Talos Energy (TALO) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 28, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Trading Symbol	TALO
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Registrant Name	Talos Energy Inc.
Document Quarterly Report	true
Document Transition Report	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Incorporation, State or Country Code	DE
Entity File Number	001-38497
Entity Tax Identification Number	82-3532642
Entity Address, Address Line One	333 Clay Street
Entity Address, Address Line Two	Suite 3300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	328-3000
Entity Central Index Key	0001724965
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		82,541,345

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 108,481	$ 69,852
Accounts receivable
Trade, net	244,883	173,241
Joint interest, net	25,875	28,165
Other, net	11,409	18,062
Assets from price risk management activities	3,686	967
Prepaid assets	76,907	48,042
Other current assets	4,244	1,674
Total current assets	475,485	340,003
Property and equipment:
Proved properties	5,413,489	5,232,479
Unproved properties, not subject to amortization	203,117	219,055
Other property and equipment	30,154	29,091
Total property and equipment	5,646,760	5,480,625
Accumulated depreciation, depletion and amortization	(3,294,797)	(3,092,043)
Total property and equipment, net	2,351,963	2,388,582
Other long-term assets:
Assets from price risk management activities	3,051	2,770
Equity method investments	1,131	0
Other well equipment inventory	17,583	17,449
Operating lease assets	5,587	5,714
Other assets	8,300	12,297
Total assets	2,863,100	2,766,815
Current liabilities:
Accounts payable	102,390	85,815
Accrued liabilities	152,401	130,459
Accrued royalties	80,254	59,037
Current portion of long-term debt	0	6,060
Current portion of asset retirement obligations	55,542	60,311
Liabilities from price risk management activities	239,022	186,526
Accrued interest payable	37,084	37,542
Current portion of operating lease liabilities	1,846	1,715
Other current liabilities	32,797	33,061
Total current liabilities	701,336	600,526
Long-term liabilities:
Long-term debt, net of discount and deferred financing costs	788,468	956,667
Asset retirement obligations	396,889	373,695
Liabilities from price risk management activities	22,434	13,938
Operating lease liabilities	15,367	16,330
Other long-term liabilities	41,096	45,006
Total liabilities	1,965,590	2,006,162
Commitments and Contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.01 par value; 30,000,000 shares authorized and no shares issued or outstanding as of June 30, 2022 and December 31, 2021	0	0
Common stock $0.01 par value; 270,000,000 shares authorized; 82,541,345 and 81,881,477 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	825	819
Additional paid-in capital	1,684,949	1,676,798
Accumulated deficit	(788,264)	(916,964)
Total stockholdersʼ equity	897,510	760,653
Total liabilities and stockholdersʼ equity	$ 2,863,100	$ 2,766,815

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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	82,541,345	81,881,477
Common stock, shares outstanding	82,541,345	81,881,477

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Total revenues	$ 519,085	$ 303,768	$ 932,651	$ 570,676
Operating expenses:
Lease operating expense	87,582	72,013	147,396	138,641
Production taxes	864	953	1,715	1,775
Depreciation, depletion and amortization	104,511	99,841	202,851	201,498
Accretion expense	14,844	15,457	29,221	30,442
General and administrative expense	22,925	19,377	45,453	38,566
Other operating expense	12,372	2,783	12,508	1,783
Total operating expenses	243,098	210,424	439,144	412,705
Operating income	275,987	93,344	493,507	157,971
Interest expense	(30,776)	(33,570)	(62,266)	(67,646)
Price risk management activities expense	(64,094)	(186,617)	(345,313)	(324,125)
Equity method investment income	13,466	0	13,608	0
Other income (expense)	3,165	1,559	31,299	(12,391)
Net income (loss) before income taxes	197,748	(125,284)	130,835	(246,191)
Income tax expense	(2,607)	(498)	(2,135)	(1,082)
Net income (loss)	$ 195,141	$ (125,782)	$ 128,700	$ (247,273)
Net income (loss) per common share:
Basic	$ 2.36	$ (1.54)	$ 1.56	$ (3.03)
Diluted	$ 2.33	$ (1.54)	$ 1.55	$ (3.03)
Weighted average common shares outstanding:
Basic	82,566	81,823	82,320	81,630
Diluted	83,665	81,823	83,247	81,630
Oil
Revenues
Revenues	$ 429,329	$ 267,990	$ 783,215	$ 497,551
Natural Gas
Revenues
Revenues	70,406	26,131	113,387	54,365
NGL
Revenues
Revenues	$ 19,350	$ 9,647	$ 36,049	$ 18,760

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balance at Dec. 31, 2020	$ 926,601	$ 813	$ 1,659,800	$ (734,012)
Balance, shares at Dec. 31, 2020		81,279,989
Equity-based compensation	10,212		10,212
Equity-based compensation tax withholdings	(3,119)		(3,119)
Equity-based compensation stock issuances		$ 6	(6)
Equity-based compensation stock issuances, shares		592,509
Net income (loss)	(247,273)			(247,273)
Balance at Jun. 30, 2021	686,421	$ 819	1,666,887	(981,285)
Balance, shares at Jun. 30, 2021		81,872,498
Balance at Mar. 31, 2021	807,154	$ 817	1,661,840	(855,503)
Balance, shares at Mar. 31, 2021		81,707,214
Equity-based compensation	6,018		6,018
Equity-based compensation tax withholdings	(969)		(969)
Equity-based compensation stock issuances		$ 2	(2)
Equity-based compensation stock issuances, shares		165,284
Net income (loss)	(125,782)			(125,782)
Balance at Jun. 30, 2021	686,421	$ 819	1,666,887	(981,285)
Balance, shares at Jun. 30, 2021		81,872,498
Balance at Dec. 31, 2021	$ 760,653	$ 819	1,676,798	(916,964)
Balance, shares at Dec. 31, 2021	81,881,477	81,881,477
Equity-based compensation	$ 12,633		12,633
Equity-based compensation tax withholdings	(4,476)		4,476
Equity-based compensation stock issuances		$ 6	(6)
Equity-based compensation stock issuances, shares		659,868
Net income (loss)	128,700			128,700
Balance at Jun. 30, 2022	$ 897,510	$ 825	1,684,949	(788,264)
Balance, shares at Jun. 30, 2022	82,541,345	82,541,345
Balance at Mar. 31, 2022	$ 695,125	$ 825	1,677,705	(983,405)
Balance, shares at Mar. 31, 2022		82,535,186
Equity-based compensation	7,244		7,244
Equity-based compensation stock issuances		$ 0	0
Equity-based compensation stock issuances, shares		6,159
Net income (loss)	195,141			195,141
Balance at Jun. 30, 2022	$ 897,510	$ 825	$ 1,684,949	$ (788,264)
Balance, shares at Jun. 30, 2022	82,541,345	82,541,345

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 128,700	$ (247,273)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation, depletion, amortization and accretion expense	232,072	231,940
Amortization of deferred financing costs and original issue discount	6,952	6,934
Equity-based compensation expense	7,367	5,681
Price risk management activities expense	345,313	324,125
Net cash paid on settled derivative instruments	(287,321)	(117,618)
Equity method investment income	(13,608)	0
Loss on extinguishment of debt		13,225
Settlement of asset retirement obligations	(39,768)	(36,329)
Loss (gain) on sale of assets	390	(853)
Changes in operating assets and liabilities:
Accounts receivable	(57,394)	(12,633)
Other current assets	(31,435)	(19,409)
Accounts payable	23,360	3,776
Other current liabilities	33,284	48,597
Other non-current assets and liabilities, net	6,453	(1,069)
Net cash provided by operating activities	354,365	199,094
Cash flows from investing activities:
Exploration, development and other capital expenditures	(128,082)	(125,846)
Cash paid for acquisitions, net of cash acquired	(3,500)	(5,399)
Proceeds from sale of property and equipment, net	1,597	4,612
Contributions to equity method investees	(2,250)	0
Proceeds from sale of equity method investment	15,000	0
Net cash used in investing activities	(117,235)	(126,633)
Cash flows from financing activities:
Issuance of senior notes	0	600,500
Redemption of senior notes and other long-term debt	(6,060)	(356,803)
Proceeds from Bank Credit Facility	35,000	0
Repayment of Bank Credit Facility	(210,000)	(240,000)
Deferred financing costs	(129)	(25,981)
Other deferred payments		(5,575)
Payments of finance lease	(12,836)	(10,361)
Employee stock awards tax withholdings	(4,476)	(3,120)
Net cash used in financing activities	(198,501)	(41,340)
Net increase in cash and cash equivalents	38,629	31,121
Cash and cash equivalents:
Balance, beginning of period	69,852	34,233
Balance, end of period	108,481	65,354
Supplemental non-cash transactions:
Capital expenditures included in accounts payable and accrued liabilities	47,354	95,724
Supplemental cash flow information:
Interest paid, net of amounts capitalized	$ 47,570	$ 19,006

Organization, Nature of Busines

Organization, Nature of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Nature of Business and Basis of Presentation	Not e 1 — Organization, Nature of Business and Basis of Presentation Organization and Nature of Business Talos Energy Inc. (the “Parent Company”) is a Delaware corporation originally incorporated on November 14, 2017 . On May 10, 2018 , the Parent Company consummated a combination between Talos Energy LLC and Stone Energy Corporation (“Stone”). Talos Energy LLC, which was the acquirer of Stone for financial reporting and accounting purposes, was formed in 2011 and commenced commercial operations on February 6, 2013 . The Parent Company conducts all business operations through its operating subsidiaries, owns no operating assets and has no material operations, cash flows or liabilities independent of its subsidiaries. The Parent Company’s common stock is traded on The New York Stock Exchange under the ticker symbol “TALO.” The Parent Company (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 through upstream oil and gas exploration and production and the development of carbon capture and sequestration (“CCS”) opportunities. The Company leverages decades of technical and offshore operational expertise in 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 third-party industrial CO 2 emissions through our CCS collaborative arrangements along the coast of the U.S. 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 2021 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 and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Certain reclassifications have been made to the prior year’s presentation to conform to the current year’s presentation. Amounts previously included as income in “Other” within “Revenues and Other” on the Condensed Consolidated Statements of Operations are now reflected in “Other operating (income) expense” as a component of “Total operating expenses” on the Condensed Consolidated Statements of Operations. The Company has two operating segments: (i) exploration and production of oil, natural gas and NGLs (“Upstream Segment”) and (ii) carbon capture and sequestration (“CCS Segment”). The Upstream Segment is the Company’s only reportable segment. The legal entities included in the CCS Segment have been designated as unrestricted, non-guarantor subsidiaries of the Company for purposes of the Bank Credit Facility (as defined in Note 4 — Financial Instruments ) and indenture governing the senior notes. The CCS Segment had $ 17.8 million in assets at June 30, 2022. During the three and six months ended June 30, 2022 , the CCS Segment did no t generate any revenue and incurred $ 5.4 million and $ 7.8 million of operating expenses, respectively. Additionally, the CCS Segment reported a gain of $ 13.9 million related to the partial sale of the Company’s interest in Bayou Bend CCS LLC (“Bayou Bend”) in the second quarter of 2022. See Note 9 — Related Party Transactions for further information.

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2022
Oil and Gas Property [Abstract]
Property, Plant and Equipment	Note 2 — Property, Plant and Equipment Proved Properties During the three and six months ended June 30, 2022 and 2021, the Company’s ceiling test computations did no t result in a write-down of its U.S. oil and natural gas properties. At June 30, 2022, the Company’s ceiling test computation was based on SEC pricing of $ 86.69 per Bbl of oil, $ 5.30 per Mcf of natural gas and $ 36.04 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 at December 31, 2021 $ 434,006 Obligations incurred 54 Obligations settled ( 39,768 ) Obligations divested ( 1,572 ) Accretion expense 29,221 Changes in estimate 30,490 Asset retirement obligations at June 30, 2022 $ 452,431 Less: Current portion at June 30, 2022 55,542 Long-term portion at June 30, 2022 $ 396,889

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Note 3 — Leases The Company has operating leases principally for office space, drilling rigs, compressors and other equipment necessary to support the Company’s operations. Additionally, the Company has a finance lease related to the use of the Helix Producer I (the “HP-I”), a dynamically positioned floating production facility that interconnects with the Phoenix Field through a production buoy. The HP-I is utilized in the Company’s oil and natural gas development activities and the right-of-use asset was capitalized and included in proved property and depleted as part of the full cost pool. Once items are included in the full cost pool, they are indistinguishable from other proved properties. The capitalized costs within the full cost pool are amortized over the life of the total proved reserves using the unit-of-production method, computed quarterly. Costs associated with the Company’s leases are either expensed or capitalized depending on how the underlying asset is utilized. The lease costs described below are presented on a gross basis and do not represent the Company’s net proportionate share of such amounts. A portion of these costs have been or may be billed to other working interest owners. The Company’s share of these costs is included in property and equipment, lease operating expense or general and administrative expense, as applicable. The components of lease costs were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Finance lease cost - interest on lease liabilities $ 1,734 $ 3,012 $ 3,793 $ 6,268 Operating lease cost, excluding short-term leases (1) 567 720 1,135 1,436 Short-term lease cost (2) 6,094 12,092 11,856 17,852 Variable lease cost (3) 362 322 725 644 Total lease cost $ 8,757 $ 16,146 $ 17,509 $ 26,200 (1) Operating lease cost reflect a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a straight-line basis. (2) Short-term lease costs are reported at gross amounts and primarily represent costs incurred for drilling rigs, most of which are short-term contracts not recognized as a right-of-use asset and lease liability on the Condensed Consolidated Balance Sheets. (3) Variable lease costs primarily represent differences between minimum payment obligations and actual operating charges incurred by the Company related to its long-term leases. The present value of the fixed lease payments recorded as the Company’s right-of-use asset and liability, adjusted for initial direct costs and incentives were as follows (in thousands): June 30, 2022 December 31, 2021 Operating leases: Operating lease assets $ 5,587 $ 5,714 Current portion of operating lease liabilities $ 1,846 $ 1,715 Operating lease liabilities 15,367 16,330 Total operating lease liabilities $ 17,213 $ 18,045 Finance leases: Proved property $ 124,299 $ 124,299 Other current liabilities $ 27,386 $ 27,083 Other long-term liabilities — 13,138 Total finance lease liabilities $ 27,386 $ 40,221 The table below presents the supplemental cash flow information related to leases (in thousands): Six Months Ended June 30, 2022 2021 Operating cash outflow from finance leases $ 3,793 $ 6,268 Operating cash outflow from operating leases $ 1,845 $ 1,974 Right-of-use assets obtained in exchange for new operating lease liabilities $ — $ 1,020

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2022
Financial Instruments [Abstract]
Financial Instruments	Note 4 — Financial Instruments As of June 30, 2022 and December 31, 2021, 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): June 30, 2022 December 31, 2021 Carrying Fair Carrying Fair 12.00 % Second-Priority Senior Secured Notes – January 2026 $ 594,549 $ 679,452 $ 588,838 $ 685,945 7.50 % Senior Notes – due May 2022 $ — $ — $ 6,060 $ 6,145 Bank Credit Facility – matures November 2024 $ 193,919 $ 200,000 $ 367,829 $ 375,000 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 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net cash paid on settled derivative instruments $ ( 160,235 ) $ ( 69,237 ) $ ( 287,321 ) $ ( 117,618 ) Unrealized gain (loss) 96,141 ( 117,380 ) ( 57,992 ) ( 206,507 ) Price risk management activities expense $ ( 64,094 ) $ ( 186,617 ) $ ( 345,313 ) $ ( 324,125 ) The following table reflects the contracted volumes and weighted average prices under the terms of the Company's derivative contracts as of June 30, 2022: Swap Contracts Production Period Settlement Index Average Daily Weighted Average Crude oil: (Bbls) (per Bbl) July 2022 – December 2022 NYMEX WTI CMA 18,663 $ 53.68 January 2023 – December 2023 NYMEX WTI CMA 14,693 $ 72.20 January 2024 – June 2024 NYMEX WTI CMA 5,000 $ 76.53 Natural gas: (MMBtu) (per MMBtu) July 2022 – December 2022 NYMEX Henry Hub 32,500 $ 2.67 January 2023 – December 2023 NYMEX Henry Hub 26,395 $ 3.76 January 2024 – June 2024 NYMEX Henry Hub 10,000 $ 3.25 The following tables provide additional information related to financial instruments measured at fair value on a recurring basis (in thousands): June 30, 2022 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas swaps $ — $ 6,737 $ — $ 6,737 Liabilities: Oil and natural gas swaps — ( 261,456 ) — ( 261,456 ) Total net liability $ — $ ( 254,719 ) $ — $ ( 254,719 ) December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas swaps $ — $ 3,737 $ — $ 3,737 Liabilities: Oil and natural gas swaps — ( 200,464 ) — ( 200,464 ) Total net liability $ — $ ( 196,727 ) $ — $ ( 196,727 ) 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. 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): June 30, 2022 December 31, 2021 Assets Liabilities Assets Liabilities Oil and natural gas derivatives: Current $ 3,686 $ 239,022 $ 967 $ 186,526 Non-current 3,051 22,434 2,770 13,938 Total gross amounts presented on balance sheet 6,737 261,456 3,737 200,464 Less: Gross amounts not offset on the balance sheet 6,737 6,737 3,737 3,737 Net amounts $ — $ 254,719 $ — $ 196,727 Credit Risk The Company is subject to the risk of loss on its financial instruments as a result of nonperformance by counterparties pursuant to the terms of their contractual obligations. The Company has entered into International Swaps and Derivative Association agreements with counterparties to mitigate this risk. The Company also maintains credit policies with regard to its counterparties to minimize overall credit risk. These policies require (i) the evaluation of potential counterparties’ financial condition to determine their credit worthiness; (ii) the regular monitoring of counterparties’ credit exposures; (iii) the use of contract language that affords the Company netting or set off opportunities to mitigate exposure risk; and (iv) potentially requiring counterparties to post cash collateral, parent guarantees, or letters of credit to minimize credit risk. The Company’s assets and liabilities from commodity price risk management activities at June 30, 2022 represent derivative instruments from eight counterparties; all of which are registered swap dealers that have an “investment grade” (minimum Standard & Poor’s rating of BBB- or better) credit rating, and all of which are parties under the Company’s Bank Credit Facility. The Company enters into derivatives directly with these counterparties and, subject to the terms of the Company’s Bank Credit Facility, is not required to post collateral or other securities for credit risk in relation to the derivative activities.

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	Note 5 — Debt A summary of the detail comprising the Company’s debt and the related book values for the respective periods presented is as follows (in thousands): June 30, 2022 December 31, 2021 12.00 % Second-Priority Senior Secured Notes – due January 2026 $ 650,000 $ 650,000 7.50 % Senior Notes – due May 2022 — 6,060 Bank Credit Facility – matures November 2024 (1) 200,000 375,000 Total debt, before discount and deferred financing cost 850,000 1,031,060 Discount and deferred financing cost ( 61,532 ) ( 68,333 ) Total debt, net of discount and deferred financing costs (2) 788,468 962,727 Less: Current portion of long-term debt — 6,060 Long-term debt, net of discount and deferred financing costs $ 788,468 $ 956,667 (1) As of June 30, 2022 , the Company had outstanding borrowings at a weighted average interest rate of 4.85 %. (2) At June 30, 2022 , the Company was in compliance with all debt covenants. 7.50% Senior Notes On May 31, 2022 , the 7.50 % Senior Notes matured and were redeemed at an aggregate principal of $ 6.1 million plus accrued and unpaid interest. Bank Credit Facility The Company maintains the Bank Credit Facility with a syndicate of financial institutions. The Bank Credit Facility provides for the 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 of each year. On May 4, 2022, the Company entered into a (i) Borrowing Base Redetermination Agreement and Eighth Amendment to Credit Agreement (the “Eighth Amendment”) and (ii) Incremental Agreement of Increasing Lenders (“Incremental Agreement”). The Eighth Amendment and the Incremental Agreement, among other things, (i) increased the borrowing base from $ 950.0 million to $ 1.1 billion and (ii) increased the commitments from $ 791.3 million to $ 806.3 million.

Employee Benefits Plans and Sha

Employee Benefits Plans and Share-Based Compensation	6 Months Ended
	Jun. 30, 2022
Share-based Payment Arrangement [Abstract]
Employee Benefits Plans and Share-Based Compensation	Note 6 — Employee Benefits Plans and Share-Based Compensation Long Term Incentive Plans Restricted Stock Units (“RSUs”) — The following table summarizes RSU activity under the Talos Energy Inc. 2021 Long Term Incentive Plan (the “2021 LTIP”) for the six months ended June 30, 2022: RSUs Weighted Average Unvested RSUs at December 31, 2021 1,983,199 $ 13.02 Granted 2,206,473 $ 12.96 Vested ( 931,994 ) $ 14.07 Forfeited ( 54,968 ) $ 14.20 Unvested RSUs at June 30, 2022 (1) 3,202,710 $ 12.65 (1) As of June 30, 2022 , 23,708 of the unvested RSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheet. Performance Share Units (“PSUs”) — The following table summarizes PSU activity under the 2021 LTIP for the six months ended June 30, 2022: PSUs Weighted Average Unvested PSUs at December 31, 2021 1,015,459 $ 16.41 Granted (1) 591,062 $ 23.59 Forfeited ( 16,486 ) $ 17.48 Cancelled ( 975,564 ) $ 16.42 Unvested PSUs at June 30, 2022 614,471 $ 23.27 (1) There were 295,531 PSUs granted that are eligible to vest based on continued employment and the Company’s annualized absolute total shareholder return (“TSR”) over a three-year performance period. An additional 295,531 PSUs were granted and are eligible to vest based on continued employment and the Company’s return (“PVI”) on the wells included in the 2022 drill program over a three-year performance period. The actual number of PSUs earned ranges between 0 % and 200 % depending on actual performance over the performance period. For the PVI PSUs, the Company recognizes compensation cost if and when the Company concludes that it is probable that the performance condition will be achieved. The Company reassesses the probability of achieving the performance conditions at each reporting date. The following table summarizes the assumptions used in the Monte Carlo simulations to calculate the fair value of the absolute TSR PSUs granted at the date indicated: Grant Date March 5, 2022 Expected term (in years) 2.8 Expected volatility 82.2 % Risk-free interest rate 1.6 % Dividend yield — % Fair value (in thousands) $ 8,668 Modification — During March 2022, the outstanding PSUs held by certain executive officers that were awarded in 2020 and 2021 were cancelled and, in connection with this cancellation, 1,147,352 of RSUs were granted (the “Retention RSUs”). The Retention RSUs will vest ratably each year over two years, generally contingent upon continued employment through each such date. The cancellation of the PSUs along with the concurrent grant of the Retention RSUs are accounted for as a modification. The incremental cost of $ 9.7 million will be recognized prospectively over the modified requisite service period. Additionally, the remaining unrecognized grant or modification date fair value of the original PSUs will be recognized over the original remaining requisite service period. Share-based Compensation Costs Share-based compensation costs associated with RSUs, PSUs and other awards are reflected as “General and administrative expense,” on the Condensed Consolidated Statements of Operations, net amounts capitalized to “Proved Properties,” on 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” on the Condensed Consolidated Statements of Cash Flows. The following table presents the amount of costs expensed and capitalized (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Share-based compensation costs $ 7,319 $ 5,626 $ 12,971 $ 10,541 Less: Amounts capitalized to oil and gas properties 3,270 2,609 5,604 4,860 Total share-based compensation expense $ 4,049 $ 3,017 $ 7,367 $ 5,681

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 7 — Income Taxes The Company is a corporation that is subject to U.S. federal, state and foreign income taxes. For the three months ended June 30, 2022, the Company recognized an income tax expense of $ 2.6 million for an effective tax rate of 1.3 %. The Company’s effective tax rate of 1.3 % is different than the U.S. federal statutory income tax rate of 21 % primarily due to recording a valuation allowance for its deferred tax assets. For the three months ended June 30, 2021, the Company recognized an income tax expense of $ 0.5 million for an effective tax rate of negative 0.4 %. The Company’s effective tax rate of negative 0.4 % is lower than the U.S. federal statutory income tax rate of 21 % primarily due to recording a valuation allowance for its deferred tax assets. For the six months ended June 30, 2022, the Company recognized income tax expense of $ 2.1 million for an effective tax rate of 1.6 %. The Company’s effective tax rate of 1.6 % is lower than the U.S. federal statutory income tax rate of 21 % primarily due to recording a valuation allowance for its deferred tax assets. For the six months ended June 30, 2021, the Company recognized an income tax expense of $ 1.1 million for an effective tax rate of negative 0.4 %. The difference between the Company’s effective tax rate of negative 0.4 % and federal statutory income tax rate of 21 % is primarily due to recording a valuation allowance for its deferred tax assets. The Company evaluates and updates the estimated annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Consequently, based upon the mix and timing of the Company’s actual earnings compared to annual projections, the effective tax rate may vary quarterly and may make quarterly comparisons not meaningful. The quarterly income tax provision is generally comprised of tax expense on income or benefit on loss at the most recent estimated annual effective tax rate. The tax effect of discrete items is recognized in the period in which they occur at the applicable statutory rate. Deferred income tax assets and liabilities are recorded related to net operating losses and temporary differences between the book and tax basis of assets and liabilities expected to produce deductions and income in the future. The Company reduces deferred tax assets by a valuation allowance when, based on estimates, it is more likely than not that a portion of those assets will not be realized in a future period. The deferred tax asset estimates are subject to revision, either up or down, in future periods based on new facts or circumstances. In evaluating the Company’s valuation allowance, the Company considers cumulative losses, the reversal of existing temporary differences, the existence of taxable income in carryback years, tax optimization planning and future taxable income for each of its taxable jurisdictions. The Company assesses the realizability of its deferred tax assets quarterly; changes to the Company’s assessment of its valuation allowance in future periods could materially impact its results of operations. As of June 30, 2022 , the Company maintains a full valuation allowance for U.S. federal, state and foreign net deferred tax assets.

Income (Loss) Per Share

Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Income (Loss) Per Share	Note 8 — 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net income (loss) $ 195,141 $ ( 125,782 ) $ 128,700 $ ( 247,273 ) Weighted average common shares outstanding — basic 82,566 81,823 82,320 81,630 Dilutive effect of securities 1,099 — 927 — Weighted average common shares outstanding — 83,665 81,823 83,247 81,630 Net income (loss) per common share: Basic $ 2.36 $ ( 1.54 ) $ 1.56 $ ( 3.03 ) Diluted $ 2.33 $ ( 1.54 ) $ 1.55 $ ( 3.03 ) Anti-dilutive potentially issuable securities excluded — 869 1,664 2,252

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 9 — 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 members of management pursuant to which the Company received a private equity capital commitment. On January 3, 2022, the Apollo Funds ceased being a beneficial owner of more than five percent of the Company’s common stock. Riverstone Funds held 14.9 % of the Company’s common stock as of June 30, 2022. Equity Registration Rights Agreement Riverstone Funds as well as 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, 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 accompanying Notes to the Consolidated Financial Statements in the 2021 Annual Report. The Company will bear all of the expenses incurred in connection with any offer and sale, while the selling stockholders will be responsible for paying underwriting fees, discounts and selling commissions. For the three and six months ended June 30, 2022 , the Company did no t incur any such fees. For the three and six months ended June 30, 2021 , fees incurred by the Company were $ 0.3 million and $ 0.4 million, respectively. Amended and Restated Stockholders’ Agreement 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 accompanying Notes to Consolidated Financial Statements in the 2021 Annual Report. On March 29, 2022, the Company and other parties thereto, entered into the Amended and Restated Stockholders’ Agreement, in connection with the resignation of certain members of the Company's Board of Directors (the “Amended and Restated Stockholders’ Agreement”). The Amended and Restated Stockholders’ Agreement, among other things, (i) terminates the rights of the Apollo Funds under the Stockholders’ Agreement and (ii) eliminates the requirement that the Board of Directors consist of ten members. The Riverstone Funds have agreed to vote their shares of our common stock in favor of any nominee designated and nominated for election to the Board of Directors in accordance with the terms of the Amended and Restated Stockholders’ Agreement and in a manner consistent with the recommendation of the Nominating and Governance Committee with respect to all other nominees. 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 six months ended June 30, 2022 , the Company incurred fees of approximately $ 1.0 million and $ 1.5 million, respectively, of which $ 1.2 million was payable for legal services performed by V&E. For the three and six months ended June 30, 2021 , the Company incurred fees of approximately $ 0.8 million and $ 1.7 million, respectively, of which $ 0.9 million was payable for legal services performed by V&E. Bayou Bend CCS LLC On March 8, 2022, the Company made a $ 2.25 million cash contribution for a 50 % membership interest in Bayou Bend. In May 2022, the Company sold a 25 % membership interest to Chevron U.S.A Inc. (“Chevron”) for upfront cash consideration of $ 15.0 million. Chevron also agreed to fund up to $ 10.0 million of contributions to Bayou Bend on the Company’s behalf. The Company recognized a $ 13.9 million gain on the partial sale of its investment in Bayou Bend, which is included in “Equity method investment income” on the Condensed Consolidated Statements of Operations. As of June 30, 2022 the Company owns a 25 % membership interest in Bayou Bend, which is a variable interest entity and accounted for using the equity method of accounting. Bayou Bend has a CCS site located offshore Jefferson County, Texas, near the Beaumont and Port Arthur, Texas industrial corridor that is in the early stages of development. The development of the Bayou Bend CCS hub project is expected to be financed through equity contributions from its members. The Company’s maximum exposure to loss as result of its involvement with Bayou Bend is the carrying amount of its investment. Under an operating agreement, which was amended on May 24, 2022, the Company has agreed to provide certain services to facilitate Bayou Bend’s operations and to fulfill other general and administrative functions relating to the operation and management of Bayou Bend and its business. The Company will invoice Bayou Bend for reimbursement of direct and indirect general and administrative expenses incurred as well as all other direct out-of-pocket costs and expenses incurred or paid on behalf of Bayou Bend. The Company had a $ 0.2 million related party receivable from Bayou Bend as of June 30, 2022 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10 — Commitments and Contingencies Performance Obligations Regulations with respect to the Company's operations govern, among other things, engineering and construction specifications for production facilities, safety procedures, plugging and abandonment of wells, removal of facilities in the U.S. Gulf of Mexico and certain obligations under the Mexico production sharing contracts. As of June 30, 2022, the Company had secured performance bonds from third party sureties and letters of credit issued under its Bank Credit Facility totaling $ 689.0 million and $ 12.6 million , respectively. The cost of securing these bonds are reflected as “Interest expense” on the Condensed Consolidated Statements of Operations. Legal Proceedings and Other Contingencies From time to time, the Company is involved in litigation, regulatory examinations and administrative proceedings primarily arising in the ordinary course of business in jurisdictions in which the Company does business. Although the outcome of these matters cannot be predicted with certainty, the Company’s management believes none of these matters, either individually or in the aggregate, would have a material effect upon the Company’s financial position; however, an unfavorable outcome could have a material adverse effect on our results from operations for a specific interim period or year. On March 23, 2022, the Company entered into a settlement agreement to receive $ 27.5 million to resolve previously pending litigation, which was filed on October 23, 2017, against a third-party supplier related to quality issues. As part of the settlement agreement, the Company released all of its claims in the litigation. The settlement is reflected as “Other income (expense)” on the Condensed Consolidated Statements of Operations. 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. The Company recorded estimated decommissioning obligations of $ 10.2 million and $ 2.8 million during the three months ended June 30, 2022 and 2021 , respectively, and $ 10.5 million and $ 2.8 million during the six months ended June 30, 2022 and 2021, respectively. These costs are reflected as “Other operating (income) expense” on the Condensed Consolidated Statements of Operations. As of June 30, 2022 and December 31, 2021 , the Company incurred obligations reflected as “Other current liabilities” of $ 3.3 million and $ 3.8 million, respectively, and obligations reflected as “Other long-term liabilities” of $ 29.4 million and $ 20.6 million, respectively, on the Condensed Consolidated Balance Sheets. 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, the Company 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.

Organization, Nature of Busin_2

Organization, Nature of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business, Basis of Presentation and Consolidation	Organization and Nature of Business Talos Energy Inc. (the “Parent Company”) is a Delaware corporation originally incorporated on November 14, 2017 . On May 10, 2018 , the Parent Company consummated a combination between Talos Energy LLC and Stone Energy Corporation (“Stone”). Talos Energy LLC, which was the acquirer of Stone for financial reporting and accounting purposes, was formed in 2011 and commenced commercial operations on February 6, 2013 . The Parent Company conducts all business operations through its operating subsidiaries, owns no operating assets and has no material operations, cash flows or liabilities independent of its subsidiaries. The Parent Company’s common stock is traded on The New York Stock Exchange under the ticker symbol “TALO.” The Parent Company (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 through upstream oil and gas exploration and production and the development of carbon capture and sequestration (“CCS”) opportunities. The Company leverages decades of technical and offshore operational expertise in 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 third-party industrial CO 2 emissions through our CCS collaborative arrangements along the coast of the U.S. 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 2021 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 and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Certain reclassifications have been made to the prior year’s presentation to conform to the current year’s presentation. Amounts previously included as income in “Other” within “Revenues and Other” on the Condensed Consolidated Statements of Operations are now reflected in “Other operating (income) expense” as a component of “Total operating expenses” on the Condensed Consolidated Statements of Operations. The Company has two operating segments: (i) exploration and production of oil, natural gas and NGLs (“Upstream Segment”) and (ii) carbon capture and sequestration (“CCS Segment”). The Upstream Segment is the Company’s only reportable segment. The legal entities included in the CCS Segment have been designated as unrestricted, non-guarantor subsidiaries of the Company for purposes of the Bank Credit Facility (as defined in Note 4 — Financial Instruments ) and indenture governing the senior notes. The CCS Segment had $ 17.8 million in assets at June 30, 2022. During the three and six months ended June 30, 2022 , the CCS Segment did no t generate any revenue and incurred $ 5.4 million and $ 7.8 million of operating expenses, respectively. Additionally, the CCS Segment reported a gain of $ 13.9 million related to the partial sale of the Company’s interest in Bayou Bend CCS LLC (“Bayou Bend”) in the second quarter of 2022. See Note 9 — Related Party Transactions for further information.

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2022
Oil and Gas Property [Abstract]
Schedule of 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 at December 31, 2021 $ 434,006 Obligations incurred 54 Obligations settled ( 39,768 ) Obligations divested ( 1,572 ) Accretion expense 29,221 Changes in estimate 30,490 Asset retirement obligations at June 30, 2022 $ 452,431 Less: Current portion at June 30, 2022 55,542 Long-term portion at June 30, 2022 $ 396,889

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Components of Lease Costs	The components of lease costs were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Finance lease cost - interest on lease liabilities $ 1,734 $ 3,012 $ 3,793 $ 6,268 Operating lease cost, excluding short-term leases (1) 567 720 1,135 1,436 Short-term lease cost (2) 6,094 12,092 11,856 17,852 Variable lease cost (3) 362 322 725 644 Total lease cost $ 8,757 $ 16,146 $ 17,509 $ 26,200 (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.
Schedule of Right-of-Use Asset and Liability, Adjusted for Initial Direct Costs and Incentives	The present value of the fixed lease payments recorded as the Company’s right-of-use asset and liability, adjusted for initial direct costs and incentives were as follows (in thousands): June 30, 2022 December 31, 2021 Operating leases: Operating lease assets $ 5,587 $ 5,714 Current portion of operating lease liabilities $ 1,846 $ 1,715 Operating lease liabilities 15,367 16,330 Total operating lease liabilities $ 17,213 $ 18,045 Finance leases: Proved property $ 124,299 $ 124,299 Other current liabilities $ 27,386 $ 27,083 Other long-term liabilities — 13,138 Total finance lease liabilities $ 27,386 $ 40,221
Supplemental Cash Flow Information Related to Leases	The table below presents the supplemental cash flow information related to leases (in thousands): Six Months Ended June 30, 2022 2021 Operating cash outflow from finance leases $ 3,793 $ 6,268 Operating cash outflow from operating leases $ 1,845 $ 1,974 Right-of-use assets obtained in exchange for new operating lease liabilities $ — $ 1,020

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Financial Instruments [Abstract]
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments	The following table presents the carrying amounts, net of discount and deferred financing costs, and estimated fair values of the Company’s debt instruments (in thousands): June 30, 2022 December 31, 2021 Carrying Fair Carrying Fair 12.00 % Second-Priority Senior Secured Notes – January 2026 $ 594,549 $ 679,452 $ 588,838 $ 685,945 7.50 % Senior Notes – due May 2022 $ — $ — $ 6,060 $ 6,145 Bank Credit Facility – matures November 2024 $ 193,919 $ 200,000 $ 367,829 $ 375,000
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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net cash paid on settled derivative instruments $ ( 160,235 ) $ ( 69,237 ) $ ( 287,321 ) $ ( 117,618 ) Unrealized gain (loss) 96,141 ( 117,380 ) ( 57,992 ) ( 206,507 ) Price risk management activities expense $ ( 64,094 ) $ ( 186,617 ) $ ( 345,313 ) $ ( 324,125 )
Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under the Terms of Derivative Contracts	The following table reflects the contracted volumes and weighted average prices under the terms of the Company's derivative contracts as of June 30, 2022: Swap Contracts Production Period Settlement Index Average Daily Weighted Average Crude oil: (Bbls) (per Bbl) July 2022 – December 2022 NYMEX WTI CMA 18,663 $ 53.68 January 2023 – December 2023 NYMEX WTI CMA 14,693 $ 72.20 January 2024 – June 2024 NYMEX WTI CMA 5,000 $ 76.53 Natural gas: (MMBtu) (per MMBtu) July 2022 – December 2022 NYMEX Henry Hub 32,500 $ 2.67 January 2023 – December 2023 NYMEX Henry Hub 26,395 $ 3.76 January 2024 – June 2024 NYMEX Henry Hub 10,000 $ 3.25
Summary of Additional Information Related to Financial Instruments Measured at Fair Value on Recurring Basis	The following tables provide additional information related to financial instruments measured at fair value on a recurring basis (in thousands): June 30, 2022 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas swaps $ — $ 6,737 $ — $ 6,737 Liabilities: Oil and natural gas swaps — ( 261,456 ) — ( 261,456 ) Total net liability $ — $ ( 254,719 ) $ — $ ( 254,719 ) December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas swaps $ — $ 3,737 $ — $ 3,737 Liabilities: Oil and natural gas swaps — ( 200,464 ) — ( 200,464 ) Total net liability $ — $ ( 196,727 ) $ — $ ( 196,727 )
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): June 30, 2022 December 31, 2021 Assets Liabilities Assets Liabilities Oil and natural gas derivatives: Current $ 3,686 $ 239,022 $ 967 $ 186,526 Non-current 3,051 22,434 2,770 13,938 Total gross amounts presented on balance sheet 6,737 261,456 3,737 200,464 Less: Gross amounts not offset on the balance sheet 6,737 6,737 3,737 3,737 Net amounts $ — $ 254,719 $ — $ 196,727

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Summary of Detail Comprising Debt and Related Book Values	A summary of the detail comprising the Company’s debt and the related book values for the respective periods presented is as follows (in thousands): June 30, 2022 December 31, 2021 12.00 % Second-Priority Senior Secured Notes – due January 2026 $ 650,000 $ 650,000 7.50 % Senior Notes – due May 2022 — 6,060 Bank Credit Facility – matures November 2024 (1) 200,000 375,000 Total debt, before discount and deferred financing cost 850,000 1,031,060 Discount and deferred financing cost ( 61,532 ) ( 68,333 ) Total debt, net of discount and deferred financing costs (2) 788,468 962,727 Less: Current portion of long-term debt — 6,060 Long-term debt, net of discount and deferred financing costs $ 788,468 $ 956,667 (1) As of June 30, 2022 , the Company had outstanding borrowings at a weighted average interest rate of 4.85 %. (2) At June 30, 2022 , the Company was in compliance with all debt covenants.

Employee Benefits Plans and S_2

Employee Benefits Plans and Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Share-based Payment Arrangement [Abstract]
Summary of Restricted Stock Units Activity	The following table summarizes RSU activity under the Talos Energy Inc. 2021 Long Term Incentive Plan (the “2021 LTIP”) for the six months ended June 30, 2022: RSUs Weighted Average Unvested RSUs at December 31, 2021 1,983,199 $ 13.02 Granted 2,206,473 $ 12.96 Vested ( 931,994 ) $ 14.07 Forfeited ( 54,968 ) $ 14.20 Unvested RSUs at June 30, 2022 (1) 3,202,710 $ 12.65 As of June 30, 2022 , 23,708 of the unvested RSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheet.
Summary of Performance Share Units Activity	The following table summarizes PSU activity under the 2021 LTIP for the six months ended June 30, 2022: PSUs Weighted Average Unvested PSUs at December 31, 2021 1,015,459 $ 16.41 Granted (1) 591,062 $ 23.59 Forfeited ( 16,486 ) $ 17.48 Cancelled ( 975,564 ) $ 16.42 Unvested PSUs at June 30, 2022 614,471 $ 23.27 (1) There were 295,531 PSUs granted that are eligible to vest based on continued employment and the Company’s annualized absolute total shareholder return (“TSR”) over a three-year performance period. An additional 295,531 PSUs were granted and are eligible to vest based on continued employment and the Company’s return (“PVI”) on the wells included in the 2022 drill program over a three-year performance period. The actual number of PSUs earned ranges between 0 % and 200 % depending on actual performance over the performance period. For the PVI PSUs, the Company recognizes compensation cost if and when the Company concludes that it is probable that the performance condition will be achieved. The Company reassesses the probability of achieving the performance conditions at each reporting date.
Summary of Assumptions Used to Calculate the Grant 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 absolute TSR PSUs granted at the date indicated: Grant Date March 5, 2022 Expected term (in years) 2.8 Expected volatility 82.2 % Risk-free interest rate 1.6 % Dividend yield — % Fair value (in thousands) $ 8,668
Schedule of Recognized Share Based Compensation Expense, Net	The following table presents the amount of costs expensed and capitalized (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Share-based compensation costs $ 7,319 $ 5,626 $ 12,971 $ 10,541 Less: Amounts capitalized to oil and gas properties 3,270 2,609 5,604 4,860 Total share-based compensation expense $ 4,049 $ 3,017 $ 7,367 $ 5,681

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Income (Loss) Per Share	The following table presents the computation of the Company’s basic and diluted income (loss) per share were as follows (in thousands, except for the per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net income (loss) $ 195,141 $ ( 125,782 ) $ 128,700 $ ( 247,273 ) Weighted average common shares outstanding — basic 82,566 81,823 82,320 81,630 Dilutive effect of securities 1,099 — 927 — Weighted average common shares outstanding — 83,665 81,823 83,247 81,630 Net income (loss) per common share: Basic $ 2.36 $ ( 1.54 ) $ 1.56 $ ( 3.03 ) Diluted $ 2.33 $ ( 1.54 ) $ 1.55 $ ( 3.03 ) Anti-dilutive potentially issuable securities excluded — 869 1,664 2,252

Organization, Nature of Busin_3

Organization, Nature of Business and Basis of Presentation - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) Segment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Date of incorporation			Nov. 14, 2017
Number of operating segments | Segment			2
Total revenues	$ 519,085	$ 303,768	$ 932,651	$ 570,676
Assets	2,863,100		$ 2,863,100		$ 2,766,815
Stone Energy Corporation
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Date of acquisition			May 10, 2018
Talos Energy LLC
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Organization commenced commercial operations			Feb. 06, 2013
Bayou Bend
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Gain on sale of interest in Bayou Bend	13,900
Carbon Capture and Sequestration
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Total revenues	0		$ 0
Operating expenses	5,400		7,800
Assets	$ 17,800		$ 17,800

Property, Plant and Equipment -

Property, Plant and Equipment - Additional Information (Details) - US	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) $ / bbl $ / Mcf	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) $ / bbl $ / Mcf	Jun. 30, 2021 USD ($)
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	86.69		86.69
Unweighted average first day of month commodity price for natural gas for prior twelve months | $ / Mcf	5.30		5.30
Unweighted average first day of month commodity price for natural gas liquids for prior twelve months	36.04		36.04

Property, Plant and Equipment_2

Property, Plant and Equipment - Schedule of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Oil and Gas Property [Abstract]
Asset retirement obligations at December 31, 2021			$ 434,006
Obligations incurred			54
Obligations settled			(39,768)
Obligations divested			(1,572)
Accretion expense	$ 14,844	$ 15,457	29,221	$ 30,442
Changes in estimate			30,490
Asset retirement obligations at June 30, 2022	452,431		452,431
Less: Current portion at June 30, 2022	55,542		55,542		$ 60,311
Long-term portion at June 30, 2022	$ 396,889		$ 396,889		$ 373,695

Leases - Components of Lease Co

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Lease, Cost [Abstract]
Finance lease cost - interest on lease liabilities		$ 1,734	$ 3,012	$ 3,793	$ 6,268
Operating lease cost, excluding short-term leases	[1]	567	720	1,135	1,436
Short-term lease cost	[2]	6,094	12,092	11,856	17,852
Variable lease cost	[3]	362	322	725	644
Total lease cost		$ 8,757	$ 16,146	$ 17,509	$ 26,200
[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. 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.

Leases - Schedule of Right-of-U

Leases - Schedule of Right-of-Use Asset and Liability, Adjusted for Initial Direct Costs and Incentives (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets and Liabilities, Lessee [Abstract]
Operating lease assets	$ 5,587	$ 5,714
Current portion of operating lease liabilities	$ 1,846	$ 1,715
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current portion of operating lease liabilities	Current portion of operating lease liabilities	Current portion of operating lease liabilities
Operating lease liabilities	$ 15,367	$ 16,330
Total operating lease liabilities	17,213	18,045
Proved property	$ 124,299	$ 124,299
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Other current liabilities	$ 27,386	$ 27,083
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Other long-term liabilities	$ 0	$ 13,138
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Total finance lease liabilities	$ 27,386	$ 40,221

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flow, Operating Activities, Lessee [Abstract]
Operating cash outflow from finance leases	$ 3,793	$ 6,268
Operating cash outflow from operating leases	1,845	1,974
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 0	$ 1,020

Financial Instruments - Schedul

Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Carrying Amount	$ 788,468	$ 962,727
12.00% Second-Priority Senior Secured Notes - due January 2026
Debt Instrument [Line Items]
Carrying Amount	594,549	588,838
Fair Value	679,452	685,945
7.50% Senior Notes – due May 2022
Debt Instrument [Line Items]
Carrying Amount	0	6,060
Fair Value	0	6,145
Bank Credit Facility - matures November 2024
Debt Instrument [Line Items]
Carrying Amount	193,919	367,829
Fair Value	$ 200,000	$ 375,000

Financial Instruments - Sched_2

Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Parenthetical) (Details)		6 Months Ended	12 Months Ended
	May 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Senior notes, maturity date			May 31, 2022
12.00% Second-Priority Senior Secured Notes - due January 2026
Debt Instrument [Line Items]
Debt instrument interest rate		12%	12%
Senior notes, maturity date		Jan. 31, 2026	Jan. 31, 2026
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	May 31, 2022

Financial Instruments - Additio

Financial Instruments - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 Counterparty
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 June 30, 2022 represent derivative instruments from eight counterparties; all of which are registered swap dealers that have an “investment grade” (minimum Standard & Poor’s rating of BBB- or better) credit rating, and all 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 Investment Grade [Member]
Concentration Risk [Line Items]
Number of counterparties	8

Financial Instruments - Sched_3

Financial Instruments - Schedule of Impact that Derivatives not Qualifying as Hedging Instruments in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Price risk management activities income (expense)	$ (64,094)	$ (186,617)	$ (345,313)	$ (324,125)
Gain Loss On Derivative Instruments Unrealized Component
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Price risk management activities income (expense)	96,141	(117,380)	(57,992)	(206,507)
Commodity Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Price risk management activities income (expense)	(64,094)	(186,617)	(345,313)	(324,125)
Commodity Contract | Gain Loss On Derivative Instruments Realized Component
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Price risk management activities income (expense)	$ (160,235)	$ (69,237)	$ (287,321)	$ (117,618)

Financial Instruments - Sched_4

Financial Instruments - Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under the Terms of Derivative Contracts (Details) - Swap	6 Months Ended
	Jun. 30, 2022 MMBTU $ / bbl $ / MMBTU bbl
Crude Oil | April 2022 to December 2022
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Average Daily Volumes | bbl	18,663
Weighted Average Swap Price | $ / bbl	53.68
Crude Oil | January 2023 - December 2023
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Average Daily Volumes | bbl	14,693
Weighted Average Swap Price | $ / bbl	72.20
Crude Oil | January 2024 to June 2024
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Average Daily Volumes | bbl	5,000
Weighted Average Swap Price | $ / bbl	76.53
Natural Gas | April 2022 to December 2022
Derivative [Line Items]
Settlement Index	NYMEX Henry Hub
Weighted Average Swap Price | $ / MMBTU	2.67
Average Daily Volumes | MMBTU	32,500
Natural Gas | January 2023 - December 2023
Derivative [Line Items]
Settlement Index	NYMEX Henry Hub
Weighted Average Swap Price | $ / MMBTU	3.76
Average Daily Volumes | MMBTU	26,395
Natural Gas | January 2024 to June 2024
Derivative [Line Items]
Settlement Index	NYMEX Henry Hub
Weighted Average Swap Price | $ / MMBTU	3.25
Average Daily Volumes | MMBTU	10,000

Financial Instruments - Summary

Financial Instruments - Summary of Additional Information Related to Financial Instruments Measured at Fair Value on Recurring Basis (Details) - Fair Value on Recurring Basis - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Liabilities:
Total net liability	$ (254,719)	$ (196,727)
Oil And Natural Gas Swaps
Assets:
Oil and natural gas swaps	6,737	3,737
Liabilities:
Oil and natural gas swaps	(261,456)	(200,464)
Level 1
Liabilities:
Total net liability	0	0
Level 1 | Oil And Natural Gas Swaps
Assets:
Oil and natural gas swaps	0	0
Liabilities:
Oil and natural gas swaps	0	0
Level 2
Liabilities:
Total net liability	(254,719)	(196,727)
Level 2 | Oil And Natural Gas Swaps
Assets:
Oil and natural gas swaps	6,737	3,737
Liabilities:
Oil and natural gas swaps	(261,456)	(200,464)
Level 3
Liabilities:
Total net liability	0	0
Level 3 | Oil And Natural Gas Swaps
Assets:
Oil and natural gas swaps	0	0
Liabilities:
Oil and natural gas swaps	$ 0	$ 0

Financial Instruments - Sched_5

Financial Instruments - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Price Risk Derivatives [Line Items]
Assets from price risk management activities	$ 3,686	$ 967
Assets from price risk management activities	3,051	2,770
Liabilities from price risk management activities	239,022	186,526
Liabilities from price risk management activities	22,434	13,938
Oil and Natural Gas Derivatives
Price Risk Derivatives [Line Items]
Assets from price risk management activities	3,686	967
Assets from price risk management activities	3,051	2,770
Total gross amounts presented on balance sheet, Liabilities	261,456	200,464
Total gross amounts presented on balance sheet, Assets	6,737	3,737
Gross amounts not offset on the balance sheet	6,737	3,737
Net Amounts	0	0
Liabilities from price risk management activities	239,022	186,526
Liabilities from price risk management activities	22,434	13,938
Gross amounts not offset on the balance sheet	6,737	3,737
Net Amounts	$ 254,719	$ 196,727

Debt - Summary of Detail Compri

Debt - Summary of Detail Comprising Debt and Related Book Values (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	$ 850,000	$ 1,031,060
Discount and deferred financing cost	(61,532)	(68,333)
Total debt, net of discount and deferred financing costs	788,468	962,727
Less: current portion of long-term debt	0	6,060
Long-term debt, net of discount and deferred financing costs	788,468	956,667
7.50% Senior Notes – due May 2022
Debt Instrument [Line Items]
Total debt, net of discount and deferred financing costs	0	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	650,000
Senior Notes | 7.50% Senior Notes – due May 2022
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	0	6,060
Line of Credit [Member] | Bank Credit Facility - matures November 2024
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	$ 200,000	$ 375,000

Debt - Summary of Detail Comp_2

Debt - Summary of Detail Comprising Debt and Related Book Values (Parenthetical) (Details)		6 Months Ended	12 Months Ended
	May 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Senior notes, maturity date			May 31, 2022
Weighted average interest rate		4.85%
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	May 31, 2022
Senior Notes | 12.00% Second-Priority Senior Secured Notes - due January 2026
Debt Instrument [Line Items]
Debt instrument interest rate		12%	12%
Senior notes, maturity date		Jan. 15, 2026	Jan. 15, 2026
Senior Notes | 7.50% Senior Notes – due May 2022
Debt Instrument [Line Items]
Debt instrument interest rate			7.50%
Senior notes, maturity date		May 31, 2022
Line of Credit [Member] | 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 Millions		6 Months Ended	12 Months Ended
	May 31, 2022	Jun. 30, 2022	Dec. 31, 2021	May 04, 2022
Debt Instrument [Line Items]
Debt instrument maturity date			May 31, 2022
Line of Credit [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Borrowing Capacity, Description		The Bank Credit Facility provides for the determination of the borrowing base based on the Company’s proved producing reserves and a portion of the Company's proved undeveloped reserves.
Bank Credit Facility [Member] | Minimum
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity				$ 950
Line of Credit Facility, Commitments				791.3
Bank Credit Facility [Member] | Maximum
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity				1,100
Line of Credit Facility, Commitments				$ 806.3
Bank Credit Facility - matures November 2024
Debt Instrument [Line Items]
Bank credit facility, description		The borrowing base is redetermined by the lenders at least semi-annually during the second quarter and fourth quarter of each year. On May 4, 2022, the Company entered into a (i) Borrowing Base Redetermination Agreement and Eighth Amendment to Credit Agreement (the “Eighth Amendment”) and (ii) Incremental Agreement of Increasing Lenders (“Incremental Agreement”).
7.50% Senior Notes – due May 2022
Debt Instrument [Line Items]
Debt instrument interest rate	7.50%		7.50%
Debt instrument, face amount	$ 6.1
Debt instrument maturity date	May 31, 2022	May 31, 2022	May 31, 2022
Debt instrument redemption, description		On May 31, 2022, the 7.50% Senior Notes matured and were redeemed at an aggregate principal of $6.1 million plus accrued and unpaid interest.

Employee Benefits Plans and S_3

Employee Benefits Plans and Share-Based Compensation - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 USD ($) shares
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	591,062	[1]
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	2,206,473
Share-based Payment Arrangement, Plan Modification, Incremental Cost | $	$ 9,700
Restricted Stock Units | Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	1,147,352
2021 Long Term Incentive Plan | 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
[1] There were 295,531 PSUs granted that are eligible to vest based on continued employment and the Company’s annualized absolute total shareholder return (“TSR”) over a three-year performance period. An additional 295,531 PSUs were granted and are eligible to vest based on continued employment and the Company’s return (“PVI”) on the wells included in the 2022 drill program over a three-year performance period. The actual number of PSUs earned ranges between 0 % and 200 % depending on actual performance over the performance period. For the PVI PSUs, the Company recognizes compensation cost if and when the Company concludes that it is probable that the performance condition will be achieved. The Company reassesses the probability of achieving the performance conditions at each reporting date.

Employee Benefits Plans and S_4

Employee Benefits Plans and Share-Based Compensation - Schedule of Restricted Stock and Performance Share Units Activity (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested beginning of the period | shares	1,983,199
Granted | shares	2,206,473
Vested | shares	(931,994)
Forfeited | shares	(54,968)
Unvested end of the period | shares	3,202,710	[1]
Unvested weighted average grant date fair value, beginning of the period | $ / shares	$ 13.02
Unvested weighted average grant date fair value, granted | $ / shares	12.96
Unvested weighted average grant date fair value, vested | $ / shares	14.07
Unvested weighted average grant date fair value, forfeited | $ / shares	14.20
Unvested weighted average grant date fair value, end of the period | $ / shares	$ 12.65	[1]
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested beginning of the period | shares	1,015,459
Granted | shares	591,062	[2]
Forfeited | shares	(16,486)
Cancelled | shares	(975,564)
Unvested end of the period | shares	614,471
Unvested weighted average grant date fair value, beginning of the period | $ / shares	$ 16.41
Unvested weighted average grant date fair value, granted | $ / shares	23.59	[2]
Unvested weighted average grant date fair value, forfeited | $ / shares	17.48
Weighted average grant date fair value, cancelled | $ / shares	16.42
Unvested weighted average grant date fair value, end of the period | $ / shares	$ 23.27
[1] As of June 30, 2022 , 23,708 of the unvested RSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheet. There were 295,531 PSUs granted that are eligible to vest based on continued employment and the Company’s annualized absolute total shareholder return (“TSR”) over a three-year performance period. An additional 295,531 PSUs were granted and are eligible to vest based on continued employment and the Company’s return (“PVI”) on the wells included in the 2022 drill program over a three-year performance period. The actual number of PSUs earned ranges between 0 % and 200 % depending on actual performance over the performance period. For the PVI PSUs, the Company recognizes compensation cost if and when the Company concludes that it is probable that the performance condition will be achieved. The Company reassesses the probability of achieving the performance conditions at each reporting date.

Employee Benefits Plans and S_5

Employee Benefits Plans and Share-Based Compensation - Schedule of Restricted Stock and Performance Share Units Activity (Parenthetical) (Details) - shares		6 Months Ended
		Jun. 30, 2022		Dec. 31, 2021
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted		2,206,473
Unvested		3,202,710	[1]	1,983,199
Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted	[2]	591,062
Unvested		614,471		1,015,459
Maximum [Member] | Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		200%
Minimum [Member] | Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		0%
Absolute Total Shareholder Return Award | Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted		295,531
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Return On Drilling Program Award | Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted		295,531
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Accrued Liabilities | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested		23,708
[1] As of June 30, 2022 , 23,708 of the unvested RSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheet. There were 295,531 PSUs granted that are eligible to vest based on continued employment and the Company’s annualized absolute total shareholder return (“TSR”) over a three-year performance period. An additional 295,531 PSUs were granted and are eligible to vest based on continued employment and the Company’s return (“PVI”) on the wells included in the 2022 drill program over a three-year performance period. The actual number of PSUs earned ranges between 0 % and 200 % depending on actual performance over the performance period. For the PVI PSUs, the Company recognizes compensation cost if and when the Company concludes that it is probable that the performance condition will be achieved. The Company reassesses the probability of achieving the performance conditions at each reporting date.

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 - Grant Date March 5, 2022 $ in Thousands	Mar. 05, 2022 USD ($)
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	82.20%
Risk-free interest rate	1.60%
Dividend yield	0%
Fair value	$ 8,668

Employee Benefits Plans and S_7

Employee Benefits Plans and Share-Based Compensation - Schedule of Recognized Share Based Compensation Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Share-based compensation costs	$ 7,319	$ 5,626	$ 12,971	$ 10,541
Less: Amounts capitalized to oil and gas properties	3,270	2,609	5,604	4,860
Share-based Payment Arrangement, Expense	$ 4,049	$ 3,017	$ 7,367	$ 5,681

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ (2,607)	$ (498)	$ (2,135)	$ (1,082)
Effective tax rate	1.30%	0.40%	1.60%	0.40%
U.S. Federal statutory rate	21%	21%	21%	21%

Income (Loss) Per Share - Summa

Income (Loss) Per Share - Summary of Computation of Basic and Diluted Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income (loss)	$ 195,141	$ (125,782)	$ 128,700	$ (247,273)
Weighted average common shares outstanding — basic	82,566	81,823	82,320	81,630
Dilutive effect of securities	1,099	0	927	0
Weighted average common shares outstanding — diluted	83,665	81,823	83,247	81,630
Basic	$ 2.36	$ (1.54)	$ 1.56	$ (3.03)
Diluted	$ 2.33	$ (1.54)	$ 1.55	$ (3.03)
Anti-dilutive potentially issuable securities excluded from diluted common shares	0	869	1,664	2,252

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	May 24, 2022	Mar. 08, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
General and administrative expense			$ 22,925	$ 19,377	$ 45,453	$ 38,566
Equity method investment payment					2,250	0
Proceeds from sale of equity method investment					15,000	0
Secondary Offering Expenses
Related Party Transaction [Line Items]
General and administrative expense			$ 0	300	$ 0	400
Riverstone Funds
Related Party Transaction [Line Items]
Percentage of common stock held			14.90%		14.90%
Vinson & Elkins L.L.P.
Related Party Transaction [Line Items]
General and administrative expense			$ 1,000	800	$ 1,500	1,700
Legal fees payable			$ 1,200	$ 900	$ 1,200	$ 900
Bayou Bend
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage		50%	25%		25%
Equity method investment payment		$ 2,250
Gain on partial disposal of investment			$ 13,900
Related party receivable			200		$ 200
Bayou Bend | Equity Method Investment Income
Related Party Transaction [Line Items]
Gain on partial disposal of investment			13,900
Chevron U.S.A Inc
Related Party Transaction [Line Items]
Proceeds from sale of equity method investment			$ 15,000
Chevron U.S.A Inc | Bayou Bend
Related Party Transaction [Line Items]
Equity Method Investment Ownership Percentage Sold			25%		25%
Chevron U.S.A Inc | Bayou Bend | Maximum
Related Party Transaction [Line Items]
Additional Mandatory Cash Contributions Capital Carry Company Portion	$ 10,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Loss Contingencies [Line Items]
Other current liabilities	$ 32,797		$ 32,797		$ 33,061
Other long-term liabilities	41,096		41,096		45,006
Gain (Loss) Related to Litigation Settlement			27,500
Decommissioning Obligations [Member]
Loss Contingencies [Line Items]
Other current liabilities	3,300		3,300		3,800
Other long-term liabilities	29,400		29,400		$ 20,600
Other Operating Income Expense
Loss Contingencies [Line Items]
Decommissioning Obligations	10,200	$ 2,800	10,500	$ 2,800
Bank Credit Facility | Letter of Credit
Loss Contingencies [Line Items]
Letters of credit outstanding amount	12,600		12,600
Surety Bond
Loss Contingencies [Line Items]
Surety performance bonds outstanding	$ 689,000		$ 689,000