Talos Energy (TALO) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Trading Symbol	TALO
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Registrant Name	Talos Energy Inc.
Document Quarterly Report	true
Document Transition Report	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Incorporation, State or Country Code	DE
Entity File Number	001-38497
Entity Tax Identification Number	82-3532642
Entity Address, Address Line One	333 Clay Street
Entity Address, Address Line Two	Suite 3300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	328-3000
Entity Central Index Key	0001724965
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		124,055,965

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 17,525	$ 44,145
Accounts receivable
Trade, net	157,329	150,598
Joint interest, net	86,615	54,697
Other, net	30,233	6,684
Assets from price risk management activities	45,522	25,029
Prepaid assets	85,697	84,759
Other current assets	17,251	1,917
Total current assets	440,172	367,829
Property and equipment:
Proved properties	7,526,625	5,964,340
Unproved properties, not subject to amortization	401,710	154,783
Other property and equipment	32,088	30,691
Total property and equipment	7,960,423	6,149,814
Accumulated depreciation, depletion and amortization	(3,822,916)	(3,506,539)
Total property and equipment, net	4,137,507	2,643,275
Other long-term assets:
Restricted cash	100,973	0
Assets from price risk management activities	8,655	7,854
Equity method investments	22,436	1,745
Other well equipment inventory	44,645	25,541
Notes receivable, net	15,413	0
Operating lease assets	18,104	5,903
Other assets	17,508	6,479
Total assets	4,805,413	3,058,626
Current liabilities:
Accounts payable	184,177	128,174
Accrued liabilities	220,417	219,769
Accrued royalties	51,248	52,215
Current portion of long-term debt	33,156	0
Current portion of asset retirement obligations	57,551	39,888
Liabilities from price risk management activities	8,247	68,370
Accrued interest payable	42,351	36,340
Current portion of operating lease liabilities	3,136	1,943
Other current liabilities	91,599	60,359
Total current liabilities	691,882	607,058
Long-term liabilities:
Long-term debt	1,000,109	585,340
Asset retirement obligations	741,501	501,773
Liabilities from price risk management activities	1,417	7,872
Operating lease liabilities	25,173	14,855
Other long-term liabilities	283,443	176,152
Total liabilities	2,743,525	1,893,050
Commitments and Contingencies (Note 11)
Stockholders' equity:
Preferred stock, $0.01 par value; 30,000,000 shares authorized and zero shares issued or outstanding as of June 30, 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 June 30, 2023 and December 31, 2022, respectively	1,275	826
Additional paid-in capital	2,539,629	1,699,799
Accumulated deficit	(431,512)	(535,049)
Treasury stock, at cost; 3,400,000 and zero shares as of June 30, 2023 and December 31, 2022, respectively	(47,504)	0
Total stockholdersʼ equity	2,061,888	1,165,576
Total liabilities and stockholdersʼ equity	$ 4,805,413	$ 3,058,626

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 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	3,400,000	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Total revenues	$ 367,210	$ 519,085	$ 689,792	$ 932,651
Operating expenses:
Lease operating expense	101,165	87,582	182,527	147,396
Production taxes	607	864	1,213	1,715
Depreciation, depletion and amortization	169,794	104,511	317,117	202,851
Accretion expense	22,760	14,844	42,174	29,221
General and administrative expense	33,182	22,925	96,369	45,453
Other operating (income) expense	(723)	12,372	2,115	12,508
Total operating expenses	326,785	243,098	641,515	439,144
Operating income	40,425	275,987	48,277	493,507
Interest expense	(45,632)	(30,776)	(83,213)	(62,266)
Price risk management activities income (expense)	26,197	(64,094)	85,134	(345,313)
Equity method investment income (expense)	(2,012)	13,466	5,431	13,608
Other income	1,591	3,165	8,257	31,299
Net income before income taxes	20,569	197,748	63,886	130,835
Income tax benefit (expense)	(6,892)	(2,607)	39,651	(2,135)
Net income	$ 13,677	$ 195,141	$ 103,537	$ 128,700
Net income per common share:
Basic	$ 0.11	$ 2.36	$ 0.9	$ 1.56
Diluted	$ 0.11	$ 2.33	$ 0.89	$ 1.55
Weighted average common shares outstanding:
Basic	125,436	82,566	115,590	82,320
Diluted	125,667	83,665	116,363	83,247
Oil
Revenues:
Revenues	$ 342,983	$ 429,329	$ 635,677	$ 783,215
Natural Gas
Revenues:
Revenues	16,329	70,406	36,512	113,387
NGL
Revenues:
Revenues	$ 7,898	$ 19,350	$ 17,603	$ 36,049

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
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	12,633		12,633
Equity-based compensation tax withholdings	(4,476)		(4,476)
Equity-based compensation stock issuances		$ 6	(6)
Equity-based compensation stock issuances, shares		659,868
Net Income (Loss)	128,700			128,700
Balance at Jun. 30, 2022	897,510	$ 825	1,684,949	(788,264)	$ 0
Balance, Shares at Jun. 30, 2022		82,541,345
Balance, Shares at Jun. 30, 2022					0
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
Equity-based compensation	7,244		7,244
Equity-based compensation stock issuances		$ 0	0
Equity-based compensation stock issuances, shares		6,159
Net Income (Loss)	195,141			195,141
Balance at Jun. 30, 2022	897,510	$ 825	1,684,949	(788,264)	$ 0
Balance, Shares at Jun. 30, 2022		82,541,345
Balance, Shares at Jun. 30, 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	$ 15,459		15,459
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					3,400,000
Purchase of treasury stock	(47,504)				$ (47,504)
Net Income (Loss)	103,537			103,537
Balance at Jun. 30, 2023	$ 2,061,888	$ 1,275	2,539,629	(431,512)	$ (47,504)
Balance, Shares at Jun. 30, 2023	127,455,965	127,455,965
Balance, Shares at Jun. 30, 2023	3,400,000				3,400,000
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
Balance, Shares at Mar. 31, 2023					1,900,000
Equity-based compensation	8,227		8,227
Purchase of treasury stock, Shares					1,500,000
Purchase of treasury stock	(20,857)				$ (20,857)
Net Income (Loss)	13,677			13,677
Balance at Jun. 30, 2023	$ 2,061,888	$ 1,275	$ 2,539,629	$ (431,512)	$ (47,504)
Balance, Shares at Jun. 30, 2023	127,455,965	127,455,965
Balance, Shares at Jun. 30, 2023	3,400,000				3,400,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 103,537	$ 128,700
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation, depletion, amortization and accretion expense	359,291	232,072
Amortization of deferred financing costs and original issue discount	7,629	6,952
Equity-based compensation expense	8,687	7,367
Price risk management activities expense (income)	(85,134)	345,313
Net cash paid on settled derivative instruments	(4,161)	(287,321)
Equity method investment income	(5,431)	(13,608)
Settlement of asset retirement obligations	(47,683)	(39,768)
Loss on sale of assets	0	390
Changes in operating assets and liabilities:
Accounts receivable	35,127	(57,394)
Other current assets	(23,790)	(31,435)
Accounts payable	(3,890)	23,360
Other current liabilities	(22,975)	33,284
Other non-current assets and liabilities, net	(44,124)	6,453
Net cash provided by operating activities	277,083	354,365
Cash flows from investing activities:
Exploration, development and other capital expenditures	(298,658)	(128,082)
Proceeds from (cash paid for) acquisitions, net of cash acquired	17,617	(3,500)
Proceeds from (cash paid for) sale of property and equipment, net	(8,488)	1,597
Contributions to equity method investees	(15,260)	(2,250)
Proceeds from sale of equity method investments	0	15,000
Investment in intangible assets	(7,796)
Net cash used in investing activities	(312,585)	(117,235)
Cash flows from financing activities:
Redemption of senior notes	(15,000)	(6,060)
Proceeds from Bank Credit Facility	505,000	35,000
Repayment of Bank Credit Facility	(305,000)	(210,000)
Deferred financing costs	(11,775)	(129)
Other deferred payments	(462)	0
Payments of finance lease	(8,026)	(12,836)
Purchase of treasury stock	(47,504)	0
Employee stock awards tax withholdings	(7,378)	(4,476)
Net cash provided by (used in) financing activities	109,855	(198,501)
Net increase in cash, cash equivalents and restricted cash	74,353	38,629
Cash, cash equivalents and restricted cash:
Balance, beginning of period	44,145	69,852
Balance, end of period	118,498	108,481
Supplemental non-cash transactions:
Capital expenditures included in accounts payable and accrued liabilities	113,319	47,354
Supplemental cash flow information:
Interest paid, net of amounts capitalized	$ 63,492	$ 47,570

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 13,677	$ 195,141	$ 103,537	$ 128,700

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization, Nature of Busines

Organization, Nature of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 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 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 in Note 2 — Acquisitions and Divestitures ). These escrow accounts required deposits of approximately $ 100.0 million, which was fully funded by EnVen (as defined in Note 2 — Acquisitions and Divestitures ) prior to the consummation of the acquisition. This is reflected as “Restricted cash” within “Other long-term assets” on the Condensed Consolidated Balance Sheets. Notes Receivable, net — The Company holds two notes receivable 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 Condensed Consolidated Balance Sheets. 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.” 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): June 30, 2023 December 31, 2022 Cash and cash equivalents $ 17,525 $ 44,145 Restricted cash included in Other long-term assets 100,973 — Total cash, cash equivalent and restricted cash $ 118,498 $ 44,145

Acquisitions and Divestitures

Acquisitions and Divestitures	6 Months Ended
	Jun. 30, 2023
Business Combinations [Abstract]
Acquisitions and Divestitures	Note 2 — Acquisitions and Divestitures 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. 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, (ii) 43.8 million shares of the Company’s common stock valued at $ 832.2 million and (iii) effective settlement of an accounts receivable balance of $ 8.4 million . No gain or loss was recognized on settlement as the payable was effectively settled at the recorded amount. The cash payment was partially funded with borrowings under the Bank Credit Facility. The following table summarizes the purchase price (in thousands except share and 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 Settlement of preexisting relationship $ 8,388 Total purchase price $ 1,047,899 (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 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 1,455,358 Other long-term assets: Restricted cash 100,753 Notes receivable, net 14,844 Other long-term assets 53,457 Current liabilities: Current portion of long-term debt ( 33,234 ) Current portion of asset retirement obligations ( 7,079 ) Other current liabilities ( 123,399 ) Long-term liabilities: Long-term debt ( 233,836 ) Asset retirement obligations ( 251,779 ) Deferred tax liabilities ( 150,504 ) Other long-term liabilities ( 14,975 ) Allocated purchase price $ 1,047,899 The fair values determined for accounts receivable, accounts payable and other current assets and most current liabilities were equivalent to the carrying value due to their short-term nature. Assumed debt was valued based on observable market prices. The fair value of proved oil and natural gas properties as of the acquisition date is based on estimated proved oil, natural gas and NGL reserves and related discounted future net cash flows incorporating market participant assumptions. Significant inputs to the valuation include estimates of future production volumes, future operating and development costs, future commodity prices, and a weighted average cost of capital discount rate. When estimating the fair value of proved and unproved properties, additional risk adjustments were applied to proved developed non-producing, proved undeveloped, probable and possible reserves to reflect the relative uncertainty of each reserve class. These inputs are classified as Level 3 unobservable inputs, including the underlying commodity price assumptions which are based on the five-year NYMEX forward strip prices, escalated for inflation thereafter, and adjusted for price differentials. The fair value of asset retirement obligations is determined by calculating the present value of estimated future cash flows related to the liabilities. The Company utilizes several assumptions, including a credit-adjusted risk-free interest rate, estimated costs of decommissioning services, estimated timing of when the work will be performed and a projected inflation rate. The Company is still finalizing the fair value analysis related to the oil and natural gas properties acquired, asset retirement obligations assumed, certain contingencies and deferred tax liabilities assumed. The Company anticipates finalizing the determination of fair values by December 31, 2023. The Company incurred approximately $ 21.8 million of acquisition-related costs in connection with the EnVen Acquisition exclusive of severance expense, of which $ 0.2 million and $ 12.8 million were recognized in the three and six months ended June 30, 2023 , respectively, and $ 9.0 million were 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 $ 1.4 million and $ 24.0 million in severance expense in connection with the EnVen Acquisition for the three and six months ended June 30, 2023, respectively. See Note 7 — Employee Benefits Plans and Share-Based Compensation for additional discussion. The following table presents revenue and net income (loss) attributable to the EnVen Acquisition for the three months ended June 30, 2023 and the period from February 13, 2023 to June 30, 2023 (in thousands): Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Revenue $ 113,582 $ 175,641 Net income $ 25,878 $ 19,788 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 and six months ended June 30, 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 in Note 6 — Debt ), (iii) general and administrative expense adjusted for transaction related costs incurred (including severance), (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 and six months ended June 30, 2022 were adjusted to exclude $ 1.5 million and include $ 78.9 million of general and administrative expenses, respectively, of which $ 16.3 million were incurred during the year ended December 31, 2022. Supplemental pro forma earnings for the three and six months ended June 30, 2023 were adjusted to exclude $ 1.4 million and $ 64.1 million of general and administrative expenses, respectively. 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 (in thousands, except for the per share data). Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenue $ 367,210 $ 748,760 $ 741,835 $ 1,336,534 Net income $ 14,813 $ 249,106 $ 132,903 $ 70,278 Basic net income per common share $ 0.12 $ 1.97 $ 1.05 $ 0.56 Diluted net income per common share $ 0.12 $ 1.95 $ 1.05 $ 0.55 Pending Divestiture Mexico Divestiture — On May 25, 2023, the Company executed an equity interest purchase agreement to sell a 49.9 % interest in Talos Energy Mexico 7, S. de R.L. de C.V., a wholly owned subsidiary of the Company (“Talos Mexico”), to Zamajal, S.A. de C.V, a wholly owned subsidiary of Grupo Carso, for approximately $ 74.9 million in cash consideration (the “Mexico Divestiture”) due at closing. An additional $ 49.9 million of cash consideration is contingent on first oil production from the Zama field. As of June 30, 2023 , Talos Mexico holds a 17.4 % interest in the Zama field. The Mexico Divestiture is expected to close during the third quarter of 2023, subject to approval by Mexico’s Federal Economic Competition Commission.

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2023
Oil and Gas Property [Abstract]
Property, Plant and Equipment	Note 3 — Property, Plant and Equipment Proved Properties During the three and six months ended June 30, 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 June 30, 2023, the Company’s ceiling test computation was based on SEC pricing of $ 83.23 per Bbl of oil, $ 5.11 per Mcf of natural gas and $ 24.85 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 (1) 258,858 Obligations incurred 220 Obligations settled ( 47,683 ) Obligations divested ( 19,417 ) Accretion expense 42,174 Changes in estimate 23,239 Asset retirement obligations at June 30, 2023 $ 799,052 Less: Current portion at June 30, 2023 57,551 Long-term portion at June 30, 2023 $ 741,501 (1) Assumed in connection with the EnVen Acquisition. See further discussion in Note 2 — Acquisitions and Divestitures. At June 30, 2023 , the Company has both restricted cash of $ 101.0 million, inclusive of interest earned to date, held in escrow and the P&A Notes Receivable of $ 15.4 million to settle future asset retirement obligations. These assets are discussed in Note 1 — Organization, Nature of Business and Basis of Presentation. During the three and six months ended June 30, 2023 , the Company recognized interest income of $ 0.4 million and $ 0.6 million, respectively, related to the P&A Notes Receivable.

Leases

Leases	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Finance lease cost - interest on lease liabilities $ 3,657 $ 1,734 $ 7,365 $ 3,793 Operating lease cost, excluding short-term leases (1) 1,188 567 2,096 1,135 Short-term lease cost (2) 36,864 6,094 69,849 11,856 Variable lease cost (3) 827 362 1,190 725 Variable and fixed sublease income ( 69 ) — ( 69 ) — Total lease cost $ 42,467 $ 8,757 $ 80,431 $ 17,509 (1) Operating lease cost reflect a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a straight-line basis. (2) Short-term lease costs are reported at gross amounts and primarily represent costs incurred for drilling rigs, most of which are short-term contracts not recognized as a right-of-use asset and lease liability on the Condensed Consolidated Balance Sheets. (3) Variable lease costs primarily represent differences between minimum payment obligations and actual operating charges incurred by the Company related to its long-term leases. The present value of the fixed lease payments recorded as the Company’s right-of-use asset and liability, adjusted for initial direct costs and incentives were as follows (in thousands): June 30, 2023 December 31, 2022 Operating leases: Operating lease assets $ 18,104 $ 5,903 Current portion of operating lease liabilities $ 3,136 $ 1,943 Operating lease liabilities 25,173 14,855 Total operating lease liabilities $ 28,309 $ 16,798 Finance leases: Proved property $ 166,261 $ 166,261 Other current liabilities $ 17,028 $ 16,306 Other long-term liabilities 140,317 149,064 Total finance lease liabilities $ 157,345 $ 165,370 The table below presents the supplemental cash flow information related to leases (in thousands): Six Months Ended June 30, 2023 2022 Operating cash outflow from finance leases $ 7,365 $ 3,793 Operating cash outflow from operating leases $ 2,787 $ 1,845 Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 12,971 $ — (1) See EnVen Acquisition in Note 2 — Acquisitions and Divestitures.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2023
Financial Instruments [Abstract]
Financial Instruments	Note 5 — Financial Instruments As of June 30, 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): June 30, 2023 December 31, 2022 Carrying Fair Carrying Fair 12.00 % Second-Priority Senior Secured Notes – due January 2026 $ 593,878 $ 674,459 $ 590,132 $ 674,542 11.75 % Senior Secured Second Lien Notes – due April 2026 (1 ) $ 250,822 $ 248,723 $ — $ — Bank Credit Facility – matures March 2027 $ 188,565 $ 200,000 $ ( 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net cash received (paid) on settled derivative instruments $ 8,162 $ ( 160,235 ) $ ( 4,161 ) $ ( 287,321 ) Unrealized gain (loss) (1) 18,035 96,141 89,295 ( 57,992 ) Price risk management activities income (expense) $ 26,197 $ ( 64,094 ) $ 85,134 $ ( 345,313 ) (1) Includes $ 1.4 million gain from the unrealized derivative instruments acquired from the EnVen Acquisition for the six months ended June 30, 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 June 30, 2023: Swap Contracts Production Period Settlement Index Volumes Swap Price Crude oil: (Bbls) (per Bbl) July 2023 – December 2023 NYMEX WTI CMA 13,174 $ 74.53 January 2024 – December 2024 NYMEX WTI CMA 12,100 $ 72.32 January 2025 – March 2025 NYMEX WTI CMA 4,000 $ 67.00 Natural gas: (MMBtu) (per MMBtu) July 2023 – December 2023 NYMEX Henry Hub 20,000 $ 3.79 January 2024 – December 2024 NYMEX Henry Hub 17,459 $ 3.44 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) July 2023 – December 2023 NYMEX WTI CMA 6,163 $ 68.78 $ 87.71 January 2024 – December 2024 NYMEX WTI CMA 1,497 $ 70.00 $ 79.32 Natural gas: (MMBtu) (per MMBtu) (per MMBtu) July 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) July 2023 – December 2023 NYMEX WTI CMA 9,200 $ 51.86 $ 65.11 $ 109.25 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): June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas derivatives $ — $ 54,177 $ — $ 54,177 Liabilities: Oil and natural gas derivatives — ( 9,664 ) — ( 9,664 ) Total net asset $ — $ 44,513 $ — $ 44,513 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): June 30, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Oil and natural gas derivatives: Current $ 45,522 $ 8,247 $ 25,029 $ 68,370 Non-current 8,655 1,417 7,854 7,872 Total gross amounts presented on balance sheet 54,177 9,664 32,883 76,242 Less: Gross amounts not offset on the balance sheet 9,275 9,275 32,883 32,883 Net amounts $ 44,902 $ 389 $ — $ 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 June 30, 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 June 30, 2023 would have been $ 44.9 million .

Debt

Debt	6 Months Ended
	Jun. 30, 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): June 30, 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 242,500 — Bank Credit Facility – matures March 2027 (1 ) 200,000 — Total debt, before discount, premium and deferred financing cost 1,081,041 638,541 Unamortized discount, premium and deferred financing cost, net ( 47,776 ) ( 53,201 ) Total debt (2) 1,033,265 585,340 Less: Current portion of long-term debt 33,156 — Long-term debt $ 1,000,109 $ 585,340 (1) As of June 30, 2023 , the Company had outstanding borrowings at a weighted average interest rate of 7.93 %. (2) At June 30, 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. On June 9, 2023, the borrowing base decreased from $ 1.5 billion to $ 1.1 billion and commitments were reaffirmed at $ 965.0 million as part of the most recent biannual redetermination.

Employee Benefits Plans and Sha

Employee Benefits Plans and Share-Based Compensation	6 Months Ended
	Jun. 30, 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 as of June 30, 2023 (in thousands): Severance accrual at December 31, 2022 $ — Accrual additions 24,075 Benefit payments ( 8,494 ) Severance accrual at June 30, 2023 15,581 Less: Current portion at June 30, 2023 15,006 Long-term portion at June 30, 2023 $ 575 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 June 30, 2023 , the rabbi trust held $ 9.3 million in assets of which $ 8.7 million and $ 0.6 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 June 30, 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 six months ended June 30, 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 ( 53,991 ) $ 16.59 Unvested RSUs at June 30, 2023 (1) 2,624,087 $ 14.63 (1) As of June 30, 2023 , 26,975 of the unvested RSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheets. Performance Share Units (“PSUs”) — The following table summarizes PSU activity under the 2021 LTIP for the six months ended June 30, 2023: PSUs Weighted Average Unvested PSUs at December 31, 2022 638,601 $ 23.66 Granted (1) 569,800 $ 18.97 Unvested PSUs at June 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Share-based compensation costs $ 8,291 $ 7,319 $ 15,482 $ 12,971 Less: Amounts capitalized to oil and gas properties 3,542 3,270 6,795 5,604 Total share-based compensation expense $ 4,749 $ 4,049 $ 8,687 $ 7,367

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 June 30, 2023, the Company recognized an income tax expense of $ 6.9 million for an effective tax rate of 33.5 %. The Company’s effective tax rate of 33.5 % is different than the U.S. federal statutory income tax rate of 21 % primarily due to state income taxes, permanent differences and the change of its valuation allowance on its federal deferred tax assets not subject to separate return limitations. For the three months ended June 30, 2022, the Company recognized an income tax expense of $ 2.6 million for an effective tax rate of 1.3 %. The Company’s effective tax rate of 1.3 % is different than the U.S. federal statutory income tax rate of 21 % primarily due to recording a valuation allowance for its deferred tax assets. For the six months ended June 30, 2023, the Company recognized an income tax benefit of $ 39.7 million for an effective tax rate of - 62.1 %. The Company’s effective tax rate of - 62.1 % 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 offset by the impact of other permanent differences. The release of the valuation allowance is a result of the deferred tax liabilities acquired with the EnVen Acquisition . For the six months ended June 30, 2022, the Company recognized an income tax expense of $ 2.1 million for an effective tax rate of 1.6 %. The Company’s effective tax rate of 1.6 % is lower than the U.S. federal statutory income tax rate of 21 % primarily due to recording a valuation allowance for its deferred tax assets. 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 $ 112.6 million and $ 2.1 million is included in “Other long-term liabilities” on the Condensed Consolidated Balance Sheets as of June 30, 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 and Divestitures . 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	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net income $ 13,677 $ 195,141 $ 103,537 $ 128,700 Weighted average common shares outstanding — basic 125,436 82,566 115,590 82,320 Dilutive effect of securities 231 1,099 773 927 Weighted average common shares outstanding — diluted 125,667 83,665 116,363 83,247 Net income per common share: Basic $ 0.11 $ 2.36 $ 0.90 $ 1.56 Diluted $ 0.11 $ 2.33 $ 0.89 $ 1.55 Anti-dilutive potentially issuable securities excluded from diluted common shares 1,640 — 1,311 1,664

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 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 9.9 % of the Company’s outstanding shares of common stock as of June 30, 2023 based on SEC beneficial ownership reports filed by the Riverstone Funds. On July 5, 2023, the Riverstone Funds ceased being a beneficial owner of more than five percent of the Company’s common stock. 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. Effective July 5, 2023, the Registration Rights Agreement terminated as there are no Registrable Securities (defined therein) outstanding. 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 5.2 % and 12.2 %, respectively, of the Company’s outstanding shares of common stock as of June 30, 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 and six months ended June 30, 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 and six months ended June 30, 2023 , the Company incurred fees for legal services performed by V&E of approximately $ 0.4 million and $ 2.1 million, respectively, of which $ 0.7 million was payable for legal services performed by V&E. For the three and six months ended June 30, 2022 , the Company incurred fees for legal services performed by V&E of approximately $ 1.0 million and $ 1.5 million, respectively, of which $ 1.2 million was payable for legal services performed by V&E. 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. The Company recognized a $ 13.9 million gain on the partial sale of its investment in Bayou Bend during the three and six months ended June 30, 2022 , which is included in “Equity method investments income” on the Condensed Consolidated Statements of Operations. Chevron also agreed to fund up to $ 10.0 million of contributions to Bayou Bend on the Company’s behalf, which was fully funded during the first quarter of 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 six months ended June 30, 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 $ 0.2 million related party receivable from Bayou Bend as of June 30, 2023. During March 2023, Bayou Bend expanded its storage footprint through the acquisition of onshore acreage in Chambers and Jefferson Counties, Texas located within the Houston Ship Channel, Beaumont and Port Arthur region. As of June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2023, the Company had secured performance bonds from third party sureties totaling $ 1.5 billion . The cost of securing these bonds is reflected as “Interest expense” on the Condensed Consolidated Statements of Operations. Additionally, as of June 30, 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 entitled him to the severance payments and benefits under his employment agreement dated as of November 6, 2015 as 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 filed a Notice of Appeal in December 2021. In April 2023, the appellate court affirmed the trial court’s judgment. The Company filed a petition for review with the Texas Supreme Court on August 2, 2023. As of June 30, 2023 , the Company has recorded $ 13.9 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 the suit. The trial was held in the Delaware Chancery Court in late July 2023. A decision is expected in 2024. The Company may recognize additional liabilities and expenses in future periods related to this litigation with Mr. Dunwoody. Decommissioning Obligations The Company, as a co-lessee or predecessor-in-interest in oil and natural gas leases located in the U.S. Gulf of Mexico, is in the chain of title with unrelated third parties either directly or by virtue of divestiture of certain oil and natural gas assets previously owned and assigned by our subsidiaries. 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. 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): June 30, 2023 December 31, 2022 Balance, beginning of period $ 54,269 $ 24,336 Additions 114 8,900 Changes in estimate 1,367 22,658 Settlements ( 2,047 ) ( 1,625 ) Balance, end of period $ 53,703 $ 54,269 Less: Current portion 41,714 42,069 Long-term portion $ 11,989 $ 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	6 Months Ended
	Jun. 30, 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. A reportable segment is an operating segment that meets materiality thresholds. The 10% tests, as prescribed by the segment reporting accounting guidance, are based on the reported measures of revenue, profit, and assets that are used by the CODM to assess performance and allocate resources. The CCS Segment currently does not meet any of the reportable segment quantitative thresholds. The profit or loss metric used to evaluate segment performance is Adjusted EBITDA, which is defined by the Company 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): Upstream All Other (1) Total Revenues from External Customers: Three Months Ended June 30, 2023 $ 367,210 $ — $ 367,210 Three Months Ended June 30, 2022 519,085 — 519,085 Six Months Ended June 30, 2023 689,792 — 689,792 Six Months Ended June 30, 2022 932,651 — 932,651 Equity in the Net Income of Investees Accounted for by the Equity Method: Three Months Ended June 30, 2023 $ 123 $ ( 2,134 ) $ ( 2,011 ) Three Months Ended June 30, 2022 ( 212 ) ( 197 ) ( 409 ) Six Months Ended June 30, 2023 255 ( 3,411 ) ( 3,156 ) Six Months Ended June 30, 2022 ( 70 ) ( 197 ) ( 267 ) Adjusted EBITDA: Three Months Ended June 30, 2023 $ 253,615 $ ( 2,360 ) $ 251,255 Three Months Ended June 30, 2022 257,346 ( 5,413 ) 251,933 Six Months Ended June 30, 2023 464,098 ( 8,517 ) 455,581 Six Months Ended June 30, 2022 469,428 ( 7,944 ) 461,484 Segment Expenditures: Six Months Ended June 30, 2023 $ 379,361 $ 23,057 $ 402,418 Six Months Ended June 30, 2022 168,048 2,585 170,633 (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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Adjusted EBITDA: Total for reportable segments $ 253,615 $ 257,346 $ 464,098 $ 469,428 All other ( 2,360 ) ( 5,413 ) ( 8,517 ) ( 7,944 ) Unallocated corporate general and administrative expense ( 1,532 ) ( 1,156 ) ( 2,795 ) ( 2,494 ) Interest expense ( 45,632 ) ( 30,776 ) ( 83,213 ) ( 62,266 ) Depreciation, depletion and amortization ( 169,794 ) ( 104,511 ) ( 317,117 ) ( 202,851 ) Accretion expense ( 22,760 ) ( 14,844 ) ( 42,174 ) ( 29,221 ) Transaction and other income (expenses) (1) ( 3,513 ) 15,214 ( 25,522 ) 42,075 Decommissioning obligations (2) ( 741 ) ( 10,204 ) ( 1,482 ) ( 10,533 ) Derivative fair value gain (loss) (3) 26,197 ( 64,094 ) 85,134 ( 345,313 ) Net cash (received) paid on settled derivative instruments (3) ( 8,162 ) 160,235 4,161 287,321 Non-cash equity-based compensation expense ( 4,749 ) ( 4,049 ) ( 8,687 ) ( 7,367 ) Income (loss) before income taxes $ 20,569 $ 197,748 $ 63,886 $ 130,835 (1) For the three and six months ended June 30, 2023 , transaction expenses includes $ 2.7 million and $ 37.9 million, respectively, in costs related to the EnVen Acquisition, inclusive of $ 1.4 million and $ 24.0 million, respectively, in severance expense. See further discussion in Note 2 — Acquisitions and Divestitures 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. It includes an $ 8.6 million gain on the funding of the capital carry of its investment in Bayou Bend by Chevron for the six months ended June 30, 2023 and a $ 13.9 million gain on the partial sale of its investment in Bayou Bend by Chevron for the three and six months ended June 30, 2022, that is further discussed in Note 10 — Related Party Transactions . For the six months ended June 30, 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): Six Months Ended June 30, 2023 2022 Segment Expenditures: Total reportable segments $ 379,361 $ 168,048 All other 23,057 2,585 Change in capital expenditures included in accounts payable and accrued liabilities ( 7,546 ) ( 1,592 ) Plugging & abandonment ( 47,683 ) ( 39,768 ) Decommissioning obligations settled ( 2,047 ) — Investment in CCS intangibles and equity method investees ( 23,057 ) ( 2,585 ) Deferred payments ( 462 ) — Insurance recovery proceeds 12,500 — Non-cash well equipment inventory transfers ( 35,793 ) 143 Other 328 1,251 Exploration, development and other capital expenditures $ 298,658 $ 128,082

Organization, Nature of Busin_2

Organization, Nature of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 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 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 in Note 2 — Acquisitions and Divestitures ). These escrow accounts required deposits of approximately $ 100.0 million, which was fully funded by EnVen (as defined in Note 2 — Acquisitions and Divestitures ) prior to the consummation of the acquisition. This is reflected as “Restricted cash” within “Other long-term assets” on the Condensed Consolidated Balance Sheets.
Notes Receivable, net	Notes Receivable, net — The Company holds two notes receivable 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 Condensed Consolidated Balance Sheets. 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.”

Organization, Nature of Busin_3

Organization, Nature of Business and Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2023 December 31, 2022 Cash and cash equivalents $ 17,525 $ 44,145 Restricted cash included in Other long-term assets 100,973 — Total cash, cash equivalent and restricted cash $ 118,498 $ 44,145

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables) - EnVen Energy Corporation	6 Months Ended
	Jun. 30, 2023
Business Acquisition [Line Items]
Summary of Purchase Price	The following table summarizes the purchase price (in thousands except share and 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 Settlement of preexisting relationship $ 8,388 Total purchase price $ 1,047,899 (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 1,455,358 Other long-term assets: Restricted cash 100,753 Notes receivable, net 14,844 Other long-term assets 53,457 Current liabilities: Current portion of long-term debt ( 33,234 ) Current portion of asset retirement obligations ( 7,079 ) Other current liabilities ( 123,399 ) Long-term liabilities: Long-term debt ( 233,836 ) Asset retirement obligations ( 251,779 ) Deferred tax liabilities ( 150,504 ) Other long-term liabilities ( 14,975 ) Allocated purchase price $ 1,047,899
Summary Of Revenues And Net Income Attributable To Acquisition	The following table presents revenue and net income (loss) attributable to the EnVen Acquisition for the three months ended June 30, 2023 and the period from February 13, 2023 to June 30, 2023 (in thousands): Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Revenue $ 113,582 $ 175,641 Net income $ 25,878 $ 19,788
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 (in thousands, except for the per share data). Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenue $ 367,210 $ 748,760 $ 741,835 $ 1,336,534 Net income $ 14,813 $ 249,106 $ 132,903 $ 70,278 Basic net income per common share $ 0.12 $ 1.97 $ 1.05 $ 0.56 Diluted net income per common share $ 0.12 $ 1.95 $ 1.05 $ 0.55

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 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 (1) 258,858 Obligations incurred 220 Obligations settled ( 47,683 ) Obligations divested ( 19,417 ) Accretion expense 42,174 Changes in estimate 23,239 Asset retirement obligations at June 30, 2023 $ 799,052 Less: Current portion at June 30, 2023 57,551 Long-term portion at June 30, 2023 $ 741,501 (1) Assumed in connection with the EnVen Acquisition. See further discussion in Note 2 — Acquisitions and Divestitures. At June 30, 2023 , the Company has both restricted cash of $ 101.0 million, inclusive of interest earned to date, held in escrow and the P&A Notes Receivable of $ 15.4 million to settle future asset retirement obligations. These assets are discussed in Note 1 — Organization, Nature of Business and Basis of Presentation. During the three and six months ended June 30, 2023 , the Company recognized interest income of $ 0.4 million and $ 0.6 million, respectively, related to the P&A Notes Receivable.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Components of Lease Costs	The components of lease costs were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Finance lease cost - interest on lease liabilities $ 3,657 $ 1,734 $ 7,365 $ 3,793 Operating lease cost, excluding short-term leases (1) 1,188 567 2,096 1,135 Short-term lease cost (2) 36,864 6,094 69,849 11,856 Variable lease cost (3) 827 362 1,190 725 Variable and fixed sublease income ( 69 ) — ( 69 ) — Total lease cost $ 42,467 $ 8,757 $ 80,431 $ 17,509 (1) Operating lease cost reflect a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a straight-line basis. (2) Short-term lease costs are reported at gross amounts and primarily represent costs incurred for drilling rigs, most of which are short-term contracts not recognized as a right-of-use asset and lease liability on the Condensed Consolidated Balance Sheets. (3) Variable lease costs primarily represent differences between minimum payment obligations and actual operating charges incurred by the Company related to its long-term leases.
Schedule of Right-of-Use Asset and Liability, Adjusted for Initial Direct Costs and Incentives	The present value of the fixed lease payments recorded as the Company’s right-of-use asset and liability, adjusted for initial direct costs and incentives were as follows (in thousands): June 30, 2023 December 31, 2022 Operating leases: Operating lease assets $ 18,104 $ 5,903 Current portion of operating lease liabilities $ 3,136 $ 1,943 Operating lease liabilities 25,173 14,855 Total operating lease liabilities $ 28,309 $ 16,798 Finance leases: Proved property $ 166,261 $ 166,261 Other current liabilities $ 17,028 $ 16,306 Other long-term liabilities 140,317 149,064 Total finance lease liabilities $ 157,345 $ 165,370
Supplemental Cash Flow Information Related to Leases	The table below presents the supplemental cash flow information related to leases (in thousands): Six Months Ended June 30, 2023 2022 Operating cash outflow from finance leases $ 7,365 $ 3,793 Operating cash outflow from operating leases $ 2,787 $ 1,845 Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 12,971 $ — (1) See EnVen Acquisition in Note 2 — Acquisitions and Divestitures.

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2023 December 31, 2022 Carrying Fair Carrying Fair 12.00 % Second-Priority Senior Secured Notes – due January 2026 $ 593,878 $ 674,459 $ 590,132 $ 674,542 11.75 % Senior Secured Second Lien Notes – due April 2026 (1 ) $ 250,822 $ 248,723 $ — $ — Bank Credit Facility – matures March 2027 $ 188,565 $ 200,000 $ ( 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net cash received (paid) on settled derivative instruments $ 8,162 $ ( 160,235 ) $ ( 4,161 ) $ ( 287,321 ) Unrealized gain (loss) (1) 18,035 96,141 89,295 ( 57,992 ) Price risk management activities income (expense) $ 26,197 $ ( 64,094 ) $ 85,134 $ ( 345,313 ) (1) Includes $ 1.4 million gain from the unrealized derivative instruments acquired from the EnVen Acquisition for the six months ended June 30, 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 June 30, 2023: Swap Contracts Production Period Settlement Index Volumes Swap Price Crude oil: (Bbls) (per Bbl) July 2023 – December 2023 NYMEX WTI CMA 13,174 $ 74.53 January 2024 – December 2024 NYMEX WTI CMA 12,100 $ 72.32 January 2025 – March 2025 NYMEX WTI CMA 4,000 $ 67.00 Natural gas: (MMBtu) (per MMBtu) July 2023 – December 2023 NYMEX Henry Hub 20,000 $ 3.79 January 2024 – December 2024 NYMEX Henry Hub 17,459 $ 3.44 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) July 2023 – December 2023 NYMEX WTI CMA 6,163 $ 68.78 $ 87.71 January 2024 – December 2024 NYMEX WTI CMA 1,497 $ 70.00 $ 79.32 Natural gas: (MMBtu) (per MMBtu) (per MMBtu) July 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) July 2023 – December 2023 NYMEX WTI CMA 9,200 $ 51.86 $ 65.11 $ 109.25 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): June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas derivatives $ — $ 54,177 $ — $ 54,177 Liabilities: Oil and natural gas derivatives — ( 9,664 ) — ( 9,664 ) Total net asset $ — $ 44,513 $ — $ 44,513 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): June 30, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Oil and natural gas derivatives: Current $ 45,522 $ 8,247 $ 25,029 $ 68,370 Non-current 8,655 1,417 7,854 7,872 Total gross amounts presented on balance sheet 54,177 9,664 32,883 76,242 Less: Gross amounts not offset on the balance sheet 9,275 9,275 32,883 32,883 Net amounts $ 44,902 $ 389 $ — $ 43,359

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 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 242,500 — Bank Credit Facility – matures March 2027 (1 ) 200,000 — Total debt, before discount, premium and deferred financing cost 1,081,041 638,541 Unamortized discount, premium and deferred financing cost, net ( 47,776 ) ( 53,201 ) Total debt (2) 1,033,265 585,340 Less: Current portion of long-term debt 33,156 — Long-term debt $ 1,000,109 $ 585,340 (1) As of June 30, 2023 , the Company had outstanding borrowings at a weighted average interest rate of 7.93 %. (2) At June 30, 2023 , the Company was in compliance with all debt covenants.

Employee Benefits Plans and S_2

Employee Benefits Plans and Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 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 as of June 30, 2023 (in thousands): Severance accrual at December 31, 2022 $ — Accrual additions 24,075 Benefit payments ( 8,494 ) Severance accrual at June 30, 2023 15,581 Less: Current portion at June 30, 2023 15,006 Long-term portion at June 30, 2023 $ 575
Summary of Restricted Stock Units Activity	The following table summarizes RSU activity under the Talos Energy Inc. 2021 Long Term Incentive Plan (the “2021 LTIP”) for the six months ended June 30, 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 ( 53,991 ) $ 16.59 Unvested RSUs at June 30, 2023 (1) 2,624,087 $ 14.63 As of June 30, 2023 , 26,975 of the unvested RSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheets.
Summary of Performance Share Units Activity	The following table summarizes PSU activity under the 2021 LTIP for the six months ended June 30, 2023: PSUs Weighted Average Unvested PSUs at December 31, 2022 638,601 $ 23.66 Granted (1) 569,800 $ 18.97 Unvested PSUs at June 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Share-based compensation costs $ 8,291 $ 7,319 $ 15,482 $ 12,971 Less: Amounts capitalized to oil and gas properties 3,542 3,270 6,795 5,604 Total share-based compensation expense $ 4,749 $ 4,049 $ 8,687 $ 7,367

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net income $ 13,677 $ 195,141 $ 103,537 $ 128,700 Weighted average common shares outstanding — basic 125,436 82,566 115,590 82,320 Dilutive effect of securities 231 1,099 773 927 Weighted average common shares outstanding — diluted 125,667 83,665 116,363 83,247 Net income per common share: Basic $ 0.11 $ 2.36 $ 0.90 $ 1.56 Diluted $ 0.11 $ 2.33 $ 0.89 $ 1.55 Anti-dilutive potentially issuable securities excluded from diluted common shares 1,640 — 1,311 1,664

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2023 December 31, 2022 Balance, beginning of period $ 54,269 $ 24,336 Additions 114 8,900 Changes in estimate 1,367 22,658 Settlements ( 2,047 ) ( 1,625 ) Balance, end of period $ 53,703 $ 54,269 Less: Current portion 41,714 42,069 Long-term portion $ 11,989 $ 12,200

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Summary of Information by Business Segment	The following table presents selected segment information for the periods indicated (in thousands): Upstream All Other (1) Total Revenues from External Customers: Three Months Ended June 30, 2023 $ 367,210 $ — $ 367,210 Three Months Ended June 30, 2022 519,085 — 519,085 Six Months Ended June 30, 2023 689,792 — 689,792 Six Months Ended June 30, 2022 932,651 — 932,651 Equity in the Net Income of Investees Accounted for by the Equity Method: Three Months Ended June 30, 2023 $ 123 $ ( 2,134 ) $ ( 2,011 ) Three Months Ended June 30, 2022 ( 212 ) ( 197 ) ( 409 ) Six Months Ended June 30, 2023 255 ( 3,411 ) ( 3,156 ) Six Months Ended June 30, 2022 ( 70 ) ( 197 ) ( 267 ) Adjusted EBITDA: Three Months Ended June 30, 2023 $ 253,615 $ ( 2,360 ) $ 251,255 Three Months Ended June 30, 2022 257,346 ( 5,413 ) 251,933 Six Months Ended June 30, 2023 464,098 ( 8,517 ) 455,581 Six Months Ended June 30, 2022 469,428 ( 7,944 ) 461,484 Segment Expenditures: Six Months Ended June 30, 2023 $ 379,361 $ 23,057 $ 402,418 Six Months Ended June 30, 2022 168,048 2,585 170,633 (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.
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Adjusted EBITDA: Total for reportable segments $ 253,615 $ 257,346 $ 464,098 $ 469,428 All other ( 2,360 ) ( 5,413 ) ( 8,517 ) ( 7,944 ) Unallocated corporate general and administrative expense ( 1,532 ) ( 1,156 ) ( 2,795 ) ( 2,494 ) Interest expense ( 45,632 ) ( 30,776 ) ( 83,213 ) ( 62,266 ) Depreciation, depletion and amortization ( 169,794 ) ( 104,511 ) ( 317,117 ) ( 202,851 ) Accretion expense ( 22,760 ) ( 14,844 ) ( 42,174 ) ( 29,221 ) Transaction and other income (expenses) (1) ( 3,513 ) 15,214 ( 25,522 ) 42,075 Decommissioning obligations (2) ( 741 ) ( 10,204 ) ( 1,482 ) ( 10,533 ) Derivative fair value gain (loss) (3) 26,197 ( 64,094 ) 85,134 ( 345,313 ) Net cash (received) paid on settled derivative instruments (3) ( 8,162 ) 160,235 4,161 287,321 Non-cash equity-based compensation expense ( 4,749 ) ( 4,049 ) ( 8,687 ) ( 7,367 ) Income (loss) before income taxes $ 20,569 $ 197,748 $ 63,886 $ 130,835 (1) For the three and six months ended June 30, 2023 , transaction expenses includes $ 2.7 million and $ 37.9 million, respectively, in costs related to the EnVen Acquisition, inclusive of $ 1.4 million and $ 24.0 million, respectively, in severance expense. See further discussion in Note 2 — Acquisitions and Divestitures 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. It includes an $ 8.6 million gain on the funding of the capital carry of its investment in Bayou Bend by Chevron for the six months ended June 30, 2023 and a $ 13.9 million gain on the partial sale of its investment in Bayou Bend by Chevron for the three and six months ended June 30, 2022, that is further discussed in Note 10 — Related Party Transactions . For the six months ended June 30, 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): Six Months Ended June 30, 2023 2022 Segment Expenditures: Total reportable segments $ 379,361 $ 168,048 All other 23,057 2,585 Change in capital expenditures included in accounts payable and accrued liabilities ( 7,546 ) ( 1,592 ) Plugging & abandonment ( 47,683 ) ( 39,768 ) Decommissioning obligations settled ( 2,047 ) — Investment in CCS intangibles and equity method investees ( 23,057 ) ( 2,585 ) Deferred payments ( 462 ) — Insurance recovery proceeds 12,500 — Non-cash well equipment inventory transfers ( 35,793 ) 143 Other 328 1,251 Exploration, development and other capital expenditures $ 298,658 $ 128,082

Organization, Nature of Busin_4

Organization, Nature of Business and Basis of Presentation - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) Segment
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Date of incorporation	Nov. 14, 2017
Number of operating segments | Segment	2
EnVen Energy Corporation
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Receivable with Imputed Interest, Face Amount	$ 66.2
EnVen Energy Corporation | Future plugging and abanonment obligations
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Escrow Deposit	$ 100

Organization, Nature of Busin_5

Organization, Nature of Business and Basis of Presentation - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 17,525	$ 44,145
Restricted cash included in Other long term assets	100,973	0
Total cash, cash equivalent and restricted cash	$ 118,498	$ 44,145	$ 108,481	$ 69,852

Acquisitions and Divestitures -

Acquisitions and Divestitures - Business Combinations - Additional Information (Details) - EnVen Energy Corporation - USD ($) $ in Thousands			3 Months Ended		6 Months Ended		12 Months Ended
	Feb. 13, 2023	Sep. 21, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Business acquisition, effective date	Feb. 13, 2023
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 and six months ended June 30, 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 in Note 6 — Debt), (iii) general and administrative expense adjusted for transaction related costs incurred (including severance), (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 and six months ended June 30, 2022 were adjusted to exclude $1.5 million and include $78.9 million of general and administrative expenses, respectively, of which $16.3 million were incurred during the year ended December 31, 2022. Supplemental pro forma earnings for the three and six months ended June 30, 2023 were adjusted to exclude $1.4 million and $64.1 million of general and administrative expenses, respectively.
Business Acquisition, Pro Forma Revenue			$ 367,210	$ 748,760	$ 741,835	$ 1,336,534
Supplemental pro forma earnings			14,813	249,106	132,903	70,278
Cash consideration	$ 207,313
Business Acquisition, Date of Acquisition Agreement		Sep. 21, 2022
Common stock value	832,198
Settlement of preexisting relationship	8,388
Settlement of preexisting relationship
Business Acquisition [Line Items]
Gain or loss recognized on settlement	$ 0
Employee Severance
Business Acquisition [Line Items]
Aquisition severance cost			1,400		24,000
General and Administrative Expense
Business Acquisition [Line Items]
Cumulative transaction related costs			21,800		21,800
Acquisition, transaction related cost			200		12,800		$ 9,000
General and Administrative Expense | Pro Forma
Business Acquisition [Line Items]
Acquisition, transaction related cost							$ 16,300
General and Administrative Expense | Nonrecurring Adjustments [Member]
Business Acquisition [Line Items]
Supplemental pro forma earnings			$ (1,400)	$ (1,500)	$ (64,100)	$ 78,900
Common Stock
Business Acquisition [Line Items]
Aggregate shares issued	43,799,890
Common Stock | Pro Forma
Business Acquisition [Line Items]
Aggregate shares issued				43,800,000		43,800,000
11.75% notes
Business Acquisition [Line Items]
Debt instrument interest rate			11.75%		11.75%

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Business Combinations - Summary of Purchase Price (Details) - EnVen Energy Corporation $ / shares in Units, $ in Thousands	Feb. 13, 2023 USD ($) $ / shares shares
Business Acquisition [Line Items]
Talos common stock price per share | $ / shares	$ 19	[1]
Common stock value	$ 832,198
Cash consideration	207,313
Settlement of preexisting relationship	8,388
Total purchase price	$ 1,047,899
Common Stock
Business Acquisition [Line Items]
Talos common stock | shares	43,799,890
[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 and Divestitures_3

Acquisitions and Divestitures - 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	1,455,358
Restricted cash	100,753
Notes receivable, net	14,844
Other long-term assets	53,457
Current portion of long-term debt	(33,234)
Current portion of asset retirement obligations	(7,079)
Other current liabilities	(123,399)
Long-term debt	(233,836)
Asset retirement obligations	(251,779)
Deferred tax liabilities	(150,504)
Other long-term liabilities	(14,975)
Allocated purchase price	$ 1,047,899

Acquisitions and Divestitures_4

Acquisitions and Divestitures - Business Combinations - Summary of Revenue and Net Income Attributable to Acquisition (Details) - EnVen Energy Corporation - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Business Acquisition [Line Items]
Revenue	$ 113,582	$ 175,641
Net loss	$ 25,878	$ 19,788

Acquisitions and Divestitures_5

Acquisitions and Divestitures - Business Combinations - Supplemental Proforma Information (Details) - EnVen Energy Corporation - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue	$ 367,210	$ 748,760	$ 741,835	$ 1,336,534
Net income	$ 14,813	$ 249,106	$ 132,903	$ 70,278
Basic net income per common share	$ 0.12	$ 1.97	$ 1.05	$ 0.56
Diluted net income per common share	$ 0.12	$ 1.95	$ 1.05	$ 0.55

Acquisitions and Divestitures_6

Acquisitions and Divestitures - Pending Divestiture - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	May 25, 2023
Talos Mexico | Pro Forma
Business Acquisition [Line Items]
Percentage of Equity Interests Sold		49.90%
Proceeds from Divestiture of Businesses		$ 74.9
Talos Mexico | Pro Forma | Earnout
Business Acquisition [Line Items]
Proceeds from Divestiture of Businesses		$ 49.9
Zama Field
Business Acquisition [Line Items]
Oil And Gas Ownership Working Interest	17.40%

Property, Plant and Equipment -

Property, Plant and Equipment - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / Mcf $ / bbl	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Restricted cash	$ 100,973,000		$ 100,973,000		$ 0
Notes receivable, net	15,413,000		15,413,000		$ 0
Other Nonoperating Income (Expense) | Financing Receivable
Property, Plant and Equipment [Line Items]
Interest income	400,000		600,000
Future plugging and abanonment obligations
Property, Plant and Equipment [Line Items]
Restricted cash	101,000,000		101,000,000
Notes receivable, net	15,400,000		15,400,000
US
Property, Plant and Equipment [Line Items]
Write-down of oil and natural gas properties	$ 0	$ 0	$ 0	$ 0
US | Oil (MBbls)
Property, Plant and Equipment [Line Items]
SEC pricing | $ / bbl			83.23
US | Gas (MMcf)
Property, Plant and Equipment [Line Items]
SEC pricing | $ / Mcf			5.11
US | NGL (MBbls)
Property, Plant and Equipment [Line Items]
SEC pricing | $ / bbl			24.85

Property, Plant and Equipment_2

Property, Plant and Equipment - Schedule of Asset Retirement Obligations (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Oil and Gas Property [Abstract]
Asset retirement obligations at December 31, 2022				$ 541,661
Obligations assumed	[1]			258,858
Obligations incurred				220
Obligations settled				(47,683)
Obligations divested				(19,417)
Accretion expense		$ 22,760	$ 14,844	42,174	$ 29,221
Changes in estimate				23,239
Asset retirement obligations at June 30, 2023		799,052		799,052
Less: Current portion at June 30, 2023		57,551		57,551		$ 39,888
Long-term portion at June 30, 2023		$ 741,501		$ 741,501		$ 501,773
[1] Assumed in connection with the EnVen Acquisition. See further discussion in Note 2 — Acquisitions and Divestitures.

Leases - Components of Lease Co

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lease, Cost [Abstract]
Finance lease cost - interest on lease liabilities		$ 3,657	$ 1,734	$ 7,365	$ 3,793
Operating lease cost, excluding short-term leases	[1]	1,188	567	2,096	1,135
Short-term lease cost	[2]	36,864	6,094	69,849	11,856
Variable lease cost	[3]	827	362	1,190	725
Variable and fixed sublease income		(69)	0	(69)	0
Total lease cost		$ 42,467	$ 8,757	$ 80,431	$ 17,509
[1] Operating lease cost reflect a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a straight-line basis. Short-term lease costs are reported at gross amounts and primarily represent costs incurred for drilling rigs, most of which are short-term contracts not recognized as a right-of-use asset and lease liability on the Condensed Consolidated Balance Sheets. Variable lease costs primarily represent differences between minimum payment obligations and actual operating charges incurred by the Company related to its long-term leases.

Leases - Schedule of Right-of-U

Leases - Schedule of Right-of-Use Asset and Liability, Adjusted for Initial Direct Costs and Incentives (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets and Liabilities, Lessee [Abstract]
Operating lease assets	$ 18,104	$ 5,903
Current portion of operating lease liabilities	$ 3,136	$ 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	$ 25,173	$ 14,855
Total operating lease liabilities	28,309	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	$ 17,028	$ 16,306
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Other long-term liabilities	$ 140,317	$ 149,064
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Total finance lease liabilities	$ 157,345	$ 165,370

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Cash Flow, Operating Activities, Lessee [Abstract]
Operating cash outflow from finance leases		$ 7,365	$ 3,793
Operating cash outflow from operating leases		2,787	1,845
Right-of-use assets obtained in exchange for new operating lease liabilities	[1]	$ 12,971	$ 0
[1] See EnVen Acquisition in Note 2 — Acquisitions and Divestitures.

Financial Instruments - Schedul

Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Carrying Amount		$ 1,033,265	$ 585,340
12.00% Second-Priority Senior Secured Notes - due January 2026
Debt Instrument [Line Items]
Carrying Amount		593,878	590,132
Fair Value		674,459	674,542
11.75% Senior Secured Second Lien Notes - due April 2026
Debt Instrument [Line Items]
Carrying Amount	[1]	250,822	0
Fair Value	[1]	248,723	0
Bank Credit Facility - matures March 2027
Debt Instrument [Line Items]
Carrying Amount		188,565
Fair Value		$ 200,000	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)		6 Months Ended	12 Months Ended
	Feb. 13, 2023	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2023 would have been $44.9 million.
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | $	$ 44.9
Counterparty Risk Investment Grade
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		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative fair value gain (loss)		$ 26,197	$ (64,094)	$ 85,134	$ (345,313)
Gain Loss On Derivative Instruments Unrealized Component
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative fair value gain (loss)	[1]	18,035	96,141	89,295	(57,992)
Commodity Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative fair value gain (loss)		26,197	(64,094)	85,134	(345,313)
Commodity Contract | Gain Loss On Derivative Instruments Realized Component
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative fair value gain (loss)		$ 8,162	$ (160,235)	$ (4,161)	$ (287,321)
[1] Includes $ 1.4 million gain from the unrealized derivative instruments acquired from the EnVen Acquisition for the six months ended June 30, 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		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative fair value gain (loss)		$ 26,197	$ (64,094)	$ 85,134	$ (345,313)
Gain Loss On Derivative Instruments Unrealized Component
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative fair value gain (loss)	[1]	$ 18,035	$ 96,141	89,295	$ (57,992)
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 gain from the unrealized derivative instruments acquired from the EnVen Acquisition for the six months ended June 30, 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)	6 Months Ended
	Jun. 30, 2023 MMBTU $ / bbl $ / MMBTU bbl
Crude Oil | July 2023 - December 2023 | Swap
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Volumes | bbl	13,174
Swap Price	74.53
Crude Oil | July 2023 - December 2023 | Collar
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Volumes | bbl	6,163
Floor Price	68.78
Ceiling Price	87.71
Crude Oil | July 2023 - December 2023 | Three-Way Collar Contracts
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Volumes | bbl	9,200
Floor Price	65.11
Ceiling Price	109.25
Crude Oil | July 2023 - December 2023 | Three-Way Collar Contracts | Short
Derivative [Line Items]
Short Put Price	51.86
Crude Oil | January 2024 - December 2024 | Swap
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Volumes | bbl	12,100
Swap Price	72.32
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 | July 2023 - December 2023 | Swap
Derivative [Line Items]
Settlement Index	NYMEX Henry Hub
Average Daily Volumes | MMBTU	20,000
Swap Price | $ / MMBTU	3.79
Natural Gas | July 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	17,459
Swap Price | $ / MMBTU	3.44
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	6.9
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	Jun. 30, 2023	Dec. 31, 2022
Oil and Natural Gas Derivatives
Assets:
Oil and natural gas derivatives	$ 44,902	$ 0
Liabilities:
Oil and natural gas derivatives	389	43,359
Fair Value on Recurring Basis
Liabilities:
Total net asset, liability	44,513	(43,359)
Fair Value on Recurring Basis | Oil and Natural Gas Derivatives
Assets:
Oil and natural gas derivatives	$ 54,177	$ 32,883
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Liabilities:
Oil and natural gas derivatives	$ (9,664)	$ (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	$ 44,513	$ (43,359)
Fair Value on Recurring Basis | Level 2 | Oil and Natural Gas Derivatives
Assets:
Oil and natural gas derivatives	$ 54,177	$ 32,883
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Liabilities:
Oil and natural gas derivatives	$ (9,664)	$ (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	Jun. 30, 2023	Dec. 31, 2022
Price Risk Derivatives [Line Items]
Assets from price risk management activities	$ 45,522	$ 25,029
Assets from price risk management activities	8,655	7,854
Liabilities from price risk management activities	8,247	68,370
Liabilities from price risk management activities	1,417	7,872
Oil and Natural Gas Derivatives
Price Risk Derivatives [Line Items]
Assets from price risk management activities	45,522	25,029
Assets from price risk management activities	8,655	7,854
Total gross amounts presented on balance sheet, Assets	54,177	32,883
Gross amounts not offset on the balance sheet	9,275	32,883
Net Amounts	44,902	0
Liabilities from price risk management activities	8,247	68,370
Liabilities from price risk management activities	1,417	7,872
Total gross amounts presented on balance sheet, Liabilities	9,664	76,242
Gross amounts not offset on the balance sheet	9,275	32,883
Net Amounts	$ 389	$ 43,359

Debt - Summary of Detail Compri

Debt - Summary of Detail Comprising Debt and Related Book Values (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt, before discount, premium and deferred financing cost	$ 1,081,041	$ 638,541
Unamortized discount, premium and deferred financing cost, net	(47,776)	(53,201)
Total debt	1,033,265	585,340
Less: current portion of long-term debt	33,156	0
Long-term debt	1,000,109	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	242,500	0
Line of Credit | Bank Credit Facility - matures March 2027
Debt Instrument [Line Items]
Total debt, before discount, premium and deferred financing cost	$ 200,000	$ 0

Debt - Summary of Detail Comp_2

Debt - Summary of Detail Comprising Debt and Related Book Values (Parenthetical) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 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	7.93%

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Feb. 13, 2023	Jun. 30, 2023	Dec. 31, 2022	Jun. 09, 2023	Dec. 23, 2022
Debt Instrument [Line Items]
Debt Instruments		$ 1,081,041	$ 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]
Line of Credit Facility, Commitments		$ 965,000		$ 965,000
Bank Credit Facility [Member] | Minimum
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity				1,100,000
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
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity				$ 1,500,000
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 March 2027
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. On June 9, 2023, the borrowing base decreased from $1.5 billion to $1.1 billion and commitments were reaffirmed at $965.0 million as part of the most recent biannual redetermination.
Bank Credit Facility - matures March 2027 | Line of Credit
Debt Instrument [Line Items]
Debt Instruments		$ 200,000	$ 0
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		$ 242,500	$ 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	6 Months Ended
	Jun. 30, 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	$ 9.3	$ 14.5
Asset, Held-in-Trust, Current	8.7
Asset, Held-in-Trust, Noncurrent	$ 0.6
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] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023
Acquisition Severance Costs [Line Items]
Severance accrual at December 31, 2022	$ 0
Accrual additions	24,075
Benefit payments	(8,494)
Less: Current portion at June 30, 2023	15,006
Long-term portion at June 30, 2023	575
Severance accrual at June 30, 2023	$ 15,581

Employee Benefits Plans and S_5

Employee Benefits Plans and Share-Based Compensation - Schedule of Restricted Stock and Performance Share Units Activity (Details)	6 Months Ended
	Jun. 30, 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	(53,991)
Unvested end of the period | shares	2,624,087	[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	16.59
Unvested weighted average grant date fair value, end of the period | $ / shares	$ 14.63	[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 June 30, 2023 , 26,975 of the unvested RSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheets. 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		6 Months Ended
		Jun. 30, 2023		Dec. 31, 2022
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted		1,078,062
Unvested RSUs		2,624,087	[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 June 30, 2023 , 26,975 of the unvested RSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheets. 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share-based compensation costs	$ 8,291	$ 7,319	$ 15,482	$ 12,971
Less: Amounts capitalized to oil and gas properties	3,542	3,270	6,795	5,604
Share-Based Payment Arrangement, Expense	$ 4,749	$ 4,049	$ 8,687	$ 7,367

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Feb. 13, 2023	Dec. 31, 2022
Income tax benefit (expense)	$ (6,892)	$ (2,607)	$ 39,651	$ (2,135)
Effective tax rate	33.50%	1.30%	(62.10%)	1.60%
U.S. Federal statutory rate	21%	21%	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	$ 112,600		$ 112,600			$ 2,100
EnVen Energy Corporation [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 13,677	$ 195,141	$ 103,537	$ 128,700
Weighted average common shares outstanding — basic	125,436	82,566	115,590	82,320
Dilutive effect of securities	231	1,099	773	927
Weighted average common shares outstanding — diluted	125,667	83,665	116,363	83,247
Basic	$ 0.11	$ 2.36	$ 0.9	$ 1.56
Diluted	$ 0.11	$ 2.33	$ 0.89	$ 1.55
Anti-dilutive potentially issuable securities excluded from diluted common shares	1,640	0	1,311	1,664

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands				1 Months Ended	3 Months Ended			6 Months Ended
	Feb. 13, 2023	May 24, 2022	Mar. 08, 2022	May 31, 2022	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
General and administrative expense					$ 33,182		$ 22,925	$ 96,369	$ 45,453
Equity method investment payment								15,260	2,250
Proceeds from sale of equity method investment								$ 0	15,000
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	$ 0	0
Equity Method Investment Income | Bayou Bend CCS LLC
Related Party Transaction [Line Items]
Gain on partial disposal of investment							13,900	$ 8,600	13,900
Equity Method Investee | Related Party | Bayou Bend CCS LLC
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage			50%		25%			25%
Equity method investment payment			$ 2,300
Related party receivable					$ 200			$ 200
Chevron U.S.A Inc | Nonrelated Party | Bayou Bend CCS LLC
Related Party Transaction [Line Items]
Equity Method Investment Ownership Percentage Sold				25%
Proceeds from sale of equity method investment				$ 15,000
Capital carry contribution funded						$ 10,000
Chevron U.S.A Inc | Nonrelated Party | Maximum | Bayou Bend CCS LLC
Related Party Transaction [Line Items]
Additional Mandatory Cash Contributions Capital Carry Company Portion		$ 10,000
Riverstone | Beneficial Owner
Related Party Transaction [Line Items]
Stock ownership percentage					9.90%			9.90%
Bain | Beneficial Owner
Related Party Transaction [Line Items]
Stock ownership percentage					12.20%			12.20%
Adage | Beneficial Owner
Related Party Transaction [Line Items]
Stock ownership percentage					5.20%			5.20%
Vinson & Elkins L.L.P. | Related Party
Related Party Transaction [Line Items]
General and administrative expense					$ 400		1,000	$ 2,100	1,500
Legal fees payable					$ 700		$ 1,200	$ 700	$ 1,200

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions		6 Months Ended
	Mar. 23, 2022	Jun. 30, 2023
Loss Contingencies [Line Items]
Gain (Loss) Related to Litigation Settlement	$ 27.5
Bank Credit Facility | Letter of Credit
Loss Contingencies [Line Items]
Letters of credit outstanding amount		$ 10.8
Dunwoody | Judicial ruling | Other Current Liabilities | EnVen Energy Corporation
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party		13.9
Surety Bond
Loss Contingencies [Line Items]
Surety performance bonds outstanding		$ 1,500

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Decommisioning Obligations Included in consolidated Balance Sheets (Details) - Decommissioning Abandonment Obligations - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Balance, beginning of period	$ 54,269	$ 24,336
Additions	114	8,900
Changes in estimate	1,367	22,658
Settlements	(2,047)	(1,625)
Balance, end of period	53,703	54,269
Other Current Liabilities
Loss Contingencies [Line Items]
Less: Current portion	41,714	42,069
Other Noncurrent Liabilities
Loss Contingencies [Line Items]
Long-term portion	$ 11,989	$ 12,200

Segment Information - Additiona

Segment Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023 Segment
Segment Reporting [Abstract]
Number of operating segments	2
Segment Reporting, No Asset Information [true false]	true

Segment Information - Summary o

Segment Information - Summary of Information by Business Segment (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenues from External Customers		$ 367,210	$ 519,085		$ 689,792	$ 932,651
Equity in the Net Income of Investees Accounted for by the Equity Method		(2,012)	13,466		5,431	13,608
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues from External Customers		367,210	519,085		689,792	932,651
Equity in the Net Income of Investees Accounted for by the Equity Method		(2,011)	(409)		(3,156)	(267)
Adjusted EBITDA		251,255	251,933		455,581	461,484
Segment Expenditures					402,418	170,633
Operating Segments [Member] | Upstream
Segment Reporting Information [Line Items]
Revenues from External Customers		367,210	519,085		689,792	932,651
Equity in the Net Income of Investees Accounted for by the Equity Method		123	(212)		255	(70)
Adjusted EBITDA		253,615	257,346		464,098	469,428
Segment Expenditures					379,361	168,048
Operating Segments [Member] | All Other
Segment Reporting Information [Line Items]
Revenues from External Customers	[1]			$ 0
Equity in the Net Income of Investees Accounted for by the Equity Method	[1]	(2,134)	(197)		(3,411)	(197)
Adjusted EBITDA	[1]	$ (2,360)	$ (5,413)		(8,517)	(7,944)
Segment Expenditures	[1]				$ 23,057	$ 2,585
[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		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
General and Administrative Expense		$ 33,182	$ 22,925	$ 96,369	$ 45,453
Interest expense		(45,632)	(30,776)	(83,213)	(62,266)
Depreciation, depletion and amortization		(169,794)	(104,511)	(317,117)	(202,851)
Derivative fair value gain (loss)		26,197	(64,094)	85,134	(345,313)
Non-cash equity-based compensation expense		4,749	4,049	8,687	7,367
Income (loss) before income taxes		20,569	197,748	63,886	130,835
Operating Segments [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA		251,255	251,933	455,581	461,484
Corporate Non Segment [Member]
Segment Reporting Information [Line Items]
General and Administrative Expense		(1,532)	(1,156)	(2,795)	(2,494)
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Interest expense		(45,632)	(30,776)	(83,213)	(62,266)
Depreciation, depletion and amortization		(169,794)	(104,511)	(317,117)	(202,851)
Accretion expense		(22,760)	(14,844)	(42,174)	(29,221)
Transaction and other income (expenses)	[1]	(3,513)	15,214	(25,522)	42,075
Decommissioning Obligations	[2]	(741)	(10,204)	(1,482)	(10,533)
Derivative fair value gain (loss)	[3]	26,197	(64,094)	85,134	(345,313)
Net cash (received) paid on settled derivative instruments	[3]	(8,162)	160,235	4,161	287,321
Non-cash equity-based compensation expense		(4,749)	(4,049)	(8,687)	(7,367)
Reportable segment | Operating Segments [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA		253,615	257,346	464,098	469,428
All Other | Operating Segments [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	[4]	$ (2,360)	$ (5,413)	$ (8,517)	$ (7,944)
[1] For the three and six months ended June 30, 2023 , transaction expenses includes $ 2.7 million and $ 37.9 million, respectively, in costs related to the EnVen Acquisition, inclusive of $ 1.4 million and $ 24.0 million, respectively, in severance expense. See further discussion in Note 2 — Acquisitions and Divestitures 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. It includes an $ 8.6 million gain on the funding of the capital carry of its investment in Bayou Bend by Chevron for the six months ended June 30, 2023 and a $ 13.9 million gain on the partial sale of its investment in Bayou Bend by Chevron for the three and six months ended June 30, 2022, that is further discussed in Note 10 — Related Party Transactions . For the six months ended June 30, 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		6 Months Ended
	Mar. 23, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 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		$ 1.4		$ 24
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)		2.7		37.9
Operating Segments [Member] | Bayou Bend CCS LLC
Segment Reporting Information [Line Items]
Gain on partial disposal of investment			$ 13.9	8.6	$ 13.9
Operating Segments [Member] | Employee Severance | EnVen Energy Corporation
Segment Reporting Information [Line Items]
Aquisition severance cost		$ 1.4		$ 24

Segment Information - Reconcili

Segment Information - Reconciliation of Reportable Segment Expenditures (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Plugging & abandonment	$ 47,683	$ 39,768
Deferred payments	(462)	0
Exploration, development and other capital expenditures	298,658	128,082
Operating Segments [Member] | Reportable segment
Segment Reporting Information [Line Items]
Segment Expenditures	379,361	168,048
Operating Segments [Member] | All Other
Segment Reporting Information [Line Items]
Segment Expenditures	23,057	2,585
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Change in capital expenditures included in accounts payable and accrued liabilities	(7,546)	(1,592)
Plugging & abandonment	(47,683)	(39,768)
Decommissioning obligations settled	(2,047)	0
Investment in CCS intangibles and equity method investees	(23,057)	(2,585)
Deferred payments	(462)	0
Insurance recovery proceeds	12,500	0
Non-cash well equipment inventory transfers	(35,793)	143
Other	$ 328	$ 1,251