Talos Energy (TALO) 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 05, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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		179,961,333
Preferred Stock Purchase Rights
Document Information [Line Items]
No Trading Symbol Flag	true
Title of 12(b) Security	Preferred Stock Purchase Rights
Security Exchange Name	NYSE
Common Stock
Document Information [Line Items]
Trading Symbol	TALO
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 45,542	$ 33,637
Accounts receivable:
Trade, net	210,158	178,977
Joint interest, net	146,558	79,337
Other, net	36,420	19,296
Assets from price risk management activities	82,016	36,152
Prepaid assets	93,203	64,387
Other current assets	41,659	10,389
Total current assets	655,556	422,175
Property and equipment:
Proved properties	9,622,726	7,906,295
Unproved properties, not subject to amortization	668,849	268,315
Other property and equipment	35,039	34,027
Total property and equipment	10,326,614	8,208,637
Accumulated depreciation, depletion and amortization	(4,917,311)	(4,168,328)
Total property and equipment, net	5,409,303	4,040,309
Other long-term assets:
Restricted cash	105,403	102,362
Assets from price risk management activities	9,487	17,551
Equity method investments	109,144	146,049
Other well equipment	58,795	54,277
Notes receivable, net	17,305	16,207
Operating lease assets	11,858	11,418
Other assets	22,225	5,961
Total assets	6,399,076	4,816,309
Current liabilities:
Accounts payable	161,506	84,193
Accrued liabilities	307,781	227,690
Accrued royalties	76,426	55,051
Current portion of long-term debt	0	33,060
Current portion of asset retirement obligations	55,730	77,581
Liabilities from price risk management activities	4,656	7,305
Accrued interest payable	21,049	42,300
Current portion of operating lease liabilities	3,933	2,666
Other current liabilities	46,806	48,769
Total current liabilities	677,887	578,615
Long-term liabilities:
Long-term debt	1,337,745	992,614
Asset retirement obligations	1,134,145	819,645
Liabilities from price risk management activities	479	795
Operating lease liabilities	16,359	18,211
Other long-term liabilities	414,825	251,278
Total liabilities	3,581,440	2,661,158
Commitments and Contingencies (Note 13)
Stockholders' equity:
Preferred stock; $0.01 par value; 30,000,000 shares authorized and zero shares issued or outstanding as of September 30, 2024 and December 31, 2023, respectively	0	0
Common stock; $0.01 par value; 270,000,000 shares authorized; 187,378,718 and 127,480,361 shares issued as of September 30, 2024 and December 31, 2023, respectively	1,874	1,275
Additional paid-in capital	3,268,049	2,549,097
Accumulated deficit	(359,602)	(347,717)
Treasury stock, at cost; 7,417,385 and 3,400,000 shares as of September 30, 2024 and December 31, 2023, respectively	(92,685)	(47,504)
Total stockholdersʼ equity	2,817,636	2,155,151
Total liabilities and stockholdersʼ equity	$ 6,399,076	$ 4,816,309

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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	187,378,718	127,480,361
Treasury stock, common, shares	7,417,385	3,400,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 509,286	$ 383,135	$ 1,488,383	$ 1,072,927
Operating expenses:
Lease operating expense	163,347	103,548	455,835	286,075
Production taxes	224	600	1,244	1,813
Depreciation, depletion and amortization	274,249	163,359	749,004	480,476
Accretion expense	29,418	21,256	87,053	63,430
General and administrative expense	41,866	24,888	159,954	121,257
Other operating (income) expense	(23,363)	(57,287)	(110,467)	(55,172)
Total operating expenses	485,741	256,364	1,342,623	897,879
Operating income (expense)	23,545	126,771	145,760	175,048
Interest expense	(46,275)	(45,637)	(146,102)	(128,850)
Price risk management activities income (expense)	126,291	(98,802)	41,531	(13,668)
Equity method investment income (expense)	(544)	(2,493)	(9,054)	2,938
Other income (expense)	3,267	2,193	(48,465)	10,450
Net income (loss) before income taxes	106,284	(17,968)	(16,330)	45,918
Income tax benefit (expense)	(18,111)	15,865	4,445	55,516
Net income (loss)	$ 88,173	$ (2,103)	$ (11,885)	$ 101,434
Net income (loss) per common share:
Basic	$ 0.49	$ (0.02)	$ (0.07)	$ 0.86
Diluted	$ 0.49	$ (0.02)	$ (0.07)	$ 0.85
Weighted average common shares outstanding:
Basic	180,204	124,103	174,108	118,459
Diluted	180,561	124,103	174,108	119,262
Oil
Revenues:
Revenues	$ 467,605	$ 359,404	$ 1,368,234	$ 995,081
Natural Gas
Revenues:
Revenues	25,930	16,871	75,688	53,383
NGL
Revenues:
Revenues	$ 15,751	$ 6,860	$ 44,461	$ 24,463

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 B at Dec. 31, 2022	$ 1,165,576	$ 826	$ 1,699,799	$ (535,049)
Balance, Shares B at Dec. 31, 2022		82,570,328
Equity based compensation	17,812		17,812
Equity-based compensation tax withholdings	(7,454)		(7,454)
Equity-based compensation stock issuances		$ 11	(11)
Equity-based compensation stock issuances, Shares		1,110,143
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	(47,504)				$ (47,504)
Purchase of treasury stock, Shares					3,400,000
Net Income (Loss)	101,434			101,434
Balance at Sep. 30, 2023	2,062,062	$ 1,275	2,541,906	(433,615)	$ (47,504)
Balance, Shares at Sep. 30, 2023		127,480,361
Balance, Shares at Sep. 30, 2023					3,400,000
Balance B at Jun. 30, 2023	2,061,888	$ 1,275	2,539,629	(431,512)	$ (47,504)
Balance, Shares B at Jun. 30, 2023		127,455,965
Balance, Shares at Jun. 30, 2023					3,400,000
Equity based compensation	2,353		2,353
Equity-based compensation tax withholdings	(76)		(76)
Equity-based compensation stock issuances, Shares		24,396
Net Income (Loss)	(2,103)			(2,103)
Balance at Sep. 30, 2023	2,062,062	$ 1,275	2,541,906	(433,615)	$ (47,504)
Balance, Shares at Sep. 30, 2023		127,480,361
Balance, Shares at Sep. 30, 2023					3,400,000
Balance B at Dec. 31, 2023	$ 2,155,151	$ 1,275	2,549,097	(347,717)	$ (47,504)
Balance, Shares B at Dec. 31, 2023	127,480,361	127,480,361
Balance, Shares at Dec. 31, 2023	3,400,000				3,400,000
Equity based compensation	$ 14,995		14,995
Equity-based compensation tax withholdings	(5,791)		(5,791)
Equity-based compensation stock issuances		$ 11	(11)
Equity-based compensation stock issuances, Shares		1,048,905
Issuance of common stock for acquisitions	322,630	$ 243	322,387
Issuance of common stock for acquisitions, Shares		24,349,452
Issuance of common stock	$ 387,717	$ 345	387,372
Issuance of common stock, Shares	34,500,000	34,500,000
Purchase of treasury stock	$ (45,181)				$ (45,181)
Purchase of treasury stock, Shares					4,017,385
Net Income (Loss)	(11,885)			(11,885)
Balance at Sep. 30, 2024	$ 2,817,636	$ 1,874	3,268,049	(359,602)	$ (92,685)
Balance, Shares at Sep. 30, 2024	187,378,718	187,378,718
Balance, Shares at Sep. 30, 2024	7,417,385				7,417,385
Balance B at Jun. 30, 2024	$ 2,726,325	$ 1,873	3,262,700	(447,775)	$ (90,473)
Balance, Shares B at Jun. 30, 2024		187,339,187
Balance, Shares at Jun. 30, 2024					7,204,380
Equity based compensation	5,454		5,454
Equity-based compensation tax withholdings	(104)		(104)
Equity-based compensation stock issuances		$ 1	(1)
Equity-based compensation stock issuances, Shares		39,531
Purchase of treasury stock	(2,212)				$ (2,212)
Purchase of treasury stock, Shares					213,005
Net Income (Loss)	88,173			88,173
Balance at Sep. 30, 2024	$ 2,817,636	$ 1,874	$ 3,268,049	$ (359,602)	$ (92,685)
Balance, Shares at Sep. 30, 2024	187,378,718	187,378,718
Balance, Shares at Sep. 30, 2024	7,417,385				7,417,385

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ (11,885)	$ 101,434
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, depletion, amortization and accretion expense	836,057	543,906
Amortization of deferred financing costs and original issue discount	6,930	11,247
Equity-based compensation expense	8,859	9,080
Price risk management activities (income) expense	(41,531)	13,668
Net cash received (paid) on settled derivative instruments	(14,941)	(10,474)
Equity method investment (income) expense	9,054	(2,938)
Loss (gain) on extinguishment of debt	60,256	0
Settlement of asset retirement obligations	(86,074)	(71,097)
Loss (gain) on sale of assets	(10,069)	(66,115)
Loss (gain) on sale of business	(100,482)	0
Changes in operating assets and liabilities:
Accounts receivable	24,183	3,821
Other current assets	(34,649)	(12,992)
Accounts payable	12,624	(30,063)
Other current liabilities	(41,246)	(89,511)
Other non-current assets and liabilities, net	(3,830)	(57,155)
Net cash provided by (used in) operating activities	613,256	342,811
Cash flows from investing activities:
Exploration, development and other capital expenditures	(355,197)	(438,506)
Cash acquired in excess of payments for acquisitions	0	17,617
Payments for acquisitions, net of cash acquired	(936,214)	0
Proceeds from (cash paid for) sale of property and equipment, net	1,017	66,183
Contributions to equity method investees	(19,627)	(29,372)
Investment in intangible assets	0	(7,796)
Proceeds from sales of businesses	141,997	0
Net cash provided by (used in) investing activities	(1,168,024)	(391,874)
Cash flows from financing activities:
Issuance of common stock	387,717	0
Issuance of senior notes	1,250,000	0
Redemption of senior notes	(897,116)	(15,000)
Proceeds from Bank Credit Facility	820,000	675,000
Repayment of Bank Credit Facility	(895,000)	(460,000)
Deferred financing costs	(29,886)	(11,775)
Other deferred payments	(1,791)	(841)
Payments of finance lease	(13,238)	(12,117)
Purchase of treasury stock	(45,181)	(47,504)
Employee stock awards tax withholdings	(5,791)	(7,454)
Net cash provided by (used in) financing activities	569,714	120,309
Net increase (decrease) in cash, cash equivalents and restricted cash	14,946	71,246
Cash, cash equivalents and restricted cash:
Balance, beginning of period	135,999	44,145
Balance, end of period	150,945	115,391
Supplemental non-cash transactions:
Capital expenditures included in accounts payable and accrued liabilities	110,201	90,688
Supplemental cash flow information:
Interest paid, net of amounts capitalized	$ 127,367	$ 108,931

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 88,173	$ (2,103)	$ (11,885)	$ 101,434

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
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	9 Months Ended
	Sep. 30, 2024
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. The Company leverages decades of technical and offshore operational expertise towards the acquisition, exploration and development of assets in key geological trends that are present in many offshore basins around the world. 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 2023 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 From January 1, 2024 through March 18, 2024, the Company had two operating segments: (i) exploration and production of oil, natural gas and NGLs (“Upstream Segment”) and (ii) CCS (“CCS Segment”), of which the Company’s only reportable segment was the Upstream Segment. Subsequent to the TLCS Divestiture (as defined herein) and sale of the Company’s entire CCS business, the Company had one operating segment. See additional information in Note 14 — Segment Information . Summary of Significant Accounting Policies The Company has provided a discussion of its significant accounting policies, estimates and judgments in Note 2 – Summary of Significant Accounting Policies included in the accompanying Notes to Consolidated Financial Statements in the 2023 Annual Report. The Company has not changed any of its significant accounting policies from those described in our 2023 Annual Report. Recently Issued Accounting Standards Segment Reporting — In November 2023, the Financial Accounting Standards Board (“FASB”) issued an update to the required disclosures for segment reporting. The update is intended to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The update will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within segment profit and loss. An explanation of how the CODM uses the reported measure of segment profit and loss will also be disclosed. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. The Company continues to evaluate the impact of this new guidance on our disclosures. 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): September 30, 2024 December 31, 2023 Cash and cash equivalents $ 45,542 $ 33,637 Restricted cash included in Other long-term assets 105,403 102,362 Total cash, cash equivalent and restricted cash $ 150,945 $ 135,999

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
	Sep. 30, 2024
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 at their fair values as of the acquisition date. QuarterNorth Acquisition — On March 4, 2024 , the Company completed the acquisition of QuarterNorth Energy Inc. (“QuarterNorth”), a privately-held U.S. Gulf of Mexico exploration and production company (the “QuarterNorth Acquisition,” and the merger agreement related thereto, the “QuarterNorth Merger Agreement”) for consideration consisting of (i) $ 1,247.4 million in cash and (ii) 24.3 million shares of the Company’s common stock valued at $ 322.6 million. The cash payment was partially funded with a January 2024 underwritten public offering of 34.5 million shares of the Company’s common stock, borrowings under the Bank Credit Facility and the New Senior Notes (as defined in Note 7 — Debt ). The following table summarizes the purchase price (in thousands except share and per share data): Shares of Talos common stock 24,349,452 Talos common stock price (1) $ 13.25 Common stock value $ 322,630 Cash consideration $ 1,247,419 Total purchase price (2) $ 1,570,049 (1) Represents the closing price of the Company’s common stock on March 4, 2024, the date of the closing of the QuarterNorth Acquisition. (2) Total purchase price net of $ 331.4 million cash and cash equivalents acquired at closing is $ 1,238.7 million. The following table presents the latest preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their fair values on March 4, 2024 (in thousands): Cash and cash equivalents $ 331,374 Other current assets 161,134 Property and equipment 1,624,632 Other long-term assets 20,780 Current liabilities: Current portion of asset retirement obligations ( 6,748 ) Other current liabilities ( 197,803 ) Long-term liabilities: Asset retirement obligations ( 192,771 ) Deferred tax liabilities ( 167,658 ) Other long-term liabilities ( 2,891 ) Allocated purchase price $ 1,570,049 The fair values determined for accounts receivable, accounts payable and other current assets and most current liabilities were generally equivalent to the carrying value due to their short-term nature. 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, development and plugging and abandonment 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 and probable 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 three-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 fair values of derivative instruments were estimated using a third-party industry standard pricing model which considers various inputs such as quoted forward commodity prices, discount rates, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant data. The Company is still finalizing the fair value analysis related to the oil and natural gas properties, other well equipment, asset retirement obligations assumed, certain contingent liabilities and deferred tax liabilities arising from the assets acquired and liabilities assumed. The preliminary purchase price allocation will be subject to further refinement as the Company continues to refine its estimates and assumptions based on further information available at the acquisition date. These refinements may result in material changes to the estimated fair value of assets acquired and liabilities assumed. The Company anticipates finalizing the determination of fair values by December 31, 2024. The Company incurred approximately $ 21.6 million of acquisition-related costs in connection with the QuarterNorth Acquisition exclusive of severance expense, of which $ 18.6 million was recognized in the nine months ended September 30, 2024 and $ 3.0 million was recognized for the year ended December 31, 2023. These costs were reflected in “General and administrative expense” on the Condensed Consolidated Statements of Operations except for $ 4.9 million of fees associated with an unutilized bridge loan that was included in “Interest expense” on the Condensed Consolidated Statements of Operations during the nine months ended September 30, 2024 . Additionally, the Company incurred $ 22.3 million in severance expense in connection with the QuarterNorth Acquisition for the nine months ended September 30, 2024. See Note 9 — Employee Benefits Plans and Share-Based Compensation for additional discussion. The following table presents revenue and net income attributable to the QuarterNorth Acquisition for the three months ended September 30, 2024 and the period from March 4, 2024 to September 30, 2024: Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Revenue $ 150,538 $ 367,644 Net income (loss) $ 12,518 $ 74,817 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 nine months ended September 30, 2024 and 2023 as if the QuarterNorth Acquisition had occurred on January 1, 2023. The unaudited pro forma information was derived from historical statements of operations of the Company and QuarterNorth 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 New Senior Notes, (iii) general and administrative expense adjusted for transaction related costs incurred (including severance), (iv) weighted average basic and diluted shares of common stock outstanding from the issuance of 24.3 million shares of common stock as partial consideration for the QuarterNorth Acquisition and (v) weighted average basic and diluted shares of common stock outstanding from the issuance of 34.5 million shares of common stock from the underwritten public offering in January 2024 that partially funded the cash portion of the QuarterNorth Acquisition. Supplemental pro forma earnings for the three and nine months ended September 30, 2023 were adjusted to include nil and $ 31.7 million of general and administrative expenses, respectively. Supplemental pro forma earnings for the three and nine months ended September 30, 2024 were adjusted to exclude $ 0.2 million and $ 31.7 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 QuarterNorth Acquisition occurred on January 1, 2023, nor is such information indicative of any expected future results of operations (in thousands, except for the per share data). Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue $ 509,286 $ 583,984 $ 1,615,652 $ 1,576,869 Net income (loss) $ 88,315 $ ( 5,580 ) $ ( 3,256 ) $ 87,709 Basic net income (loss) per common share $ 0.49 $ ( 0.03 ) $ ( 0.02 ) $ 0.49 Diluted net income (loss) per common share $ 0.49 $ ( 0.03 ) $ ( 0.02 ) $ 0.49 EnVen Acquisition — On February 13, 2023 , the Company completed the acquisition of EnVen Energy Corporation (“EnVen”), a private operator in the Deepwater U.S. Gulf of Mexico (the “EnVen Acquisition,” and the merger agreement related thereto, the “EnVen Merger Agreement”) 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) the 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 Company incurred approximately $ 21.8 million of acquisition-related costs in connection with the EnVen Acquisition exclusive of severance expense, of which $ 12.8 million was recognized during the nine months ended September 30, 2023 , and reflected in “General and administrative expense” on the Condensed Consolidated Statements of Operations. Additionally, the Company incurred $ 0.9 million and $ 24.9 million in severance expense in connection with the EnVen Acquisition for the three and nine months ended September 30, 2023, respectively. The following table presents revenue and net income (loss) attributable to the EnVen Acquisition for the three months ended September 30, 2023 and the period from February 13, 2023 to September 30, 2023 (in thousands): Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Revenue $ 126,358 $ 301,999 Net income (loss) $ 37,790 $ 57,578 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 nine months ended September 30, 2023 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 7 — 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 two notes receivable to settle future asset retirement obligations and (v) weighted average basic and diluted shares of common stock outstanding from the issuance of 43.8 million shares of common stock as partial consideration for the EnVen Acquisition. Supplemental pro forma earnings for the three and nine months ended September 30, 2023 were adjusted to exclude $ 0.8 million and $ 64.9 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 September 30, 2023 Nine Months Ended September 30, 2023 Revenue $ 383,136 $ 1,124,970 Net income (loss) $ ( 1,483 ) $ 131,421 Basic net income (loss) per common share $ ( 0.01 ) $ 1.05 Diluted net income (loss) per common share $ ( 0.01 ) $ 1.04 Asset Acquisition Acquisitions accounted for as asset acquisitions require, among other items, the cost of the acquisition to be allocated to the assets acquired and liabilities assumed based on relative fair value basis. Acquisition of Working Interests in Monument Oil Discovery — The Company executed two separate definitive agreements to acquire a collective 21.4 % non-operated working interest in the Monument oil discovery (“Monument Project”) in the deepwater U.S. Gulf of Mexico located on certain Walker Ridge lease blocks. Cash consideration totaling $ 20.2 million, after customary closing adjustments, was paid on the closing dates of July 31, 2024 and August 2, 2024. An additional aggregate $ 24.4 million will be paid periodically in installments beginning January 1, 2025 through April 1, 2026. The Company allocated $ 42.6 million to proved properties. Deferred payments have been included in “Other current liabilities” and “Other long-term liabilities” on the Condensed Consolidated Balance Sheets at September 30, 2024 based on timing of the scheduled payment. The Monument Project will initially be developed with two subsea wells tied back to a third-party floating production system. Divestitures Talos Low Carbon Solutions Divestiture — On March 18, 2024 , the Company entered into a definitive agreement relating to and subsequently completed the sale of its wholly owned subsidiary, Talos Low Carbon Solutions LLC to TotalEnergies E&P USA, Inc. for a purchase price of $ 125.0 million plus customary reimbursements and adjustments, combined totaling approximately $ 142.0 million (the “TLCS Divestiture”). The TLCS Divestiture includes the Company’s entire CCS business including its equity investments in three projects along the U.S. Gulf Coast: Bayou Bend CCS LLC, Harvest Bend CCS LLC, and Coastal Bend CCS LLC. A gain of $ 100.4 million was recognized related to TLCS Divestiture during the nine months ended September 30, 2024 , which reflects a gain of $ 86.9 million recognized upon the close of the TLCS Divestiture during the three months ended March 31, 2024 and an incremental $ 13.5 million gain recognized during the three months ended September 30, 2024 related to certain contingent payments. The gain on the TLCS Divestiture is presented as “Other operating income (expense)” on the Condensed Consolidated Statements of Operations and the contingent payments are included in “Other current assets” and “Other assets” on the Condensed Consolidated Balance Sheets at September 30, 2024 based on timing of the expected receipt. The Company incurred approximately $ 6.0 million of costs in connection with the TLCS Divestiture exclusive of severance expense, of which $ 5.4 million was recognized during the nine months ended September 30, 2024 and reflected in “General and administrative expense” on the Condensed Consolidated Statements of Operations. Additionally, the Company incurred $ 3.7 million in severance expense in connection with the TLCS Divestiture for the nine months ended September 30, 2024. See Note 9 — Employee Benefits Plans and Share-Based Compensation for additional discussion. Mexico Divestiture — On September 27, 2023, the Company sold an equity interest in Talos Mexico (as defined in Note 6 — Equity Method Investments ) for cash consideration of $ 74.9 million at closing and contingent consideration due on first production from the Zama Field. A gain of $ 66.2 million was recognized in connection with the deconsolidation of Talos Mexico during three and nine months ended September 30, 2023 , which is included in “Other operating (income) expense” on the Condensed Consolidated Statements of Operations.

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2024
Oil and Gas, Joint Interest Billing, Receivable [Abstract]
Property, Plant and Equipment	Note 3 — Property, Plant and Equipment Proved Properties During the three and nine months ended September 30, 2024 and 2023 , the Company’s ceiling test computations did no t result in a write-down of its U.S. oil and natural gas properties. At September 30, 2024, the Company’s ceiling test computation was based on SEC pricing of $ 80.66 per Bbl of oil, $ 2.32 per Mcf of natural gas and $ 19.06 per Bbl of NGLs.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Finance lease cost - interest on lease liabilities $ 3,205 $ 3,604 $ 9,849 $ 10,969 Operating lease cost, excluding short-term leases (1) 1,113 1,323 3,123 3,419 Short-term lease cost (2) 2,674 33,152 20,113 103,001 Variable lease cost (3) 616 666 1,848 1,856 Variable and fixed sublease income ( 359 ) ( 207 ) ( 1,077 ) ( 276 ) Total lease cost $ 7,249 $ 38,538 $ 33,856 $ 118,969 (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. The short-term operating lease costs incurred during the periods presented are not indicative of the Company’s current short-term lease obligations, which are approximately $ 129.2 million as of September 30, 2024 , or its future short-term lease costs and obligations, as it routinely enters into short-term contracts for the use of drilling rigs to support its drilling activities. (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 (“ROU”) assets and lease liabilities, adjusted for initial direct costs and incentives were as follows (in thousands): September 30, 2024 December 31, 2023 Operating leases: Operating lease assets $ 11,858 $ 11,418 Current portion of operating lease liabilities $ 3,933 $ 2,666 Operating lease liabilities 16,359 18,211 Total operating lease liabilities $ 20,292 $ 20,877 Finance leases: Proved properties $ 166,261 $ 166,261 Other current liabilities $ 19,140 $ 17,834 Other long-term liabilities 116,686 131,230 Total finance lease liabilities $ 135,826 $ 149,064 The table below presents the supplemental cash flow information related to leases (in thousands): Nine Months Ended September 30, 2024 2023 Operating cash outflow from finance leases $ 9,849 $ 10,969 Operating cash outflow from operating leases $ 4,149 $ 4,880 ROU assets obtained in exchange for new operating lease liabilities (1) $ 1,909 $ 12,971 Remeasurement of lease liability arising from modification of ROU asset (2) $ — $ ( 5,124 ) (1) See QuarterNorth Acquisition and EnVen Acquisition each in Note 2 — Acquisitions and Divestitures. (2) Lease termination accounted for as a lease modification based on the modified lease term. The termination did not take effect contemporaneously with the effective date of the modification.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2024
Financial Instruments [Abstract]
Financial Instruments	Note 5 — Financial Instruments As of September 30, 2024 and December 31, 2023, 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): September 30, 2024 December 31, 2023 Carrying Fair Carrying Fair 9.000 % Second-Priority Senior Secured Notes – due February 2029 $ 610,383 $ 648,069 $ — $ — 9.375 % Second-Priority Senior Secured Notes – due February 2031 $ 609,762 $ 648,225 $ — $ — 12.00 % Second-Priority Senior Secured Notes – due January 2026 $ — $ — $ 601,353 $ 655,130 11.75 % Senior Secured Second Lien Notes – due April 2026 $ — $ — $ 234,221 $ 233,410 Bank Credit Facility – matures March 2027 $ 117,600 $ 125,000 $ 190,100 $ 200,000 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 and, where such prices are not available, other observable (Level 2) inputs are used such as quoted prices for similar liabilities in the active market. 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 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, costless collars and put options. 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”). Put options give the owner the right but not the obligation, to sell the underlying commodity at a specified price (i.e. strike price) within a specific period. Certain of the Company’s put options have a deferred premium, which is included in the fair market value of the commodity derivatives. For the deferred premium puts, the Company agrees to pay a premium to the counterparty at the time of settlement. At settlement, if the applicable index price is below the strike price of the put, the Company receives the difference between the strike price and the applicable index price multiplied by the contract volumes less the premium. If the applicable index price settles at or above the strike price of the put, the Company pays only the premium at settlement. The following table presents the impact that derivatives, not designated as hedging instruments, had on its Condensed Consolidated Statements of Operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net cash received (paid) on settled derivative instruments $ 6,071 $ ( 6,313 ) $ ( 14,941 ) $ ( 10,474 ) Unrealized gain (loss) 120,220 ( 92,489 ) 56,472 ( 3,194 ) Price risk management activities income (expense) $ 126,291 $ ( 98,802 ) $ 41,531 $ ( 13,668 ) The following tables reflect the contracted average daily volumes and weighted average prices under the terms of the Company's derivative contracts as of September 30, 2024: Swap Contracts Production Period Settlement Index Volumes Swap Price Crude oil: (Bbls) (per Bbl) October 2024 – December 2024 NYMEX WTI CMA 37,674 $ 76.17 January 2025 – December 2025 NYMEX WTI CMA 24,860 $ 72.91 Natural gas: (MMBtu) (per MMBtu) October 2024 – December 2024 NYMEX Henry Hub 35,000 $ 2.85 January 2025 – December 2025 NYMEX Henry Hub 47,384 $ 3.53 Two-Way Collar Contracts Production Period Settlement Index Volumes Floor Price Ceiling Price Crude oil: (Bbls) (per Bbl) (per Bbl) October 2024 – December 2024 NYMEX WTI CMA 1,000 $ 70.00 $ 75.00 January 2025 – March 2025 NYMEX WTI CMA 3,000 $ 65.00 $ 84.35 Natural gas: (MMBtu) (per MMBtu) (per MMBtu) October 2024 – December 2024 NYMEX Henry Hub 10,000 $ 4.00 $ 6.90 Long Puts Production Period Settlement Index Volumes Strike Price Deferred Premium Price Crude oil: (Bbls) (per Bbl) (per Bbl) October 2024 – December 2024 NYMEX WTI CMA 4,000 $ 70.00 $ 6.28 Natural gas: (MMBtu) (per MMBtu) (per MMBtu) November 2024 – December 2024 NYMEX Henry Hub 13,660 $ 2.90 $ 0.40 Swaps with Sold Puts Production Period Settlement Index Volumes Swap Price Strike Price Crude oil: (Bbls) (per Bbl) (per Bbl) October 2024 – December 2024 NYMEX WTI CMA 1,000 $ 72.20 $ 60.00 The following tables provide additional information related to financial instruments measured at fair value on a recurring basis (in thousands): September 30, 2024 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas derivatives $ — $ 91,503 $ — $ 91,503 Liabilities: Oil and natural gas derivatives — ( 5,135 ) — ( 5,135 ) Total net asset (liability) $ — $ 86,368 $ — $ 86,368 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas derivatives $ — $ 53,703 $ — $ 53,703 Liabilities: Oil and natural gas derivatives — ( 8,100 ) — ( 8,100 ) Total net asset (liability) $ — $ 45,603 $ — $ 45,603 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): September 30, 2024 December 31, 2023 Assets Liabilities Assets Liabilities Oil and natural gas derivatives: Current $ 82,016 $ 4,656 $ 36,152 $ 7,305 Non-current 9,487 479 17,551 795 Total gross amounts presented on balance sheet 91,503 5,135 53,703 8,100 Less: Gross amounts not offset on the balance sheet 5,135 5,135 8,100 8,100 Net amounts $ 86,368 $ — $ 45,603 $ — Credit Risk The Company is subject to the risk of loss on its financial instruments as a result of nonperformance by counterparties pursuant to the terms of their contractual obligations. The Company has entered into International Swaps and Derivative Association agreements with counterparties to mitigate this risk. The Company also maintains credit policies with regard to its counterparties to minimize overall credit risk. These policies require (i) the evaluation of potential counterparties’ financial condition to determine their credit worthiness; (ii) the regular monitoring of counterparties’ credit exposures; (iii) the use of contract language that affords the Company netting or set off opportunities to mitigate exposure risk; and (iv) potentially requiring counterparties to post cash collateral, parent guarantees, or letters of credit to minimize credit risk. The Company’s assets and liabilities from commodity price risk management activities at September 30, 2024 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 September 30, 2024 would have been $ 86.4 million .

Equity Method Investments

Equity Method Investments	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Note 6 — Equity Method Investments The following table presents the Company’s investments in unconsolidated affiliates by segment as of the dates indicated below (in thousands). The Company accounts for these investments using the equity method of accounting. Ownership Interest at September 30, 2024 September 30, 2024 December 31, 2023 Upstream: Talos Energy Mexico 7, S. de R.L. de C.V. (“Talos Mexico”) 50.1 % $ 108,139 $ 107,259 SP 49 Pipeline LLC 33.3 % 1,005 861 CCS (1) : Bayou Bend CCS LLC — % — 28,183 Harvest Bend CCS LLC — % — 9,746 Coastal Bend CCS LLC — % — — Total Equity Method Investments $ 109,144 $ 146,049 (1) See TLCS Divestiture discussion in Note 2 — Acquisitions and Divestitures . Talos Mexico is a variable interest entity. The Company’s maximum exposure to loss as a result of its involvement with Talos Mexico is the carrying amount of its investment.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Note 7 — Debt A summary of the detail comprising the Company’s debt and the related book values for the respective periods presented is as follows (in thousands): September 30, 2024 December 31, 2023 9.000 % Second-Priority Senior Secured Notes – due February 2029 $ 625,000 $ — 9.375 % Second-Priority Senior Secured Notes – due February 2031 625,000 — 12.00 % Second-Priority Senior Secured Notes – due January 2026 — 638,541 11.75 % Senior Secured Second Lien Notes – due April 2026 — 227,500 Bank Credit Facility – matures March 2027 (1 ) 125,000 200,000 Total debt, before discount, premium and deferred financing cost 1,375,000 1,066,041 Unamortized discount, premium and deferred financing cost, net ( 37,255 ) ( 40,367 ) Total debt (2) 1,337,745 1,025,674 Less: Current portion of long-term debt — 33,060 Long-term debt $ 1,337,745 $ 992,614 (1) As of September 30, 2024 , the Company had outstanding borrowings at a weighted average interest rate of 7.97 %. (2) As of September 30, 2024 , the Company was in compliance with all debt covenants. 9.000% Second-Priority Senior Secured Notes—due February 2029 The 9.000% Second-Priority Senior Secured Notes due 2029 (the “ 9.000 % Notes”) were issued pursuant to an indenture dated February 7, 2024, by and among the Company, Talos Production Inc. (the “Issuer”), the subsidiary guarantors party thereto (together with the Company, the “Guarantors”) and Wilmington Trust, National Association, as trustee and collateral agent. The 9.000% Notes are secured on a second-priority senior secured basis by liens on substantially the same collateral as the collateral securing the Issuer’s existing first-priority obligations under its Bank Credit Facility. The 9.000 % Notes rank equally in right of payment with all of the Issuer’s and the Guarantors’ existing and future senior obligations, are senior in right of payment to any obligations of the Issuer and the Guarantors future debt that is, by its term, expressly subordinated in right of payment to the 9.000% Notes and, to the extent of the value of the collateral, are effectively senior to all existing and future unsecured obligations of the Issuer and the Guarantors (other than the Company) and any future obligations of the Issuer and the Guarantors that are secured by the collateral on a junior-priority basis. The 9.000 % Notes are effectively pari passu with all of the Issuer’s and the Guarantors’ existing and future obligations that are secured by the collateral on a second-priority basis including the 9.375% Notes (as defined below) and are effectively junior to any existing and future obligations of the Issuer and the Guarantors that are secured by the collateral on a senior-priority basis to the 9.000% Notes including indebtedness under the Bank Credit Facility. The 9.000 % Notes mature on February 1, 2029 and have interest payable semi-annually each February 1 and August 1 , commencing August 1, 2024. At any time prior to February 1, 2026, the Company may redeem up to 40 % of the principal amount of the 9.000% Notes at a redemption rate of 109.00 % of the principal amount plus accrued and unpaid interest. At any time prior to February 1, 2026, the Company may also redeem some or all of the 9.000% Notes, plus a “make-whole premium,” together with accrued and unpaid interest, if any, to, but excluding, the date of redemption. Thereafter, the Company may redeem all or a portion of the 9.000% Notes in whole at any time or in part from time to time at the following redemption prices (expressed as percentages of the principal amount) plus accrued and unpaid interest if redeemed during the period commencing on February 1 of the years set forth below : Period Redemption Price 2026 104.500 % 2027 102.250 % 2028 and thereafter 100.000 % As of September 30, 2024 , the Company has incurred debt issuance costs of $ 16.3 million related to the 9.000% Notes issued as part of the debt offering that partially funded the cash portion of the QuarterNorth Acquisition. The debt issue costs reduced the proceeds from the debt issued. See Note 2 — Acquisitions and Divestitures for further discussion on the QuarterNorth Acquisition. 9.375% Second-Priority Senior Secured Notes—due February 2031 The 9.375% Second-Priority Senior Secured Notes due 2031 (the “ 9.375 % Notes” and, together with the 9.000% Notes, the “New Senior Notes”) were issued pursuant to an indenture dated February 7, 2024, by and among the Company, the Issuer, the Guarantors party thereto and Wilmington Trust, National Association, as trustee and collateral agent. The 9.375% Notes are secured on a second-priority senior secured basis by liens on substantially the same collateral as the collateral securing the Issuer’s existing first-priority obligations under its Bank Credit Facility. The 9.375 % Notes rank equally in right of payment with all of the Issuer’s and the Guarantors’ existing and future senior obligations, are senior in right of payment to any obligations of the Issuer and the Guarantors future debt that is, by its term, expressly subordinated in right of payment to the 9.375% Notes and, to the extent of the value of the collateral, are effectively senior to all existing and future unsecured obligations of the Issuer and the Guarantors (other than the Company) and any future obligations of the Issuer and the Guarantors that are secured by the collateral on a junior-priority basis. The 9.375 % Notes are effectively pari passu with all of the Issuer’s and the Guarantors’ existing and future obligations that are secured by the collateral on a second-priority basis including the 9.000% Notes and are effectively junior to any existing and future obligations of the Issuer and the Guarantors that are secured by the collateral on a senior-priority basis to the 9.375% Notes including indebtedness under the Bank Credit Facility. The 9.375 % Notes mature on February 1, 2031 and have interest payable semi-annually each February 1 and August 1 , commencing August 1, 2024. At any time prior to February 1, 2027, the Company may redeem up to 40 % of the principal amount of the 9.375% Notes at a redemption rate of 109.375 % of the principal amount plus accrued and unpaid interest. At any time prior to February 1, 2027, the Company may also redeem some or all of the 9.375% Notes, plus a “make-whole premium,” together with accrued and unpaid interest, if any, to, but excluding, the date of redemption. Thereafter, the Company may redeem all or a portion of the 9.375% Notes in whole at any time or in part from time to time at the following redemption prices (expressed as percentages of the principal amount) plus accrued and unpaid interest if redeemed during the period commencing on February 1 of the years set forth below : Period Redemption Price 2027 104.688 % 2028 102.344 % 2029 and thereafter 100.000 % As of September 30, 2024 , the Company has incurred debt issuance costs of $ 16.3 million related to the 9.375% Notes issued as part of the debt offering that partially funded the cash portion of the QuarterNorth Acquisition. The debt issue costs reduced the proceeds from the debt issued. See Note 2 — Acquisitions and Divestitures for further discussion on the QuarterNorth Acquisition. 12.00% Second-Priority Senior Secured Notes On February 7, 2024 , the Company redeemed $ 638.5 million aggregate principal amount of the 12.00 % Second-Priority Senior Secured Notes due 2026 (the “12.00% Notes”) at 103.000 % plus accrued and unpaid interest using the proceeds from the issuance of the New Senior Notes. The debt redemption resulted in a loss on extinguishment of debt of $ 54.9 million, which is presented as “Other income (expense)” on the Condensed Consolidated Statements of Operations. 11.75% Senior Secured Second Lien Notes On February 7, 2024, the Company redeemed $ 227.5 million aggregate principal amount of the 11.75 % Senior Secured Second Lien Notes due 2026 (the “11.75% Notes”) at 102.938 % plus accrued and unpaid interest using the proceeds from the issuance of the New Senior Notes. The debt redemption resulted in a loss on extinguishment of debt of $ 5.4 million, which is presented as “Other income (expense)” on the Condensed Consolidated Statements of Operations. Bank Credit Facility The Company maintains the Bank Credit Facility with a syndicate of financial institutions. The borrowing base is redetermined by the lenders at least semi-annually during the second quarter and fourth quarter of each year based on a proved reserves report that the Company delivers to the administrative agent of its Bank Credit Facility. On January 13, 2024, the Company entered into the Tenth Amendment to Credit Agreement (the “Tenth Amendment”). The Tenth Amendment, among other things, (i) permitted the incurrence of additional indebtedness in order to fund the QuarterNorth Acquisition, with such indebtedness excluded from any reduction of the borrowing base that would otherwise result from such incurrence, (ii) reaffirmed the borrowing base at approximately $ 1.1 billion and (iii) reaffirmed commitments at $ 965.0 million effective upon the amendment effective date. On May 31, 2024, the borrowing base was reaffirmed at $ 1.1 billion and commitments were $ 965.0 million at September 30, 2024.

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Note 8 — 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, 2023 $ 897,226 Obligations assumed (1) 199,519 Obligations incurred 107 Obligations settled ( 86,074 ) Accretion expense 87,053 Changes in estimate (2) 92,044 Asset retirement obligations at September 30, 2024 $ 1,189,875 Less: Current portion at September 30, 2024 55,730 Long-term portion at September 30, 2024 $ 1,134,145 (1) Assumed in connection with the QuarterNorth Acquisition. See further discussion in Note 2 — Acquisitions and Divestitures. (2) Primarily attributable to accelerated timing and increases in cost estimates to satisfy certain future abandonment obligations. At September 30, 2024, the Company has (1) restricted cash of $ 105.4 million held in escrow and (2) two notes receivable with an aggregated face value of $ 66.2 million to settle future asset retirement obligations. A discussion of these assets is included in the accompanying Notes to the Consolidated Financial Statements in the 2023 Annual Report.

Employee Benefits Plans and Sha

Employee Benefits Plans and Share-Based Compensation	9 Months Ended
	Sep. 30, 2024
Compensation And Employee Benefit Plans [Abstract]
Employee Benefits Plans and Share-Based Compensation	Note 9 — Employee Benefits Plans and Share-Based Compensation Severance The following table summarizes severance accrual activity in connection the EnVen Acquisition, QuarterNorth Acquisition and TLCS Divestiture included in “Other current liabilities” and “Other long-term liabilities” on the Condensed Consolidated Balance Sheets as of September 30, 2024 (in thousands): Severance accrual at December 31, 2023 $ 6,295 Accrual additions 26,035 Benefit payments ( 31,146 ) Severance accrual at September 30, 2024 1,184 Less: Current portion at September 30, 2024 1,154 Long-term portion at September 30, 2024 $ 30 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. Severance costs are reflected in “General and administrative expense” on the Condensed Consolidated Statements of Operations. In connection with the departure of the Company’s former President and Chief Executive Officer on August 29, 2024, the Company has accrued $ 4.7 million of severance, all of which is included in “Other current liabilities” on the Condensed Consolidated Balance Sheets as of September 30, 2024 and 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 Amended and Restated Talos Energy Inc. 2021 Long Term Incentive Plan (the “A&R LTIP”) for the nine months ended September 30, 2024: Restricted Weighted Average Unvested RSUs at December 31, 2023 2,306,361 $ 14.89 Granted 3,105,043 $ 12.00 Vested ( 1,488,779 ) $ 13.82 Forfeited ( 330,602 ) $ 15.00 Unvested RSUs at September 30, 2024 (1) 3,592,023 $ 12.83 (1) As of September 30, 2024 , 37,217 of the unvested RSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheets. On September 9, 2024, there were 157,071 RSUs issued as retention awards to executive officers that are required to report their beneficial ownership of the Company's equity securities and any transactions in such securities. These retention RSUs will vest ratably on each of September 9, 2025, September 9, 2026 and September 9, 2027. Performance Share Units (“PSUs”) — The following table summarizes PSU activity under the A&R LTIP for the nine months ended September 30, 2024: Performance Weighted Average Unvested PSUs at December 31, 2023 1,016,649 $ 21.30 Granted (1) 260,628 $ 11.69 Forfeited ( 190,851 ) $ 20.18 Unvested PSUs at September 30, 2024 1,086,426 $ 19.19 (1) Eligible to vest based on continued employment and the relative annualized total shareholder return (“TSR”) of the Company as compared to a peer group over a three-year performance period, as modified by the Company’s absolute annualized TSR over the same 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 September 9, 2024 Expected term (in years) 2.3 Expected volatility 54.4 % Risk-free interest rate 3.6 % Dividend yield — % Fair value (in thousands) $ 3,047 The A&R LTIP became effective on May 23, 2024 and authorizes the Company to grant awards of up to 12,439,415 shares of the Company’s common stock, subject to the share recycling and adjustment provisions of the A&R LTIP. The A&R LTIP also extends the term of the plan to May 23, 2034. Subsequent Event — On November 1, 2024, the Company entered into a separation and release agreement with its former President and Chief Executive Officer and granted, pursuant to the A&R LTIP, a stock award of 28,519 fully vested shares of the Company’s common stock and an award of 38,844 PSUs, which PSUs are eligible to performance vest based on the Company’s relative and absolute total shareholder return from the period commencing January 1, 2024 to December 31, 2026. These grants represent the pro rata portion of the Company’s 2024 LTIP award to which the former executive was entitled. Additionally, the Company’s Interim Chief Executive Officer and President was granted 43,630 RSUs, which RSUs will vest on the earlier of December 31, 2024 or the date the Company appoints a new Chief Executive Officer and President. The Company’s Interim Chief Executive Officer and President also agreed to forfeit 4,273 RSUs that he was granted in 2024 for his service as a non-employee member of the board of directors of the Company. 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 (used in) 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Share-based compensation costs $ 5,477 $ 2,556 $ 15,046 $ 18,038 Less: Amounts capitalized to oil and gas properties 2,162 2,163 6,187 8,958 Total share-based compensation expense $ 3,315 $ 393 $ 8,859 $ 9,080

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 10 — Income Taxes The Company is a corporation that is subject to U.S. federal, state and foreign income taxes. For the three months ended September 30, 2024, the Company recognized an income tax expense of $ 18.1 million for an effective tax rate of 17.0 %. The Company’s effective tax rate is different than the U.S. federal statutory income tax rate of 21 % primarily due to current year activity offset by the impact from permanent differences. For the three months ended September 30, 2023 , the Company recognized an income tax benefit of $ 15.9 million for an effective tax rate of 88.3 %. The Company’s effective tax rate is different than the U.S. federal statutory income tax rate of 21 % primarily due to the change of the Company’s valuation allowance with respect to its federal deferred tax assets. For the nine months ended September 30, 2024, the Company recognized an income tax benefit of $ 4.4 million for an effective tax rate of 27.2 %. The Company’s effective tax rate is different than the U.S. federal statutory income tax rate of 21 % primarily due to permanent differences. For the nine months ended September 30, 2023 , the Company recognized an income tax benefit of $ 55.5 million for an effective tax rate of - 120.9 %. The Company’s effective tax rate 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 the Company’s valuation allowance with respect to its deferred tax assets not subject to separate return limitations offset by the impact of other permanent differences. The release of the valuation allowance was a result of the deferred tax liabilities associated with the EnVen Acquisition. 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’s valuation allowance primarily relates to various state operating loss carryforwards. A deferred tax liability of $ 257.0 million and $ 92.2 million is included in “Other long-term liabilities” on the Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023, respectively. QuarterNorth Acquisition On March 4, 2024, the Company completed the QuarterNorth Acquisition, which is further discussed in Note 2 — Acquisitions and Divestitures . The Company recognized a net deferred tax liability of $ 167.7 million in its purchase price allocation as of the acquisition date to reflect differences between tax basis and the fair value of QuarterNorth’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 performed upon filing QuarterNorth’s tax returns that may result in a change to the net deferred tax liability recognized.

Income (Loss) Per Share

Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Income (Loss) Per Share	Note 11 — 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income (loss) $ 88,173 $ ( 2,103 ) $ ( 11,885 ) $ 101,434 Weighted average common shares outstanding — basic 180,204 124,103 174,108 118,459 Dilutive effect of securities 357 — — 803 Weighted average common shares outstanding — diluted 180,561 124,103 174,108 119,262 Net income (loss) per common share: Basic $ 0.49 $ ( 0.02 ) $ ( 0.07 ) $ 0.86 Diluted $ 0.49 $ ( 0.02 ) $ ( 0.07 ) $ 0.85 Anti-dilutive potentially issuable securities excluded from diluted common shares 1,215 1,851 1,851 1,491

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 12 — Related Party Transactions Registration Rights Agreements 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 2023 Annual Report. Bain held approximately 8.4 % of the Company’s outstanding shares of common stock as of September 30, 2024 based on SEC beneficial ownership reports filed by Bain. Adage ceased being a beneficial owner of more than five percent of the Company’s common stock as of December 31, 2023 based on a SEC beneficial ownership report filed by Adage in February 2024. The Company agreed to pay certain expenses of the parties incurred in connection with the exercise of their rights under such registration rights agreement and to indemnify them for certain securities law matters in connection with any registration statement filed pursuant thereto. Slim Family and Affiliates Carlos Slim Helú, Carlos Slim Domit, Marco Antonio Slim Domit, Patrick Slim Domit, María Soumaya Slim Domit, Vanessa Paola Slim Domit and Johanna Monique Slim Domit (collectively, the “Slim Family”) are beneficiaries of a Mexican trust which in turn owns all of the outstanding voting securities of Control Empresarial de Capitales S.A. de C.V. (“Control Empresarial” together with the Slim Family, the “Slim Family Office”). Control Empresarial, a sociedad anónima de capital variable organized under the laws of the United Mexican States, is a holding company with portfolio investments in various companies. Control Empresarial and the Slim Family became related parties on November 7, 2023 when they accumulated greater than ten percent of the Company’s outstanding shares of common stock. In connection with the Company’s underwritten public offering during January 2024 of 34.5 million shares of the Company’s common stock, Control Empresarial increased their holding of the Company’s outstanding stock. Control Empresarial held approximately 24.2 % of the Company’s outstanding shares of common stock as of September 30, 2024 based on SEC beneficial ownership reports filed by Control Empresarial. The Slim Family own a majority stake in Grupo Carso. Grupo Carso is a public stock company incorporated in Mexico, which holds the shares of a group of companies that primarily operate in the commercial; industrial; infrastructure and construction; and energy sectors. Grupo Carso, through its subsidiary, has an ownership interest in Talos Mexico. See Note 6 – Equity Method Investments for additional information on Talos Mexico. Grupo Financiero Inbursa, S.A.B. de C.V. (“GFI”) is a Mexico-based holding company engaged, through its subsidiaries, in the financial sector. The company’s main activities are structured in four business lines: commercial banking, asset management, insurance and investment banking. The Slim Family own a majority stake in GFI. Banco Inbursa, S.A., Institución de Banca Múltiple, Grupo Financiero Inbursa (“Banco Inbursa”) is a wholly owned banking subsidiary of GFI. In connection with the debt offering in February 2024, the Company consummated a firm commitment debt offering consisting of $ 1,250.0 million in aggregate principal amount of second-priority senior secured notes in a private offering to eligible purchasers that was exempt from registration under the Securities Act. In connection with the debt offering, and after expressing a non-binding indication of interest after commencement of the offering, entities and/or persons related to the Slim Family Office purchased an aggregate principal amount of $ 312.5 million of such notes from the initial purchasers of such offering. In connection with such transaction, the Company agreed to pay Banco Inbursa, an advisory fee of approximately $ 2.7 million, which is reflected as “Accrued liabilities” on the Condensed Consolidated Balance Sheets. See Note 7 – Debt for additional information regarding the issuance of the second-priority senior secured notes. Equity Method Investments The Company had a $ 1.7 million and $ 5.5 million related party receivable from various equity method investments as of September 30, 2024 and December 31, 2023, respectively. This is reflected as “Other, net” within “Accounts Receivable” on the Condensed Consolidated Balance Sheets. See Note 6 – Equity Method Investments for additional information on the Company’s equity method investments.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13 — 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 and removal of facilities in the U.S. Gulf of Mexico. As of September 30, 2024, 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 September 30, 2024, the Company had secured letters of credit issued under its Bank Credit Facility totaling $ 42.7 million . Letters of credit that are outstanding reduce the available revolving credit commitments. See Note 7 — Debt for further information on the Bank Credit Facility. Firm Transportation Commitments The Company has firm transportation agreements in place with a pipeline carrier for future transportation of oil production. The Company is obligated to transport a minimum monthly oil volume or pay for any deficiencies. The future minimum transportation under the Company’s commitment totals approximately $ 36.9 million for years 2025 through 2030. Our production is currently expected to exceed the minimum monthly volume in the periods provided in the agreements. Legal Proceedings and Other Contingencies From time to time, the Company is involved in litigation, disputes related to our business, 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. With regard to the previously disclosed legal proceeding filed against the Company and QuarterNorth by U.S. Specialty Insurance Company (“USSI”) concerning approximately $ 80.0 million in surety bonds issued by USSI, the Company has replaced or canceled all but approximately $ 2.5 million of those bonds with other surety companies as of September 30, 2024 and expects to replace or cancel the remaining bonds in the near future. The Company expects that the legal proceeding will be resolved at that time. A discussion of the Dunwoody litigation is included in the accompanying Notes to the Consolidated Financial Statements in the 2023 Annual Report. The Company paid the judgment of $ 14.4 million, inclusive of Mr. Dunwoody’s legal fees and interest, during the three months ended March 31, 2024. 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): September 30, 2024 December 31, 2023 Balance, beginning of period $ 15,564 $ 54,269 Additions 4,064 266 Obligations assumed 1,326 — Changes in estimate 3,698 11,613 Settlements ( 5,094 ) ( 50,584 ) Balance, end of period $ 19,558 $ 15,564 Less: Current portion 4,930 3,280 Long-term portion $ 14,628 $ 12,284 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. Registration Rights Agreement In connection with the Company’s entry into the QuarterNorth Merger Agreement, on March 4, 2024, the Company entered into a registration rights agreement (the “QNE Registration Rights Agreement”) with certain stockholders of QuarterNorth listed on Schedule A attached thereto (collectively, the “RRA Holders”). Pursuant to the QNE Registration Rights Agreement, the Company granted the RRA Holders certain demand, “piggy-back” and shelf registration rights with respect to the shares of the Company’s common stock received in connection with the QuarterNorth Acquisition, subject to certain customary thresholds and conditions. The Company is obligated to pay certain expenses of the RRA Holders incurred in connection with the exercise of their rights under the QNE Registration Rights Agreement and indemnify them for certain securities law matters in connection with any registration statement filed pursuant thereto.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	Note 14 — Segment Information From January 1, 2024 through March 18, 2024, the Company’s operations were managed through two operating segments: (i) Upstream Segment and (ii) CCS Segment. The CCS Segment was divested in March 2024. The Upstream Segment was the Company’s only reportable segment. The QuarterNorth Acquisition did not change the Company’s reportable segment determinations and is included in the Upstream Segment. Currently, the Company’s CODM is the Interim Chief Executive Officer and President, 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 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; and non-cash equity-based compensation expense. Corporate general and administrative expense includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs that are not directly attributable to each 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. Segment accounting policies are the same as those described in Note 2 – Summary of Significant Accounting Policies included in the accompanying Notes to Consolidated Financial Statements in the 2023 Annual Report. 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 September 30, 2024 $ 509,286 $ — $ 509,286 Three Months Ended September 30, 2023 383,135 — 383,135 Nine Months Ended September 30, 2024 1,488,383 — 1,488,383 Nine Months Ended September 30, 2023 1,072,927 — 1,072,927 Equity in the Net Income (Loss) of Investees Accounted for by the Equity Method: Three Months Ended September 30, 2024 $ ( 544 ) $ — $ ( 544 ) Three Months Ended September 30, 2023 118 ( 2,612 ) ( 2,494 ) Nine Months Ended September 30, 2024 ( 1,084 ) ( 7,970 ) ( 9,054 ) Nine Months Ended September 30, 2023 373 ( 6,023 ) ( 5,650 ) Adjusted EBITDA: Three Months Ended September 30, 2024 $ 326,829 $ — $ 326,829 Three Months Ended September 30, 2023 255,228 ( 5,045 ) 250,183 Nine Months Ended September 30, 2024 942,705 ( 9,872 ) 932,833 Nine Months Ended September 30, 2023 719,326 ( 13,562 ) 705,764 Segment Expenditures: Nine Months Ended September 30, 2024 $ 447,447 $ 17,519 $ 464,966 Nine Months Ended September 30, 2023 559,873 37,183 597,056 (1) The CCS Segment is included in the “All Other” category. The CCS Segment was an emerging business in the start-up phase of operations and the business did not generate any revenues. The CCS Segment’s business activities were conducted through both wholly owned subsidiaries and equity method investments with industry partners. CCS equity method investments was a business strategy that enabled 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Adjusted EBITDA: Total for reportable segments $ 326,829 $ 255,228 $ 942,705 $ 719,326 All other — ( 5,045 ) ( 9,872 ) ( 13,562 ) General and administrative expense ( 2,470 ) ( 1,366 ) ( 6,814 ) ( 4,161 ) Interest expense ( 46,275 ) ( 45,637 ) ( 146,102 ) ( 128,850 ) Depreciation, depletion and amortization ( 274,249 ) ( 163,359 ) ( 749,004 ) ( 480,476 ) Accretion expense ( 29,418 ) ( 21,256 ) ( 87,053 ) ( 63,430 ) Transaction and other income (expenses) (1) 17,687 64,321 60,215 38,799 Decommissioning obligations (2) ( 2,725 ) ( 7,972 ) ( 7,762 ) ( 9,454 ) Derivative fair value gain (loss) (3) 126,291 ( 98,802 ) 41,531 ( 13,668 ) Net cash (received) paid on settled derivative instruments (3) ( 6,071 ) 6,313 14,941 10,474 Gain (loss) on extinguishment of debt — — ( 60,256 ) — Non-cash equity-based compensation expense ( 3,315 ) ( 393 ) ( 8,859 ) ( 9,080 ) Income (loss) before income taxes $ 106,284 $ ( 17,968 ) $ ( 16,330 ) $ 45,918 (1) For the three months ended September 30, 2024 , transaction expenses include $ 4.7 million in severance expense related to the departure of the Company’s former President and Chief Executive Officer as discussed in Note 9 — Employee Benefits Plans and Share-Based Compensation . For the nine months ended September 30, 2024 , transaction expenses include $ 38.8 million in costs related to the QuarterNorth Acquisition, inclusive of $ 22.3 million in severance expense, and $ 8.4 million in costs related to the TLCS Divestiture, inclusive of a net $ 2.9 million in severance expense. For the three and nine months ended September 30, 2023 , transaction expenses included $ 1.5 million and $ 39.4 million, respectively, in costs related to the EnVen Acquisition, inclusive of $ 0.9 million and $ 24.9 million, respectively, in severance expense. See further discussion in Note 2 — Acquisitions and Divestitures and Note 9 — Employee Benefits Plans and Share-Based Compensation . Other income (expense) includes other miscellaneous income and expenses that the Company does not view as a meaningful indicator of its operating performance. For the three and nine months ended September 30, 2024 , it includes a gain of $ 13.5 million and $ 100.4 million related to the TLCS Divestiture, respectively. See further discussion in Note 2 — Acquisitions and Divestitures. Additionally, for the three and nine months ended September 30, 2024 , it includes a gain of $ 7.0 million and $ 9.5 million, respectively, related to an increase in fair value of a service credit acquired via the QuarterNorth Acquisition. For the three and nine months ended September 30, 2023 , the amount includes a $ 66.2 million gain related to the deconsolidation of Talos Mexico. For the nine months ended September 30, 2023 , the amount includes a gain on the funding of the capital carry of the Company’s investment in Bayou Bend by Chevron U.S.A. Inc. (“Chevron”) of $ 8.6 million. (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 13 — 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 a realized basis during the period the derivatives settled. The following table presents the reconciliation of Segment Expenditures to the Company’s consolidated totals (in thousands): Nine Months Ended September 30, 2024 2023 Segment Expenditures: Total reportable segments $ 447,447 $ 559,873 All other 17,519 37,183 Change in capital expenditures included in accounts payable and accrued liabilities 4,772 15,085 Plugging & abandonment ( 86,074 ) ( 71,097 ) Decommissioning obligations settled ( 5,094 ) ( 40,415 ) Investment in Talos Mexico ( 2,108 ) — Investment in CCS intangibles and equity method investees ( 17,519 ) ( 37,168 ) Deferred payments ( 1,791 ) ( 841 ) Proceeds from the sale of equipment 1,017 — Non-cash well equipment transfers ( 3,056 ) ( 24,476 ) Other 84 362 Exploration, development and other capital expenditures $ 355,197 $ 438,506

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 15 — Subsequent Events Stockholder Rights Agreement On October 1, 2024, the Company entered into a Rights Agreement (the “Rights Agreement”) with Computershare Trust Company, N.A., as rights agent. In connection therewith, the Board of Directors of the Company (the “Board”) declared a dividend of one preferred share purchase right (“Right”) for each outstanding share of the Company’s common stock, par value $ 0.01 per share (the “Common Stock”). The dividend became payable on October 11, 2024 to stockholders of record as of the close of business on such date (the “Record Date”). In addition, one Right will automatically attach to each share of Common Stock issued between the Record Date and the Distribution Date (as defined below). The Rights will initially trade with, and will be inseparable from, the Common Stock. The Rights will accompany any new shares of Common Stock issued after the Record Date until the earlier of the distribution date, the redemption date or the expiration date of the Rights. Each Right initially entitles the registered holder, subject to the terms of the Rights Agreement, to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, par value $ 0.01 per share (“Preferred Shares”), for $ 62.10 , subject to adjustment under certain conditions (the “Purchase Price”). The Rights will become exercisable if (among other things) any person or group acquires 25 % or more of the outstanding Common Stock, including through derivatives agreements, without the approval of the Board (an “Acquiring Person”). If a person or group becomes an Acquiring Person, all holders of Rights except the Acquiring Person or any associate or affiliate thereof may, upon exercise of a Right, purchase for the Purchase Price shares of Common Stock with a market value of two times the Purchase Price, based on the market price of the Common Stock prior to such acquisition. If the Company is acquired in a merger or similar transaction after an Acquiring Person becomes such, all holders of Rights except the Acquiring Person or any associate or affiliate thereof may, upon exercise of a Right, purchase for the Purchase Price shares of the acquiring company with a market value of two times the Purchase Price, based on the market price of the acquiring company’s stock prior to such transaction. Any Rights held by an Acquiring Person will be void and may not be exercised. The Rights will expire at the earlier of (i) October 1, 2027 and (ii) October 1, 2025 if Stockholder Approval (as defined in the Rights Agreement) has not been received prior to such time, unless such date is advanced or extended or unless the Rights are earlier redeemed or exchanged by the Board as permitted in the Rights Agreement. The Board may consider an earlier termination of the Rights Agreement if circumstances warrant. The Board may redeem the Rights for $ 0.001 per Right at any time before the earlier of the expiration date and the first date of public announcement that any person or group becomes an Acquiring Person. The Board adopted the Rights Agreement to protect the Company and deter any future efforts by any person or group to acquire actual, de facto or negative control of the Company without appropriately compensating its stockholders for that control or on terms that are inconsistent with the best interests of its stockholders. In general terms, the Rights Agreement imposes significant dilution upon any person or group that acquires 25 % or more of the outstanding Common Stock, including through certain derivatives agreements, without the approval of the Board. The terms of the Rights are set forth in the Rights Agreement as it may be amended or restated from time to time. Preferred Shares Certificate of Designation On October 1, 2024, in connection with the adoption of the Rights Agreement, the Company filed a Certificate of Designation setting forth the rights, powers and preferences of the Preferred Shares. Each one one-thousandth of a Preferred Share, if issued: (i) will not be redeemable, (ii) will entitle the holder to quarterly dividend payments equal to the dividend paid on one share of Common Stock, (iii) will entitle the holder upon liquidation to receive either $ 1.00 or an amount equal to the payment made on one share of Common Stock, whichever is greater, (iv) will have one vote and vote together with the Common Stock, except as required by law and (v) if shares of Common Stock are exchanged via merger, consolidation, or a similar transaction, will entitle the holder to a payment equal to the payment made on one share of Common Stock. A&R LTIP Activity See Note 9 — Employee Benefits Plans and Share-Based Compensation—Subsequent Events for additional information.

Organization, Nature of Busin_2

Organization, Nature of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2024
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. The Company leverages decades of technical and offshore operational expertise towards the acquisition, exploration and development of assets in key geological trends that are present in many offshore basins around the world. 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 2023 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 From January 1, 2024 through March 18, 2024, the Company had two operating segments: (i) exploration and production of oil, natural gas and NGLs (“Upstream Segment”) and (ii) CCS (“CCS Segment”), of which the Company’s only reportable segment was the Upstream Segment. Subsequent to the TLCS Divestiture (as defined herein) and sale of the Company’s entire CCS business, the Company had one operating segment. See additional information in Note 14 — Segment Information .
Recently Issued Accounting Standards	Recently Issued Accounting Standards Segment Reporting — In November 2023, the Financial Accounting Standards Board (“FASB”) issued an update to the required disclosures for segment reporting. The update is intended to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The update will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within segment profit and loss. An explanation of how the CODM uses the reported measure of segment profit and loss will also be disclosed. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. The Company continues to evaluate the impact of this new guidance on our disclosures.

Organization, Nature of Busin_3

Organization, Nature of Business and Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2024
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): September 30, 2024 December 31, 2023 Cash and cash equivalents $ 45,542 $ 33,637 Restricted cash included in Other long-term assets 105,403 102,362 Total cash, cash equivalent and restricted cash $ 150,945 $ 135,999

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	9 Months Ended
	Sep. 30, 2024
QuarterNorth
Business Acquisition [Line Items]
Summary of Purchase Price	The following table summarizes the purchase price (in thousands except share and per share data): Shares of Talos common stock 24,349,452 Talos common stock price (1) $ 13.25 Common stock value $ 322,630 Cash consideration $ 1,247,419 Total purchase price (2) $ 1,570,049 (1) Represents the closing price of the Company’s common stock on March 4, 2024, the date of the closing of the QuarterNorth Acquisition. (2) Total purchase price net of $ 331.4 million cash and cash equivalents acquired at closing is $ 1,238.7 million.
Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed	The following table presents the latest preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their fair values on March 4, 2024 (in thousands): Cash and cash equivalents $ 331,374 Other current assets 161,134 Property and equipment 1,624,632 Other long-term assets 20,780 Current liabilities: Current portion of asset retirement obligations ( 6,748 ) Other current liabilities ( 197,803 ) Long-term liabilities: Asset retirement obligations ( 192,771 ) Deferred tax liabilities ( 167,658 ) Other long-term liabilities ( 2,891 ) Allocated purchase price $ 1,570,049
Summary Of Revenues And Net Income Attributable To Acquisition	The following table presents revenue and net income attributable to the QuarterNorth Acquisition for the three months ended September 30, 2024 and the period from March 4, 2024 to September 30, 2024: Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Revenue $ 150,538 $ 367,644 Net income (loss) $ 12,518 $ 74,817
Supplemental Proforma Information	This information does not purport to be indicative of results of operations that would have occurred had the QuarterNorth Acquisition occurred on January 1, 2023, nor is such information indicative of any expected future results of operations (in thousands, except for the per share data). Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue $ 509,286 $ 583,984 $ 1,615,652 $ 1,576,869 Net income (loss) $ 88,315 $ ( 5,580 ) $ ( 3,256 ) $ 87,709 Basic net income (loss) per common share $ 0.49 $ ( 0.03 ) $ ( 0.02 ) $ 0.49 Diluted net income (loss) per common share $ 0.49 $ ( 0.03 ) $ ( 0.02 ) $ 0.49
EnVen Energy Corporation
Business Acquisition [Line Items]
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 September 30, 2023 and the period from February 13, 2023 to September 30, 2023 (in thousands): Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Revenue $ 126,358 $ 301,999 Net income (loss) $ 37,790 $ 57,578
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 September 30, 2023 Nine Months Ended September 30, 2023 Revenue $ 383,136 $ 1,124,970 Net income (loss) $ ( 1,483 ) $ 131,421 Basic net income (loss) per common share $ ( 0.01 ) $ 1.05 Diluted net income (loss) per common share $ ( 0.01 ) $ 1.04

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Components of Lease Costs	The components of lease costs were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Finance lease cost - interest on lease liabilities $ 3,205 $ 3,604 $ 9,849 $ 10,969 Operating lease cost, excluding short-term leases (1) 1,113 1,323 3,123 3,419 Short-term lease cost (2) 2,674 33,152 20,113 103,001 Variable lease cost (3) 616 666 1,848 1,856 Variable and fixed sublease income ( 359 ) ( 207 ) ( 1,077 ) ( 276 ) Total lease cost $ 7,249 $ 38,538 $ 33,856 $ 118,969 (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. The short-term operating lease costs incurred during the periods presented are not indicative of the Company’s current short-term lease obligations, which are approximately $ 129.2 million as of September 30, 2024 , or its future short-term lease costs and obligations, as it routinely enters into short-term contracts for the use of drilling rigs to support its drilling activities. (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 ("ROU") Asset and Lease Liability, Adjusted for Initial Direct Costs and Incentives	The present value of the fixed lease payments recorded as the Company’s right-of-use (“ROU”) assets and lease liabilities, adjusted for initial direct costs and incentives were as follows (in thousands): September 30, 2024 December 31, 2023 Operating leases: Operating lease assets $ 11,858 $ 11,418 Current portion of operating lease liabilities $ 3,933 $ 2,666 Operating lease liabilities 16,359 18,211 Total operating lease liabilities $ 20,292 $ 20,877 Finance leases: Proved properties $ 166,261 $ 166,261 Other current liabilities $ 19,140 $ 17,834 Other long-term liabilities 116,686 131,230 Total finance lease liabilities $ 135,826 $ 149,064
Supplemental Cash Flow Information Related to Leases	The table below presents the supplemental cash flow information related to leases (in thousands): Nine Months Ended September 30, 2024 2023 Operating cash outflow from finance leases $ 9,849 $ 10,969 Operating cash outflow from operating leases $ 4,149 $ 4,880 ROU assets obtained in exchange for new operating lease liabilities (1) $ 1,909 $ 12,971 Remeasurement of lease liability arising from modification of ROU asset (2) $ — $ ( 5,124 ) (1) See QuarterNorth Acquisition and EnVen Acquisition each in Note 2 — Acquisitions and Divestitures. (2) Lease termination accounted for as a lease modification based on the modified lease term. The termination did not take effect contemporaneously with the effective date of the modification.

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
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): September 30, 2024 December 31, 2023 Carrying Fair Carrying Fair 9.000 % Second-Priority Senior Secured Notes – due February 2029 $ 610,383 $ 648,069 $ — $ — 9.375 % Second-Priority Senior Secured Notes – due February 2031 $ 609,762 $ 648,225 $ — $ — 12.00 % Second-Priority Senior Secured Notes – due January 2026 $ — $ — $ 601,353 $ 655,130 11.75 % Senior Secured Second Lien Notes – due April 2026 $ — $ — $ 234,221 $ 233,410 Bank Credit Facility – matures March 2027 $ 117,600 $ 125,000 $ 190,100 $ 200,000
Schedule of Impact that Derivatives not Qualifying as Hedging Instruments in Condensed Consolidated Statements of Operations	The following table presents the impact that derivatives, not designated as hedging instruments, had on its Condensed Consolidated Statements of Operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net cash received (paid) on settled derivative instruments $ 6,071 $ ( 6,313 ) $ ( 14,941 ) $ ( 10,474 ) Unrealized gain (loss) 120,220 ( 92,489 ) 56,472 ( 3,194 ) Price risk management activities income (expense) $ 126,291 $ ( 98,802 ) $ 41,531 $ ( 13,668 )
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 September 30, 2024: Swap Contracts Production Period Settlement Index Volumes Swap Price Crude oil: (Bbls) (per Bbl) October 2024 – December 2024 NYMEX WTI CMA 37,674 $ 76.17 January 2025 – December 2025 NYMEX WTI CMA 24,860 $ 72.91 Natural gas: (MMBtu) (per MMBtu) October 2024 – December 2024 NYMEX Henry Hub 35,000 $ 2.85 January 2025 – December 2025 NYMEX Henry Hub 47,384 $ 3.53 Two-Way Collar Contracts Production Period Settlement Index Volumes Floor Price Ceiling Price Crude oil: (Bbls) (per Bbl) (per Bbl) October 2024 – December 2024 NYMEX WTI CMA 1,000 $ 70.00 $ 75.00 January 2025 – March 2025 NYMEX WTI CMA 3,000 $ 65.00 $ 84.35 Natural gas: (MMBtu) (per MMBtu) (per MMBtu) October 2024 – December 2024 NYMEX Henry Hub 10,000 $ 4.00 $ 6.90 Long Puts Production Period Settlement Index Volumes Strike Price Deferred Premium Price Crude oil: (Bbls) (per Bbl) (per Bbl) October 2024 – December 2024 NYMEX WTI CMA 4,000 $ 70.00 $ 6.28 Natural gas: (MMBtu) (per MMBtu) (per MMBtu) November 2024 – December 2024 NYMEX Henry Hub 13,660 $ 2.90 $ 0.40 Swaps with Sold Puts Production Period Settlement Index Volumes Swap Price Strike Price Crude oil: (Bbls) (per Bbl) (per Bbl) October 2024 – December 2024 NYMEX WTI CMA 1,000 $ 72.20 $ 60.00
Summary of Additional Information Related to Financial Instruments Measured at Fair Value on Recurring Basis	The following tables provide additional information related to financial instruments measured at fair value on a recurring basis (in thousands): September 30, 2024 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas derivatives $ — $ 91,503 $ — $ 91,503 Liabilities: Oil and natural gas derivatives — ( 5,135 ) — ( 5,135 ) Total net asset (liability) $ — $ 86,368 $ — $ 86,368 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas derivatives $ — $ 53,703 $ — $ 53,703 Liabilities: Oil and natural gas derivatives — ( 8,100 ) — ( 8,100 ) Total net asset (liability) $ — $ 45,603 $ — $ 45,603
Schedule of Fair Value of Derivative Financial Instruments	The following table presents the fair value of derivative financial instruments as well as the potential effect of netting arrangements on the Company's recognized derivative asset and liability amounts (in thousands): September 30, 2024 December 31, 2023 Assets Liabilities Assets Liabilities Oil and natural gas derivatives: Current $ 82,016 $ 4,656 $ 36,152 $ 7,305 Non-current 9,487 479 17,551 795 Total gross amounts presented on balance sheet 91,503 5,135 53,703 8,100 Less: Gross amounts not offset on the balance sheet 5,135 5,135 8,100 8,100 Net amounts $ 86,368 $ — $ 45,603 $ —

Equity Method Investments (Tabl

Equity Method Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The following table presents the Company’s investments in unconsolidated affiliates by segment as of the dates indicated below (in thousands). The Company accounts for these investments using the equity method of accounting. Ownership Interest at September 30, 2024 September 30, 2024 December 31, 2023 Upstream: Talos Energy Mexico 7, S. de R.L. de C.V. (“Talos Mexico”) 50.1 % $ 108,139 $ 107,259 SP 49 Pipeline LLC 33.3 % 1,005 861 CCS (1) : Bayou Bend CCS LLC — % — 28,183 Harvest Bend CCS LLC — % — 9,746 Coastal Bend CCS LLC — % — — Total Equity Method Investments $ 109,144 $ 146,049 (1) See TLCS Divestiture discussion in Note 2 — Acquisitions and Divestitures .

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
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): September 30, 2024 December 31, 2023 9.000 % Second-Priority Senior Secured Notes – due February 2029 $ 625,000 $ — 9.375 % Second-Priority Senior Secured Notes – due February 2031 625,000 — 12.00 % Second-Priority Senior Secured Notes – due January 2026 — 638,541 11.75 % Senior Secured Second Lien Notes – due April 2026 — 227,500 Bank Credit Facility – matures March 2027 (1 ) 125,000 200,000 Total debt, before discount, premium and deferred financing cost 1,375,000 1,066,041 Unamortized discount, premium and deferred financing cost, net ( 37,255 ) ( 40,367 ) Total debt (2) 1,337,745 1,025,674 Less: Current portion of long-term debt — 33,060 Long-term debt $ 1,337,745 $ 992,614 (1) As of September 30, 2024 , the Company had outstanding borrowings at a weighted average interest rate of 7.97 %. (2) As of September 30, 2024 , the Company was in compliance with all debt covenants.
Summary of Redemption Prices of 9.000% and 9.375% Notes	Thereafter, the Company may redeem all or a portion of the 9.000% Notes in whole at any time or in part from time to time at the following redemption prices (expressed as percentages of the principal amount) plus accrued and unpaid interest if redeemed during the period commencing on February 1 of the years set forth below : Period Redemption Price 2026 104.500 % 2027 102.250 % 2028 and thereafter 100.000 % Thereafter, the Company may redeem all or a portion of the 9.375% Notes in whole at any time or in part from time to time at the following redemption prices (expressed as percentages of the principal amount) plus accrued and unpaid interest if redeemed during the period commencing on February 1 of the years set forth below : Period Redemption Price 2027 104.688 % 2028 102.344 % 2029 and thereafter 100.000 %

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2024
Asset Retirement Obligation Disclosure [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, 2023 $ 897,226 Obligations assumed (1) 199,519 Obligations incurred 107 Obligations settled ( 86,074 ) Accretion expense 87,053 Changes in estimate (2) 92,044 Asset retirement obligations at September 30, 2024 $ 1,189,875 Less: Current portion at September 30, 2024 55,730 Long-term portion at September 30, 2024 $ 1,134,145 (1) Assumed in connection with the QuarterNorth Acquisition. See further discussion in Note 2 — Acquisitions and Divestitures. (2) Primarily attributable to accelerated timing and increases in cost estimates to satisfy certain future abandonment obligations.

Employee Benefits Plans and S_2

Employee Benefits Plans and Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Employee Benefits Plans and Share Based Compensation [Line Items]
Schedule of Acquisition Severance Costs	The following table summarizes severance accrual activity in connection the EnVen Acquisition, QuarterNorth Acquisition and TLCS Divestiture included in “Other current liabilities” and “Other long-term liabilities” on the Condensed Consolidated Balance Sheets as of September 30, 2024 (in thousands): Severance accrual at December 31, 2023 $ 6,295 Accrual additions 26,035 Benefit payments ( 31,146 ) Severance accrual at September 30, 2024 1,184 Less: Current portion at September 30, 2024 1,154 Long-term portion at September 30, 2024 $ 30
Summary of Restricted Stock Units Activity	The following table summarizes RSU activity under the Amended and Restated Talos Energy Inc. 2021 Long Term Incentive Plan (the “A&R LTIP”) for the nine months ended September 30, 2024: Restricted Weighted Average Unvested RSUs at December 31, 2023 2,306,361 $ 14.89 Granted 3,105,043 $ 12.00 Vested ( 1,488,779 ) $ 13.82 Forfeited ( 330,602 ) $ 15.00 Unvested RSUs at September 30, 2024 (1) 3,592,023 $ 12.83 (1) As of September 30, 2024 , 37,217 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 A&R LTIP for the nine months ended September 30, 2024: Performance Weighted Average Unvested PSUs at December 31, 2023 1,016,649 $ 21.30 Granted (1) 260,628 $ 11.69 Forfeited ( 190,851 ) $ 20.18 Unvested PSUs at September 30, 2024 1,086,426 $ 19.19 (1) Eligible to vest based on continued employment and the relative annualized total shareholder return (“TSR”) of the Company as compared to a peer group over a three-year performance period, as modified by the Company’s absolute annualized TSR over the same performance period.
Summary of Assumptions Used to Calculate the Grant Date Fair Value of TSR 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 September 9, 2024 Expected term (in years) 2.3 Expected volatility 54.4 % Risk-free interest rate 3.6 % Dividend yield — % Fair value (in thousands) $ 3,047
Schedule of Recognized Share Based Compensation Expense, Net	The following table presents the amount of costs expensed and capitalized (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Share-based compensation costs $ 5,477 $ 2,556 $ 15,046 $ 18,038 Less: Amounts capitalized to oil and gas properties 2,162 2,163 6,187 8,958 Total share-based compensation expense $ 3,315 $ 393 $ 8,859 $ 9,080

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Income (Loss) Per Share	The following table presents the computation of the Company’s basic and diluted income (loss) per share were as follows (in thousands, except for the per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income (loss) $ 88,173 $ ( 2,103 ) $ ( 11,885 ) $ 101,434 Weighted average common shares outstanding — basic 180,204 124,103 174,108 118,459 Dilutive effect of securities 357 — — 803 Weighted average common shares outstanding — diluted 180,561 124,103 174,108 119,262 Net income (loss) per common share: Basic $ 0.49 $ ( 0.02 ) $ ( 0.07 ) $ 0.86 Diluted $ 0.49 $ ( 0.02 ) $ ( 0.07 ) $ 0.85 Anti-dilutive potentially issuable securities excluded from diluted common shares 1,215 1,851 1,851 1,491

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
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): September 30, 2024 December 31, 2023 Balance, beginning of period $ 15,564 $ 54,269 Additions 4,064 266 Obligations assumed 1,326 — Changes in estimate 3,698 11,613 Settlements ( 5,094 ) ( 50,584 ) Balance, end of period $ 19,558 $ 15,564 Less: Current portion 4,930 3,280 Long-term portion $ 14,628 $ 12,284

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 $ 509,286 $ — $ 509,286 Three Months Ended September 30, 2023 383,135 — 383,135 Nine Months Ended September 30, 2024 1,488,383 — 1,488,383 Nine Months Ended September 30, 2023 1,072,927 — 1,072,927 Equity in the Net Income (Loss) of Investees Accounted for by the Equity Method: Three Months Ended September 30, 2024 $ ( 544 ) $ — $ ( 544 ) Three Months Ended September 30, 2023 118 ( 2,612 ) ( 2,494 ) Nine Months Ended September 30, 2024 ( 1,084 ) ( 7,970 ) ( 9,054 ) Nine Months Ended September 30, 2023 373 ( 6,023 ) ( 5,650 ) Adjusted EBITDA: Three Months Ended September 30, 2024 $ 326,829 $ — $ 326,829 Three Months Ended September 30, 2023 255,228 ( 5,045 ) 250,183 Nine Months Ended September 30, 2024 942,705 ( 9,872 ) 932,833 Nine Months Ended September 30, 2023 719,326 ( 13,562 ) 705,764 Segment Expenditures: Nine Months Ended September 30, 2024 $ 447,447 $ 17,519 $ 464,966 Nine Months Ended September 30, 2023 559,873 37,183 597,056 (1) The CCS Segment is included in the “All Other” category. The CCS Segment was an emerging business in the start-up phase of operations and the business did not generate any revenues. The CCS Segment’s business activities were conducted through both wholly owned subsidiaries and equity method investments with industry partners. CCS equity method investments was a business strategy that enabled 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Adjusted EBITDA: Total for reportable segments $ 326,829 $ 255,228 $ 942,705 $ 719,326 All other — ( 5,045 ) ( 9,872 ) ( 13,562 ) General and administrative expense ( 2,470 ) ( 1,366 ) ( 6,814 ) ( 4,161 ) Interest expense ( 46,275 ) ( 45,637 ) ( 146,102 ) ( 128,850 ) Depreciation, depletion and amortization ( 274,249 ) ( 163,359 ) ( 749,004 ) ( 480,476 ) Accretion expense ( 29,418 ) ( 21,256 ) ( 87,053 ) ( 63,430 ) Transaction and other income (expenses) (1) 17,687 64,321 60,215 38,799 Decommissioning obligations (2) ( 2,725 ) ( 7,972 ) ( 7,762 ) ( 9,454 ) Derivative fair value gain (loss) (3) 126,291 ( 98,802 ) 41,531 ( 13,668 ) Net cash (received) paid on settled derivative instruments (3) ( 6,071 ) 6,313 14,941 10,474 Gain (loss) on extinguishment of debt — — ( 60,256 ) — Non-cash equity-based compensation expense ( 3,315 ) ( 393 ) ( 8,859 ) ( 9,080 ) Income (loss) before income taxes $ 106,284 $ ( 17,968 ) $ ( 16,330 ) $ 45,918 (1) For the three months ended September 30, 2024 , transaction expenses include $ 4.7 million in severance expense related to the departure of the Company’s former President and Chief Executive Officer as discussed in Note 9 — Employee Benefits Plans and Share-Based Compensation . For the nine months ended September 30, 2024 , transaction expenses include $ 38.8 million in costs related to the QuarterNorth Acquisition, inclusive of $ 22.3 million in severance expense, and $ 8.4 million in costs related to the TLCS Divestiture, inclusive of a net $ 2.9 million in severance expense. For the three and nine months ended September 30, 2023 , transaction expenses included $ 1.5 million and $ 39.4 million, respectively, in costs related to the EnVen Acquisition, inclusive of $ 0.9 million and $ 24.9 million, respectively, in severance expense. See further discussion in Note 2 — Acquisitions and Divestitures and Note 9 — Employee Benefits Plans and Share-Based Compensation . Other income (expense) includes other miscellaneous income and expenses that the Company does not view as a meaningful indicator of its operating performance. For the three and nine months ended September 30, 2024 , it includes a gain of $ 13.5 million and $ 100.4 million related to the TLCS Divestiture, respectively. See further discussion in Note 2 — Acquisitions and Divestitures. Additionally, for the three and nine months ended September 30, 2024 , it includes a gain of $ 7.0 million and $ 9.5 million, respectively, related to an increase in fair value of a service credit acquired via the QuarterNorth Acquisition. For the three and nine months ended September 30, 2023 , the amount includes a $ 66.2 million gain related to the deconsolidation of Talos Mexico. For the nine months ended September 30, 2023 , the amount includes a gain on the funding of the capital carry of the Company’s investment in Bayou Bend by Chevron U.S.A. Inc. (“Chevron”) of $ 8.6 million. (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 13 — 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 a realized 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): Nine Months Ended September 30, 2024 2023 Segment Expenditures: Total reportable segments $ 447,447 $ 559,873 All other 17,519 37,183 Change in capital expenditures included in accounts payable and accrued liabilities 4,772 15,085 Plugging & abandonment ( 86,074 ) ( 71,097 ) Decommissioning obligations settled ( 5,094 ) ( 40,415 ) Investment in Talos Mexico ( 2,108 ) — Investment in CCS intangibles and equity method investees ( 17,519 ) ( 37,168 ) Deferred payments ( 1,791 ) ( 841 ) Proceeds from the sale of equipment 1,017 — Non-cash well equipment transfers ( 3,056 ) ( 24,476 ) Other 84 362 Exploration, development and other capital expenditures $ 355,197 $ 438,506

Organization, Nature of Busin_4

Organization, Nature of Business and Basis of Presentation - Additional Information (Details) - Segment	3 Months Ended	9 Months Ended
	Mar. 18, 2024	Sep. 30, 2024
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Date of incorporation		Nov. 14, 2017
Number of operating segments	2

Organization, Nature of Busin_5

Organization, Nature of Business and Basis of Presentation - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 45,542	$ 33,637
Restricted cash included in Other long term assets	105,403	102,362
Total cash, cash equivalent and restricted cash	$ 150,945	$ 135,999	$ 115,391	$ 44,145

Acquisitions and Divestitures -

Acquisitions and Divestitures - Acquisition - Business Combinations - Additional Information (Details) - USD ($) $ in Thousands				3 Months Ended		9 Months Ended		12 Months Ended	20 Months Ended
	Aug. 02, 2024	Mar. 04, 2024	Feb. 13, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Apr. 01, 2026
Business Acquisition [Line Items]
Issuance of common stock, Shares						34,500,000
Proved properties				$ 9,622,726		$ 9,622,726		$ 7,906,295
Monument Project
Business Acquisition [Line Items]
Percentage of non-operated working interest acquired	21.40%
Cash consideration	$ 20,200
Proved properties				42,600		42,600
Forecast | Monument Project
Business Acquisition [Line Items]
Cash consideration									$ 24,400
Employee Severance
Business Acquisition [Line Items]
Aquisition severance cost						$ 26,035
Quarter North Acquisition
Business Acquisition [Line Items]
Business acquisition, effective date		Mar. 04, 2024
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 nine months ended September 30, 2024 and 2023 as if the QuarterNorth Acquisition had occurred on January 1, 2023. The unaudited pro forma information was derived from historical statements of operations of the Company and QuarterNorth 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 New Senior Notes, (iii) general and administrative expense adjusted for transaction related costs incurred (including severance), (iv) weighted average basic and diluted shares of common stock outstanding from the issuance of 24.3 million shares of common stock as partial consideration for the QuarterNorth Acquisition and (v) weighted average basic and diluted shares of common stock outstanding from the issuance of 34.5 million shares of common stock from the underwritten public offering in January 2024 that partially funded the cash portion of the QuarterNorth Acquisition.
Cash consideration		$ 1,247,419
Common stock value		$ 322,630
Supplemental pro forma earnings				88,315	$ (5,580)	$ (3,256)	$ 87,709
Quarter North Acquisition | Employee Severance
Business Acquisition [Line Items]
Aquisition severance cost						$ 22,300
Quarter North Acquisition | Common Stock
Business Acquisition [Line Items]
Aggregate shares issued		24,300,000
Quarter North Acquisition | Common Stock | Pro Forma
Business Acquisition [Line Items]
Aggregate shares issued						24,300,000
Quarter North Acquisition | General and Administrative Expense
Business Acquisition [Line Items]
Cumulative transaction related costs				21,600		$ 21,600
Acquisition, transaction related cost						18,600		$ 3,000
Quarter North Acquisition | Interest Expense
Business Acquisition [Line Items]
Acquisition, transaction related cost						$ 4,900
Quarter North Acquisition | January 2024 equity offering | Common Stock | Pro Forma
Business Acquisition [Line Items]
Aggregate shares issued						34,500,000
QuarterNorth
Business Acquisition [Line Items]
Aquisition severance cost						$ 22,300
QuarterNorth | General and Administrative Expense | Nonrecurring Adjustments [Member]
Business Acquisition [Line Items]
Supplemental pro forma earnings				$ (200)	0	$ (31,700)	31,700
EnVen Energy Corporation
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 nine months ended September 30, 2023 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 7 — 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 two notes receivable to settle future asset retirement obligations and (v) weighted average basic and diluted shares of common stock outstanding from the issuance of 43.8 million shares of common stock as partial consideration for the EnVen Acquisition. Supplemental pro forma earnings for the three and nine months ended September 30, 2023 were adjusted to exclude $0.8 million and $64.9 million of general and administrative expenses, respectively.
Cash consideration			$ 207,300
Common stock value			832,200
Settlement of preexisting relationship			8,400
Supplemental pro forma earnings					$ (1,483)		$ 131,421
EnVen Energy Corporation | 11.75% notes
Business Acquisition [Line Items]
Debt instrument interest rate					11.75%		11.75%
EnVen Energy Corporation | Employee Severance
Business Acquisition [Line Items]
Aquisition severance cost					$ 900		$ 24,900
EnVen Energy Corporation | Settlement of preexisting relationship
Business Acquisition [Line Items]
Gain or loss recognized on settlement			$ 0
EnVen Energy Corporation | Common Stock
Business Acquisition [Line Items]
Aggregate shares issued			43,800,000
EnVen Energy Corporation | Common Stock | Pro Forma
Business Acquisition [Line Items]
Aggregate shares issued						43,800,000
EnVen Energy Corporation | General and Administrative Expense
Business Acquisition [Line Items]
Cumulative transaction related costs					21,800		21,800
Acquisition, transaction related cost							12,800
EnVen Energy Corporation | General and Administrative Expense | Nonrecurring Adjustments [Member]
Business Acquisition [Line Items]
Supplemental pro forma earnings					$ (800)		$ (64,900)

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Acquisition - Business Combinations - Summary of Purchase Price (Details) - Quarter North Acquisition $ / shares in Units, $ in Thousands	Mar. 04, 2024 USD ($) $ / shares shares
Business Acquisition [Line Items]
Talos common stock price per share | $ / shares	$ 13.25	[1]
Common stock value	$ 322,630
Cash consideration	1,247,419
Total purchase price	$ 1,570,049	[2]
Common Stock
Business Acquisition [Line Items]
Shares of Talos common stock | shares	24,349,452
[1] Represents the closing price of the Company’s common stock on March 4, 2024, the date of the closing of the QuarterNorth Acquisition. Total purchase price net of $ 331.4 million cash and cash equivalents acquired at closing is $ 1,238.7 million.

Acquisitions and Divestitures_3

Acquisitions and Divestitures - Acquisition - Business Combinations - Summary of Purchase Price (Parenthetical) (Details) - USD ($) $ in Thousands		9 Months Ended
	Mar. 04, 2024	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Purchase price net of cash and cash equivalents		$ 936,214	$ 0
Quarter North Acquisition
Business Acquisition [Line Items]
Cash and cash equivalents	$ 331,374
Purchase price net of cash and cash equivalents	$ 1,238,700

Acquisitions and Divestitures_4

Acquisitions and Divestitures - Acquisition - Business Combinations - Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - Quarter North Acquisition $ in Thousands	Mar. 04, 2024 USD ($)
Business Acquisition [Line Items]
Cash and cash equivalents	$ 331,374
Other current assets	161,134
Property and equipment	1,624,632
Other long-term assets	20,780
Current portion of asset retirement obligations	(6,748)
Other current liabilities	(197,803)
Asset retirement obligations	(192,771)
Deferred tax liabilities	(167,658)
Other long-term liabilities	(2,891)
Allocated purchase price	$ 1,570,049

Acquisitions and Divestitures_5

Acquisitions and Divestitures - Acquisition - Business Combinations - Summary of Revenue and Net Income Attributable to Acquisition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Quarter North Acquisition
Business Acquisition [Line Items]
Revenue	$ 150,538		$ 367,644
Net income (loss)	$ 12,518		$ 74,817
EnVen Energy Corporation
Business Acquisition [Line Items]
Revenue		$ 126,358		$ 301,999
Net income (loss)		$ 37,790		$ 57,578

Acquisitions and Divestitures_6

Acquisitions and Divestitures - Acquisition - Business Combinations - Supplemental Proforma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Quarter North Acquisition
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue	$ 509,286	$ 583,984	$ 1,615,652	$ 1,576,869
Net income (loss)	$ 88,315	$ (5,580)	$ (3,256)	$ 87,709
Basic net income (loss) per common share	$ 0.49	$ (0.03)	$ (0.02)	$ 0.49
Diluted net income (loss) per common share	$ 0.49	$ (0.03)	$ (0.02)	$ 0.49
EnVen Energy Corporation
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue		$ 383,136		$ 1,124,970
Net income (loss)		$ (1,483)		$ 131,421
Basic net income (loss) per common share		$ (0.01)		$ 1.05
Diluted net income (loss) per common share		$ (0.01)		$ 1.04

Acquisitions and Divestitures_7

Acquisitions and Divestitures - Divestiture - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended			9 Months Ended
	Mar. 18, 2024	Sep. 27, 2023	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of businesses						$ 141,997	$ 0
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]			Other Operating Income (Expense), Net	Other Operating Income (Expense), Net		Other Operating Income (Expense), Net
TLCS
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal			$ 13,500			$ 100,400
Severance expense						3,700
TLCS | General and Administrative Expense
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture expense excludes severance cost			6,000			6,000
Business exit costs						5,400
Talos Low Carbon Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business disposal date	Mar. 18, 2024
Proceeds from sales of businesses	$ 142,000
Talos Low Carbon Solutions | Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal			$ 13,500	$ 86,900		$ 100,400
TotalEnergies E&P USA, Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Base purchase price before adjustments	$ 125,000
Talos Mexico
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of businesses		$ 74,900
Talos Mexico | Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal					$ 66,200		$ 66,200

Property, Plant and Equipment -

Property, Plant and Equipment - Additional Information (Details) - US	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / Mcf $ / bbl	Sep. 30, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Write-down of oil and natural gas properties | $	$ 0	$ 0	$ 0	$ 0
Oil (MBbls)
Property, Plant and Equipment [Line Items]
SEC pricing			80.66
Gas (MMcf)
Property, Plant and Equipment [Line Items]
SEC pricing | $ / Mcf			2.32
NGL (MBbls)
Property, Plant and Equipment [Line Items]
SEC pricing			19.06

Leases - Components of Lease Co

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease, Cost [Abstract]
Finance lease cost - interest on lease liabilities		$ 3,205	$ 3,604	$ 9,849	$ 10,969
Operating lease cost, excluding short-term leases	[1]	1,113	1,323	3,123	3,419
Short-term lease cost	[2]	2,674	33,152	20,113	103,001
Variable lease cost	[3]	616	666	1,848	1,856
Variable and fixed sublease income		(359)	(207)	(1,077)	(276)
Total lease cost		$ 7,249	$ 38,538	$ 33,856	$ 118,969
[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. The short-term operating lease costs incurred during the periods presented are not indicative of the Company’s current short-term lease obligations, which are approximately $ 129.2 million as of September 30, 2024 , or its future short-term lease costs and obligations, as it routinely enters into short-term contracts for the use of drilling rigs to support its drilling activities. 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 - Components of Lease _2

Leases - Components of Lease Costs (Parenthetical) (Details) $ in Millions	Sep. 30, 2024 USD ($)
Vessel Commitments
Long-Term Purchase Commitment [Line Items]
Short term lease costs and obligations	$ 129.2

Leases - Schedule of Right-of-U

Leases - Schedule of Right-of-Use Asset and Liability, Adjusted for Initial Direct Costs and Incentives (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets and Liabilities, Lessee [Abstract]
Operating lease assets	$ 11,858	$ 11,418
Current portion of operating lease liabilities	$ 3,933	$ 2,666
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current portion of operating lease liabilities	Current portion of operating lease liabilities
Operating lease liabilities	$ 16,359	$ 18,211
Total operating lease liabilities	20,292	20,877
Proved properties	$ 166,261	$ 166,261
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Oil and Gas, Capitalized Cost, before Accumulated Depreciation, Depletion, Amortization, and Valuation Allowance, Proved Property	Oil and Gas, Capitalized Cost, before Accumulated Depreciation, Depletion, Amortization, and Valuation Allowance, Proved Property
Other current liabilities	$ 19,140	$ 17,834
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Other long-term liabilities	$ 116,686	$ 131,230
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Total finance lease liabilities	$ 135,826	$ 149,064

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
Cash Flow, Operating Activities, Lessee [Abstract]
Operating cash outflow from finance leases		$ 9,849	$ 10,969
Operating cash outflow from operating leases		4,149	4,880
ROU assets obtained in exchange for new operating lease liabilities	[1]	1,909	12,971
Remeasurement of lease liability arising from modification of ROU asset	[2]	$ 0	$ (5,124)
[1] See QuarterNorth Acquisition and EnVen Acquisition each in Note 2 — Acquisitions and Divestitures. Lease termination accounted for as a lease modification based on the modified lease term. The termination did not take effect contemporaneously with the effective date of the modification.

Financial Instruments - Schedul

Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying Amount	$ 1,337,745	$ 1,025,674
9.000% Second Priority Senior Secured Notes due February 2029
Debt Instrument [Line Items]
Carrying Amount	610,383	0
Fair Value	648,069	0
9.375% Second Priority Senior Secured Notes due February 2031
Debt Instrument [Line Items]
Carrying Amount	609,762	0
Fair Value	648,225	0
12.00% Second-Priority Senior Secured Notes - due January 2026
Debt Instrument [Line Items]
Carrying Amount		601,353
Fair Value	0	655,130
11.75% Senior Secured Second Lien Notes - due April 2026
Debt Instrument [Line Items]
Carrying Amount		234,221
Fair Value	0	233,410
Bank Credit Facility - matures March 2027
Debt Instrument [Line Items]
Carrying Amount	117,600	190,100
Fair Value	$ 125,000	$ 200,000

Financial Instruments - Sched_2

Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Parenthetical) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
9.000% Second Priority Senior Secured Notes due February 2029
Debt Instrument [Line Items]
Debt instrument interest rate	9%
Senior notes, maturity date	Feb. 15, 2029
9.375% Second Priority Senior Secured Notes due February 2031
Debt Instrument [Line Items]
Debt instrument interest rate	9.375%
Senior notes, maturity date	Feb. 15, 2031
12.00% Second-Priority Senior Secured Notes - due January 2026
Debt Instrument [Line Items]
Debt instrument interest rate		12%
Senior notes, maturity date		Jan. 15, 2026
11.75% Senior Secured Second Lien Notes - due April 2026
Debt Instrument [Line Items]
Debt instrument interest rate		11.75%
Senior notes, maturity date		Apr. 15, 2026

Financial Instruments - Additio

Financial Instruments - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 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 September 30, 2024 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 September 30, 2024 would have been $86.4 million.
Maximum loss on commodity contracts | $	$ 86.4
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	9
Bank Credit Facility
Concentration Risk [Line Items]
Number of counterparties	8

Financial Instruments - Sched_3

Financial Instruments - Schedule of Impact that Derivatives not Qualifying as Hedging Instruments in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative fair value gain (loss)	$ 126,291	$ (98,802)	$ 41,531	$ (13,668)
Gain Loss On Derivative Instruments Unrealized Component
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative fair value gain (loss)	120,220	(92,489)	56,472	(3,194)
Commodity Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative fair value gain (loss)	126,291	(98,802)	41,531	(13,668)
Commodity Contract | Gain Loss On Derivative Instruments Realized Component
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative fair value gain (loss)	$ 6,071	$ (6,313)	$ (14,941)	$ (10,474)

Financial Instruments - Sched_4

Financial Instruments - Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under the Terms of Derivative Contracts (Details)	9 Months Ended
	Sep. 30, 2024 MMBTU $ / bbl $ / MMBTU bbl
Crude Oil | October 2024 - December 2024 | Swap
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Volumes | bbl	37,674
Swap Price	76.17
Crude Oil | October 2024 - December 2024 | Collar
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Volumes | bbl	1,000
Floor Price	70
Ceiling Price	75
Crude Oil | October 2024 - December 2024 | Long Puts
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Volumes | bbl	4,000
Deferred Premium Price	6.28
Strike Price	70
Crude Oil | October 2024 - December 2024 | Swaps with Sold Puts
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Volumes | bbl	1,000
Swap Price	72.2
Strike Price	60
Crude Oil | January 2025 - December 2025 | Swap
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Volumes | bbl	24,860
Swap Price	72.91
Crude Oil | January 2025 - March 2025 | Collar
Derivative [Line Items]
Settlement Index	NYMEX WTI CMA
Volumes | bbl	3,000
Floor Price	65
Ceiling Price	84.35
Natural Gas | October 2024 - December 2024 | Swap
Derivative [Line Items]
Settlement Index	NYMEX Henry Hub
Average Daily Volumes | MMBTU	35,000
Swap Price | $ / MMBTU	2.85
Natural Gas | October 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 - December 2025 | Swap
Derivative [Line Items]
Settlement Index	NYMEX Henry Hub
Average Daily Volumes | MMBTU	47,384
Swap Price | $ / MMBTU	3.53
Natural Gas | November 2024 - December 2024 | Long Puts
Derivative [Line Items]
Settlement Index	NYMEX Henry Hub
Average Daily Volumes | MMBTU	13,660
Deferred Premium Price | $ / MMBTU	0.4
Strike Price | $ / MMBTU	2.9

Financial Instruments - Summary

Financial Instruments - Summary of Additional Information Related to Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Oil and Natural Gas Derivatives
Assets:
Oil and natural gas derivatives	$ 86,368	$ 45,603
Liabilities:
Oil and natural gas derivatives	0	0
Fair Value on Recurring Basis
Liabilities:
Total net asset (liability)	86,368	45,603
Fair Value on Recurring Basis | Oil and Natural Gas Derivatives
Assets:
Oil and natural gas derivatives	$ 91,503	$ 53,703
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Liabilities:
Oil and natural gas derivatives	$ (5,135)	$ (8,100)
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)	$ 86,368	$ 45,603
Fair Value on Recurring Basis | Level 2 | Oil and Natural Gas Derivatives
Assets:
Oil and natural gas derivatives	$ 91,503	$ 53,703
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Liabilities:
Oil and natural gas derivatives	$ (5,135)	$ (8,100)
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_5

Financial Instruments - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Price Risk Derivatives [Line Items]
Derivative Asset, Current	$ 82,016	$ 36,152
Derivative Asset, Noncurrent	9,487	17,551
Derivative Liability, Current	4,656	7,305
Derivative Liability, Noncurrent	479	795
Oil and Natural Gas Derivatives
Price Risk Derivatives [Line Items]
Derivative Asset, Current	82,016	36,152
Derivative Asset, Noncurrent	9,487	17,551
Total gross amounts presented on balance sheet, Assets	91,503	53,703
Gross amounts not offset on the balance sheet	5,135	8,100
Net Amounts	86,368	45,603
Derivative Liability, Current	4,656	7,305
Derivative Liability, Noncurrent	479	795
Total gross amounts presented on balance sheet, Liabilities	5,135	8,100
Gross amounts not offset on the balance sheet	5,135	8,100
Net Amounts	$ 0	$ 0

Equity Method Investments - Sch

Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total equity method investments	$ 109,144	$ 146,049
Talos Energy Mexico 7, S. de R.L. de C.V. ("Talos Mexico") | Upstream
Schedule of Equity Method Investments [Line Items]
Total equity method investments	$ 108,139	107,259
Equity method investment, ownership interest	50.10%
SP 49 Pipeline LLC | Upstream
Schedule of Equity Method Investments [Line Items]
Total equity method investments	$ 1,005	861
Equity method investment, ownership interest	33.30%
Bayou Bend CCS LLC | CCS
Schedule of Equity Method Investments [Line Items]
Total equity method investments	$ 0	28,183
Equity method investment, ownership interest	0%
Harvest Bend CCS LLC | CCS
Schedule of Equity Method Investments [Line Items]
Total equity method investments	$ 0	9,746
Equity method investment, ownership interest	0%
Coastal Bend CCS LLC | CCS
Schedule of Equity Method Investments [Line Items]
Total equity method investments	$ 0	$ 0
Equity method investment, ownership interest	0%

Debt - Summary of Detail Compri

Debt - Summary of Detail Comprising Debt and Related Book Values (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt, before discount, premium and deferred financing cost	$ 1,375,000	$ 1,066,041
Unamortized discount, premium and deferred financing cost, net	(37,255)	(40,367)
Total debt	1,337,745	1,025,674
Less: current portion of long-term debt	0	33,060
Long-term debt	1,337,745	992,614
Senior Notes | 9.000% Second-Priority Senior Secured Notes - due February 2029
Debt Instrument [Line Items]
Total debt, before discount, premium and deferred financing cost	625,000	0
Senior Notes | 9.375% Second-Priority Senior Secured Notes - due February 2031
Debt Instrument [Line Items]
Total debt, before discount, premium and deferred financing cost	625,000	0
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	0	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	0	227,500
Line of Credit | Bank Credit Facility - matures March 2027
Debt Instrument [Line Items]
Total debt, before discount, premium and deferred financing cost	$ 125,000	$ 200,000

Debt - Summary of Detail Comp_2

Debt - Summary of Detail Comprising Debt and Related Book Values (Parenthetical) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Feb. 07, 2024
Senior Notes | 9.000% Second-Priority Senior Secured Notes - due February 2029
Debt Instrument [Line Items]
Debt instrument interest rate	9%		9%
Senior notes, maturity date	Feb. 01, 2029
Senior Notes | 9.375% Second-Priority Senior Secured Notes - due February 2031
Debt Instrument [Line Items]
Debt instrument interest rate	9.375%		9.375%
Senior notes, maturity date	Feb. 01, 2031
Senior Notes | 12.00% Second-Priority Senior Secured Notes - due January 2026
Debt Instrument [Line Items]
Debt instrument interest rate		12%	12%
Senior notes, maturity date	Jan. 15, 2026	Jan. 15, 2026
Senior Notes | 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	7.97%

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands				9 Months Ended		12 Months Ended
	Jan. 31, 2027	Jan. 31, 2026	Feb. 07, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	May 31, 2024	Jan. 13, 2024
Debt Instrument [Line Items]
Loss on extinguishment of debt				$ (60,256)	$ 0
9.000% Second-Priority Senior Secured Notes - due February 2029
Debt Instrument [Line Items]
Debt issuance costs				$ 16,300
9.000% Second-Priority Senior Secured Notes - due February 2029 | Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate			9%	9%
Debt Instrument, Frequency of Periodic Payment				semi-annually
Debt instrument payment terms				semi-annually each February 1 and August 1
Debt instrument maturity date				Feb. 01, 2029
Debt instrument redemption, description				the Company may redeem all or a portion of the 9.000% Notes in whole at any time or in part from time to time at the following redemption prices (expressed as percentages of the principal amount) plus accrued and unpaid interest if redeemed during the period commencing on February 1 of the years set forth below
9.000% Second-Priority Senior Secured Notes - due February 2029 | Senior Notes | Forecast
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage		109%
Percentage of principal amount redeemed		40%
9.375% Second-Priority Senior Secured Notes - due February 2031
Debt Instrument [Line Items]
Debt issuance costs				$ 16,300
9.375% Second-Priority Senior Secured Notes - due February 2031 | Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate			9.375%	9.375%
Debt Instrument, Frequency of Periodic Payment				semi-annually
Debt instrument payment terms				semi-annually each February 1 and August 1
Debt instrument maturity date				Feb. 01, 2031
Debt instrument redemption, description				the Company may redeem all or a portion of the 9.375% Notes in whole at any time or in part from time to time at the following redemption prices (expressed as percentages of the principal amount) plus accrued and unpaid interest if redeemed during the period commencing on February 1 of the years set forth below
9.375% Second-Priority Senior Secured Notes - due February 2031 | Senior Notes | Forecast
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	109.375%
Percentage of principal amount redeemed	40%
12.00% Second-Priority Senior Secured Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage			103%
Debt instrument interest rate			12%			12%
Debt instrument, repurchase amount			$ 638,500
Debt instrument maturity date				Jan. 15, 2026		Jan. 15, 2026
11.75% Senior Secured Second Lien Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage			102.938%
Debt instrument interest rate			11.75%			11.75%
Debt instrument, repurchase amount			$ 227,500
Debt instrument maturity date				Apr. 15, 2026		Apr. 15, 2026
Bank Credit Facility
Debt Instrument [Line Items]
Line of borrowing credit facility				$ 965,000
Line of credit facility maximum borrowing capacity							$ 1,100,000
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 based on a proved reserves report that the Company delivers to the administrative agent of its Bank Credit Facility. On January 13, 2024, the Company entered into the Tenth Amendment to Credit Agreement (the “Tenth Amendment”). The Tenth Amendment, among other things, (i) permitted the incurrence of additional indebtedness in order to fund the QuarterNorth Acquisition, with such indebtedness excluded from any reduction of the borrowing base that would otherwise result from such incurrence, (ii) reaffirmed the borrowing base at approximately $1.1 billion and (iii) reaffirmed commitments at $965.0 million effective upon the amendment effective date. On May 31, 2024, the borrowing base was reaffirmed at $1.1 billion and commitments were $965.0 million at September 30, 2024.
Other Nonoperating Income (Expense) | 12.00% Second-Priority Senior Secured Notes | Senior Notes
Debt Instrument [Line Items]
Loss on extinguishment of debt			(54,900)
Other Nonoperating Income (Expense) | 11.75% Senior Secured Second Lien Notes | Senior Notes
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ (5,400)
Quarter North Acquisition | 12.00% Second-Priority Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, repurchase date			Feb. 07, 2024
Quarter North Acquisition | Bank Credit Facility
Debt Instrument [Line Items]
Line of borrowing credit facility								$ 965,000
Line of credit facility maximum borrowing capacity								$ 1,100,000

Debt - Summary of Redemption Pr

Debt - Summary of Redemption Prices of 9.000% and 9.375% Notes (Details)	9 Months Ended
	Sep. 30, 2024
9.000% Second-Priority Senior Secured Notes - due February 2029 | Debt Instrument, Redemption, Period One
Debt Instrument, Redemption [Line Items]
Debt Instrument, Redemption Price, Percentage	104.50%
9.000% Second-Priority Senior Secured Notes - due February 2029 | Debt Instrument, Redemption, Period Two
Debt Instrument, Redemption [Line Items]
Debt Instrument, Redemption Price, Percentage	102.25%
9.000% Second-Priority Senior Secured Notes - due February 2029 | Debt Instrument, Redemption, Period After Two
Debt Instrument, Redemption [Line Items]
Debt Instrument, Redemption Price, Percentage	100%
9.375% Second-Priority Senior Secured Notes - due February 2031 | Debt Instrument, Redemption, Period One
Debt Instrument, Redemption [Line Items]
Debt Instrument, Redemption Price, Percentage	104.688%
9.375% Second-Priority Senior Secured Notes - due February 2031 | Debt Instrument, Redemption, Period Two
Debt Instrument, Redemption [Line Items]
Debt Instrument, Redemption Price, Percentage	102.344%
9.375% Second-Priority Senior Secured Notes - due February 2031 | Debt Instrument, Redemption, Period After Two
Debt Instrument, Redemption [Line Items]
Debt Instrument, Redemption Price, Percentage	100%

Asset Retirement Obligations -

Asset Retirement Obligations - Schedule of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations at December 31, 2023			$ 897,226
Obligations assumed			199,519
Obligations incurred			107
Obligations settled			(86,074)
Accretion expense	$ 29,418	$ 21,256	87,053	$ 63,430
Changes in estimate			92,044
Asset retirement obligations at September 30, 2024	1,189,875		1,189,875
Less: Current portion at September 30, 2024	55,730		55,730		$ 77,581
Long-term portion at September 30, 2024	$ 1,134,145		$ 1,134,145		$ 819,645

Asset Retirement Obligations _2

Asset Retirement Obligations - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Restricted cash	$ 105,403	$ 102,362
Future plugging and abandonment obligations
Restricted cash	105,400
Receivable with imputed interest, face amount	$ 66,200

Employee Benefits Plans and S_3

Employee Benefits Plans and Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions				9 Months Ended
		Nov. 01, 2024	Sep. 09, 2024	Sep. 30, 2024	May 23, 2024
Executive Officer
Employee Benefits Plans and Share Based Compensation [Line Items]
Accrued severance				$ 4.7
Performance Share Units
Employee Benefits Plans and Share Based Compensation [Line Items]
Share - Based Compensation Arrangement, granted	[1]			260,628
Forfeited				190,851
Performance Share Units | Executive Officer | Subsequent Event
Employee Benefits Plans and Share Based Compensation [Line Items]
Share - Based Compensation Arrangement, granted		38,844
Restricted Stock Units
Employee Benefits Plans and Share Based Compensation [Line Items]
Share - Based Compensation Arrangement, granted				3,105,043
Share-Based Compensation vested shares, grant				1,488,779
Forfeited				330,602
Restricted Stock Units | Subsequent Event
Employee Benefits Plans and Share Based Compensation [Line Items]
Share - Based Compensation Arrangement, granted		43,630
Forfeited		4,273
Restricted Stock Units | Executive Officer
Employee Benefits Plans and Share Based Compensation [Line Items]
Share - Based Compensation Arrangement, granted			157,071
Share-Based Payment Arrangement | Common Stock | Subsequent Event
Employee Benefits Plans and Share Based Compensation [Line Items]
Share-Based Compensation vested shares, grant		28,519
2021 Long Term Incentive Plan
Employee Benefits Plans and Share Based Compensation [Line Items]
Share-Based Compensation authorized to grant					12,439,415
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
[1] Eligible to vest based on continued employment and the relative annualized total shareholder return (“TSR”) of the Company as compared to a peer group over a three-year performance period, as modified by the Company’s absolute annualized TSR over the same performance period.

Employee Benefits Plans and S_4

Employee Benefits Plans and Share-Based Compensation - Schedule of Acquisition Severance Costs (Details) - Employee Severance - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024
Acquisition Severance Costs [Line Items]
Severance accrual at December 31, 2023	$ 6,295
Accrual additions	26,035
Benefit payments	(31,146)
Severance accrual at September 30, 2024	1,184
Less: Current portion at September 30, 2024	1,154
Long-term portion at September 30, 2024	$ 30

Employee Benefits Plans and S_5

Employee Benefits Plans and Share-Based Compensation - Schedule of Restricted Stock and Performance Share Units Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested beginning of the period | shares	2,306,361
Share - Based Compensation Arrangement, granted | shares	3,105,043
Vested | shares	(1,488,779)
Forfeited | shares	(330,602)
Unvested end of the period | shares	3,592,023	[1]
Unvested weighted average grant date fair value, beginning of the period | $ / shares	$ 14.89
Unvested weighted average grant date fair value, granted | $ / shares	12
Unvested weighted average grant date fair value, vested | $ / shares	13.82
Unvested weighted average grant date fair value, forfeited | $ / shares	15
Unvested weighted average grant date fair value, end of the period | $ / shares	$ 12.83	[1]
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested beginning of the period | shares	1,016,649
Share - Based Compensation Arrangement, granted | shares	260,628	[2]
Forfeited | shares	(190,851)
Unvested end of the period | shares	1,086,426
Unvested weighted average grant date fair value, beginning of the period | $ / shares	$ 21.3
Unvested weighted average grant date fair value, granted | $ / shares	11.69	[2]
Unvested weighted average grant date fair value, forfeited | $ / shares	20.18
Unvested weighted average grant date fair value, end of the period | $ / shares	$ 19.19
[1] As of September 30, 2024 , 37,217 of the unvested RSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheets. Eligible to vest based on continued employment and the relative annualized total shareholder return (“TSR”) of the Company as compared to a peer group over a three-year performance period, as modified by the Company’s absolute annualized TSR over the same 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) - Restricted Stock Units - shares	Sep. 30, 2024		Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested	3,592,023	[1]	2,306,361
Accrued Liabilities
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested	37,217
[1] As of September 30, 2024 , 37,217 of the unvested RSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheets.

Employee Benefits Plans and S_7

Employee Benefits Plans and Share-Based Compensation - Summary of Assumptions Used to Calculate the Grant Date Fair Value (Details) - Performance Share Units - Grant Date September 9, 2024 $ in Thousands	Sep. 09, 2024 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term (in years)	2 years 3 months 18 days
Expected volatility	54.40%
Risk-free interest rate	3.60%
Dividend yield	0%
Fair value	$ 3,047

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-based compensation costs	$ 5,477	$ 2,556	$ 15,046	$ 18,038
Less: Amounts capitalized to oil and gas properties	2,162	2,163	6,187	8,958
Total share-based compensation expense	$ 3,315	$ 393	$ 8,859	$ 9,080

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 04, 2024	Dec. 31, 2023
Income tax benefit (expense)	$ (18,111)	$ 15,865	$ 4,445	$ 55,516
Effective tax rate	17%	88.30%	27.20%	(120.90%)
U.S. Federal statutory rate	21%	21%	21%	21%
Decrease in valuation allowance				$ 54,900
Other Noncurrent Liabilities
Deferred tax liabilities	$ 257,000		$ 257,000			$ 92,200
Quarter North Energy [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities					$ 167,700

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income (loss)	$ 88,173	$ (2,103)	$ (11,885)	$ 101,434
Weighted average common shares outstanding — basic	180,204	124,103	174,108	118,459
Dilutive effect of securities	357	0	0	803
Weighted average common shares outstanding — diluted	180,561	124,103	174,108	119,262
Basic	$ 0.49	$ (0.02)	$ (0.07)	$ 0.86
Diluted	$ 0.49	$ (0.02)	$ (0.07)	$ 0.85
Anti-dilutive potentially issuable securities excluded from diluted common shares	1,215	1,851	1,851	1,491

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands, shares in Millions	9 Months Ended
	Sep. 30, 2024	Feb. 07, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Share of common stock	34.5
Accrued liabilities	$ 307,781		$ 227,690
Second Priority Senior Secured Notes
Related Party Transaction [Line Items]
Debt instrument, face amount		$ 1,250,000
Investment, Identifier [Axis]: Slim Family Office
Related Party Transaction [Line Items]
Debt instrument, face amount		$ 312,500
Beneficial Owner | Bain Capital LP
Related Party Transaction [Line Items]
Stock ownership percentage	8.40%
Beneficial Owner | Slim Family
Related Party Transaction [Line Items]
Stock ownership percentage	24.20%
Equity Method Investee
Related Party Transaction [Line Items]
Related party receivable	$ 1,700		$ 5,500
Related Party | Banco Inbursa | Other Current Liabilities
Related Party Transaction [Line Items]
Accrued liabilities	$ 2,700

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	72 Months Ended
	Mar. 31, 2024	Dec. 31, 2030	Sep. 30, 2024
Loss Contingencies [Line Items]
Payments for Legal Settlements	$ 14.4
Bank Credit Facility | Letter of Credit
Loss Contingencies [Line Items]
Letters of credit outstanding amount			$ 42.7
Firm Transportation | Forecast [Member]
Loss Contingencies [Line Items]
Contractual obligations		$ 36.9
Pending Litigation
Loss Contingencies [Line Items]
Surety performance bonds outstanding	$ 80		2.5
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	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Balance, beginning of period	$ 15,564	$ 54,269
Additions	4,064	266
Obligations assumed	1,326	0
Changes in estimate	3,698	11,613
Settlements	(5,094)	(50,584)
Balance, end of period	19,558	15,564
Other Current Liabilities
Loss Contingencies [Line Items]
Less: Current portion	4,930	3,280
Other Noncurrent Liabilities
Loss Contingencies [Line Items]
Loss Contingency, Accrual, Noncurrent, Total	$ 14,628	$ 12,284

Segment Information - Additiona

Segment Information - Additional Information (Details) - Segment	3 Months Ended	9 Months Ended
	Mar. 18, 2024	Sep. 30, 2024
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		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenues from External Customers		$ 509,286	$ 383,135	$ 1,488,383	$ 1,072,927
Equity in the Net Income (Loss) of Investees Accounted for by the Equity Method		(544)	(2,493)	(9,054)	2,938
Operating Segments
Segment Reporting Information [Line Items]
Revenues from External Customers		509,286	383,135	1,488,383	1,072,927
Equity in the Net Income (Loss) of Investees Accounted for by the Equity Method		(544)	(2,494)	(9,054)	(5,650)
Adjusted EBITDA		326,829	250,183	932,833	705,764
Segment Expenditures				464,966	597,056
Operating Segments | Upstream
Segment Reporting Information [Line Items]
Revenues from External Customers		509,286	383,135	1,488,383	1,072,927
Equity in the Net Income (Loss) of Investees Accounted for by the Equity Method		(544)	118	(1,084)	373
Adjusted EBITDA		326,829	255,228	942,705	719,326
Segment Expenditures				447,447	559,873
Operating Segments | All Other
Segment Reporting Information [Line Items]
Revenues from External Customers	[1]	0	0	0	0
Equity in the Net Income (Loss) of Investees Accounted for by the Equity Method	[1]	0	(2,612)	(7,970)	(6,023)
Adjusted EBITDA	[1]	$ 0	$ (5,045)	(9,872)	(13,562)
Segment Expenditures	[1]			$ 17,519	$ 37,183
[1] The CCS Segment is included in the “All Other” category. The CCS Segment was an emerging business in the start-up phase of operations and the business did not generate any revenues. The CCS Segment’s business activities were conducted through both wholly owned subsidiaries and equity method investments with industry partners. CCS equity method investments was a business strategy that enabled 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		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
General and administrative expense		$ (41,866)	$ (24,888)	$ (159,954)	$ (121,257)
Interest expense		(46,275)	(45,637)	(146,102)	(128,850)
Depreciation, depletion and amortization		(274,249)	(163,359)	(749,004)	(480,476)
Derivative fair value gain (loss)		126,291	(98,802)	41,531	(13,668)
Gain (loss) on extinguishment of debt				(60,256)	0
Non-cash equity-based compensation expense		(3,315)	(393)	(8,859)	(9,080)
Net income (loss) before income taxes		106,284	(17,968)	(16,330)	45,918
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA		326,829	250,183	932,833	705,764
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
General and administrative expense		(2,470)	(1,366)	(6,814)	(4,161)
Interest expense		(46,275)	(45,637)	(146,102)	(128,850)
Depreciation, depletion and amortization		(274,249)	(163,359)	(749,004)	(480,476)
Accretion expense		(29,418)	(21,256)	(87,053)	(63,430)
Transaction and other income (expenses)	[1]	17,687	64,321	60,215	38,799
Decommissioning Obligations	[2]	(2,725)	(7,972)	(7,762)	(9,454)
Derivative fair value gain (loss)	[3]	126,291	(98,802)	41,531	(13,668)
Net cash (received) paid on settled derivative instruments	[3]	(6,071)	6,313	14,941	10,474
Gain (loss) on extinguishment of debt		0	0	(60,256)	0
Non-cash equity-based compensation expense		(3,315)	(393)	(8,859)	(9,080)
Reportable segment | Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA		326,829	255,228	942,705	719,326
All Other | Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	[4]	$ 0	$ (5,045)	$ (9,872)	$ (13,562)
[1] For the three months ended September 30, 2024 , transaction expenses include $ 4.7 million in severance expense related to the departure of the Company’s former President and Chief Executive Officer as discussed in Note 9 — Employee Benefits Plans and Share-Based Compensation . For the nine months ended September 30, 2024 , transaction expenses include $ 38.8 million in costs related to the QuarterNorth Acquisition, inclusive of $ 22.3 million in severance expense, and $ 8.4 million in costs related to the TLCS Divestiture, inclusive of a net $ 2.9 million in severance expense. For the three and nine months ended September 30, 2023 , transaction expenses included $ 1.5 million and $ 39.4 million, respectively, in costs related to the EnVen Acquisition, inclusive of $ 0.9 million and $ 24.9 million, respectively, in severance expense. See further discussion in Note 2 — Acquisitions and Divestitures and Note 9 — Employee Benefits Plans and Share-Based Compensation . Other income (expense) includes other miscellaneous income and expenses that the Company does not view as a meaningful indicator of its operating performance. For the three and nine months ended September 30, 2024 , it includes a gain of $ 13.5 million and $ 100.4 million related to the TLCS Divestiture, respectively. See further discussion in Note 2 — Acquisitions and Divestitures. Additionally, for the three and nine months ended September 30, 2024 , it includes a gain of $ 7.0 million and $ 9.5 million, respectively, related to an increase in fair value of a service credit acquired via the QuarterNorth Acquisition. For the three and nine months ended September 30, 2023 , the amount includes a $ 66.2 million gain related to the deconsolidation of Talos Mexico. For the nine months ended September 30, 2023 , the amount includes a gain on the funding of the capital carry of the Company’s investment in Bayou Bend by Chevron U.S.A. Inc. (“Chevron”) of $ 8.6 million. 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 13 — 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 a realized basis during the period the derivatives settled. The CCS Segment is included in the “All Other” category. The CCS Segment was an emerging business in the start-up phase of operations and the business did not generate any revenues. The CCS Segment’s business activities were conducted through both wholly owned subsidiaries and equity method investments with industry partners. CCS equity method investments was a business strategy that enabled 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 Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Executive Officer
Segment Reporting Information [Line Items]
Aquisition severance cost	$ 4,700
TLCS
Segment Reporting Information [Line Items]
Transaction and other (income) expenses			$ 8,400
Severance expense			2,900
Gain (loss) on Divestitures	13,500		100,400
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Talos Mexico
Segment Reporting Information [Line Items]
Gain (loss) on Divestitures		$ 66,200		$ 66,200
QuarterNorth
Segment Reporting Information [Line Items]
Aquisition severance cost			22,300
QuarterNorth | Inventive Credit
Segment Reporting Information [Line Items]
Gain (loss) on Divestitures	$ 7,000		9,500
Employee Severance
Segment Reporting Information [Line Items]
Aquisition severance cost			26,035
Employee Severance | EnVen Energy Corporation
Segment Reporting Information [Line Items]
Aquisition severance cost		900		24,900
Operating Segments | EnVen Energy Corporation
Segment Reporting Information [Line Items]
Transaction and other (income) expenses		1,500		39,400
Operating Segments | QuarterNorth
Segment Reporting Information [Line Items]
Transaction and other (income) expenses			$ 38,800
Operating Segments | Bayou Bend CCS LLC | Capital Carry
Segment Reporting Information [Line Items]
Gain on partial disposal of investment				8,600
Operating Segments | Employee Severance | EnVen Energy Corporation
Segment Reporting Information [Line Items]
Aquisition severance cost		$ 900		$ 24,900

Segment Information - Reconcili

Segment Information - Reconciliation of Reportable Segment Expenditures (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Plugging & abandonment	$ (86,074)	$ (71,097)
Investment in Equity Method Investees	19,627	29,372
Proceeds from the sale of equipment	(1,017)	(66,183)
Deferred payments	(1,791)	(841)
Exploration, development and other capital expenditures	355,197	438,506
Operating Segments | Reportable segment
Segment Reporting Information [Line Items]
Segment Expenditures	447,447	559,873
Operating Segments | All Other
Segment Reporting Information [Line Items]
Segment Expenditures	17,519	37,183
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Change in capital expenditures included in accounts payable and accrued liabilities	4,772	15,085
Plugging & abandonment	(86,074)	(71,097)
Decommissioning obligations settled	(5,094)	(40,415)
Investment in CCS intangibles and equity method investees	(17,519)	(37,168)
Proceeds from the sale of equipment	1,017	0
Deferred payments	(1,791)	(841)
Non-cash well equipment transfers	(3,056)	(24,476)
Other	84	362
Segment Reconciling Items [Member] | Upstream | Talos Energy Mexico
Segment Reporting Information [Line Items]
Investment in Equity Method Investees	$ (2,108)	$ 0

Subsequent Events - Additional

Subsequent Events - Additional Information (Details)	Oct. 01, 2024 USD ($) Vote $ / shares	Sep. 30, 2024 $ / shares	Dec. 31, 2023 $ / shares
Subsequent Event [Line Items]
Common stock, par value		$ 0.01	$ 0.01
Preferred stock, par value		$ 0.01	$ 0.01
Subsequent Event
Subsequent Event [Line Items]
Liquidation payment per security called by each warrant or right | $	$ 1
Preferred stock, voting rights, number of votes | Vote	1
Preferred shares certificate of designation, description	On October 1, 2024, in connection with the adoption of the Rights Agreement, the Company filed a Certificate of Designation setting forth the rights, powers and preferences of the Preferred Shares. Each one one-thousandth of a Preferred Share, if issued: (i) will not be redeemable, (ii) will entitle the holder to quarterly dividend payments equal to the dividend paid on one share of Common Stock, (iii) will entitle the holder upon liquidation to receive either $1.00 or an amount equal to the payment made on one share of Common Stock, whichever is greater, (iv) will have one vote and vote together with the Common Stock, except as required by law and (v) if shares of Common Stock are exchanged via merger, consolidation, or a similar transaction, will entitle the holder to a payment equal to the payment made on one share of Common Stock.
Subsequent Event | Rights Agreement
Subsequent Event [Line Items]
Common stock, par value	$ 0.01
Preferred stock, par value	0.01
Exercise price of warrants or rights	62.1
Redemption price of warrants or rights	$ 0.001
Preferred share purchase rights, ownership percentage	0.25
Rights agreement, termination description	The Rights will expire at the earlier of (i) October 1, 2027 and (ii) October 1, 2025 if Stockholder Approval (as defined in the Rights Agreement) has not been received prior to such time, unless such date is advanced or extended or unless the Rights are earlier redeemed or exchanged by the Board as permitted in the Rights Agreement. The Board may consider an earlier termination of the Rights Agreement if circumstances warrant. The Board may redeem the Rights for $0.001 per Right at any time before the earlier of the expiration date and the first date of public announcement that any person or group becomes an Acquiring Person.
Subsequent Event | Quarterly Dividends | Rights Agreement
Subsequent Event [Line Items]
Record Date	Oct. 11, 2024