Talos Energy (TALO) 10-Q 8 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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		125,555,965

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 16,169	$ 44,145
Accounts receivable
Trade, net	169,850	150,598
Joint interest, net	80,549	54,697
Other, net	17,954	6,684
Assets from price risk management activities	54,553	25,029
Prepaid assets	60,127	84,759
Other current assets	11,901	1,917
Total current assets	411,103	367,829
Property and equipment:
Proved properties	7,368,652	5,964,340
Unproved properties, not subject to amortization	410,932	154,783
Other property and equipment	31,485	30,691
Total property and equipment	7,811,069	6,149,814
Accumulated depreciation, depletion and amortization	(3,653,556)	(3,506,539)
Total property and equipment, net	4,157,513	2,643,275
Other long-term assets:
Restricted cash	100,973	0
Assets from price risk management activities	12,059	7,854
Equity method investments	22,023	1,745
Other well equipment inventory	40,345	25,541
Notes receivable, net	15,031	0
Operating lease assets	18,572	5,903
Other assets	18,136	6,479
Total assets	4,795,755	3,058,626
Current liabilities:
Accounts payable	184,471	128,174
Accrued liabilities	201,360	219,769
Accrued royalties	44,340	52,215
Current portion of long-term debt	33,201	0
Current portion of asset retirement obligations	45,592	39,888
Liabilities from price risk management activities	35,848	68,370
Accrued interest payable	31,210	36,340
Current portion of operating lease liabilities	3,129	1,943
Other current liabilities	92,041	60,359
Total current liabilities	671,192	607,058
Long-term liabilities:
Long-term debt	977,011	585,340
Asset retirement obligations	772,059	501,773
Liabilities from price risk management activities	4,286	7,872
Operating lease liabilities	25,981	14,855
Other long-term liabilities	284,385	176,152
Total liabilities	2,734,914	1,893,050
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 March 31, 2023 and December 31, 2022	0	0
Common stock $0.01 par value; 270,000,000 shares authorized; 127,455,965 and 82,570,328 shares issued as of March 31, 2023 and December 31, 2022, respectively	1,275	826
Additional paid-in capital	2,531,402	1,699,799
Accumulated deficit	(445,189)	(535,049)
Treasury stock, at cost; 1,900,000 and zero shares as of March 31, 2023 and December 31, 2022, respectively	(26,647)	0
Total stockholdersʼ equity	2,060,841	1,165,576
Total liabilities and stockholdersʼ equity	$ 4,795,755	$ 3,058,626

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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	127,455,965	82,570,328
Treasury stock, common, shares	1,900,000	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Total revenues	$ 322,582	$ 413,566
Operating expenses:
Lease operating expense	81,362	59,814
Production taxes	606	851
Depreciation, depletion and amortization	147,323	98,340
Accretion expense	19,414	14,377
General and administrative expense	63,187	22,528
Other operating expense	2,838	136
Total operating expenses	314,730	196,046
Operating income	7,852	217,520
Interest expense	(37,581)	(31,490)
Price risk management activities income (expense)	58,937	(281,219)
Equity in the Net Income of Investees Accounted for by the Equity Method	7,443	142
Other income	6,666	28,134
Net income (loss) before income taxes	43,317	(66,913)
Income tax benefit	46,543	472
Net income	$ 89,860	$ (66,441)
Net income (loss) per common share:
Basic	$ 0.85	$ (0.81)
Diluted	$ 0.84	$ (0.81)
Weighted average common shares outstanding:
Basic	105,634	82,071
Diluted	106,950	82,071
Oil
Revenues
Revenues	$ 292,694	$ 353,886
Natural Gas
Revenues
Revenues	20,183	42,981
NGL
Revenues
Revenues	$ 9,705	$ 16,699

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock Member
Balance at Dec. 31, 2021	$ 760,653	$ 819	$ 1,676,798	$ (916,964)	$ 0
Balance, Shares at Dec. 31, 2021		81,881,477
Balance, Shares at Dec. 31, 2021					0
Equity-based compensation	5,389		5,389
Equity-based compensation tax withholdings	(4,476)		(4,476)
Equity-based compensation stock issuances		$ 6	(6)
Equity-based compensation stock issuances, shares		653,709
Net income	(66,441)			(66,441)
Balance at Mar. 31, 2022	695,125	$ 825	1,677,705	(983,405)	$ 0
Balance, Shares at Mar. 31, 2022		82,535,186
Balance, Shares at Mar. 31, 2022					0
Balance at Dec. 31, 2022	$ 1,165,576	$ 826	1,699,799	(535,049)	$ 0
Balance, Shares at Dec. 31, 2022	82,570,328	82,570,328
Balance, Shares at Dec. 31, 2022	0				0
Equity-based compensation	$ 7,232		7,232
Equity-based compensation tax withholdings	(7,378)		(7,378)
Equity-based compensation stock issuances		$ 11	(11)
Equity-based compensation stock issuances, shares		1,085,747
Issuance of common stock for acquisitions	832,198	$ 438	831,760
Issuance of common stock for acquisitions, shares		43,799,890
Purchase of treasury stock, Shares					1,900,000
Purchase of treasury stock	(26,647)				$ (26,647)
Net income	89,860			89,860
Balance at Mar. 31, 2023	$ 2,060,841	$ 1,275	$ 2,531,402	$ (445,189)	$ (26,647)
Balance, Shares at Mar. 31, 2023	127,455,965	127,455,965
Balance, Shares at Mar. 31, 2023	1,900,000				1,900,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 89,860	$ (66,441)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation, depletion, amortization and accretion expense	166,737	112,717
Amortization of deferred financing costs and original issue discount	4,148	3,415
Equity-based compensation expense	3,938	3,318
Price risk management activities expense (income)	(58,937)	281,219
Net cash paid on settled derivative instruments	(12,323)	(127,086)
Equity method investment income	(7,443)	(142)
Settlement of asset retirement obligations	(10,113)	(20,023)
Changes in operating assets and liabilities:
Accounts receivable	36,821	(56,817)
Other current assets	7,735	4,505
Accounts payable	(4,894)	9,381
Other current liabilities	(116,637)	(26,423)
Other non-current assets and liabilities, net	(36,035)	(4,013)
Net cash provided by operating activities	62,857	113,610
Cash flows from investing activities:
Exploration, development and other capital expenditures	(103,962)	(53,978)
Proceeds from (payments for) acquisitions, net of cash acquired	17,617	(3,500)
Proceeds from sale of property and equipment, net	0	346
Contributions to equity method investees	(12,835)	(2,250)
Investment in intangible assets	(7,796)	0
Net cash used in investing activities	(106,976)	(59,382)
Cash flows from financing activities:
Proceeds from Bank Credit Facility	275,000	35,000
Repayment of Bank Credit Facility	(110,000)	(70,000)
Deferred financing costs	(11,346)	0
Payments of finance lease	(3,987)	(6,256)
Purchase of treasury stock	(25,173)	0
Employee stock awards tax withholdings	(7,378)	(4,476)
Net cash provided by (used in) financing activities	117,116	(45,732)
Net increase in cash, cash equivalents and restricted cash	72,997	8,496
Cash, cash equivalents and restricted cash:
Balance, beginning of period	44,145	69,852
Balance, end of period	117,142	78,348
Supplemental non-cash transactions:
Capital expenditures included in accounts payable and accrued liabilities	174,597	53,317
Supplemental cash flow information:
Interest paid, net of amounts capitalized	$ 40,988	$ 43,352

Organization, Nature of Busines

Organization, Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
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 . 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.”) and offshore Mexico both through oil and gas exploration and production (“Upstream”) 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 industrial emissions through the Company’s CCS initiatives 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 2022 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. Segments The Company has two operating segments: (i) exploration and production of oil, natural gas and NGLs (“Upstream Segment”) and (ii) CCS (“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 5 — Financial Instruments ) and indentures governing the senior notes. See additional information in Note 12 — Segment Information . Summary of Significant Accounting Policies The Company has provided a discussion of its significant accounting policies, estimates and judgements in Note 2 – Summary of Significant Accounting Policies included in the accompanying Notes to Consolidated Financial Statements in the 2022 Annual Report. The Company has not changed any of its other significant accounting policies from those described in our 2022 Annual Report except as set forth below. Restricted Cash — The Company acquired funds held in escrow to be used for future plugging and abandonment (“P&A”) obligations assumed through the EnVen Acquisition (as defined below). These escrow accounts required deposits of approximately $ 100.0 million, which was fully funded by EnVen (as defined below) prior to the consummation of the acquisition. As of March 31, 2023 , these escrow accounts have a combined balance of $ 101.0 million, inclusive of interest earned to date, and are reflected as “Restricted cash” within Other long-term assets on the Condensed Consolidated Balance Sheet. Notes Receivable, net — The Company holds two notes receivables with an aggregate face value of $ 66.2 million which consist of commitments from the sellers of oil and natural gas properties, acquired by the Company as part of the EnVen Acquisition, related to the costs associated with its performance of the assumed P&A obligations (the “P&A Notes Receivable”). The P&A Notes Receivable are being accreted to their principal amounts and are presented as such, net of the related cumulative estimated credit losses, on the accompanying consolidated balance sheet. The Company estimates the current expected credit losses related to its P&A Notes Receivable using the probability of default method based on the long-term credit ratings of the counterparties of the notes, which are currently considered “investment grade.” During the three months ended March 31, 2023 , the Company recognized interest income of $ 0.2 million and the carrying value of these P&A Notes Receivable, net of current expected credit losses, was $ 15.0 million as of March 31, 2023 . Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of the amount of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows (in thousands): March 31, 2023 December 31, 2022 Cash and cash equivalents $ 16,169 $ 44,145 Restricted cash included in long term assets 100,973 — Total cash, cash equivalent and restricted cash $ 117,142 $ 44,145

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Business Combinations	Note 2 — Acquisitions Business Combinations Acquisitions qualifying as business combinations are accounted for under the acquisition method of accounting, which requires, among other items, that assets acquired and liabilities assumed be recognized on the Consolidated Balance Sheets at their fair values as of the acquisition date. The fair value measurements of the oil and natural gas properties acquired and asset retirement obligations assumed were derived utilizing an income approach and based, in part, on significant inputs not observable in the market. These inputs represent Level 3 measurements in the fair value hierarchy and include, but are not limited to, estimates of reserves, future operating and development costs, future commodity prices, estimated future cash flows and appropriate discount rates. These inputs required significant judgments and estimates at the time of the valuation. EnVen Acquisition — On September 21, 2022 , the Company executed a merger agreement to acquire EnVen Energy Corporation (“EnVen”), a private operator in the Deepwater U.S. Gulf of Mexico (the “EnVen Acquisition,” and such agreement, the “EnVen Merger Agreement”). On February 13, 2023 , the Company completed the EnVen Acquisition for consideration consisting of (i) $ 207.3 million in cash and (ii) 43.8 million shares of the Company’s common stock valued at $ 832.2 million . The cash payment was partially funded with borrowings under the Bank Credit Facility. The following table summarizes the purchase price (in thousands except per share data): Talos common stock 43,799,890 Talos common stock price per share (1) $ 19.00 Common stock value $ 832,198 Cash consideration $ 207,313 Total purchase price $ 1,039,511 (1) Represents the closing price of the Company’s common stock on February 13, 2023 , the date of the closing of the EnVen Acquisition. The Company is still finalizing the fair value analysis related to the oil and natural gas properties acquired and asset retirement obligations assumed. The Company anticipates finalizing the determination of fair values by December 31, 2023. The following table presents the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their fair values on February 13, 2023 (in thousands): Current assets $ 238,293 Property and equipment 1,464,833 Other long-term assets: Restricted cash 100,753 Notes receivable, net 14,844 Other long-term assets 43,981 Current liabilities: Current portion of long-term debt ( 33,234 ) Current portion of asset retirement obligations ( 7,079 ) Other current liabilities ( 131,787 ) Long-term liabilities: Long-term debt ( 233,836 ) Asset retirement obligations ( 251,779 ) Deferred tax liabilities ( 150,504 ) Other long-term liabilities ( 14,974 ) Allocated purchase price $ 1,039,511 The Company incurred approximately $ 21.6 million of acquisition-related costs in connection with the EnVen Acquisition exclusive of severance expense, of which $ 12.6 million was recognized in the first quarter of 2023 and $ 9.0 million was recognized for the year ended December 31, 2022 and reflected in general and administrative expense on the Condensed Consolidated Statements of Operations. Additionally, the Company incurred $ 22.6 million in severance expense in connection with the EnVen Acquisition. See Note 7 — Employee Benefits Plans and Share-Based Compensation for additional discussion. The following table presents revenue and net income attributable to the EnVen Acquisition for the period from February 13, 2023 to March 31, 2023: Three Months Ended March 31, 2023 Revenue $ 62,059 Net loss $ ( 6,090 ) 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 three months ended March 31, 2023 and 2022 as if the EnVen Acquisition had occurred on January 1, 2022. The unaudited pro forma information was derived from historical statements of operations of the Company and EnVen adjusted to include (i) depletion expense applied to the adjusted basis of the oil and natural gas properties acquired, (ii) interest expense to reflect borrowings under the Bank Credit Facility and to adjust the amortization of the premium of the 11.75 % Notes (as defined below), (iii) general and administrative expense adjusted for transaction related costs incurred, (iv) other income (expense) to adjust the accretion of the discount on the P&A Notes Receivable and (v) weighted average basic and diluted shares of common stock outstanding from the issuance of 43.8 million shares of common stock to EnVen. Supplemental pro forma earnings for the three months ended March 31, 2022 were adjusted to include $ 78.9 million of general and administrative expenses, of which $ 16.3 million were incurred during the year ended December 31, 2022. Supplemental pro forma earnings for the three months ended March 31, 2023 were adjusted to exclude $ 62.6 million of general and administrative expenses. This information does not purport to be indicative of results of operations that would have occurred had the EnVen Acquisition occurred on January 1, 2022, nor is such information indicative of any expected future results of operations. Three Months Ended March 31, 2023 2022 Revenue $ 374,625 $ 587,774 Net income (loss) $ 118,090 $ ( 177,691 ) Basic net income (loss) per common share $ 0.93 $ ( 1.41 ) Diluted net income (loss) per common share $ 0.92 $ ( 1.41 )

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2023
Oil and Gas Property [Abstract]
Property, Plant and Equipment	Note 3 — Property, Plant and Equipment Proved Properties During the three months ended March 31, 2023 and 2022 , the Company’s ceiling test computations did no t result in a write-down of its U.S. oil and natural gas properties. At March 31, 2023, the Company’s ceiling test computation was based on SEC pricing of $ 91.75 per Bbl of oil, $ 6.35 per Mcf of natural gas and $ 29.42 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, 2022 $ 541,661 Obligations assumed 258,858 Obligations incurred 69 Obligations settled ( 10,113 ) Accretion expense 19,414 Changes in estimate 7,762 Asset retirement obligations at March 31, 2023 $ 817,651 Less: Current portion at March 31, 2023 45,592 Long-term portion at March 31, 2023 $ 772,059

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	Note 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 March 31, 2023 2022 Finance lease cost - interest on lease liabilities $ 3,708 $ 2,059 Operating lease cost, excluding short-term leases (1) 908 568 Short-term lease cost (2) 32,985 5,762 Variable lease cost (3) 363 363 Total lease cost $ 37,964 $ 8,752 (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): March 31, 2023 December 31, 2022 Operating leases: Operating lease assets $ 18,572 $ 5,903 Current portion of operating lease liabilities $ 3,129 $ 1,943 Operating lease liabilities 25,981 14,855 Total operating lease liabilities $ 29,110 $ 16,798 Finance leases: Proved property $ 166,261 $ 166,261 Other current liabilities $ 16,642 $ 16,306 Other long-term liabilities 144,740 149,064 Total finance lease liabilities $ 161,382 $ 165,370 The table below presents the supplemental cash flow information related to leases (in thousands): Three Months Ended March 31, 2023 2022 Operating cash outflow from finance leases $ 3,708 $ 2,059 Operating cash outflow from operating leases $ 1,265 $ 923 Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 12,971 $ — (1) See EnVen Acquisition in Note 2 — Acquisitions.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2023
Financial Instruments [Abstract]
Financial Instruments	Note 5 — Financial Instruments As of March 31, 2023 and December 31, 2022, the carrying amounts of cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximate their fair values because they are highly liquid or due to the short-term nature of these instruments. Debt Instruments The following table presents the carrying amounts, net of discount, premium and deferred financing costs, and estimated fair values of the Company’s debt instruments (in thousands): March 31, 2023 December 31, 2022 Carrying Fair Carrying Fair 12.00 % Second-Priority Senior Secured Notes – due January 2026 $ 590,349 $ 678,354 $ 590,132 $ 674,542 11.75 % Senior Secured Second Lien Notes – due April 2026 (1 ) $ 266,629 $ 271,276 $ — $ — Bank Credit Facility – matures March 2027 $ 153,234 $ 165,000 $ ( 4,792 ) $ — (1) Assumed in connection with the EnVen Acquisition. See further discussion in Note 6 — Debt. The carrying value of the senior notes are adjusted for discount, premium 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. The Company is currently utilizing 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. Typical collar contracts 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 (“two-way collar”). In connection with the EnVen Acquisition, the Company assumed oil and natural gas collar contracts that combine a two-way collar with a short put that holds an exercise price below the floor price (“three-way collar”). In these contracts, when the NYMEX average closing price is below the floor price, the Company receives the difference between the NYMEX average closing price and the floor price, capped at the difference between the floor price and the short put 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 March 31, 2023 2022 Net cash paid on settled derivative instruments $ ( 12,323 ) $ ( 127,086 ) Unrealized gain (loss) (1) 71,260 ( 154,133 ) Price risk management activities income (expense) $ 58,937 $ ( 281,219 ) (1) Includes $ 1.4 million income from the unrealized derivative instruments acquired from the EnVen Acquisition for the three months ended March 31, 2023 . The following tables reflect the contracted average daily volumes and weighted average prices under the terms of the Company's derivative contracts as of March 31, 2023: Swap Contracts Production Period Settlement Index Volumes Swap Price Crude oil: (Bbls) (per Bbl) April 2023 – December 2023 NYMEX WTI CMA 16,862 $ 74.04 January 2024 – December 2024 NYMEX WTI CMA 10,235 $ 72.72 January 2025 – March 2025 NYMEX WTI CMA 4,000 $ 67.00 Natural gas: (MMBtu) (per MMBtu) April 2023 – December 2023 NYMEX Henry Hub 26,287 $ 3.56 January 2024 – December 2024 NYMEX Henry Hub 16,216 $ 3.46 January 2025 – March 2025 NYMEX Henry Hub 10,000 $ 4.37 Two-Way Collar Contracts Production Period Settlement Index Volumes Floor Price Ceiling Price Crude oil: (Bbls) (per Bbl) (per Bbl) April 2023 – December 2023 NYMEX WTI CMA 4,507 $ 67.97 $ 88.67 January 2024 – December 2024 NYMEX WTI CMA 1,497 $ 70.00 $ 79.32 Natural gas: (MMBtu) (per MMBtu) (per MMBtu) April 2023 – December 2023 NYMEX Henry Hub 10,000 $ 5.25 $ 8.46 January 2024 – December 2024 NYMEX Henry Hub 10,000 $ 4.00 $ 6.90 Three-Way Collar Contracts Production Period Settlement Index Volumes Short Put Price Floor Price Ceiling Price Crude oil: (Bbls) (per Bbl) (per Bbl) (per Bbl) April 2023 – December 2023 NYMEX WTI CMA 9,200 $ 51.68 $ 64.93 $ 109.05 January 2024 – March 2024 NYMEX WTI CMA 3,200 $ 57.27 $ 70.00 $ 98.01 The following tables provide additional information related to financial instruments measured at fair value on a recurring basis (in thousands): March 31, 2023 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas derivatives $ — $ 66,612 $ — $ 66,612 Liabilities: Oil and natural gas derivatives — ( 40,134 ) — ( 40,134 ) Total net asset $ — $ 26,478 $ — $ 26,478 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas derivatives $ — $ 32,883 $ — $ 32,883 Liabilities: Oil and natural gas derivatives — ( 76,242 ) — ( 76,242 ) Total net liability $ — $ ( 43,359 ) $ — $ ( 43,359 ) 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): March 31, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Oil and natural gas derivatives: Current $ 54,553 $ 35,848 $ 25,029 $ 68,370 Non-current 12,059 4,286 7,854 7,872 Total gross amounts presented on balance sheet 66,612 40,134 32,883 76,242 Less: Gross amounts not offset on the balance sheet 35,662 35,662 32,883 32,883 Net amounts $ 30,950 $ 4,472 $ — $ 43,359 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 March 31, 2023 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. Had the Company’s counterparties failed to perform under existing commodity derivative contracts the maximum loss at March 31, 2023 would have been $ 31.0 million.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Note 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): March 31, 2023 December 31, 2022 12.00 % Second-Priority Senior Secured Notes – due January 2026 $ 638,541 $ 638,541 11.75 % Senior Secured Second Lien Notes – due April 2026 257,500 — Bank Credit Facility – matures March 2027 (1 ) 165,000 — Total debt, before discount, premium and deferred financing cost 1,061,041 638,541 Unamortized discount, premium and deferred financing cost, net ( 50,829 ) ( 53,201 ) Total debt (2) 1,010,212 585,340 Less: Current portion of long-term debt 33,201 — Long-term debt $ 977,011 $ 585,340 (1) As of March 31, 2023 , the Company had outstanding borrowings at a weighted average interest rate of 7.94 %. (2) At March 31, 2023 , the Company was in compliance with all debt covenants. 11.75% Senior Secured Second Lien Notes On February 13, 2023 , in conjunction with the closing of the EnVen Acquisition, the Company assumed EnVen’s 11.75 % Senior Secured Second Lien Notes due 2026 (the “11.75% Notes”) with a principal amount of $ 257.5 million. The 11.75% Notes mature on April 15, 2026 and interest accrues and is to be paid semi-annually in cash in arrears on April 15th and October 15th of each year. The indenture governing the 11.75% Notes requires the redemption of $ 15.0 million of the principal amount outstanding at par value on April 15th and October 15th of each year , a discussion of which is included in the accompanying Notes to Consolidated Financial Statements in the 2022 Annual Report. 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 December 23, 2022, the Company entered into the Incremental Agreement and Ninth Amendment to Credit Agreement (the “Ninth Amendment”). The Ninth Amendment, among other things, (i) extends the maturity date of the Bank Credit Facility from November 12, 2024 to March 31, 2027 and includes a springing maturity commencing on the 91 st day prior to the earliest stated maturity date of any of the junior lien notes if such junior lien notes have not been refinanced, redeemed or repaid in full, (ii) increases the borrowing base from $ 1.1 billion to $ 1.5 billion and (iii) increases commitments from $ 806.3 million to $ 965.0 million, in each case went into effect upon the closing of the EnVen Acquisition and the occurrence of certain events related thereto, a discussion of which is included in the accompanying Notes to Consolidated Financial Statements in the 2022 Annual Report.

Employee Benefits Plans and Sha

Employee Benefits Plans and Share-Based Compensation	3 Months Ended
	Mar. 31, 2023
Compensation And Employee Benefit Plans [Abstract]
Employee Benefits Plans and Share-Based Compensation	Note 7 — Employee Benefits Plans and Share-Based Compensation EnVen Acquisition Severance The following table summarizes severance accrual activity in connection the EnVen Acquisition included in “Other current liabilities” and “Other long-term liabilities” on the Condensed Consolidated Balance Sheets for the three months ended March 31, 2023: Severance accrual at December 31, 2022 $ — Accrual additions 22,630 Benefit payments ( 3,186 ) Severance accrual at March 31, 2023 19,444 Less: Current portion at March 31, 2023 17,417 Long-term portion at March 31, 2023 $ 2,027 The above table includes involuntary termination benefits that are being provided pursuant to a one-time benefit arrangement that is being spread over the future service period through the termination date. Involuntary termination benefits are also being provided pursuant to contractual termination benefits required by the terms of existing employment agreements. Pursuant to the EnVen Merger Agreement, a rabbi trust was established and funded with $ 14.5 million at closing to pay a portion of future severance benefits associated with the contractual termination benefits. As of March 31, 2023 , the rabbi trust held $ 12.0 million in assets of which $ 10.2 million and $ 1.8 million are included in “Other current assets” and “Other assets”, respectively, on the Condensed Consolidated Balance Sheets and both of which are included in the severance accrual at March 31, 2023 listed above. The assets of the rabbi trust are available to satisfy the claims of our creditors in the event of bankruptcy or insolvency. Severance costs are reflected in “General and administrative expense” on the Condensed Consolidated Statements of Operations. 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 three months ended March 31, 2023: RSUs Weighted Average Unvested RSUs at December 31, 2022 3,215,504 $ 12.79 Granted 1,078,062 $ 16.26 Vested ( 1,615,488 ) $ 11.99 Forfeited ( 24,258 ) $ 16.94 Unvested RSUs at March 31, 2023 (1) 2,653,820 $ 14.65 (1) As of March 31, 2023 , 26,975 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 three months ended March 31, 2023: PSUs Weighted Average Unvested PSUs at December 31, 2022 638,601 $ 23.66 Granted (1) 569,800 $ 18.97 Unvested PSUs at March 31, 2023 1,208,401 $ 21.45 (1) There were 284,900 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 284,900 PSUs were granted and are eligible to vest based on continued employment and the Company’s return on the wells included in the 2023 drill program over a three-year performance period. 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 March 5, 2023 Expected term (in years) 2.8 Expected volatility 73.1 % Risk-free interest rate 4.5 % Dividend yield — % Fair value (in thousands) $ 6,165 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 March 31, 2023 2022 Share-based compensation costs $ 7,191 $ 5,652 Less: Amounts capitalized to oil and gas properties 3,253 2,334 Total share-based compensation expense $ 3,938 $ 3,318

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 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 March 31, 2023, the Company recognized an income tax benefit of $ 46.5 million for an effective tax rate of - 107.4 %. The Company’s effective tax rate of - 107.4 % is different than the U.S. federal statutory income tax rate of 21 % primarily due to a non-cash benefit discrete item of $ 54.9 million related to the partial release of its valuation allowance on its federal deferred tax assets not subject to separate return limitations. The release of the valuation allowance is a result of the deferred tax liabilities acquired with the EnVen Acquisition. For the three months ended March 31, 2022, the Company recognized an income tax benefit of $ 0.5 million for an effective tax rate of 0.7 %. The Company’s effective tax rate of 0.7 % 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. 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 deferred tax asset estimates are subject to revision, either up or down, in future periods based on new facts or circumstances. 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. 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. The Company maintains a partial valuation allowance against certain federal deferred tax assets in which it is more likely than not such assets will not be realized in a future period. The Company also maintains a full valuation allowance against its federal net deferred tax assets subject to separate return limitations, its state and its foreign net deferred tax assets. A deferred tax liability of $ 106.1 million and $ 2.1 million is included in “Other long-term liabilities” on the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022, respectively. EnVen Acquisition On February 13, 2023, the Company completed the EnVen Acquisition, which is further discussed in Note 2 — Acquisitions . The Company recognized a net deferred tax liability of $ 150.5 million in its purchase price allocation as of the acquisition date to reflect differences between tax basis and the fair value of EnVen’s assets acquired and liabilities assumed. The deferred tax balance is based on preliminary calculations and on information available to management at the time such estimates were made. Further analysis will be made upon filing the tax returns that will result in a change to the net deferred tax impact recorded.

Income (Loss) Per Share

Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Income (Loss) Per Share	Note 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 and PSUs. 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 March 31, 2023 2022 Net income (loss) $ 89,860 $ ( 66,441 ) Weighted average common shares outstanding — basic 105,634 82,071 Dilutive effect of securities 1,316 — Weighted average common shares outstanding — diluted 106,950 82,071 Net income (loss) per common share: Basic $ 0.85 $ ( 0.81 ) Diluted $ 0.84 $ ( 0.81 ) Anti-dilutive potentially issuable securities excluded from diluted common shares 983 3,329

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 10 — Related Party Transactions Apollo Funds and Riverstone Funds 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 9.8 % of the Company’s outstanding shares of common stock as of March 31, 2023 based on SEC beneficial ownership reports filed by the Riverstone Funds. Registration Rights Agreements 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 2022 Annual Report. Adage Capital Partners, L.P. (“Adage”) and affiliated entities of Bain Capital, LP (“Bain”) are parties to a registration rights agreement entered into in connection with the EnVen Acquisition 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 2022 Annual Report. Adage and Bain held approximately 5.1 % and 12.3 %, respectively, of the Company’s outstanding shares of common stock as of March 31, 2023 based on SEC beneficial ownership reports filed by each of Adage and Bain. 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 months ended March 31, 2023 and 2022 , the Company did no t incur any such fees. 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”). On March 29, 2022 , the Company and other parties thereto, entered into the Amended and Restated Stockholders’ Agreement, in connection with the termination of the Apollo Funds’ rights thereunder and the resignation of certain members of the Company's Board of Directors (the “Amended and Restated Stockholders’ Agreement”). A discussion of the Stockholders’ Agreement Amendment is included in the accompanying Notes to Consolidated Financial Statements in the 2022 Annual Report. On February 13, 2023 , in connection with the EnVen Acquisition, the Amended and Restated Stockholders’ Agreement was terminated and Mr. Robert M. Tichio resigned from the Company’s Board of Directors. Riverstone Funds Support Agreement On February 13, 2023, in connection with the EnVen Acquisition, the Company, EnVen and the Riverstone Funds entered into a support agreement, a discussion of which is included in the accompanying Notes to Consolidated Financial Statements in the 2022 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 months ended March 31, 2023 and 2022 , the Company incurred fees for legal services performed by V&E of approximately $ 1.7 million and $ 0.5 million, respectively, of which $ 2.8 million and $ 0.6 million were payable at each respective balance sheet date. Bayou Bend CCS LLC On March 8, 2022, the Company made a $ 2.3 million cash contribution for a 50 % membership interest in Bayou Bend CCS LLC (“Bayou Bend”). Bayou Bend has a CCS site located offshore Jefferson County, Texas, near Beaumont and Port Arthur, Texas industrial corridor that is in the early stages of development. 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, which was fully funded as of March 31, 2023 . The Bayou Bend investment was increased with an offsetting gain as the capital carry was funded by Chevron. The Company recognized an $ 8.6 million gain on the funding of the capital carry of its investment in Bayou Bend during the three months ended March 31, 2023, which is included in “Equity method investment income” on the Condensed Consolidated Statements of Operations. Effective March 1, 2023, Chevron became the operator of Bayou Bend. The Company had a $ 0.1 million related party receivable from Bayou Bend as of March 31, 2023. During March 2023, Bayou Bend expanded its storage footprint through the acquisition of onshore acreage in Chambers and Jefferson Counties, Texas located in the Houston Ship Channel, Beaumont and Port Arthur region. As of March 31, 2023 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. The development of the Bayou Bend CCS hub project is currently being 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11 — 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 production sharing contracts with Mexico. As of March 31, 2023, the Company had secured performance bonds from third party sureties totaling $ 1.4 billion . The cost of securing these bonds is reflected as “Interest expense” on the Condensed Consolidated Statements of Operations. Additionally, as of March 31, 2023, the Company had secured letters of credit issued under its Bank Credit Facility totaling $ 10.8 million . Letters of credit that are outstanding reduce the available revolving credit commitments. See Note 6 — Debt for further information on the Bank Credit Facility. 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 the Company’s 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. The following proceedings represent previous EnVen litigation that was assumed as part of the EnVen Acquisition. In June 2019, David M. Dunwoody, Jr., former President of EnVen, filed a lawsuit against EnVen in Texas District Court alleging that the circumstances of his resignation constituted “Good Reason” under his employment agreement dated as of November 6, 2015 (the “Employment Agreement”), and entitled him to the severance payments and benefits as set forth in his Employment Agreement for a resignation for “Good Reason.” In September 2021, the trial court entered a judgment in favor of Mr. Dunwoody, inclusive of Mr. Dunwoody’s legal fees and interest. EnVen had filed a Notice of Appeal in December of 2021. In April 2023, the appellate court affirmed the trial court’s judgment. As of March 31, 2023 , the Company has recorded $ 13.7 million as “Other current liabilities” on the Condensed Consolidated Balance Sheets related to the litigation. In July 2019, EnVen filed a lawsuit against Mr. Dunwoody in Delaware Chancery Court for breach of fiduciary duty and equitable fraud relating to Mr. Dunwoody’s conduct while he was President of EnVen. In January 2020, EnVen filed an amended complaint that added claims against Oilfield Pipe of Texas, LLC for aiding and abetting Mr. Dunwoody’s breach of his fiduciary duty and equitable fraud. On April 21, 2022, the Delaware Chancery Court denied Mr. Dunwoody’s renewed motion to dismiss and the parties are engaged in discovery. The Delaware Chancery Court has scheduled the trial for July 2023. The Company may recognize additional liabilities and expenses in future periods related to this litigation with Mr. Dunwoody. 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 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 reflects such costs as “Other operating (income) expense” on the Condensed Consolidated Statements of Operations. The decommissioning obligations are included in the Condensed Consolidated Balance Sheets as “Other current liabilities” and “Other long-term liabilities”, and the changes in that liability were as follows (in thousands): March 31, 2023 December 31, 2022 Balance, beginning of period $ 54,269 $ 24,336 Additions — 8,900 Changes in estimate 741 22,658 Settlements ( 708 ) ( 1,625 ) Balance, end of period $ 54,302 $ 54,269 Less: Current portion 42,334 42,069 Long-term portion $ 11,968 $ 12,200 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 its opinion regarding the outcome of certain notices or matters, and such developments could have a material adverse effect on its results of operations in the period in which the amounts are accrued and its cash flows in the period in which the amounts are paid.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Note 12 — Segment Information The Company’s operations are managed through two operating segments: (i) Upstream Segment and (ii) CCS Segment. The Upstream Segment is the Company’s only reportable segment. The Company’s chief operating decision-maker (“CODM”) is the President and Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire company. The profit or loss metric used to evaluate segment performance is Adjusted EBITDA, which is defined as net income (loss) plus interest expense; income tax expense (benefit); depreciation, depletion, and amortization; accretion expense; non-cash write-down of oil and natural gas properties; transaction and other (income) expenses; decommissioning obligations; the net change in the fair value of derivatives (mark to market effect, net of cash settlements and premiums related to these derivatives); (gain) loss on debt extinguishment; non-cash write-down of other well equipment inventory; and non-cash equity-based compensation expense. Corporate general and administrative expense include certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs that are not directly attributable to each of operating segment. A portion of these expenses are allocated based on the percentage of employees dedicated to each operating segment. The remaining expenses are included in the reconciliation of reportable segment Adjusted EBITDA to consolidated pre-tax net income (loss) as an unallocated corporate general and administrative expense. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company’s CODM does not review assets by segment as part of the financial information provided and therefore, no asset information is provided in the table below. The following table presents selected segment information for the periods indicated (in thousands): E&P All Other (1) Total Revenues from External Customers: Three Months Ended March 31, 2023 $ 322,582 $ — $ 322,582 Three Months Ended March 31, 2022 413,566 — 413,566 Equity in the Net Income of Investees Accounted for by the Equity Method: Three Months Ended March 31, 2023 $ 132 $ ( 1,277 ) $ ( 1,145 ) Three Months Ended March 31, 2022 142 — 142 Adjusted EBITDA: Three Months Ended March 31, 2023 $ 210,483 $ ( 6,157 ) $ 204,326 Three Months Ended March 31, 2022 212,082 ( 2,531 ) 209,551 Segment Expenditures: Three Months Ended March 31, 2023 $ 190,024 $ 21,189 $ 211,213 Three Months Ended March 31, 2022 80,845 3,861 84,706 (1) The CCS Segment is included in the “All Other” category. The CCS Segment is an emerging business in the start-up phase of operations and the business that does not currently generate any revenues. The CCS Segment’s business activities are conducted through both wholly owned subsidiaries and equity method investments with industry partners. Equity method investments is a business strategy that enables us to achieve favorable economies of scale relative to the level of investment and business risk assumed. Reconciliations The following table presents the reconciliation of Adjusted EBITDA to the Company’s consolidated totals (in thousands): Three Months Ended March 31, 2023 2022 Adjusted EBITDA: Total for reportable segments $ 210,483 $ 212,082 All other ( 6,157 ) ( 2,531 ) Unallocated corporate general and administrative expense ( 1,263 ) ( 1,338 ) Interest expense ( 37,581 ) ( 31,490 ) Depreciation, depletion and amortization ( 147,323 ) ( 98,340 ) Accretion expense ( 19,414 ) ( 14,377 ) Transaction and other income (expenses) (1) ( 22,009 ) 26,861 Decommissioning obligations (2) ( 741 ) ( 329 ) Derivative fair value gain (loss) (3) 58,937 ( 281,219 ) Net cash paid on settled derivative instruments (3) 12,323 127,086 Non-cash equity-based compensation expense ( 3,938 ) ( 3,318 ) Income (loss) before income taxes $ 43,317 $ ( 66,913 ) (1) For the three months ended March 31, 2023 , transaction expenses includes $ 35.2 million in costs related to the EnVen Acquisition, inclusive of $ 22.6 million in severance expense. See further discussion in Note 2 — Acquisitions and Note 7 — Employee Benefits Plans and Share-Based Compensation . Other income (expense) includes other miscellaneous income and expenses that we do not view as a meaningful indicator of our operating performance. For the three months ended March 31, 2023 , it includes a $ 8.6 million gain on the funding of the capital carry of its investment in Bayou Bend by Chevron that is further discussed in Note 10 — Related Party Transactions . For the three months ended March 31, 2022 , the amount includes $ 27.5 million gain as a result of the settlement agreement to resolve previously pending litigation that was filed in October 2017 that is further discussed in Note 11 — Commitments and Contingencies . (2) Estimated decommissioning obligations were a result of working interest partners or counterparties of divestiture transactions that were unable to perform the required abandonment obligations due to bankruptcy or insolvency. See Note 11 — Commitments and Contingencies for additional information on decommissioning obligations. (3) The adjustments for the derivative fair value (gains) losses and net cash receipts (payments) on settled commodity derivative instruments have the effect of adjusting net loss for changes in the fair value of derivative instruments, which are recognized at the end of each accounting period because we do not designate commodity derivative instruments as accounting hedges. This results in reflecting commodity derivative gains and losses within Adjusted EBITDA on an unrealized basis during the period the derivatives settled. The following table presents the reconciliation of Segment Expenditures to the Company’s consolidated totals (in thousands): Three Months Ended March 31, 2023 2022 Segment Expenditures: Total reportable segments $ 190,024 $ 80,845 All other 21,189 3,861 Change in capital expenditures included in accounts payable and accrued liabilities ( 55,969 ) ( 7,555 ) Plugging & abandonment ( 10,113 ) ( 20,023 ) Decommissioning obligations settled ( 708 ) — Investment in CCS intangibles and equity method investees ( 21,189 ) ( 3,861 ) Non-cash well equipment inventory transfers ( 19,402 ) 97 Other 130 614 Exploration, development and other capital expenditures $ 103,962 $ 53,978

Organization, Nature of Busin_2

Organization, Nature of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2023
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 . 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.”) and offshore Mexico both through oil and gas exploration and production (“Upstream”) 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 industrial emissions through the Company’s CCS initiatives 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 2022 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.
Segments	Segments The Company has two operating segments: (i) exploration and production of oil, natural gas and NGLs (“Upstream Segment”) and (ii) CCS (“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 5 — Financial Instruments ) and indentures governing the senior notes. See additional information in Note 12 — Segment Information .
Restricted Cash	Restricted Cash — The Company acquired funds held in escrow to be used for future plugging and abandonment (“P&A”) obligations assumed through the EnVen Acquisition (as defined below). These escrow accounts required deposits of approximately $ 100.0 million, which was fully funded by EnVen (as defined below) prior to the consummation of the acquisition. As of March 31, 2023 , these escrow accounts have a combined balance of $ 101.0 million, inclusive of interest earned to date, and are reflected as “Restricted cash” within Other long-term assets on the Condensed Consolidated Balance Sheet.
Notes Receivable, net	Notes Receivable, net — The Company holds two notes receivables with an aggregate face value of $ 66.2 million which consist of commitments from the sellers of oil and natural gas properties, acquired by the Company as part of the EnVen Acquisition, related to the costs associated with its performance of the assumed P&A obligations (the “P&A Notes Receivable”). The P&A Notes Receivable are being accreted to their principal amounts and are presented as such, net of the related cumulative estimated credit losses, on the accompanying consolidated balance sheet. The Company estimates the current expected credit losses related to its P&A Notes Receivable using the probability of default method based on the long-term credit ratings of the counterparties of the notes, which are currently considered “investment grade.” During the three months ended March 31, 2023 , the Company recognized interest income of $ 0.2 million and the carrying value of these P&A Notes Receivable, net of current expected credit losses, was $ 15.0 million as of March 31, 2023 .

Organization, Nature of Busin_3

Organization, Nature of Business and Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of the amount of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows (in thousands): March 31, 2023 December 31, 2022 Cash and cash equivalents $ 16,169 $ 44,145 Restricted cash included in long term assets 100,973 — Total cash, cash equivalent and restricted cash $ 117,142 $ 44,145

Acquisitions (Tables)

Acquisitions (Tables) - EnVen Energy Corporation	3 Months Ended
	Mar. 31, 2023
Business Acquisition [Line Items]
Summary of Purchase Price	The following table summarizes the purchase price (in thousands except per share data): Talos common stock 43,799,890 Talos common stock price per share (1) $ 19.00 Common stock value $ 832,198 Cash consideration $ 207,313 Total purchase price $ 1,039,511 (1) Represents the closing price of the Company’s common stock on February 13, 2023 , the date of the closing of the EnVen Acquisition.
Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed	The following table presents the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their fair values on February 13, 2023 (in thousands): Current assets $ 238,293 Property and equipment 1,464,833 Other long-term assets: Restricted cash 100,753 Notes receivable, net 14,844 Other long-term assets 43,981 Current liabilities: Current portion of long-term debt ( 33,234 ) Current portion of asset retirement obligations ( 7,079 ) Other current liabilities ( 131,787 ) Long-term liabilities: Long-term debt ( 233,836 ) Asset retirement obligations ( 251,779 ) Deferred tax liabilities ( 150,504 ) Other long-term liabilities ( 14,974 ) Allocated purchase price $ 1,039,511
Summary Of Revenues And Net Income Attributable To Acquisition	The following table presents revenue and net income attributable to the EnVen Acquisition for the period from February 13, 2023 to March 31, 2023: Three Months Ended March 31, 2023 Revenue $ 62,059 Net loss $ ( 6,090 )
Supplemental Proforma Information	This information does not purport to be indicative of results of operations that would have occurred had the EnVen Acquisition occurred on January 1, 2022, nor is such information indicative of any expected future results of operations. Three Months Ended March 31, 2023 2022 Revenue $ 374,625 $ 587,774 Net income (loss) $ 118,090 $ ( 177,691 ) Basic net income (loss) per common share $ 0.93 $ ( 1.41 ) Diluted net income (loss) per common share $ 0.92 $ ( 1.41 )

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2022 $ 541,661 Obligations assumed 258,858 Obligations incurred 69 Obligations settled ( 10,113 ) Accretion expense 19,414 Changes in estimate 7,762 Asset retirement obligations at March 31, 2023 $ 817,651 Less: Current portion at March 31, 2023 45,592 Long-term portion at March 31, 2023 $ 772,059

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Components of Lease Costs	The components of lease costs were as follows (in thousands): Three Months Ended March 31, 2023 2022 Finance lease cost - interest on lease liabilities $ 3,708 $ 2,059 Operating lease cost, excluding short-term leases (1) 908 568 Short-term lease cost (2) 32,985 5,762 Variable lease cost (3) 363 363 Total lease cost $ 37,964 $ 8,752 (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): March 31, 2023 December 31, 2022 Operating leases: Operating lease assets $ 18,572 $ 5,903 Current portion of operating lease liabilities $ 3,129 $ 1,943 Operating lease liabilities 25,981 14,855 Total operating lease liabilities $ 29,110 $ 16,798 Finance leases: Proved property $ 166,261 $ 166,261 Other current liabilities $ 16,642 $ 16,306 Other long-term liabilities 144,740 149,064 Total finance lease liabilities $ 161,382 $ 165,370
Supplemental Cash Flow Information Related to Leases	The table below presents the supplemental cash flow information related to leases (in thousands): Three Months Ended March 31, 2023 2022 Operating cash outflow from finance leases $ 3,708 $ 2,059 Operating cash outflow from operating leases $ 1,265 $ 923 Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 12,971 $ — (1) See EnVen Acquisition in Note 2 — Acquisitions.

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Financial Instruments [Abstract]
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments	The following table presents the carrying amounts, net of discount, premium and deferred financing costs, and estimated fair values of the Company’s debt instruments (in thousands): March 31, 2023 December 31, 2022 Carrying Fair Carrying Fair 12.00 % Second-Priority Senior Secured Notes – due January 2026 $ 590,349 $ 678,354 $ 590,132 $ 674,542 11.75 % Senior Secured Second Lien Notes – due April 2026 (1 ) $ 266,629 $ 271,276 $ — $ — Bank Credit Facility – matures March 2027 $ 153,234 $ 165,000 $ ( 4,792 ) $ — (1) Assumed in connection with the EnVen Acquisition. See further discussion in Note 6 — Debt.
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 March 31, 2023 2022 Net cash paid on settled derivative instruments $ ( 12,323 ) $ ( 127,086 ) Unrealized gain (loss) (1) 71,260 ( 154,133 ) Price risk management activities income (expense) $ 58,937 $ ( 281,219 ) (1) Includes $ 1.4 million income from the unrealized derivative instruments acquired from the EnVen Acquisition for the three months ended March 31, 2023 .
Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under the Terms of Derivative Contracts	The following tables reflect the contracted average daily volumes and weighted average prices under the terms of the Company's derivative contracts as of March 31, 2023: Swap Contracts Production Period Settlement Index Volumes Swap Price Crude oil: (Bbls) (per Bbl) April 2023 – December 2023 NYMEX WTI CMA 16,862 $ 74.04 January 2024 – December 2024 NYMEX WTI CMA 10,235 $ 72.72 January 2025 – March 2025 NYMEX WTI CMA 4,000 $ 67.00 Natural gas: (MMBtu) (per MMBtu) April 2023 – December 2023 NYMEX Henry Hub 26,287 $ 3.56 January 2024 – December 2024 NYMEX Henry Hub 16,216 $ 3.46 January 2025 – March 2025 NYMEX Henry Hub 10,000 $ 4.37 Two-Way Collar Contracts Production Period Settlement Index Volumes Floor Price Ceiling Price Crude oil: (Bbls) (per Bbl) (per Bbl) April 2023 – December 2023 NYMEX WTI CMA 4,507 $ 67.97 $ 88.67 January 2024 – December 2024 NYMEX WTI CMA 1,497 $ 70.00 $ 79.32 Natural gas: (MMBtu) (per MMBtu) (per MMBtu) April 2023 – December 2023 NYMEX Henry Hub 10,000 $ 5.25 $ 8.46 January 2024 – December 2024 NYMEX Henry Hub 10,000 $ 4.00 $ 6.90 Three-Way Collar Contracts Production Period Settlement Index Volumes Short Put Price Floor Price Ceiling Price Crude oil: (Bbls) (per Bbl) (per Bbl) (per Bbl) April 2023 – December 2023 NYMEX WTI CMA 9,200 $ 51.68 $ 64.93 $ 109.05 January 2024 – March 2024 NYMEX WTI CMA 3,200 $ 57.27 $ 70.00 $ 98.01
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): March 31, 2023 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas derivatives $ — $ 66,612 $ — $ 66,612 Liabilities: Oil and natural gas derivatives — ( 40,134 ) — ( 40,134 ) Total net asset $ — $ 26,478 $ — $ 26,478 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas derivatives $ — $ 32,883 $ — $ 32,883 Liabilities: Oil and natural gas derivatives — ( 76,242 ) — ( 76,242 ) Total net liability $ — $ ( 43,359 ) $ — $ ( 43,359 )
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): March 31, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Oil and natural gas derivatives: Current $ 54,553 $ 35,848 $ 25,029 $ 68,370 Non-current 12,059 4,286 7,854 7,872 Total gross amounts presented on balance sheet 66,612 40,134 32,883 76,242 Less: Gross amounts not offset on the balance sheet 35,662 35,662 32,883 32,883 Net amounts $ 30,950 $ 4,472 $ — $ 43,359

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
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): March 31, 2023 December 31, 2022 12.00 % Second-Priority Senior Secured Notes – due January 2026 $ 638,541 $ 638,541 11.75 % Senior Secured Second Lien Notes – due April 2026 257,500 — Bank Credit Facility – matures March 2027 (1 ) 165,000 — Total debt, before discount, premium and deferred financing cost 1,061,041 638,541 Unamortized discount, premium and deferred financing cost, net ( 50,829 ) ( 53,201 ) Total debt (2) 1,010,212 585,340 Less: Current portion of long-term debt 33,201 — Long-term debt $ 977,011 $ 585,340 (1) As of March 31, 2023 , the Company had outstanding borrowings at a weighted average interest rate of 7.94 %. (2) At March 31, 2023 , the Company was in compliance with all debt covenants.

Employee Benefits Plans and S_2

Employee Benefits Plans and Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Acquisition Severance Costs	The following table summarizes severance accrual activity in connection the EnVen Acquisition included in “Other current liabilities” and “Other long-term liabilities” on the Condensed Consolidated Balance Sheets for the three months ended March 31, 2023: Severance accrual at December 31, 2022 $ — Accrual additions 22,630 Benefit payments ( 3,186 ) Severance accrual at March 31, 2023 19,444 Less: Current portion at March 31, 2023 17,417 Long-term portion at March 31, 2023 $ 2,027
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 three months ended March 31, 2023: RSUs Weighted Average Unvested RSUs at December 31, 2022 3,215,504 $ 12.79 Granted 1,078,062 $ 16.26 Vested ( 1,615,488 ) $ 11.99 Forfeited ( 24,258 ) $ 16.94 Unvested RSUs at March 31, 2023 (1) 2,653,820 $ 14.65 As of March 31, 2023 , 26,975 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 three months ended March 31, 2023: PSUs Weighted Average Unvested PSUs at December 31, 2022 638,601 $ 23.66 Granted (1) 569,800 $ 18.97 Unvested PSUs at March 31, 2023 1,208,401 $ 21.45 (1) There were 284,900 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 284,900 PSUs were granted and are eligible to vest based on continued employment and the Company’s return on the wells included in the 2023 drill program over a three-year performance period.
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 March 5, 2023 Expected term (in years) 2.8 Expected volatility 73.1 % Risk-free interest rate 4.5 % Dividend yield — % Fair value (in thousands) $ 6,165
Schedule of Recognized Share Based Compensation Expense, Net	The following table presents the amount of costs expensed and capitalized (in thousands): Three Months Ended March 31, 2023 2022 Share-based compensation costs $ 7,191 $ 5,652 Less: Amounts capitalized to oil and gas properties 3,253 2,334 Total share-based compensation expense $ 3,938 $ 3,318

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 Net income (loss) $ 89,860 $ ( 66,441 ) Weighted average common shares outstanding — basic 105,634 82,071 Dilutive effect of securities 1,316 — Weighted average common shares outstanding — diluted 106,950 82,071 Net income (loss) per common share: Basic $ 0.85 $ ( 0.81 ) Diluted $ 0.84 $ ( 0.81 ) Anti-dilutive potentially issuable securities excluded from diluted common shares 983 3,329

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Summary of Decommissioning Obligations Included in Consolidated Balance Sheets	The decommissioning obligations are included in the Condensed Consolidated Balance Sheets as “Other current liabilities” and “Other long-term liabilities”, and the changes in that liability were as follows (in thousands): March 31, 2023 December 31, 2022 Balance, beginning of period $ 54,269 $ 24,336 Additions — 8,900 Changes in estimate 741 22,658 Settlements ( 708 ) ( 1,625 ) Balance, end of period $ 54,302 $ 54,269 Less: Current portion 42,334 42,069 Long-term portion $ 11,968 $ 12,200

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Summary of Information by Business Segment	The following table presents selected segment information for the periods indicated (in thousands): E&P All Other (1) Total Revenues from External Customers: Three Months Ended March 31, 2023 $ 322,582 $ — $ 322,582 Three Months Ended March 31, 2022 413,566 — 413,566 Equity in the Net Income of Investees Accounted for by the Equity Method: Three Months Ended March 31, 2023 $ 132 $ ( 1,277 ) $ ( 1,145 ) Three Months Ended March 31, 2022 142 — 142 Adjusted EBITDA: Three Months Ended March 31, 2023 $ 210,483 $ ( 6,157 ) $ 204,326 Three Months Ended March 31, 2022 212,082 ( 2,531 ) 209,551 Segment Expenditures: Three Months Ended March 31, 2023 $ 190,024 $ 21,189 $ 211,213 Three Months Ended March 31, 2022 80,845 3,861 84,706 The CCS Segment is included in the “All Other” category. The CCS Segment is an emerging business in the start-up phase of operations and the business that does not currently generate any revenues. The CCS Segment’s business activities are conducted through both wholly owned subsidiaries and equity method investments with industry partners. Equity method investments is a business strategy that enables us to achieve favorable economies of scale relative to the level of investment and business risk assumed.
Schedule of Reconciliation of Adjusted EBITDA to the Company's Consolidated Totals	The following table presents the reconciliation of Adjusted EBITDA to the Company’s consolidated totals (in thousands): Three Months Ended March 31, 2023 2022 Adjusted EBITDA: Total for reportable segments $ 210,483 $ 212,082 All other ( 6,157 ) ( 2,531 ) Unallocated corporate general and administrative expense ( 1,263 ) ( 1,338 ) Interest expense ( 37,581 ) ( 31,490 ) Depreciation, depletion and amortization ( 147,323 ) ( 98,340 ) Accretion expense ( 19,414 ) ( 14,377 ) Transaction and other income (expenses) (1) ( 22,009 ) 26,861 Decommissioning obligations (2) ( 741 ) ( 329 ) Derivative fair value gain (loss) (3) 58,937 ( 281,219 ) Net cash paid on settled derivative instruments (3) 12,323 127,086 Non-cash equity-based compensation expense ( 3,938 ) ( 3,318 ) Income (loss) before income taxes $ 43,317 $ ( 66,913 ) (1) For the three months ended March 31, 2023 , transaction expenses includes $ 35.2 million in costs related to the EnVen Acquisition, inclusive of $ 22.6 million in severance expense. See further discussion in Note 2 — Acquisitions and Note 7 — Employee Benefits Plans and Share-Based Compensation . Other income (expense) includes other miscellaneous income and expenses that we do not view as a meaningful indicator of our operating performance. For the three months ended March 31, 2023 , it includes a $ 8.6 million gain on the funding of the capital carry of its investment in Bayou Bend by Chevron that is further discussed in Note 10 — Related Party Transactions . For the three months ended March 31, 2022 , the amount includes $ 27.5 million gain as a result of the settlement agreement to resolve previously pending litigation that was filed in October 2017 that is further discussed in Note 11 — Commitments and Contingencies . (2) Estimated decommissioning obligations were a result of working interest partners or counterparties of divestiture transactions that were unable to perform the required abandonment obligations due to bankruptcy or insolvency. See Note 11 — Commitments and Contingencies for additional information on decommissioning obligations. (3) The adjustments for the derivative fair value (gains) losses and net cash receipts (payments) on settled commodity derivative instruments have the effect of adjusting net loss for changes in the fair value of derivative instruments, which are recognized at the end of each accounting period because we do not designate commodity derivative instruments as accounting hedges. This results in reflecting commodity derivative gains and losses within Adjusted EBITDA on an unrealized basis during the period the derivatives settled.
Reconciliation of Reportable Segment Expenditures	The following table presents the reconciliation of Segment Expenditures to the Company’s consolidated totals (in thousands): Three Months Ended March 31, 2023 2022 Segment Expenditures: Total reportable segments $ 190,024 $ 80,845 All other 21,189 3,861 Change in capital expenditures included in accounts payable and accrued liabilities ( 55,969 ) ( 7,555 ) Plugging & abandonment ( 10,113 ) ( 20,023 ) Decommissioning obligations settled ( 708 ) — Investment in CCS intangibles and equity method investees ( 21,189 ) ( 3,861 ) Non-cash well equipment inventory transfers ( 19,402 ) 97 Other 130 614 Exploration, development and other capital expenditures $ 103,962 $ 53,978

Organization, Nature of Busin_4

Organization, Nature of Business and Basis of Presentation - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Date of incorporation	Nov. 14, 2017
Number of operating segments | Segment	2
Restricted cash	$ 100,973	$ 0
Financing Receivable | Other Nonoperating Income (Expense)
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Interest income	200
Future plugging and abanonment obligations
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Restricted cash	101,000
EnVen Energy Corporation
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Receivable with Imputed Interest, Face Amount	66,200
Receivable with Imputed Interest, Net Amount	15,000
EnVen Energy Corporation | Future plugging and abanonment obligations
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Escrow Deposit	$ 100,000

Organization, Nature of Busin_5

Organization, Nature of Business and Basis of Presentation - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 16,169	$ 44,145
Restricted cash included in long term assets	100,973	0
Total cash, cash equivalent and restricted cash	$ 117,142	$ 44,145	$ 78,348	$ 69,852

Acquisitions - Business Combina

Acquisitions - Business Combinations - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended		12 Months Ended
	Feb. 13, 2023	Sep. 21, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Pro forma financial information			The following supplemental pro forma financial information (in thousands, except per common share amounts), presents the condensed consolidated results of operations for the three months ended March 31, 2023 and 2022 as if the EnVen Acquisition had occurred on January 1, 2022. The unaudited pro forma information was derived from historical statements of operations of the Company and EnVen adjusted to include (i) depletion expense applied to the adjusted basis of the oil and natural gas properties acquired, (ii) interest expense to reflect borrowings under the Bank Credit Facility and to adjust the amortization of the premium of the 11.75% Notes (as defined below), (iii) general and administrative expense adjusted for transaction related costs incurred, (iv) other income (expense) to adjust the accretion of the discount on the P&A Notes Receivable and (v) weighted average basic and diluted shares of common stock outstanding from the issuance of 43.8 million shares of common stock to EnVen. Supplemental pro forma earnings for the three months ended March 31, 2022 were adjusted to include $78.9 million of general and administrative expenses, of which $16.3 million were incurred during the year ended December 31, 2022. Supplemental pro forma earnings for the three months ended March 31, 2023 were adjusted to exclude $62.6 million of general and administrative expenses.
EnVen Energy Corporation
Business Acquisition [Line Items]
Business acquisition, effective date	Feb. 13, 2023
Business Acquisition, Pro Forma Revenue			$ 374,625	$ 587,774
Supplemental pro forma earnings			118,090	(177,691)
Cash consideration	$ 207,313
Business Acquisition, Date of Acquisition Agreement		Sep. 21, 2022
Common stock value	$ 832,198
EnVen Energy Corporation | Employee Severance
Business Acquisition [Line Items]
Aquisition severance cost			22,600
EnVen Energy Corporation | General and Administrative Expense
Business Acquisition [Line Items]
Cumulative transaction related costs			21,600
Acquisition, transaction related cost			12,600		$ 9,000
EnVen Energy Corporation | General and Administrative Expense | Pro Forma
Business Acquisition [Line Items]
Acquisition, transaction related cost					$ 16,300
EnVen Energy Corporation | General and Administrative Expense | Nonrecurring Adjustments [Member]
Business Acquisition [Line Items]
Supplemental pro forma earnings			$ (62,600)	$ 78,900
EnVen Energy Corporation | Common Stock
Business Acquisition [Line Items]
Aggregate shares issued	43,799,890		43,800,000
EnVen Energy Corporation | 11.75% notes
Business Acquisition [Line Items]
Debt instrument interest rate			11.75%

Acquisitions - Business Combi_2

Acquisitions - Business Combinations - Summary of Purchase Price (Details) - EnVen Energy Corporation - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
		Feb. 13, 2023	Mar. 31, 2023
Business Acquisition [Line Items]
Talos common stock price per share	[1]	$ 19
Common stock value		$ 832,198
Cash consideration		207,313
Total purchase price		$ 1,039,511
Common Stock
Business Acquisition [Line Items]
Talos common stock		43,799,890	43,800,000
[1] Represents the closing price of the Company’s common stock on February 13, 2023 , the date of the closing of the EnVen Acquisition.

Acquisitions - Business Combi_3

Acquisitions - Business Combinations - Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - EnVen Energy Corporation $ in Thousands	Feb. 13, 2023 USD ($)
Business Acquisition [Line Items]
Current assets	$ 238,293
Property and equipment	1,464,833
Restricted cash	100,753
Notes receivable, net	14,844
Other long-term assets	43,981
Current portion of long-term debt	(33,234)
Current portion of asset retirement obligations	(7,079)
Other current liabilities	(131,787)
Long-term debt	(233,836)
Asset retirement obligations	(251,779)
Deferred tax liabilities	(150,504)
Other long-term liabilities	(14,974)
Allocated purchase price	$ 1,039,511

Acquisitions - Business Combi_4

Acquisitions - Business Combinations - Summary of Revenue and Net Income Attributable to Acquisition (Details) - EnVen Energy Corporation $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Business Acquisition [Line Items]
Revenue	$ 62,059
Net loss	$ (6,090)

Acquisitions - Business Combi_5

Acquisitions - Business Combinations - Supplemental Proforma Information (Details) - EnVen Energy Corporation - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue	$ 374,625	$ 587,774
Net income (loss)	$ 118,090	$ (177,691)
Basic net income (loss) per common share	$ 0.93	$ (1.41)
Diluted net income (loss) per common share	$ 0.92	$ (1.41)

Property, Plant and Equipment -

Property, Plant and Equipment - Additional Information (Details) - US	3 Months Ended
	Mar. 31, 2023 USD ($) $ / bbl $ / Mcf	Mar. 31, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Write-down of oil and natural gas properties | $	$ 0	$ 0
Oil (MBbls)
Property, Plant and Equipment [Line Items]
SEC pricing	91.75
Gas (MMcf)
Property, Plant and Equipment [Line Items]
SEC pricing | $ / Mcf	6.35
NGL (MBbls)
Property, Plant and Equipment [Line Items]
SEC pricing	29.42

Property, Plant and Equipment_2

Property, Plant and Equipment - Schedule of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Oil and Gas Property [Abstract]
Asset retirement obligations at December 31, 2022	$ 541,661
Obligations assumed	258,858
Obligations incurred	69
Obligations settled	(10,113)
Accretion expense	19,414	$ 14,377
Changes in estimate	7,762
Asset retirement obligations at March 31, 2023	817,651
Less: Current portion at March 31, 2023	45,592		$ 39,888
Long-term portion at March 31, 2023	$ 772,059		$ 501,773

Leases - Components of Lease Co

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Lease, Cost [Abstract]
Finance lease cost - interest on lease liabilities		$ 3,708	$ 2,059
Operating lease cost, excluding short-term leases	[1]	908	568
Short-term lease cost	[2]	32,985	5,762
Variable lease cost	[3]	363	363
Total lease cost		$ 37,964	$ 8,752
[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	Mar. 31, 2023	Dec. 31, 2022
Assets and Liabilities, Lessee [Abstract]
Operating lease assets	$ 18,572	$ 5,903
Current portion of operating lease liabilities	$ 3,129	$ 1,943
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	$ 25,981	$ 14,855
Total operating lease liabilities	29,110	16,798
Proved property	$ 166,261	$ 166,261
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Other current liabilities	$ 16,642	$ 16,306
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Other long-term liabilities	$ 144,740	$ 149,064
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Total finance lease liabilities	$ 161,382	$ 165,370

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Cash Flow, Operating Activities, Lessee [Abstract]
Operating cash outflow from finance leases		$ 3,708	$ 2,059
Operating cash outflow from operating leases		1,265	923
Right-of-use assets obtained in exchange for new operating lease liabilities	[1]	$ 12,971	$ 0
[1] See EnVen Acquisition in Note 2 — Acquisitions.

Financial Instruments - Schedul

Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Carrying Amount		$ 1,010,212	$ 585,340
12.00% Second-Priority Senior Secured Notes - due January 2026
Debt Instrument [Line Items]
Carrying Amount		590,349	590,132
Fair Value		678,354	674,542
11.75% Senior Secured Second Lien Notes - due April 2026
Debt Instrument [Line Items]
Carrying Amount	[1]	266,629	0
Fair Value	[1]	271,276	0
Bank Credit Facility - matures March 2027
Debt Instrument [Line Items]
Carrying Amount		153,234
Fair Value		$ 165,000	0
Carrying Amount			$ (4,792)
[1] Assumed in connection with the EnVen Acquisition. See further discussion in Note 6 — Debt.

Financial Instruments - Sched_2

Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Parenthetical) (Details)		3 Months Ended	12 Months Ended
	Feb. 13, 2023	Mar. 31, 2023	Dec. 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. 15, 2026	Jan. 15, 2026
11.75% Senior Secured Second Lien Notes - due April 2026
Debt Instrument [Line Items]
Debt instrument interest rate		11.75%	11.75%
Senior notes, maturity date	Apr. 15, 2026	Apr. 30, 2026	Apr. 30, 2026

Financial Instruments - Additio

Financial Instruments - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) 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 March 31, 2023 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. Had the Company’s counterparties failed to perform under existing commodity derivative contracts the maximum loss at March 31, 2023 would have been $31.0 million.
Loss on Commodity Contracts | $	$ 31
Counterparty Risk Investment Grade [Member]
Concentration Risk [Line Items]
Number of counter parties description	all of which
Counterparty Risk Diversification
Concentration Risk [Line Items]
Number of counterparties | Counterparty	9

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
		Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative fair value (gain) loss		$ 58,937	$ (281,219)
Gain Loss On Derivative Instruments Unrealized Component
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative fair value (gain) loss	[1]	71,260	(154,133)
Commodity Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative fair value (gain) loss		58,937	(281,219)
Commodity Contract | Gain Loss On Derivative Instruments Realized Component
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative fair value (gain) loss		$ (12,323)	$ (127,086)
[1] Includes $ 1.4 million income from the unrealized derivative instruments acquired from the EnVen Acquisition for the three months ended March 31, 2023 .

Financial Instruments - Sched_4

Financial Instruments - Schedule of Impact that Derivatives not Qualifying as Hedging Instruments in Condensed Consolidated Statements of Operations (Parenthetical) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative fair value (gain) loss		$ 58,937	$ (281,219)
Gain Loss On Derivative Instruments Unrealized Component
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative fair value (gain) loss	[1]	71,260	$ (154,133)
Gain Loss On Derivative Instruments Unrealized Component | EnVen Energy Corporation
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative fair value (gain) loss		$ 1,400
[1] Includes $ 1.4 million income from the unrealized derivative instruments acquired from the EnVen Acquisition for the three months ended March 31, 2023 .

Financial Instruments - Sched_5

Financial Instruments - Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under the Terms of Derivative Contracts (Details)	3 Months Ended
	Mar. 31, 2023 MMBTU $ / bbl $ / MMBTU bbl
Crude Oil | April 2023 - December 2023 | Swap
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Volumes | bbl	16,862
Swap Price	74.04
Crude Oil | April 2023 - December 2023 | Collar
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Volumes | bbl	4,507
Floor Price	67.97
Ceiling Price	88.67
Crude Oil | April 2023 - December 2023 | Three-Way Collar Contracts
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Volumes | bbl	9,200
Floor Price	64.93
Ceiling Price	109.05
Crude Oil | April 2023 - December 2023 | Three-Way Collar Contracts | Short
Derivative [Line Items]
Short Put Price	51.68
Crude Oil | January 2024 - December 2024 | Swap
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Volumes | bbl	10,235
Swap Price	72.72
Crude Oil | January 2024 - December 2024 | Collar
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Volumes | bbl	1,497
Floor Price	70
Ceiling Price	79.32
Crude Oil | January 2025 - March 2025 | Swap
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Volumes | bbl	4,000
Swap Price	67
Crude Oil | January 2024 - March 2024 | Three-Way Collar Contracts
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Volumes | bbl	3,200
Floor Price	70
Ceiling Price	98.01
Crude Oil | January 2024 - March 2024 | Three-Way Collar Contracts | Short
Derivative [Line Items]
Short Put Price	57.27
Natural Gas | April 2023 - December 2023 | Swap
Derivative [Line Items]
Settlement Index	NYMEX Henry Hub
Average Daily Volumes | MMBTU	26,287
Swap Price | $ / MMBTU	3.56
Natural Gas | April 2023 - December 2023 | Collar
Derivative [Line Items]
Settlement Index	NYMEX Henry Hub
Average Daily Volumes | MMBTU	10,000
Floor Price | $ / MMBTU	5.25
Ceiling Price | $ / MMBTU	8.46
Natural Gas | January 2024 - December 2024 | Swap
Derivative [Line Items]
Settlement Index	NYMEX Henry Hub
Average Daily Volumes | MMBTU	16,216
Swap Price | $ / MMBTU	3.46
Natural Gas | January 2024 - December 2024 | Collar
Derivative [Line Items]
Settlement Index	NYMEX Henry Hub
Average Daily Volumes | MMBTU	10,000
Floor Price | $ / MMBTU	4
Ceiling Price | $ / MMBTU	6.90
Natural Gas | January 2025 - March 2025 | Swap
Derivative [Line Items]
Settlement Index	NYMEX Henry Hub
Average Daily Volumes | MMBTU	10,000
Swap Price | $ / MMBTU	4.37

Financial Instruments - Summary

Financial Instruments - Summary of Additional Information Related to Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Oil and Natural Gas Derivatives
Assets:
Oil and natural gas derivatives	$ 30,950	$ 0
Liabilities:
Oil and natural gas derivatives	4,472	43,359
Fair Value on Recurring Basis
Liabilities:
Total net asset, liability	(26,478)	(43,359)
Fair Value on Recurring Basis | Oil and Natural Gas Derivatives
Assets:
Oil and natural gas derivatives	$ 66,612	$ 32,883
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Liabilities:
Oil and natural gas derivatives	$ (40,134)	$ (76,242)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities
Fair Value on Recurring Basis | Level 1
Liabilities:
Total net asset, liability	$ 0	$ 0
Fair Value on Recurring Basis | Level 1 | Oil and Natural Gas Derivatives
Assets:
Oil and natural gas derivatives	$ 0	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Liabilities:
Oil and natural gas derivatives	$ 0	$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities
Fair Value on Recurring Basis | Level 2
Liabilities:
Total net asset, liability	$ 26,478	$ (43,359)
Fair Value on Recurring Basis | Level 2 | Oil and Natural Gas Derivatives
Assets:
Oil and natural gas derivatives	$ 66,612	$ 32,883
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Liabilities:
Oil and natural gas derivatives	$ (40,134)	$ (76,242)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities
Fair Value on Recurring Basis | Level 3
Liabilities:
Total net asset, liability	$ 0	$ 0
Fair Value on Recurring Basis | Level 3 | Oil and Natural Gas Derivatives
Assets:
Oil and natural gas derivatives	$ 0	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Liabilities:
Oil and natural gas derivatives	$ 0	$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities

Financial Instruments - Sched_6

Financial Instruments - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Price Risk Derivatives [Line Items]
Assets from price risk management activities	$ 54,553	$ 25,029
Assets from price risk management activities	12,059	7,854
Liabilities from price risk management activities	35,848	68,370
Liabilities from price risk management activities	4,286	7,872
Oil and Natural Gas Derivatives
Price Risk Derivatives [Line Items]
Assets from price risk management activities	54,553	25,029
Assets from price risk management activities	12,059	7,854
Total gross amounts presented on balance sheet, Assets	66,612	32,883
Gross amounts not offset on the balance sheet	35,662	32,883
Net Amounts	30,950	0
Liabilities from price risk management activities	35,848	68,370
Liabilities from price risk management activities	4,286	7,872
Total gross amounts presented on balance sheet, Liabilities	40,134	76,242
Gross amounts not offset on the balance sheet	35,662	32,883
Net Amounts	$ 4,472	$ 43,359

Debt - Summary of Detail Compri

Debt - Summary of Detail Comprising Debt and Related Book Values (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt, before discount, premium and deferred financing cost	$ 1,061,041	$ 638,541
Unamortized discount, premium and deferred financing cost, net	(50,829)	(53,201)
Total debt	1,010,212	585,340
Less: current portion of long-term debt	33,201	0
Long-term debt	977,011	585,340
Senior Notes | 12.00% Second-Priority Senior Secured Notes - due January 2026
Debt Instrument [Line Items]
Total debt, before discount, premium and deferred financing cost	638,541	638,541
Senior Notes | 11.75% Senior Secured Second Lien Notes due April 2026
Debt Instrument [Line Items]
Total debt, before discount, premium and deferred financing cost	257,500	0
Line of Credit | Bank Credit Facility – matures May 2022
Debt Instrument [Line Items]
Total debt, before discount, premium and deferred financing cost	$ 165,000	$ 0

Debt - Summary of Detail Comp_2

Debt - Summary of Detail Comprising Debt and Related Book Values (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Feb. 13, 2023
11.75% Senior Secured Second Lien Notes due April 2026
Debt Instrument [Line Items]
Debt instrument interest rate			11.75%
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
Secured Debt | 11.75% Senior Secured Second Lien Notes due April 2026
Debt Instrument [Line Items]
Debt instrument interest rate	11.75%	11.75%
Senior notes, maturity date	Apr. 15, 2026	Apr. 15, 2026
Line of Credit | Bank Credit Facility - matures March 2027
Debt Instrument [Line Items]
Bank credit facility, maturity date	Mar. 31, 2027	Mar. 31, 2027
Weighted average interest rate	7.94%

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Feb. 13, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 23, 2022
Debt Instrument [Line Items]
Debt Instruments		$ 1,061,041	$ 638,541
Debt Instrument, Frequency of Periodic Payment	The indenture governing the 11.75% Notes requires the redemption of $15.0 million of the principal amount outstanding at par value on April 15th and October 15th of each year
Line of Credit
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]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 1,500,000
Line of Credit Facility, Commitments		$ 965,000
Bank Credit Facility [Member] | Minimum | Pro Forma
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity				$ 1,100,000
Line of Credit Facility, Commitments				806,300
Bank Credit Facility [Member] | Maximum | Pro Forma
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity				1,500,000
Line of Credit Facility, Commitments				$ 965,000
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 December 23, 2022, the Company entered into the Incremental Agreement and Ninth Amendment to Credit Agreement (the “Ninth Amendment”). The Ninth Amendment, among other things, (i) extends the maturity date of the Bank Credit Facility from November 12, 2024 to March 31, 2027 and includes a springing maturity commencing on the 91st day prior to the earliest stated maturity date of any of the junior lien notes if such junior lien notes have not been refinanced, redeemed or repaid in full, (ii) increases the borrowing base from $1.1 billion to $1.5 billion and (iii) increases commitments from $806.3 million to $965.0 million, in each case went into effect upon the closing of the EnVen Acquisition and the occurrence of certain events related thereto, a discussion of which is included in the accompanying Notes to Consolidated Financial Statements in the 2022 Annual Report.
11.75% Senior Secured Second Lien Notes due April 2026
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	11.75%
Debt instrument interest rate	11.75%
11.75% Senior Secured Second Lien Notes due April 2026 | Secured Debt
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		11.75%	11.75%
Debt instrument interest rate		11.75%	11.75%
Debt instrument maturity date		Apr. 15, 2026	Apr. 15, 2026
11.75% Senior Secured Second Lien Notes due April 2026 | Senior Notes
Debt Instrument [Line Items]
Debt Instruments		$ 257,500	$ 0
EnVen's11.75% Senior Secured Second Notes Due 2026
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		11.75%	11.75%
Debt instrument interest rate		11.75%	11.75%
Debt instrument maturity date	Apr. 15, 2026	Apr. 30, 2026	Apr. 30, 2026
EnVen's11.75% Senior Secured Second Notes Due 2026 | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Principal	$ 15,000
EnVen Energy Corporation
Debt Instrument [Line Items]
Business acquisition, effective date	Feb. 13, 2023
EnVen Energy Corporation | EnVen's11.75% Senior Secured Second Notes Due 2026
Debt Instrument [Line Items]
Debt Instruments	$ 257,500

Employee Benefits Plans and S_3

Employee Benefits Plans and Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Feb. 13, 2023
Employee Severance [Member] | Enven Energy Corporation [Member] | Rabbi Trust [Member]
Employee Benefits Plans and Share Based Compensation [Line Items]
Assets Held-in-trust	$ 12	$ 14.5
Assets Held-in-trust, Current	10.2
Assets Held-in-trust, Noncurrent	$ 1.8
2021 Long Term Incentive Plan | Performance Share Units
Employee Benefits Plans and Share Based Compensation [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 Acquisition Severance Costs (Details) - Employee Severance [Member] - Enven Energy Corporation [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Acquisition Severance Costs [Line Items]
Severance accrual at December 31, 2022	$ 0
Accrual additions	22,630
Benefit payments	(3,186)
Less: Current portion at March 31, 2023	17,417
Long-term portion at March 31, 2023	2,027
Severance accrual at March 31, 2023	$ 19,444

Employee Benefits Plans and S_5

Employee Benefits Plans and Share-Based Compensation - Schedule of Restricted Stock and Performance Share Units Activity (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested beginning of the period | shares	3,215,504
Granted | shares	1,078,062
Vested | shares	(1,615,488)
Forfeited | shares	(24,258)
Unvested end of the period | shares	2,653,820	[1]
Unvested weighted average grant date fair value, beginning of the period | $ / shares	$ 12.79
Unvested weighted average grant date fair value, granted | $ / shares	16.26
Unvested weighted average grant date fair value, vested | $ / shares	11.99
Unvested weighted average grant date fair value, forfeited | $ / shares	16.94
Unvested weighted average grant date fair value, end of the period | $ / shares	$ 14.65	[1]
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested beginning of the period | shares	638,601
Granted | shares	569,800	[2]
Unvested end of the period | shares	1,208,401
Unvested weighted average grant date fair value, beginning of the period | $ / shares	$ 23.66
Unvested weighted average grant date fair value, granted | $ / shares	18.97	[2]
Unvested weighted average grant date fair value, end of the period | $ / shares	$ 21.45
[1] As of March 31, 2023 , 26,975 of the unvested RSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheet. There were 284,900 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 284,900 PSUs were granted and are eligible to vest based on continued employment and the Company’s return on the wells included in the 2023 drill program over a three-year performance period.

Employee Benefits Plans and S_6

Employee Benefits Plans and Share-Based Compensation - Schedule of Restricted Stock and Performance Share Units Activity (Parenthetical) (Details) - shares		3 Months Ended
		Mar. 31, 2023		Dec. 31, 2022
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted		1,078,062
Unvested RSUs		2,653,820	[1]	3,215,504
Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted	[2]	569,800
Unvested RSUs		1,208,401		638,601
Absolute Total Shareholder Return Award | Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted		284,900
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period		3 years
Return On Drilling Program Award
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
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		284,900
Accrued Liabilities | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested RSUs		26,975
[1] As of March 31, 2023 , 26,975 of the unvested RSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheet. There were 284,900 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 284,900 PSUs were granted and are eligible to vest based on continued employment and the Company’s return on the wells included in the 2023 drill program over a three-year performance period.

Employee Benefits Plans and S_7

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, 2023 $ in Thousands	Mar. 05, 2023 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	73.10%
Risk-free interest rate	4.50%
Dividend yield	0%
Fair value	$ 6,165

Employee Benefits Plans and S_8

Employee Benefits Plans and Share-Based Compensation - Schedule of Recognized Share Based Compensation Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-based compensation costs	$ 7,191	$ 5,652
Less: Amounts capitalized to oil and gas properties	3,253	2,334
Share-Based Payment Arrangement, Expense	$ 3,938	$ 3,318

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Feb. 13, 2023	Dec. 31, 2022
Income tax benefit	$ 46,543	$ 472
Effective tax rate	(107.40%)	0.70%
U.S. Federal statutory rate	21%	21%
Decrease in valuation allowance	$ 54,900
Valuation allowance, deferred tax asset, explanation of change	The release of the valuation allowance is a result of the deferred tax liabilities acquired with the EnVen Acquisition.
Other Noncurrent Liabilities
Deferred tax liabilities	$ 106,100			$ 2,100
EnVen Energy Corporation [Member]
Deferred tax liabilities			$ 150,504

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
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ 89,860	$ (66,441)
Weighted average common shares outstanding — basic	105,634	82,071
Dilutive effect of securities	1,316	0
Weighted average common shares outstanding — diluted	106,950	82,071
Basic	$ 0.85	$ (0.81)
Diluted	$ 0.84	$ (0.81)
Anti-dilutive potentially issuable securities excluded from diluted common shares	983	3,329

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands				1 Months Ended	3 Months Ended
	Feb. 13, 2023	Sep. 21, 2022	Mar. 08, 2022	May 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
General and administrative expense					$ 63,187	$ 22,528
Equity method investment payment					$ 12,835	2,250
Stockholders agreement date					May 10, 2018
Stockholders agreement amendment date					Feb. 24, 2020
Amended restated stockholders agreement date					Mar. 29, 2022
Amended restated stockholders agreement termination date	Feb. 13, 2023
Secondary Offering Expenses
Related Party Transaction [Line Items]
General and administrative expense					$ 0	0
EnVen Energy Corporation
Related Party Transaction [Line Items]
Business Acquisition, Date of Acquisition Agreement		Sep. 21, 2022
Riverstone
Related Party Transaction [Line Items]
Stock ownership percentage					9.80%
Vinson & Elkins L.L.P.
Related Party Transaction [Line Items]
General and administrative expense					$ 1,700	500
Legal fees payable					2,800	$ 600
Bayou Bend CCS LLC [Member]
Related Party Transaction [Line Items]
Equity method investment payment			$ 2,300
Related party receivable					$ 100
Bayou Bend CCS LLC [Member] | Bayou Bend LLC
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage			50%		25%
Bayou Bend CCS LLC [Member] | Equity Method Investment Income
Related Party Transaction [Line Items]
Gain on partial disposal of investment					$ 8,600
Bain
Related Party Transaction [Line Items]
Stock ownership percentage					12.30%
Adage
Related Party Transaction [Line Items]
Stock ownership percentage					5.10%
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 CCS LLC [Member]
Related Party Transaction [Line Items]
Equity Method Investment Ownership Percentage Sold				25%
Chevron U.S.A Inc | Bayou Bend CCS LLC [Member] | 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
	Mar. 23, 2022	Mar. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Gain (Loss) Related to Litigation Settlement	$ 27,500
Other current liabilities		$ 92,041	$ 60,359
Bank Credit Facility | Letter of Credit
Loss Contingencies [Line Items]
Letters of credit outstanding amount		10,800
Dunwoody | Judicial ruling | Other Current Liabilities | EnVen Energy Corporation
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party		13,700
Surety Bond
Loss Contingencies [Line Items]
Surety performance bonds outstanding		$ 1,400,000

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Decommisioning Obligations Included in consolidated Balance Sheets (Details) - Decommissioning Abandonment Obligations - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Balance, beginning of period	$ 54,269	$ 24,336
Additions	0	8,900
Changes in estimate	741	22,658
Settlements	(708)	(1,625)
Balance, end of period	54,302	54,269
Other Current Liabilities
Loss Contingencies [Line Items]
Less: Current portion	42,334	42,069
Other Noncurrent Liabilities
Loss Contingencies [Line Items]
Long-term portion	$ 11,968	$ 12,200

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 Segment
Segment Reporting [Abstract]
Number of operating segments	2

Segment Information - Summary o

Segment Information - Summary of Information by Business Segment (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenues from External Customers		$ 322,582	$ 413,566
Equity in the Net Income of Investees Accounted for by the Equity Method		7,443	142
Adjusted EBITDA		204,326	209,551
Segment Expenditures		211,213	84,706
Operating Segments [Member]
Segment Reporting Information [Line Items]
Equity in the Net Income of Investees Accounted for by the Equity Method		(1,145)	142
Operating Segments [Member] | E&P
Segment Reporting Information [Line Items]
Revenues from External Customers		322,582	413,566
Equity in the Net Income of Investees Accounted for by the Equity Method		132	142
Adjusted EBITDA		210,483	212,082
Segment Expenditures		190,024	80,845
Operating Segments [Member] | All Other
Segment Reporting Information [Line Items]
Revenues from External Customers	[1]	0	0
Equity in the Net Income of Investees Accounted for by the Equity Method	[1]	(1,277)	0
Adjusted EBITDA	[1]	(6,157)	(2,531)
Segment Expenditures	[1]	$ 21,189	$ 3,861
[1] The CCS Segment is included in the “All Other” category. The CCS Segment is an emerging business in the start-up phase of operations and the business that does not currently generate any revenues. The CCS Segment’s business activities are conducted through both wholly owned subsidiaries and equity method investments with industry partners. Equity method investments is a business strategy that enables us to achieve favorable economies of scale relative to the level of investment and business risk assumed.

Segment Information - Schedule

Segment Information - Schedule of Reconciliation of Adjusted EBITDA to the Company's Consolidated Totals (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Adjusted EBITDA		$ 204,326	$ 209,551
Unallocated corporate general and administrative expense		63,187	22,528
Interest expense		(37,581)	(31,490)
Depreciation, depletion and amortization		(147,323)	(98,340)
Derivative fair value (gain) loss		58,937	(281,219)
Non-cash equity-based compensation expense		3,938	3,318
Income (loss) before income taxes		43,317	(66,913)
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Unallocated corporate general and administrative expense		(1,263)	(1,338)
Interest expense		(37,581)	(31,490)
Depreciation, depletion and amortization		(147,323)	(98,340)
Accretion expense		(19,414)	(14,377)
Transaction and other income (expenses)	[1]	(22,009)	26,861
Decommissioning Obligations	[2]	(741)	(329)
Derivative fair value (gain) loss	[3]	58,937	(281,219)
Net cash paid on settled derivative instruments	[3]	12,323	127,086
Non-cash equity-based compensation expense		(3,938)	(3,318)
Reportable segment | Operating Segments [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA		210,483	212,082
All Other | Operating Segments [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	[4]	$ (6,157)	$ (2,531)
[1] For the three months ended March 31, 2023 , transaction expenses includes $ 35.2 million in costs related to the EnVen Acquisition, inclusive of $ 22.6 million in severance expense. See further discussion in Note 2 — Acquisitions and Note 7 — Employee Benefits Plans and Share-Based Compensation . Other income (expense) includes other miscellaneous income and expenses that we do not view as a meaningful indicator of our operating performance. For the three months ended March 31, 2023 , it includes a $ 8.6 million gain on the funding of the capital carry of its investment in Bayou Bend by Chevron that is further discussed in Note 10 — Related Party Transactions . For the three months ended March 31, 2022 , the amount includes $ 27.5 million gain as a result of the settlement agreement to resolve previously pending litigation that was filed in October 2017 that is further discussed in Note 11 — Commitments and Contingencies . Estimated decommissioning obligations were a result of working interest partners or counterparties of divestiture transactions that were unable to perform the required abandonment obligations due to bankruptcy or insolvency. See Note 11 — Commitments and Contingencies for additional information on decommissioning obligations. The adjustments for the derivative fair value (gains) losses and net cash receipts (payments) on settled commodity derivative instruments have the effect of adjusting net loss for changes in the fair value of derivative instruments, which are recognized at the end of each accounting period because we do not designate commodity derivative instruments as accounting hedges. This results in reflecting commodity derivative gains and losses within Adjusted EBITDA on an unrealized basis during the period the derivatives settled. The CCS Segment is included in the “All Other” category. The CCS Segment is an emerging business in the start-up phase of operations and the business that does not currently generate any revenues. The CCS Segment’s business activities are conducted through both wholly owned subsidiaries and equity method investments with industry partners. Equity method investments is a business strategy that enables us to achieve favorable economies of scale relative to the level of investment and business risk assumed.

Segment Information - Schedul_2

Segment Information - Schedule of Reconciliation of Adjusted EBITDA to the Company's Consolidated Totals (Details) (Parenthetical) - USD ($) $ in Millions		3 Months Ended
	Mar. 23, 2022	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Gain (Loss) Related to Litigation Settlement, Total	$ 27.5
Employee Severance | EnVen Energy Corporation
Segment Reporting Information [Line Items]
Aquisition severance cost		$ 22.6
Operating Segments [Member]
Segment Reporting Information [Line Items]
Gain (Loss) Related to Litigation Settlement, Total			$ 27.5
Operating Segments [Member] | EnVen Energy Corporation
Segment Reporting Information [Line Items]
Transaction and other income (expenses)		35.2
Operating Segments [Member] | Bayou Bend CCS LLC [Member]
Segment Reporting Information [Line Items]
Gain on partial disposal of investment		8.6
Operating Segments [Member] | Employee Severance | EnVen Energy Corporation
Segment Reporting Information [Line Items]
Aquisition severance cost		$ 22.6

Segment Information - Reconcili

Segment Information - Reconciliation of Reportable Segment Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Plugging & abandonment	$ 10,113	$ 20,023
Exploration, development and other capital expenditures	103,962	53,978
Operating Segments [Member] | Reportable segment
Segment Reporting Information [Line Items]
Segment Expenditures	190,024	80,845
Operating Segments [Member] | All Other
Segment Reporting Information [Line Items]
Segment Expenditures	21,189	3,861
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Change in capital expenditures included in accounts payable and accrued liabilities	(55,969)	(7,555)
Plugging & abandonment	(10,113)	(20,023)
Decommissioning obligations settled	(708)	0
Investment in CCS intangibles and equity method investees	(21,189)	(3,861)
Non-cash well equipment inventory transfers	(19,402)	97
Other	$ 130	$ 614