Talos Energy (TALO) 10-Q 3 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 27, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
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		81,881,477

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 59,427	$ 34,233
Accounts receivable
Trade, net	111,471	106,220
Joint interest, net	21,480	50,471
Other	13,606	18,448
Assets from price risk management activities	2	6,876
Prepaid assets	46,024	29,285
Other current assets	1,718	1,859
Total current assets	253,728	247,392
Property and equipment:
Proved properties	5,190,096	4,945,550
Unproved properties, not subject to amortization	250,629	254,994
Other property and equipment	28,904	32,853
Total property and equipment	5,469,629	5,233,397
Accumulated depreciation, depletion and amortization	(2,986,142)	(2,697,228)
Total property and equipment, net	2,483,487	2,536,169
Other long-term assets:
Assets from price risk management activities	49	945
Other well equipment inventory	21,163	18,927
Operating lease assets	5,748	6,855
Other assets	21,989	24,258
Total assets	2,786,164	2,834,546
Current liabilities:
Accounts payable	106,098	104,864
Accrued liabilities	133,261	163,379
Accrued royalties	40,404	27,903
Current portion of long-term debt	6,060	0
Current portion of asset retirement obligations	51,488	49,921
Liabilities from price risk management activities	248,361	66,010
Accrued interest payable	17,812	9,509
Current portion of operating lease liabilities	1,651	1,793
Other current liabilities	30,697	24,155
Total current liabilities	635,832	447,534
Long-term liabilities:
Long-term debt, net of discount and deferred financing costs	978,777	985,512
Asset retirement obligations	406,475	392,348
Liabilities from price risk management activities	35,856	9,625
Operating lease liabilities	16,781	18,554
Other long-term liabilities	37,819	54,372
Total liabilities	2,111,540	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 September 30, 2021 and December 31, 2020	0	0
Common stock $0.01 par value; 270,000,000 shares authorized; 81,881,477 and 81,279,989 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	819	813
Additional paid-in capital	1,671,781	1,659,800
Accumulated deficit	(997,976)	(734,012)
Total stockholdersʼ equity	674,624	926,601
Total liabilities and stockholdersʼ equity	$ 2,786,164	$ 2,834,546

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 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	81,881,477	81,279,989
Common stock, shares outstanding	81,881,477	81,279,989

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues and other:
Other	$ 0	$ 2,201	$ 1,000	$ 8,441
Total revenues and other	290,909	135,137	862,585	411,775
Operating expenses:
Lease operating expense	70,034	62,064	208,675	184,187
Production taxes	764	225	2,539	640
Depreciation, depletion and amortization	88,596	80,547	290,094	262,533
Write-down of oil and natural gas properties	0	0	0	57
Accretion expense	13,668	11,537	44,110	37,748
General and administrative expense	20,427	17,823	58,993	62,484
Other operating expense	5,081	0	7,864	0
Total operating expenses	198,570	172,196	612,275	547,649
Operating income (expense)	92,339	(37,059)	250,310	(135,874)
Interest expense	(32,390)	(24,124)	(100,036)	(76,164)
Price risk management activities income (expense)	(81,479)	(19,882)	(405,604)	154,653
Other income (expense)	4,475	813	(7,916)	139
Net loss before income taxes	(17,055)	(80,252)	(263,246)	(57,246)
Income tax benefit (expense)	364	28,252	(718)	22,384
Net loss	$ (16,691)	$ (52,000)	$ (263,964)	$ (34,862)
Net loss per common share:
Basic	$ (0.20)	$ (0.73)	$ (3.23)	$ (0.54)
Diluted	$ (0.20)	$ (0.73)	$ (3.23)	$ (0.54)
Weighted average common shares outstanding:
Basic	81,901	71,286	81,721	65,134
Diluted	81,901	71,286	81,721	65,134
Oil
Revenues and other:
Revenues and other	$ 246,208	$ 117,190	$ 743,759	$ 358,285
Natural Gas
Revenues and other:
Revenues and other	31,723	12,337	86,088	35,375
NGL
Revenues and other:
Revenues and other	$ 12,978	$ 3,409	$ 31,738	$ 9,674

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	12,135			12,135
Equity-based compensation tax withholdings	(827)			(827)
Equity-based compensation stock issuances	0	$ 1		(1)
Equity-based compensation stock issuances, shares		180,525
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)
Issuance of common stock for acquisitions	35,393	$ 46		35,347
Issuance of common stock for acquisitions, shares		4,602,460
Issuances of common stock for debt exchange (Note 6)	35,960	$ 31		35,929
Issuance of common stock for debt exchange (Note 6), shares		3,050,000
Net income (loss)	(34,862)				(34,862)
Balance at Sep. 30, 2020	1,282,276	$ 730		1,584,815	(303,269)
Balance, shares at Sep. 30, 2020		73,029,989
Balance at Jun. 30, 2020	1,294,553	$ 684		1,545,138	(251,269)
Balance, shares at Jun. 30, 2020		68,414,782
Equity-based compensation	4,366			4,366
Equity-based compensation tax withholdings	(36)			(36)
Equity-based compensation stock issuances, shares		12,747
Issuance of common stock for acquisitions	35,393	$ 46		35,347
Issuance of common stock for acquisitions, shares		4,602,460
Net income (loss)	(52,000)				(52,000)
Balance at Sep. 30, 2020	1,282,276	$ 730		1,584,815	(303,269)
Balance, shares at Sep. 30, 2020		73,029,989
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	$ 15,148			15,148
Equity-based compensation tax withholdings	(3,161)			(3,161)
Equity-based compensation stock issuances	0	$ 6		(6)
Equity-based compensation stock issuances, shares		601,488
Net income (loss)	(263,964)				(263,964)
Balance at Sep. 30, 2021	$ 674,624	$ 819		1,671,781	(997,976)
Balance, shares at Sep. 30, 2021	81,881,477	81,881,477
Balance at Jun. 30, 2021	$ 686,421	$ 819		1,666,887	(981,285)
Balance, shares at Jun. 30, 2021		81,872,498
Equity-based compensation	4,936			4,936
Equity-based compensation tax withholdings	(42)			(42)
Equity-based compensation stock issuances, shares		8,979
Net income (loss)	(16,691)				(16,691)
Balance at Sep. 30, 2021	$ 674,624	$ 819		$ 1,671,781	$ (997,976)
Balance, shares at Sep. 30, 2021	81,881,477	81,881,477

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (263,964)	$ (34,862)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation, depletion, amortization and accretion expense	334,204	300,281
Write-down of oil and natural gas properties and other well inventory	0	190
Amortization of deferred financing costs and original issue discount	10,085	5,393
Equity based compensation, net of amounts capitalized	8,294	6,321
Price risk management activities expense (income)	405,604	(154,653)
Net cash received (paid) on settled derivative instruments	(189,252)	141,529
Loss (gain) on extinguishment of debt	13,225	(1,644)
Settlement of asset retirement obligations	(58,001)	(34,502)
Gain on sale of assets	(677)	0
Changes in operating assets and liabilities:
Accounts receivable	29,078	(1,729)
Other current assets	(16,598)	21,835
Accounts payable	(1,591)	23,500
Other current liabilities	16,395	31,826
Other non-current assets and liabilities, net	(846)	(41,418)
Net cash provided by operating activities	287,648	262,067
Cash flows from investing activities:
Exploration, development and other capital expenditures	(211,580)	(280,273)
Cash paid for acquisitions, net of cash acquired	(5,399)	(304,879)
Proceeds from sale of property and equipment, net	4,826	0
Net cash provided by (used in) investing activities	(212,153)	(585,152)
Cash flows from financing activities:
Issuance of senior notes	600,500	0
Redemption of senior notes and other long-term debt	(356,803)	(4,735)
Proceeds from Bank Credit Facility	75,000	300,000
Repayment of Bank Credit Facility	(315,000)	0
Deferred financing costs	(26,991)	(1,287)
Other deferred payments	(7,921)	(11,921)
Payments of finance lease	(15,925)	(12,790)
Employee stock awards tax withholdings	(3,161)	(827)
Net cash provided by (used in) financing activities	(50,301)	268,440
Net increase (decrease) in cash and cash equivalents	25,194	(54,645)
Cash and cash equivalents:
Balance, beginning of period	34,233	87,022
Balance, end of period	59,427	32,377
Supplemental non-cash transactions:
Capital expenditures included in accounts payable and accrued liabilities	72,802	97,517
Debt exchanged for common stock	0	35,960
Supplemental cash flow information:
Interest paid, net of amounts capitalized	$ 64,603	$ 41,188

Nature of Business and Basis of

Nature of Business and Basis of Presentation	9 Months Ended
	Sep. 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, the Company also utilizes its expertise to explore opportunities to reduce industrial emissions through the Company's carbon capture and storage collaborative arrangements 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	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Asset Acquisitions	Note 2 — Acquisitions Asset Acquisition The following acquisition was accounted for as an asset acquisition whereby the cost of the acquisition, including transaction costs, was allocated to the assets acquired on the basis of their relative fair values. Acquisition of Castex Energy 2005 — On August 5, 2020 , the Company completed the acquisition of select oil and natural gas assets from affiliates of Castex Energy 2005 Holdco, LLC with an effective date of April 1, 2020 (the “Castex Energy 2005 Acquisition”). The oil and natural gas assets consisted of 16 properties in the U.S. Gulf of Mexico shelf and Gulf Coast core area. The Castex Energy 2005 Acquisition was consummated pursuant to a Purchase and Sale Agreement dated June 19, 2020 for consideration consisting of (i) $ 6.5 million in cash, (ii) 4.6 million shares of the Company’s common stock and (iii) $ 1.4 million in transaction related expenses, inclusive of customary closing adjustments. The following table summarizes the purchase price, inclusive of customary closing adjustments (in thousands except share and per share data): Talos common stock 4,602,460 Talos common stock price per share (1) $ 7.69 Talos common stock value $ 35,393 Cash consideration $ 6,500 Transaction cost $ 1,413 Total purchase price $ 43,306 (1) Represents the closing price of the Company’s common stock on August 5, 2020, the closing date of the Castex Energy 2005 Acquisition. The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed, based on their relative fair values, on August 5, 2020 (in thousands): Property and equipment $ 46,626 Asset retirement obligations ( 3,320 ) Allocated purchase price $ 43,306
Business Combination	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 consideration was 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 closing date 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 $ 0.4 million and $ 8.7 million were incurred during the three and nine months ended September 30, 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 September 30, 2020 Nine Months Ended September 30, 2020 Revenue $ 37,538 $ 77,729 Net loss $ ( 1,131 ) $ ( 13,083 ) 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 nine months ended September 30, 2020 as if the ILX and Castex Acquisition had occurred on January 1, 2019. 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, 2019, nor is such information indicative of any expected future results of operations. Nine Months Ended September 30, 2020 Revenue $ 459,210 Net loss $ ( 22,799 ) Basic net loss per common share $ ( 0.34 ) Diluted net loss per common share $ ( 0.34 )

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2021
Oil and Gas Property [Abstract]
Property, Plant and Equipment	No te 3 — Property, Plant and Equipment Ceiling Test During the three and nine months ended September 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 September 30, 2021, the Company’s ceiling test computation was based on SEC pricing of $ 58.25 per Bbl of oil, $ 3.02 per Mcf of natural gas and $ 20.75 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 433 Obligations incurred 52 Obligations settled ( 58,001 ) Obligations divested ( 340 ) Accretion expense 44,110 Changes in estimate 29,440 Asset retirement obligations at September 30, 2021 $ 457,963 Less: Current portion at September 30, 2021 51,488 Long-term portion at September 30, 2021 $ 406,475

Leases

Leases	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Finance lease cost - interest on lease liabilities $ 2,749 $ 3,848 $ 9,017 $ 12,153 Operating lease cost, excluding short-term (1) 702 815 2,138 2,547 Short-term lease cost (2) 14,541 21,845 32,393 41,128 Variable lease cost (3) 350 215 994 221 Total lease cost $ 18,342 $ 26,723 $ 44,542 $ 56,049 (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): September 30, 2021 December 31, 2020 Operating leases: Operating lease assets $ 5,748 $ 6,855 Current portion of operating lease liabilities $ 1,651 $ 1,793 Operating lease liabilities 16,781 18,554 Total operating lease liabilities $ 18,432 $ 20,347 Finance leases: Proved property $ 124,299 $ 124,299 Other current liabilities $ 25,643 $ 21,804 Other long-term liabilities 20,458 40,222 Total finance lease liabilities $ 46,101 $ 62,026 The table below presents the supplemental cash flow information related to leases (in thousands): Nine Months Ended September 30, 2021 2020 Operating cash outflow from finance leases $ 9,017 $ 12,153 Operating cash outflow from operating leases $ 2,946 $ 1,666 Right-of-use assets obtained in exchange for new operating lease $ 1,020 $ —

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2021
Financial Instruments [Abstract]
Financial Instruments	o te 5 — Financial Instruments As of September 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. 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): September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair 12.00% Second-Priority Senior Secured Notes – $ 586,139 $ 695,741 $ — $ — 11.00% Second-Priority Senior Secured Notes – $ — $ — $ 343,579 $ 355,935 7.50% Senior Notes – due May 2022 $ 6,060 $ 6,181 $ 6,060 $ 5,238 Bank Credit Facility – matures November 2024 $ 392,638 $ 400,000 $ 635,873 $ 640,000 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 designated as hedging instruments, had on its Condensed Consolidated Statements of Operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net cash received (paid) on settled derivative $ ( 71,634 ) $ 19,030 $ ( 189,252 ) $ 141,529 Unrealized gain (loss) ( 9,845 ) ( 38,912 ) ( 216,352 ) 13,124 Price risk management activities income $ ( 81,479 ) $ ( 19,882 ) $ ( 405,604 ) $ 154,653 The following tables reflect the contracted volumes and weighted average prices under the terms of the Company's derivative contracts as of September 30, 2021: Swap Contracts Production Period Settlement Index Average Weighted Crude oil: (Bbls) (per Bbl) October 2021 – December 2021 NYMEX WTI CMA 27,989 $ 50.23 January 2022 – December 2022 NYMEX WTI CMA 21,112 $ 50.28 January 2023 – June 2023 NYMEX WTI CMA 8,994 $ 59.75 October 2021 – December 2021 Argus LLS 3,000 $ 38.83 Natural gas: (MMBtu) (per MMBtu) October 2021 – December 2021 NYMEX Henry Hub 54,630 $ 2.58 January 2022 – December 2022 NYMEX Henry Hub 40,912 $ 2.70 January 2023 – June 2023 NYMEX Henry Hub 14,989 $ 3.14 Collar Contracts Production Period Settlement Index Average Weighted Weighted Crude oil: (Bbls) (per Bbl) (per Bbl) October 2021 – December 2021 NYMEX WTI CMA 1,000 $ 30.00 $ 40.00 Natural gas: (MMBtu) (per MMBtu) (per MMBtu) October 2021 – December 2021 NYMEX Henry Hub 5,000 $ 2.50 $ 3.10 The following tables provide additional information related to financial instruments measured at fair value on a recurring basis (in thousands): September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas swaps and costless collars $ — $ 51 $ — $ 51 Liabilities: Oil and natural gas swaps and costless collars — ( 284,217 ) — ( 284,217 ) Total net liability $ — $ ( 284,166 ) $ — $ ( 284,166 ) 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 as well as the potential effect of netting arrangements on the Company's recognized derivative asset and liability amounts (in thousands): September 30, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Oil and natural gas derivatives: Current $ 2 $ 248,361 $ 6,876 $ 66,010 Non-current 49 35,856 945 9,625 Total gross amounts presented on balance sheet 51 284,217 7,821 75,635 Less: Gross amounts not offset on the balance sheet 51 51 4,877 4,877 Net amounts $ — $ 284,166 $ 2,944 $ 70,758 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 September 30, 2021 represent derivative instruments from nine 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 eight 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	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	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): September 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 ( 71,223 ) ( 7,802 ) Total debt, net of discount and deferred financing costs 984,837 985,512 Less: Current portion of long-term debt 6,060 — Long-term debt, net of discount and deferred financing costs $ 978,777 $ 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 in whole at any time or in part from time to time at the following redemption prices (expressed as percentages of principal amount) plus accrued and unpaid interest if redeemed during the period commencing on January 15 of the years set forth below: Period Redemption Price 2023 106.00 % 2024 103.00 % 2025 100.00 % 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 September 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 $ 13.2 million for the nine months ended September 30, 2021, 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 nine months ended September 30, 2020, the Company repurchased $ 5.8 million of the 11.00 % Notes. The exchange agreement and debt repurchases resulted in a gain on extinguishment of $ 0.2 million and $ 1.7 million for the three and nine months ended September 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 the Company's 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 August 2, 2021, an additional lender was added to the syndicate which increased commitments from $ 655.0 million to $ 730.0 million . 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 September 30, 2021, the Company's borrowing base was $ 950.0 million with total commitments of $ 730.0 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 September 30, 2021. As of September 30, 2021 , the Company had outstanding borrowings at a weighted average interest rate of 3.65 %.

Employee Benefits Plans and Sha

Employee Benefits Plans and Share-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Employee Benefits Plans and Share-Based Compensation	Note 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 nine months ended September 30, 2021: RSUs Weighted Average Unvested RSUs at December 31, 2020 1,652,988 $ 13.73 Granted 1,102,038 $ 13.11 Vested ( 669,832 ) $ 15.01 Forfeited ( 94,922 ) $ 12.55 Unvested RSUs at September 30, 2021 (1) 1,990,272 $ 13.01 (1) As of September 30, 2021, 25,592 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 nine months ended September 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 nine months ended September 30, 2021: PSUs Weighted Average Unvested PSUs at December 31, 2020 834,172 $ 25.46 Granted 586,995 $ 18.96 Vested ( 197,585 ) $ 44.61 Forfeited ( 14,400 ) $ 18.48 Unvested PSUs at September 30, 2021 1,209,182 $ 19.26 Certain awards granted during the nine months ended September 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 Costs Share-based compensation costs 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 following table presents the amount of cost expensed and capitalized (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Share-based compensation costs $ 4,993 $ 4,386 $ 15,534 $ 12,053 Less: Amounts capitalized to oil and gas 2,380 2,039 7,240 5,732 Total share-based compensation expense $ 2,613 $ 2,347 $ 8,294 $ 6,321

Income Taxes

Income Taxes	9 Months Ended
	Sep. 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 September 30, 2021, the Company recognized an income tax benefit of $ 0.4 million for an effective tax rate of 2.1 %. The Company’s effective tax rate of 2.1 % is different than the U.S. federal statutory income tax rate of 21 % and is primarily due to recording a valuation allowance for its deferred tax assets. For the three months ended September 30, 2020, the Company recognized an income tax benefit of $ 28.3 million for an effective tax rate of 35.2 %. The difference between the Company’s effective tax rate of 35.2 % and the U.S. federal statutory income tax rate of 21 % is primarily due to state income taxes and the income tax benefit from adopting the final regulations under section 163(j) of the Internal Revenue Code for tax years ended December 31, 2019 and 2020. For the nine months ended September 30, 2021, the Company recognized income tax expense of $ 0.7 million for an effective tax rate of negative 0.3 %. The Company’s effective tax rate of negative 0.3 % is different than the U.S. federal statutory income tax rate of 21 % and is primarily due to recording a valuation allowance for its deferred tax assets. For the nine months ended September 30, 2020, the Company recognized an income tax benefit of $ 22.4 million for an effective tax rate of 39.1 %. The difference between the Company’s effective tax rate of 39.1 % and the U.S. federal statutory income tax rate of 21 % is primarily due to state income taxes and the income tax benefit from adopting the final regulations under section 163(j) of the Internal Revenue Code for tax years ended December 31, 2019 and 2020. 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 September 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	9 Months Ended
	Sep. 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 warrants expired unexercised on February 28, 2021. 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net loss $ ( 16,691 ) $ ( 52,000 ) $ ( 263,964 ) $ ( 34,862 ) Weighted average common shares 81,901 71,286 81,721 65,134 Dilutive effect of securities — — — — Weighted average common shares 81,901 71,286 81,721 65,134 Net loss per common share: Basic $ ( 0.20 ) $ ( 0.73 ) $ ( 3.23 ) $ ( 0.54 ) Diluted $ ( 0.20 ) $ ( 0.73 ) $ ( 3.23 ) $ ( 0.54 ) Anti-dilutive potentially issuable securities 1,516 5,407 2,007 4,957

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	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. Collectively, the Sponsors held 44.6 % of the Company’s common stock as of September 30, 2021. 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 Whistler Energy II, LLC from Whistler Energy II Holdco, LLC, an affiliate of the Apollo Funds. Included in "Other" accounts receivable on the Condensed Consolidated Balance Sheets is $ 5.5 million and $ 1.1 million at September 30, 2021 and December 31, 2020 , respectively, due from an affiliate of the Apollo Funds. The outstanding receivable includes $ 1.1 million to reimburse the Company for certain payments made post-closing. The remaining $ 4.4 million is attributable to a settlement agreement executed in September 2021 related to a dispute regarding decommissioning obligation of a deep water well. During the three and nine months ended September 30, 2021 , the Company recognized a $ 4.4 million gain resulting from the settlement which is reflected in “Other income (expense)” on the Company’s Condensed Consolidated Statements of Operations. Subsequent Event — During October 2021, the Company received the payment from an affiliate of Apollo Funds to satisfy the outstanding $ 5.5 million receivable outstanding as of September 30, 2021. 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 nine months ended September 30, 2021 , fees incurred by the Company were nil and $ 0.4 million, respectively. For the three and nine months ended September 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. ("V&E") 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 V&E. For the three and nine months ended September 30, 2021 , the Company incurred fees of approximately $ 1.1 million and $ 2.8 million, respectively, of which $ 1.9 million were payable for legal services performed by V&E as of September 30, 2021. For the three and nine months ended September 30, 2020 , the Company incurred fees of approximately $ 0.6 million and $ 4.0 million, respectively, of which $ 2.2 million were payable for legal services performed by V&E as of September 30, 2020 .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 September 30, 2021, the Company had secured performance bonds totaling approximately $ 810.6 million . The cost of securing these bonds are reflected as “Interest expense” in the Condensed Consolidated Statements of Operations. As of September 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. During the three and nine months ended September 30, 2021 , the Company recorded $ 4.1 million and $ 6.9 million, respectively, related to estimated decommissioning obligations reflected in “Other operating expense” in the Condensed Consolidated Statements of Operations. Although it is reasonably possible that the Company could receive state or federal decommissioning orders in the future or be notified of defaulting third parties in existing leases, the Company cannot predict with certainty, if, how or when such orders or notices will be resolved or estimate a possible loss or range of loss that may result from such orders. However, we could incur judgments, enter into settlements, or revise our opinion regarding the outcome of certain notices or matters, and such developments could have a material adverse effect on our results of operations in the period in which the amounts are accrued and our cash flows in the period in which the amounts are paid.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	N ote 12 — Subsequent Events Whistler Acquisition For additional information, see Note 10 — Related Party Transactions .

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business, Basis of Presentation, and Consolidation	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, the Company also utilizes its expertise to explore opportunities to reduce industrial emissions through the Company's carbon capture and storage collaborative arrangements 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 (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2021
Castex 2005 Acquisition
Business Acquisition [Line Items]
Summary of Purchase Price	The following table summarizes the purchase price, inclusive of customary closing adjustments (in thousands except share and per share data): Talos common stock 4,602,460 Talos common stock price per share (1) $ 7.69 Talos common stock value $ 35,393 Cash consideration $ 6,500 Transaction cost $ 1,413 Total purchase price $ 43,306 (1) Represents the closing price of the Company’s common stock on August 5, 2020, the closing date of the Castex Energy 2005 Acquisition.
Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed	The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed, based on their relative fair values, on August 5, 2020 (in thousands): Property and equipment $ 46,626 Asset retirement obligations ( 3,320 ) Allocated purchase price $ 43,306
ILX and Castex
Business Acquisition [Line Items]
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 closing date 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.
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 September 30, 2020 Nine Months Ended September 30, 2020 Revenue $ 37,538 $ 77,729 Net loss $ ( 1,131 ) $ ( 13,083 )
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 nine months ended September 30, 2020 as if the ILX and Castex Acquisition had occurred on January 1, 2019. 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, 2019, nor is such information indicative of any expected future results of operations. Nine Months Ended September 30, 2020 Revenue $ 459,210 Net loss $ ( 22,799 ) Basic net loss per common share $ ( 0.34 ) Diluted net loss per common share $ ( 0.34 )

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 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 433 Obligations incurred 52 Obligations settled ( 58,001 ) Obligations divested ( 340 ) Accretion expense 44,110 Changes in estimate 29,440 Asset retirement obligations at September 30, 2021 $ 457,963 Less: Current portion at September 30, 2021 51,488 Long-term portion at September 30, 2021 $ 406,475

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Components of Lease Costs	The components of lease costs were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Finance lease cost - interest on lease liabilities $ 2,749 $ 3,848 $ 9,017 $ 12,153 Operating lease cost, excluding short-term (1) 702 815 2,138 2,547 Short-term lease cost (2) 14,541 21,845 32,393 41,128 Variable lease cost (3) 350 215 994 221 Total lease cost $ 18,342 $ 26,723 $ 44,542 $ 56,049 (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): September 30, 2021 December 31, 2020 Operating leases: Operating lease assets $ 5,748 $ 6,855 Current portion of operating lease liabilities $ 1,651 $ 1,793 Operating lease liabilities 16,781 18,554 Total operating lease liabilities $ 18,432 $ 20,347 Finance leases: Proved property $ 124,299 $ 124,299 Other current liabilities $ 25,643 $ 21,804 Other long-term liabilities 20,458 40,222 Total finance lease liabilities $ 46,101 $ 62,026
Supplemental Cash Flow Information Related to Leases	The table below presents the supplemental cash flow information related to leases (in thousands): Nine Months Ended September 30, 2021 2020 Operating cash outflow from finance leases $ 9,017 $ 12,153 Operating cash outflow from operating leases $ 2,946 $ 1,666 Right-of-use assets obtained in exchange for new operating lease $ 1,020 $ —

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Financial Instruments [Abstract]
Schedule of Carrying Amounts and Estimated Fair Values of 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): September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair 12.00% Second-Priority Senior Secured Notes – $ 586,139 $ 695,741 $ — $ — 11.00% Second-Priority Senior Secured Notes – $ — $ — $ 343,579 $ 355,935 7.50% Senior Notes – due May 2022 $ 6,060 $ 6,181 $ 6,060 $ 5,238 Bank Credit Facility – matures November 2024 $ 392,638 $ 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 designated as hedging instruments, had on its Condensed Consolidated Statements of Operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net cash received (paid) on settled derivative $ ( 71,634 ) $ 19,030 $ ( 189,252 ) $ 141,529 Unrealized gain (loss) ( 9,845 ) ( 38,912 ) ( 216,352 ) 13,124 Price risk management activities income $ ( 81,479 ) $ ( 19,882 ) $ ( 405,604 ) $ 154,653
Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under the Terms of Derivative Contracts	The following tables reflect the contracted volumes and weighted average prices under the terms of the Company's derivative contracts as of September 30, 2021: Swap Contracts Production Period Settlement Index Average Weighted Crude oil: (Bbls) (per Bbl) October 2021 – December 2021 NYMEX WTI CMA 27,989 $ 50.23 January 2022 – December 2022 NYMEX WTI CMA 21,112 $ 50.28 January 2023 – June 2023 NYMEX WTI CMA 8,994 $ 59.75 October 2021 – December 2021 Argus LLS 3,000 $ 38.83 Natural gas: (MMBtu) (per MMBtu) October 2021 – December 2021 NYMEX Henry Hub 54,630 $ 2.58 January 2022 – December 2022 NYMEX Henry Hub 40,912 $ 2.70 January 2023 – June 2023 NYMEX Henry Hub 14,989 $ 3.14
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): September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas swaps and costless collars $ — $ 51 $ — $ 51 Liabilities: Oil and natural gas swaps and costless collars — ( 284,217 ) — ( 284,217 ) Total net liability $ — $ ( 284,166 ) $ — $ ( 284,166 ) 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 as well as the potential effect of netting arrangements on the Company's recognized derivative asset and liability amounts (in thousands): September 30, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Oil and natural gas derivatives: Current $ 2 $ 248,361 $ 6,876 $ 66,010 Non-current 49 35,856 945 9,625 Total gross amounts presented on balance sheet 51 284,217 7,821 75,635 Less: Gross amounts not offset on the balance sheet 51 51 4,877 4,877 Net amounts $ — $ 284,166 $ 2,944 $ 70,758

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Instrument [Line Items]
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): September 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 ( 71,223 ) ( 7,802 ) Total debt, net of discount and deferred financing costs 984,837 985,512 Less: Current portion of long-term debt 6,060 — Long-term debt, net of discount and deferred financing costs $ 978,777 $ 985,512
12.00% Second-Priority Senior Secured Notes
Debt Instrument [Line Items]
Summary of Redemption Prices of 12.% Notes	Thereafter, the Company may redeem all or a portion of the 12.00% Notes in whole at any time or in part from time to time at the following redemption prices (expressed as percentages of principal amount) plus accrued and unpaid interest if redeemed during the period commencing on January 15 of the years set forth below: Period Redemption Price 2023 106.00 % 2024 103.00 % 2025 100.00 %

Employee Benefits Plans and S_2

Employee Benefits Plans and Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Summary of Restricted Stock Units Activity	The following table summarizes RSU activity for the nine months ended September 30, 2021: RSUs Weighted Average Unvested RSUs at December 31, 2020 1,652,988 $ 13.73 Granted 1,102,038 $ 13.11 Vested ( 669,832 ) $ 15.01 Forfeited ( 94,922 ) $ 12.55 Unvested RSUs at September 30, 2021 (1) 1,990,272 $ 13.01 (1) As of September 30, 2021, 25,592 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 nine months ended September 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 nine months ended September 30, 2021: PSUs Weighted Average Unvested PSUs at December 31, 2020 834,172 $ 25.46 Granted 586,995 $ 18.96 Vested ( 197,585 ) $ 44.61 Forfeited ( 14,400 ) $ 18.48 Unvested PSUs at September 30, 2021 1,209,182 $ 19.26 Certain awards granted during the nine months ended September 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	(in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Share-based compensation costs $ 4,993 $ 4,386 $ 15,534 $ 12,053 Less: Amounts capitalized to oil and gas 2,380 2,039 7,240 5,732 Total share-based compensation expense $ 2,613 $ 2,347 $ 8,294 $ 6,321

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net loss $ ( 16,691 ) $ ( 52,000 ) $ ( 263,964 ) $ ( 34,862 ) Weighted average common shares 81,901 71,286 81,721 65,134 Dilutive effect of securities — — — — Weighted average common shares 81,901 71,286 81,721 65,134 Net loss per common share: Basic $ ( 0.20 ) $ ( 0.73 ) $ ( 3.23 ) $ ( 0.54 ) Diluted $ ( 0.20 ) $ ( 0.73 ) $ ( 3.23 ) $ ( 0.54 ) Anti-dilutive potentially issuable securities 1,516 5,407 2,007 4,957

Nature of Business and Basis _3

Nature of Business and Basis of Presentation - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segment	1

Acquisitions - Asset Acquisitio

Acquisitions - Asset Acquisitions - Additional Information (Details) - Castex 2005 Acquisition $ in Thousands	Aug. 05, 2020USD ($)Propertyshares	Sep. 30, 2021USD ($)shares
Asset Acquisition [Line Items]
Effective date of asset acquisition	Aug. 5, 2020
Asset acquisition agreement effective date	Apr. 1, 2020
Number of properties | Property	16
Asset acquisition, date of acquisition agreement	Jun. 19, 2020
Aggregate consideration of cash	$ 6,500	$ 6,500
Acquisition, transaction related cost	$ 1,400	$ 1,413
Common Stock
Asset Acquisition [Line Items]
Aggregate shares issued | shares	4,600,000	4,602,460

Acquisitions - Asset Acquisit_2

Acquisitions - Asset Acquisitions - Summary of Purchase Price, Subject to Customary Post-Closing Adjustments (Details) - Castex 2005 Acquisition - USD ($) $ / shares in Units, $ in Thousands		Aug. 05, 2020	Sep. 30, 2021
Asset Acquisition [Line Items]
Cash consideration		$ 6,500	$ 6,500
Transaction cost		1,400	1,413
Allocated purchase price		$ 43,306	$ 43,306
Common Stock
Asset Acquisition [Line Items]
Talos common stock		4,600,000	4,602,460
Talos common stock price per share	[1]		$ 7.69
Talos common stock value			$ 35,393
[1]	Represents the closing price of the Company’s common stock on August 5, 2020, the closing date of the Castex Energy 2005 Acquisition.

Acquisitions - Asset Acquisit_3

Acquisitions - Asset Acquisitions - Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - Castex 2005 Acquisition - USD ($) $ in Thousands	Aug. 05, 2020	Sep. 30, 2021
Asset Acquisition [Line Items]
Property and equipment	$ 46,626
Asset retirement obligations	(3,320)
Allocated purchase price	$ 43,306	$ 43,306

Acquisitions - Business Combina

Acquisitions - Business Combination - Additional Information (Details) - USD ($) $ in Millions	Mar. 30, 2020	Feb. 28, 2020	Dec. 10, 2019	Jul. 01, 2019	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020
General and Administrative Expense
Business Acquisition [Line Items]
Acquisition, transaction related cost					$ 0.4		$ 8.7
Series A Convertible Preferred Stock
Business Acquisition [Line Items]
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
Business acquisition, effective date		Feb. 28, 2020
ILX and Castex | General and Administrative Expense
Business Acquisition [Line Items]
Acquisition, transaction related cost		$ 12.1
ILX and Castex | Series A Convertible Preferred Stock
Business Acquisition [Line Items]
Aggregate shares issued		110,000
ILX and Castex | Contingent Convertible Preferred Stock
Business Acquisition [Line Items]
Conversion stock issued to sellers	11,000,000

Acquisitions - Business Combi_2

Acquisitions - Business Combination - Summary of Purchase Price, Subject to Customary Post-Closing Adjustments (Details) - USD ($) $ / shares in Units, $ in Thousands		Feb. 28, 2020	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Net cash consideration			$ 5,399	$ 304,879
ILX and Castex
Business Acquisition [Line Items]
Talos Conversion Stock		11,000,000
Cash consideration		$ 385,000
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 closing date 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_3

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_4

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_5

Acquisitions - Business Combination - Summary of Revenue and Net Income Attributable to Assets Acquired (Details) - ILX and Castex - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Business Acquisition [Line Items]
Revenue	$ 37,538	$ 77,729
Net loss	$ (1,131)	$ (13,083)

Acquisitions - Business Combi_6

Acquisitions - Business Combination - Summary of Supplemental Proforma Information (Details) - ILX and Castex $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)$ / shares
Business Acquisition [Line Items]
Revenue | $	$ 459,210
Net loss | $	$ (22,799)
Basic net loss per common share | $ / shares	$ (0.34)
Diluted net loss per common share | $ / shares	$ (0.34)

Property, Plant and Equipment -

Property, Plant and Equipment - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)$ / Mcf$ / bbl	Sep. 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			58.25
Unweighted average first day of month commodity price for natural gas for prior twelve months | $ / Mcf			3.02
Unweighted average first day of month commodity price for natural gas liquids for prior twelve months | $ / bbl			20.75

Property, Plant and Equipment_2

Property, Plant and Equipment - Schedule of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Oil and Gas Property [Abstract]
Asset retirement obligations at December 31, 2020			$ 442,269
Obligations acquired			433
Obligations incurred			52
Obligations settled			(58,001)
Obligations divested			(340)
Accretion expense	$ 13,668	$ 11,537	44,110	$ 37,748
Changes in estimate			29,440
Asset retirement obligations at Sep 30, 2021	457,963		457,963
Less: Current portion at Sep 30, 2021	51,488		51,488		$ 49,921
Long-term portion at Sep 30, 2021	$ 406,475		$ 406,475		$ 392,348

Leases - Components of Lease Co

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lease, Cost [Abstract]
Finance lease cost - interest on lease liabilities		$ 2,749	$ 3,848	$ 9,017	$ 12,153
Operating lease cost, excluding short-term leases	[1]	702	815	2,138	2,547
Short-term lease cost	[2]	14,541	21,845	32,393	41,128
Variable lease cost	[3]	350	215	994	221
Total lease cost		$ 18,342	$ 26,723	$ 44,542	$ 56,049
[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	Sep. 30, 2021	Dec. 31, 2020
Assets and Liabilities, Lessee [Abstract]
Operating lease assets	$ 5,748	$ 6,855
Current portion of operating lease liabilities	$ 1,651	$ 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	$ 16,781	$ 18,554
Total operating lease liabilities	18,432	20,347
Proved property	124,299	124,299
Other current liabilities	$ 25,643	$ 21,804
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Other long-term liabilities	$ 20,458	$ 40,222
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Total finance lease liabilities	$ 46,101	$ 62,026

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flow, Operating Activities, Lessee [Abstract]
Operating cash outflow from finance leases	$ 9,017	$ 12,153
Operating cash outflow from operating leases	2,946	1,666
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 1,020	$ 0

Financial Instruments - Schedul

Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Carrying Amount	$ 984,837	$ 985,512
12.00% Second-Priority Senior Secured Notes - due January 2026
Debt Instrument [Line Items]
Carrying Amount	586,139
Fair Value	695,741
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	6,181	5,238
Bank Credit Facility - matures November 2024
Debt Instrument [Line Items]
Carrying Amount	392,638	635,873
Fair Value	$ 400,000	$ 640,000

Financial Instruments - Additio

Financial Instruments - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021Counterparty
Concentration Risk [Line Items]
Credit risk, financial instruments	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 September 30, 2021 represent derivative instruments from nine 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 eight 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.
Price Risk Derivative [Member] | Counterparty Risk Diversification [Member]
Concentration Risk [Line Items]
Number of counterparties	8
Price Risk Derivative [Member] | Counterparty Risk Investment Grade [Member]
Concentration Risk [Line Items]
Number of counterparties	9

Financial Instruments - Sched_2

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Price risk management activities income (expense)	$ (81,479)	$ (19,882)	$ (405,604)	$ 154,653
Commodity Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net cash received (paid) on settled derivative instruments	(71,634)	19,030	(189,252)	141,529
Unrealized gain (loss)	(9,845)	(38,912)	(216,352)	13,124
Price risk management activities income (expense)	$ (81,479)	$ (19,882)	$ (405,604)	$ 154,653

Financial Instruments - Sched_3

Financial Instruments - Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under the Terms of Derivative Contracts (Details)	9 Months Ended
	Sep. 30, 2021MMBTU$ / bbl$ / MMBTUbbl
Crude Oil | October 2021 - December 2021 | Swap | CME SWAPS MARKETS (NYMEX) [Member]
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Average Daily Volumes | bbl	27,989
Weighted Average Swap Price | $ / bbl	50.23
Crude Oil | October 2021 - December 2021 | Swap | ICE FUTURES U.S.; NEW YORK, UNITED STATES OF AMERICA (US)
Derivative [Line Items]
Settlement Index	Argus LLS
Average Daily Volumes | bbl	3,000
Weighted Average Swap Price | $ / bbl	38.83
Crude Oil | October 2021 - December 2021 | Collar
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Average Daily Volumes | bbl	1,000
Weighted Average Put Price | $ / bbl	30
Weighted Average Call Price | $ / bbl	40
Crude Oil | January 2022 – December 2022 | Swap
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Average Daily Volumes | bbl	21,112
Weighted Average Swap Price | $ / bbl	50.28
Crude Oil | January 2023 – June 2023 | Swap
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Average Daily Volumes | bbl	8,994
Weighted Average Swap Price | $ / bbl	59.75
Natural Gas | October 2021 - December 2021 | Swap
Derivative [Line Items]
Settlement Index	NYMEX Henry Hub
Weighted Average Swap Price | $ / MMBTU	2.58
Average Daily Volumes | MMBTU	54,630
Natural Gas | October 2021 - December 2021 | Collar
Derivative [Line Items]
Settlement Index	NYMEX Henry Hub
Average Daily Volumes | bbl	5,000
Weighted Average Put Price | $ / MMBTU	2.50
Weighted Average Call Price | $ / MMBTU	3.10
Natural Gas | January 2022 – December 2022 | Swap
Derivative [Line Items]
Settlement Index	NYMEX Henry Hub
Weighted Average Swap Price | $ / MMBTU	2.70
Average Daily Volumes | MMBTU	40,912
Natural Gas | January 2023 – June 2023 | Swap
Derivative [Line Items]
Settlement Index	NYMEX Henry Hub
Weighted Average Swap Price | $ / MMBTU	3.14
Average Daily Volumes | MMBTU	14,989

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	Sep. 30, 2021	Dec. 31, 2020
Liabilities:
Total net asset (liability)	$ (284,166)	$ (67,814)
Oil And Natural Gas Swaps And Costless Collars
Liabilities:
Oil and natural gas swaps and costless collars	(284,217)	(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)	(284,166)	(67,814)
Level 2 | Oil And Natural Gas Swaps And Costless Collars
Assets:
Oil and natural gas swaps and costless collars	51	7,821
Liabilities:
Oil and natural gas swaps and costless collars	(284,217)	(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_4

Financial Instruments - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Price Risk Derivatives [Line Items]
Assets from price risk management activities	$ 2	$ 6,876
Assets from price risk management activities	49	945
Liabilities from price risk management activities	248,361	66,010
Liabilities from price risk management activities	35,856	9,625
Oil and Natural Gas Derivatives
Price Risk Derivatives [Line Items]
Assets from price risk management activities	2
Assets from price risk management activities	49	945
Total gross amounts presented on balance sheet, Liabilities	284,217	75,635
Total gross amounts presented on balance sheet, Assets	51	7,821
Gross amounts not offset on the balance sheet	51	4,877
Net Amounts	0	2,944
Liabilities from price risk management activities	248,361	66,010
Liabilities from price risk management activities	35,856	9,625
Gross amounts not offset on the balance sheet	51	4,877
Net Amounts	$ 284,166	$ 70,758

Debt - Summary of Detail Compri

Debt - Summary of Detail Comprising Debt and Related Book Values (Details) - USD ($) $ in Thousands	Sep. 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	(71,223)	(7,802)
Total debt, net of discount and deferred financing costs	984,837	985,512
Less: current portion of long-term debt	6,060	0
Long-term debt, net of discount and deferred financing costs	978,777	985,512
11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Total debt, net of discount and deferred financing costs		343,579
7.50% Senior Notes – due May 2022
Debt Instrument [Line Items]
Total debt, net of discount and deferred financing costs	6,060	6,060
Senior Notes | 12.00% Second-Priority Senior Secured Notes - due January 2026
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	650,000	0
Senior Notes | 11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	0	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)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Jan. 14, 2021
Senior Notes | 12.00% Second-Priority Senior Secured Notes - due January 2026
Debt Instrument [Line Items]
Debt instrument interest rate	12.00%	12.00%	12.00%
Senior notes, maturity date	Jan. 15, 2026	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%	11.00%
Senior notes, maturity date	Apr. 3, 2022	Apr. 3, 2022
Senior Notes | 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 | Bank Credit Facility - matures November 2024
Debt Instrument [Line Items]
Bank credit facility, maturity date	Nov. 12, 2024	Nov. 12, 2024

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands, shares in Millions	Jan. 15, 2023	Jan. 13, 2021	Jun. 15, 2020	Sep. 30, 2020	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Aug. 02, 2021	Jan. 14, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Debt Instruments						$ 1,056,060		$ 993,314
Gain (loss) on extinguishment of debt						(13,225)	$ 1,644
Letter of Credit
Debt Instrument [Line Items]
Line of Credit Facility, Commitments						$ 150,000
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 the Company's 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		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.
Debt Instruments						$ 650,000		$ 0
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
11.00% Second-Priority Senior Secured Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		11.00%									11.00%
Debt Instruments		$ 347,300
Debt instrument, repurchase amount				$ 5,800			5,800
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				$ 200		(13,200)	$ 1,700
Bank Credit Facility - matures November 2024
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity						950,000
Line of Credit Facility, Commitments					$ 655,000	$ 730,000			$ 730,000
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.
Bank Credit Facility - matures November 2024 | Letter of Credit
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity						$ 200,000
Bank Credit Facility - matures November 2024 | Bank Credit Facility
Debt Instrument [Line Items]
Bank credit facility, maturity date						Nov. 12, 2024		Nov. 12, 2024
Debt Instruments						$ 400,000		$ 640,000
Weighted average interest rate						3.65%

Debt - Summary of Redemption Pr

Debt - Summary of Redemption Prices of 12.% Notes (Details)	9 Months Ended
	Sep. 30, 2021
12.00% Second-Priority Senior Notes 2023
Debt Instrument, Redemption [Line Items]
Debt instrument, redemption price, percentage	106.00%
12.00% Second-Priority Senior Notes 2024
Debt Instrument, Redemption [Line Items]
Debt instrument, redemption price, percentage	103.00%
12.00% Second-Priority Senior Notes 2025
Debt Instrument, Redemption [Line Items]
Debt instrument, redemption price, percentage	100.00%

Employee Benefits Plans and S_3

Employee Benefits Plans and Share-Based Compensation - Additional Information (Details) - 2021 Long Term Incentive Plan	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested beginning of the period | shares	1,652,988
Granted | shares	1,102,038
Vested | shares	(669,832)
Forfeited | shares	(94,922)
Unvested end of the period | shares	1,990,272	[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	15.01
Unvested weighted average grant date fair value, forfeited | $ / shares	12.55
Unvested weighted average grant date fair value, end of the period | $ / shares	$ 13.01	[1]
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested beginning of the period | shares	834,172
Granted | shares	586,995
Vested | shares	(197,585)
Forfeited | shares	(14,400)
Unvested end of the period | shares	1,209,182
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	18.48
Unvested weighted average grant date fair value, end of the period | $ / shares	$ 19.26
[1]	As of September 30, 2021, 25,592 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	9 Months Ended
	Sep. 30, 2021shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted	1,102,038
Accrued Liabilities
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted	25,592

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	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Share-based compensation costs	$ 4,993	$ 4,386	$ 15,534	$ 12,053
Less: Amounts capitalized to oil and gas properties	2,380	2,039	7,240	5,732
Total share-based compensation expense, net	$ 2,613	$ 2,347	$ 8,294	$ 6,321

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax benefit (expense)	$ 364	$ 28,252	$ (718)	$ 22,384
Effective tax rate	2.10%	35.20%	(0.30%)	39.10%
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, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ (16,691)	$ (52,000)	$ (263,964)	$ (34,862)
Weighted average common shares outstanding — basic	81,901	71,286	81,721	65,134
Dilutive effect of securities	0	0	0	0
Weighted average common shares outstanding — diluted	81,901	71,286	81,721	65,134
Basic	$ (0.20)	$ (0.73)	$ (3.23)	$ (0.54)
Diluted	$ (0.20)	$ (0.73)	$ (3.23)	$ (0.54)
Anti-dilutive potentially issuable securities excluded from diluted common shares	1,516	5,407	2,007	4,957

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Aug. 31, 2018	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
General and administrative expense			$ 20,427	$ 17,823	$ 58,993	$ 62,484
Original Equity Registration Rights Agreement
Related Party Transaction [Line Items]
Fees incurred in conjunction with agreement			$ 0	0	$ 400	200
Sponsors
Related Party Transaction [Line Items]
Percentage of common stock held by sponsors			44.60%		44.60%
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
Due from Related Parties, Current			$ 5,500		$ 5,500		$ 1,100
Due from Affiliate, Current			1,100		1,100
Accounts Receivable, Related Parties, Settlement Agreement, Current			4,400		4,400
Affiliate receivable collected	$ 5,500
Apollo Funds | Whistler Energy II, LLC | Whistler Energy II Holdco, LLC | Other income (expense)
Related Party Transaction [Line Items]
Gain (Loss) related to decommissioning obligation settlement			4,400		4,400
Vinson & Elkins L.L.P.
Related Party Transaction [Line Items]
General and administrative expense			1,100	600	2,800	4,000
Legal fees payable			$ 1,900	$ 2,200	$ 1,900	$ 2,200

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)
Other Operating Income Expense
Loss Contingencies [Line Items]
Decommissioning Obligations	$ 4.1	$ 6.9
Letter of Credit
Loss Contingencies [Line Items]
Credit facility	150	150
Bank Credit Facility | Letter of Credit
Loss Contingencies [Line Items]
Letters of credit outstanding amount	13.6	13.6
Surety Bond
Loss Contingencies [Line Items]
Surety performance bonds outstanding	$ 810.6	$ 810.6