total finance lease liabilities	$ 51,665	$ 62,026

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flow, Operating Activities, Lessee [Abstract]
Operating cash outflow from finance leases	$ 6,268	$ 8,306
Operating cash outflow from operating leases	1,974	911
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 1,020	$ 0

Financial Instruments - Schedul

Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
12.00% Second-Priority Senior Secured Notes – due January 2026
Debt Instrument [Line Items]
Carrying Amount	$ 583,777
Fair Value	684,093
11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Carrying Amount		343,579
Fair Value		355,935
7.50% Senior Notes – due May 2022
Debt Instrument [Line Items]
Carrying Amount	6,060	6,060
Fair Value	5,069	5,238
Bank Credit Facility - matures November 2024
Debt Instrument [Line Items]
Carrying Amount	392,796	635,873
Fair Value	$ 400,000	$ 640,000

Financial Instruments - Sched_2

Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Parenthetical) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Bank Credit Facility - matures November 2024
Debt Instrument [Line Items]
Bank credit facility, maturity date	Nov. 12, 2024
12.00% Second-Priority Senior Secured Notes – due January 2026
Debt Instrument [Line Items]
Debt instrument interest rate	12.00%	12.00%
Senior notes, maturity date	Jan. 15, 2026	Jan. 15, 2026
11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Debt instrument interest rate	11.00%	11.00%
Senior notes, maturity date	Apr. 3, 2022	Apr. 3, 2022
7.50% Senior Notes – due May 2022
Debt Instrument [Line Items]
Debt instrument interest rate	7.50%	7.50%
Senior notes, maturity date	May 31, 2022	May 31, 2022

Financial Instruments - Additio

Financial Instruments - Additional Information (Details) - Counterparty	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Bank Credit Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Number of counterparties	7
Investment Grade Credit Rating
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Number of counterparties	8
12.00% Second-Priority Senior Secured Notes – due January 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate	12.00%	12.00%
Senior notes, maturity date	Jan. 15, 2026	Jan. 15, 2026
11.00% Second-Priority Senior Secured Notes – due April 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate	11.00%	11.00%
Senior notes, maturity date	Apr. 3, 2022	Apr. 3, 2022
7.50% Senior Notes – due May 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate	7.50%	7.50%
Senior notes, maturity date	May 31, 2022	May 31, 2022

Financial Instruments - Sched_3

Financial Instruments - Schedule of Impact that Derivatives not Qualifying as Hedging Instruments in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Price risk management activities income (expense)	$ (186,617)	$ (68,682)	$ (324,125)	$ 174,535
Commodity Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net cash received (paid) on settled derivative instruments	(69,237)	86,039	(117,618)	122,499
Unrealized gain (loss)	(117,380)	(154,721)	(206,507)	52,036
Price risk management activities income (expense)	$ (186,617)	$ (68,682)	$ (324,125)	$ 174,535

Financial Instruments - Sched_4

Financial Instruments - Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under the Terms of Derivative Contracts (Details)	6 Months Ended
	Jun. 30, 2021$ / MMBTU$ / bblbblMMBbls
Crude Oil | WTI | July 2021 – December 2021 | Swap
Derivative [Line Items]
Instrument Type	Swaps
Average Daily Volumes | bbl	22,505
Weighted Average Swap Price	45.45
Weighted Average Put Price	0
Weighted Average Call Price	0
Crude Oil | WTI | July 2021 – December 2021 | Collar
Derivative [Line Items]
Instrument Type	Collars
Average Daily Volumes | bbl	1,000
Weighted Average Swap Price	0
Weighted Average Put Price	30
Weighted Average Call Price	40
Crude Oil | WTI | January 2022 – December 2022 | Swap
Derivative [Line Items]
Instrument Type	Swaps
Average Daily Volumes | bbl	19,101
Weighted Average Swap Price	48.62
Weighted Average Put Price	0
Weighted Average Call Price	0
Crude Oil | WTI | January 2023 – June 2023 | Swap
Derivative [Line Items]
Instrument Type	Swaps
Average Daily Volumes | bbl	3,000
Weighted Average Swap Price	54.07
Weighted Average Put Price	0
Weighted Average Call Price	0
Crude Oil | LLS | July 2021 – December 2021 | Swap
Derivative [Line Items]
Instrument Type	Swaps
Average Daily Volumes | bbl	3,500
Weighted Average Swap Price	42
Weighted Average Put Price | $ / MMBTU	0
Weighted Average Call Price	0
Natural Gas | July 2021 – December 2021 | Swap | NYMEX Henry Hub
Derivative [Line Items]
Instrument Type	Swaps
Average Daily Volumes | MMBbls	50,815
Weighted Average Swap Price | $ / MMBTU	2.50
Weighted Average Put Price | $ / MMBTU	0
Weighted Average Call Price | $ / MMBTU	0
Natural Gas | July 2021 – December 2021 | Collar | NYMEX Henry Hub
Derivative [Line Items]
Instrument Type	Collars
Average Daily Volumes | MMBbls	5,000
Weighted Average Swap Price | $ / MMBTU	0
Weighted Average Put Price | $ / MMBTU	2.50
Weighted Average Call Price | $ / MMBTU	3.10
Natural Gas | January 2022 – December 2022 | Swap | NYMEX Henry Hub
Derivative [Line Items]
Instrument Type	Swaps
Average Daily Volumes | MMBbls	40,162
Weighted Average Swap Price | $ / MMBTU	2.69
Weighted Average Put Price | $ / MMBTU	0
Weighted Average Call Price | $ / MMBTU	0
Natural Gas | January 2023 – June 2023 | Swap | NYMEX Henry Hub
Derivative [Line Items]
Instrument Type	Swaps
Average Daily Volumes | MMBbls	5,000
Weighted Average Swap Price | $ / MMBTU	2.61
Weighted Average Put Price | $ / MMBTU	0
Weighted Average Call Price | $ / MMBTU	0

Financial Instruments - Summary

Financial Instruments - Summary of Additional Information Related to Financial Instruments Measured at Fair Value on Recurring Basis (Details) - Fair Value on Recurring Basis - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Liabilities:
Total net asset (liability)	$ (274,321)	$ (67,814)
Oil And Natural Gas Swaps And Costless Collars
Assets:
Oil and natural gas swaps and costless collars	81	7,821
Liabilities:
Oil and natural gas swaps and costless collars	(274,402)	(75,635)
Level 1
Liabilities:
Total net asset (liability)	0	0
Level 1 | Oil And Natural Gas Swaps And Costless Collars
Assets:
Oil and natural gas swaps and costless collars	0	0
Liabilities:
Oil and natural gas swaps and costless collars	0	0
Level 2
Liabilities:
Total net asset (liability)	(274,321)	(67,814)
Level 2 | Oil And Natural Gas Swaps And Costless Collars
Assets:
Oil and natural gas swaps and costless collars	81	7,821
Liabilities:
Oil and natural gas swaps and costless collars	(274,402)	(75,635)
Level 3
Liabilities:
Total net asset (liability)	0	0
Level 3 | Oil And Natural Gas Swaps And Costless Collars
Assets:
Oil and natural gas swaps and costless collars	0	0
Liabilities:
Oil and natural gas swaps and costless collars	$ 0	$ 0

Financial Instruments - Sched_5

Financial Instruments - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Price Risk Derivatives [Line Items]
Assets from price risk management activities	$ 39	$ 6,876
Assets from price risk management activities	42	945
Liabilities from price risk management activities	230,258	66,010
Liabilities from price risk management activities	44,144	9,625
Oil and Natural Gas Derivatives
Price Risk Derivatives [Line Items]
Assets from price risk management activities	39	6,876
Assets from price risk management activities	42	945
Assets	81	7,821
Liabilities from price risk management activities	230,258	66,010
Liabilities from price risk management activities	44,144	9,625
Liabilities	$ 274,402	$ 75,635

Debt - Summary of Detail Compri

Debt - Summary of Detail Comprising Debt and Related Book Values (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	$ 1,056,060	$ 993,314
Discount and deferred financing cost	(73,427)	(7,802)
Total debt, net of discount and deferred financing costs	982,633	985,512
Less: current portion of long-term debt	(6,060)
Long-term debt, net of discount and deferred financing costs	976,573	985,512
Senior Notes | 12.00% Second-Priority Senior Secured Notes
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	650,000
Senior Notes | 11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost		347,254
Senior Notes | 7.50% Senior Notes – due May 2022
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	6,060	6,060
Bank Credit Facility | Bank Credit Facility - matures November 2024
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	$ 400,000	$ 640,000

Debt - Summary of Detail Comp_2

Debt - Summary of Detail Comprising Debt and Related Book Values (Parenthetical) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Jan. 14, 2021
11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Debt instrument interest rate	11.00%	11.00%
Senior notes, maturity date	Apr. 3, 2022	Apr. 3, 2022
7.50% Senior Notes – due May 2022
Debt Instrument [Line Items]
Debt instrument interest rate	7.50%	7.50%
Senior notes, maturity date	May 31, 2022	May 31, 2022
Bank Credit Facility - matures November 2024
Debt Instrument [Line Items]
Bank credit facility, maturity date	Nov. 12, 2024
Senior Notes | 12.00% Second-Priority Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument interest rate	12.00%		12.00%
Senior notes, maturity date	Jan. 15, 2026
Senior Notes | 11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Debt instrument interest rate	11.00%
Senior notes, maturity date	Apr. 3, 2022
Senior Notes | 7.50% Senior Notes – due May 2022
Debt Instrument [Line Items]
Debt instrument interest rate	7.50%
Senior notes, maturity date	May 31, 2022
Bank Credit Facility | Bank Credit Facility - matures November 2024
Debt Instrument [Line Items]
Bank credit facility, maturity date	Nov. 12, 2024

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) shares in Millions	Jan. 15, 2023	Jun. 15, 2020	Jul. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jan. 14, 2021	Jan. 13, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt Instruments				$ 1,056,060,000		$ 1,056,060,000				$ 993,314,000
Gain (loss) on extinguishment of debt						(13,225,000)	$ 1,470,000
Letter of Credit
Debt Instrument [Line Items]
Line of Credit Facility, Commitments				$ 150,000,000		$ 150,000,000
Bank Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Borrowing Capacity, Description						The Bank Credit Facility provides for determination of the borrowing base based on the Company’s proved producing reserves and a portion of our proved undeveloped reserves.
12.00% Second-Priority Senior Secured Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				12.00%		12.00%		12.00%
Debt instrument maturity date						Jan. 15, 2026
Debt instrument frequency of periodic payment						semi-annually
Debt instrument payment terms						semi-annually each January 15 and July 15
Debt instrument redemption, description						At any time prior to January 15, 2023, the Company may redeem up to 40% of the principal amount of the 12.00% Notes at a redemption rate of 112.00% of the principal amount plus accrued and unpaid interest. Thereafter, the Company may redeem all or a portion of the 12.00% Notes at redemption prices decreasing annually on January 15 from 106.00% to 100.00% plus accrued and unpaid interest.
Debt Instruments				$ 650,000,000		$ 650,000,000
12.00% Second-Priority Senior Secured Notes | Senior Notes | Minimum
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage						100.00%
12.00% Second-Priority Senior Secured Notes | Senior Notes | Maximum
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage						106.00%
12.00% Second-Priority Senior Secured Notes | Senior Notes | Forecast
Debt Instrument [Line Items]
Maximum percentage of principal amount option to redeem	40.00%
Debt instrument, redemption price, percentage	112.00%
11.00% Second-Priority Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		11.00%
Debt instrument, redemption price, percentage						102.75%
Debt instrument, repurchase amount		$ 37,200,000			$ 2,000,000		$ 2,000,000
11.00% Second-Priority Senior Secured Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage					11.00%		11.00%		11.00%
Debt Instruments									$ 347,300,000
Debt instrument, shares issued in conversion for repurchased and retired notes		3.1
11.00% Second-Priority Senior Secured Notes | Senior Notes | Other Income (Expense)
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt				0	$ 1,500,000	$ (13,200,000)	$ 1,500,000
Bank Credit Facility - matures November 2024
Debt Instrument [Line Items]
Bank credit facility, maturity date						Nov. 12, 2024
Credit facility, maximum borrowing capacity				950,000,000		$ 950,000,000		$ 960,000,000
Line of Credit Facility, Commitments				$ 655,000,000		$ 655,000,000
Bank credit facility, description						The borrowing base is redetermined by the lenders at least semi-annually during the second quarter and fourth quarter each year. On June 22, 2021, the Company entered into a Borrowing Base Redetermination Agreement and Sixth Amendment to Credit Agreement (the “Sixth Amendment”). The Sixth Amendment, among other things, (i) extended the maturity date of the Bank Credit Facility from May 10, 2022 to November 12, 2024
Weighted average interest rate				3.55%		3.55%
Line of credit outstanding borrowing amount				$ 400,000,000		$ 400,000,000
Letters of credit outstanding amount				13,600,000		13,600,000
Bank Credit Facility - matures November 2024 | Letter of Credit
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity						$ 200,000,000
Bank Credit Facility - matures November 2024 | Subsequent Event
Debt Instrument [Line Items]
Line of Credit Facility, Commitments			$ 730,000,000
Line of Credit Facility, Increase (Decrease), Net, Total			$ 75,000,000
Bank Credit Facility - matures November 2024 | Bank Credit Facility
Debt Instrument [Line Items]
Bank credit facility, maturity date						Nov. 12, 2024
Debt Instruments				$ 400,000,000		$ 400,000,000				$ 640,000,000

Employee Benefits Plans and S_3

Employee Benefits Plans and Share-Based Compensation - Additional Information (Details) - 2021 Long Term Incentive Plan	6 Months Ended
	Jun. 30, 2021shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation authorized to grant	8,639,415
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Description of method used to calculate fair value	Monte Carlo simulations

Employee Benefits Plans and S_4

Employee Benefits Plans and Share-Based Compensation - Schedule of Restricted Stock and Performance Share Units Activity (Details)	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted stock units and award beginning of the period | shares	1,652,988
Unvested restricted stock units and award, granted | shares	1,067,141
Unvested restricted stock units and award, vested | shares	(657,590)
Unvested restricted stock units and award, forfeited | shares	(61,055)
Unvested restricted stock units and award, end of the period | shares	2,001,484	[1]
Unvested weighted average grant date fair value, beginning of the period | $ / shares	$ 13.73
Unvested weighted average grant date fair value, granted | $ / shares	13.11
Unvested weighted average grant date fair value, vested | $ / shares	14.92
Unvested weighted average grant date fair value, forfeited | $ / shares	12.63
Unvested weighted average grant date fair value, end of the period | $ / shares	$ 13.04	[1]
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted stock units and award beginning of the period | shares	834,172
Unvested restricted stock units and award, granted | shares	586,984
Unvested restricted stock units and award, vested | shares	(197,585)
Unvested restricted stock units and award, forfeited | shares	(14,400)
Unvested restricted stock units and award, end of the period | shares	1,209,171
Unvested weighted average grant date fair value, beginning of the period | $ / shares	$ 25.46
Unvested weighted average grant date fair value, granted | $ / shares	18.96
Unvested weighted average grant date fair value, vested | $ / shares	44.61
Unvested weighted average grant date fair value, forfeited | $ / shares	18.47
Unvested weighted average grant date fair value, end of the period | $ / shares	$ 19.26
[1]	As of June 30, 2021, 44,372 of the unvested RSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheet.

Employee Benefits Plans and S_5

Employee Benefits Plans and Share-Based Compensation - Schedule of Restricted Stock and Performance Share Units Activity (Parenthetical) (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2021shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted stock units and award, granted	1,067,141
Accrued Liabilities
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted stock units and award, granted	44,372

Employee Benefits Plans and S_6

Employee Benefits Plans and Share-Based Compensation - Summary of Assumptions Used to Calculate the Grant And Modification Date Fair Value (Details) - Performance Share Units - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	May 11, 2021	Mar. 08, 2021
2021 Grant Date
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term (in years)	2 years 9 months 18 days
Expected volatility	78.30%
Risk-free interest rate	0.30%
Dividend yield	0.00%
Fair Value			$ 11,129
Modification Date May 11,2021
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term (in years)	2 years 7 months 6 days
Expected volatility	80.90%
Risk-free interest rate	0.30%
Dividend yield	0.00%
Fair Value		$ 9,715

Employee Benefits Plans and S_7

Employee Benefits Plans and Share-Based Compensation - Schedule of Recognized Share Based Compensation Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based compensation costs	$ 5,626	$ 4,455	$ 10,541	$ 7,667
Less: amounts capitalized to oil and gas properties	(2,609)	(2,108)	(4,860)	(3,693)
Total share-based compensation expense, net	$ 3,017	$ 2,347	$ 5,681	$ 3,974

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (498)	$ 49,392	$ (1,082)	$ (5,868)
Effective tax rate	(0.40%)	26.00%	(0.40%)	25.50%
U.S. Federal statutory rate	21.00%	21.00%	21.00%	21.00%

Income (Loss) Per Share - Summa

Income (Loss) Per Share - Summary of Computation of Basic and Diluted Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ (125,782)	$ (140,611)	$ (247,273)	$ 17,138
Weighted average common shares outstanding — basic	81,823	65,807	81,630	62,023
Dilutive effect of securities	0	0	0	295
Weighted average common shares outstanding — diluted	81,823	65,807	81,630	62,318
Basic	$ (1.54)	$ (2.14)	$ (3.03)	$ 0.28
Diluted	$ (1.54)	$ (2.14)	$ (3.03)	$ 0.28
Anti-dilutive potentially issuable securities excluded from diluted common shares	869	5,106	2,252	4,732

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 31, 2018	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Original Equity Registration Rights Agreement
Related Party Transaction [Line Items]
Fees incurred in conjunction with agreement		$ 0.3	$ 0	$ 0.4	$ 0.2
Sponsors
Related Party Transaction [Line Items]
Percentage of voting power		10.00%		10.00%
Apollo Funds | Whistler Energy II, LLC | Whistler Energy II Holdco, LLC
Related Party Transaction [Line Items]
Business acquisition, date of acquisition agreement	Aug. 31, 2018
Primary fair values of receivables acquired		$ 1.1		$ 1.1
Vinson & Elkins L.L.P.
Related Party Transaction [Line Items]
Legal fees incurred		0.8	1.8	1.7	3.4
Legal fees payable		$ 0.9	$ 3.2	$ 0.9	$ 3.2

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Jun. 30, 2021USD ($)
Letter of Credit
Loss Contingencies [Line Items]
Credit facility	$ 150
Bank Credit Facility | Letter of Credit
Loss Contingencies [Line Items]
Letters Of Credit Outstanding Amount	13.6
Surety Bond
Loss Contingencies [Line Items]
Surety performance bonds outstanding	$ 673.9