Talos Energy (TALO) 10-Q 9 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 02, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	TALO
Entity Registrant Name	Talos Energy Inc.
Entity Central Index Key	0001724965
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		54,155,805

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 45,725	$ 139,914
Restricted cash	1,252	1,248
Accounts receivable
Trade, net	87,193	103,025
Joint interest, net	31,905	20,244
Other	23,139	19,686
Assets from price risk management activities	9,655	75,473
Prepaid assets	27,553	38,911
Income tax receivable	9,115	10,701
Other current assets	3,112	7,644
Total current assets	238,649	416,846
Property and equipment:
Proved properties	3,774,531	3,629,430
Unproved properties, not subject to amortization	148,057	108,209
Other property and equipment	33,893	33,191
Total property and equipment	3,956,481	3,770,830
Accumulated depreciation, depletion and amortization	(1,784,196)	(1,719,609)
Total property and equipment, net	2,172,285	2,051,221
Other long-term assets:
Assets from price risk management activities	4,150
Other well equipment inventory	9,993	9,224
Operating lease assets	6,989
Other assets	7,873	2,695
Total assets	2,439,939	2,479,986
Current liabilities:
Accounts payable	62,550	51,019
Accrued liabilities	192,322	188,650
Accrued royalties	23,237	38,520
Current portion of long-term debt	448	443
Current portion of asset retirement obligations	65,884	68,965
Liabilities from price risk management activities	40,502	550
Accrued interest payable	21,077	10,200
Current portion of operating lease liabilities	1,276
Other current liabilities	17,285	22,071
Total current liabilities	424,581	380,418
Long-term liabilities:
Long-term debt, net of discount and deferred financing costs	665,935	654,861
Asset retirement obligations	325,139	313,852
Liabilities from price risk management activities	4,940
Operating lease liabilities	15,620
Other long-term liabilities	103,738	123,359
Total liabilities	1,539,953	1,472,490
Commitments and contingencies (Note 11)
Stockholders' Equity:
Preferred stock, $0.01 par value; 30,000,000 shares authorized; no shares issued or outstanding as of March 31, 2019 and December 31, 2018
Common stock $0.01 par value; 270,000,000 shares authorized; 54,155,805 and 54,155,768 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively	542	542
Additional paid-in capital	1,336,216	1,334,090
Accumulated deficit	(436,772)	(327,136)
Total stockholders' equity	899,986	1,007,496
Total liabilities and stockholders' equity	$ 2,439,939	$ 2,479,986

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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	54,155,805	54,155,768
Common stock, shares outstanding	54,155,805	54,155,768

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Revenues and other:
Total revenue		$ 178,713	$ 145,850
Operating expenses:
Workover and maintenance expense		23,019	6,905
Depreciation, depletion and amortization		64,587	49,040
Accretion expense		9,607	4,760
General and administrative expense		17,609	8,580
Total operating expenses		160,344	97,266
Operating income		18,369	48,584
Interest expense		(25,218)	(19,742)
Price risk management activities expense	[1]	(109,579)	(51,976)
Other income		433	191
Loss before income taxes		(115,995)	(22,943)
Income tax benefit		6,359
Net loss		$ (109,636)	$ (22,943)
Net loss per common share:
Basic		$ (2.02)	$ (0.73)
Diluted		$ (2.02)	$ (0.73)
Weighted average common shares outstanding:
Basic		54,156	31,244
Diluted		54,156	31,244
Oil and Gas Properties
Operating expenses:
Direct lease operating expense		$ 40,829	$ 24,915
Insurance		4,111	2,675
Production taxes		582	391
Total lease operating expense		45,522	27,981
Oil Revenue
Revenues and other:
Revenue		155,679	127,693
Natural Gas Revenue
Revenues and other:
Revenue		14,447	12,723
NGL Revenue
Revenues and other:
Revenue		5,066	$ 5,434
Other
Revenues and other:
Revenue		$ 3,521
[1]	The Company paid $3.0 million and $20.4 million in net cash settlements for the three months ended March 31, 2019 and 2018, respectively.

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Balance at Dec. 31, 2017	$ (54,087)	$ 312	$ 493,952	$ (548,351)
Balance, shares at Dec. 31, 2017		31,244,085
Cumulative effect adjustment	(325)			(325)
Equity based compensation	228		228
Net loss	(22,943)			(22,943)
Balance at Mar. 31, 2018	(77,127)	$ 312	494,180	(571,619)
Balance, shares at Mar. 31, 2018		31,244,085
Balance at Dec. 31, 2018	$ 1,007,496	$ 542	1,334,090	(327,136)
Balance, shares at Dec. 31, 2018	54,155,768	54,155,768
Equity based compensation	$ 2,126		2,126
Equity based compensation, Shares		37
Net loss	(109,636)			(109,636)
Balance at Mar. 31, 2019	$ 899,986	$ 542	$ 1,336,216	$ (436,772)
Balance, shares at Mar. 31, 2019	54,155,805	54,155,805

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Cash flows from operating activities:
Net loss		$ (109,636)		$ (22,943)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation, depletion, amortization and accretion expense		74,194		53,800
Amortization of deferred financing costs and original issue discount		1,188		377
Equity based compensation, net of amounts capitalized		1,259		103
Price risk management activities expense	[1]	109,579		51,976
Net cash paid on settled derivative instruments		(3,019)	$ (20,400)	(20,429)
Settlement of asset retirement obligations		(3,945)		(5,323)
Changes in operating assets and liabilities:
Accounts receivable		2,305		2,362
Other current assets		11,370		(1,417)
Accounts payable		(8,284)		(16,932)
Other current liabilities		(25,933)		(2,463)
Other non-current assets and liabilities, net		(7,956)		534
Net cash provided by operating activities		41,122		39,645
Cash flows from investing activities:
Exploration, development and other capital expenditures		(102,396)		(30,012)
Cash paid for acquisitions		(32,916)
Net cash provided by (used in) investing activities		(135,312)		(30,012)
Cash flows from financing activities:
Redemption of Senior Notes and other long-term debt		(109)		(24,977)
Proceeds from Bank Credit Facility		35,000
Repayment of Bank Credit Facility		(25,000)
Other deferred payments		(6,575)
Payments of finance lease		(3,311)		(3,547)
Net cash provided by (used in) financing activities		5		(28,524)
Net increase (decrease) in cash, cash equivalents and restricted cash		(94,185)		(18,891)
Cash, cash equivalents and restricted cash:
Balance, beginning of period		141,162		33,433
Balance, end of period		46,977	$ 141,162	14,542
Supplemental Non-Cash Transactions:
Capital expenditures included in accounts payable and accrued liabilities		134,722		33,964
Supplemental Cash Flow Information:
Interest paid, net of amounts capitalized		$ 4,614		$ 10,435
[1]	The Company paid $3.0 million and $20.4 million in net cash settlements for the three months ended March 31, 2019 and 2018, respectively.

Formation and Basis of Presenta

Formation and Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Formation and Basis of Presentation	Note 1 — Formation and Basis of Presentation Formation and Nature of Business Talos Energy Inc. (“Talos,” the “Company,” “we,” “us” or “our”) is a technically driven independent exploration and production company focused on safely and efficiently maximizing cash flows and long-term value through our operations, currently in the United States (“U.S.”) Gulf of Mexico and offshore Mexico. As one of the largest public independent producers in the U.S. Gulf of Mexico, we leverage decades of geology, geophysics and offshore operations expertise towards the acquisition, exploration, exploitation and development of deep and shallow water assets in key geological trends that are present in many offshore basins around the world. Our activities offshore Mexico provide high impact exploration opportunities in an oil rich emerging basin. Talos was formed in connection with the business combination between Talos Energy LLC and Stone Energy Corporation (“Stone”) that occurred on May 10, 2018, pursuant to which Talos Energy LLC and Stone became indirect wholly-owned subsidiaries of Talos Energy Inc. Talos Energy LLC Talos Energy LLC was formed in 2011 and commenced commercial operations on February 6, 2013. Prior to February 6, 2013, Talos Energy LLC had incurred certain general and administrative expenses associated with the start-up of its operations. On February 3, 2012, Talos Energy LLC completed a transaction with certain funds and other alternative investment vehicles managed by Apollo Management VII, L.P. and Apollo Commodities Management, L.P., with respect to Series I (“Apollo Funds”), and entities controlled by or affiliated with Riverstone Energy Partners V, L.P. (“Riverstone Funds”) and members of management pursuant to which the Talos Energy LLC received a private equity capital commitment. Stone Combination On May 10, 2018 (the “Closing Date”), the Company consummated the transactions contemplated by that certain Transaction Agreement, dated as of November 21, 2017 (the “Transaction Agreement”), pursuant to which, among other items, each of Stone, Talos Production LLC and Talos Energy LLC became wholly-owned subsidiaries of the Company (the “Stone Combination”). Concurrently with the consummation of the Transaction Agreement, the Company consummated the transactions contemplated by that certain Exchange Agreement, dated as of November 21, 2017 (the “Exchange Agreement”) pursuant to which (i) the Apollo Funds and Riverstone Funds contributed $102.0 million in aggregate principal amount of 9.75% Senior Notes due 2022 (“9.75% Senior Notes”) issued by Talos Production LLC and Talos Production Finance, Inc. (together, “Talos Issuers”) to the Company in exchange for an aggregate of 2,874,049 shares of Talos common stock; (ii) the holders of second lien bridge loans (“11.00% Bridge Loans”) exchanged such 11.00% Bridge Loans for $172.0 million aggregate principal amount of 11.00% Second-Priority Senior Secured Notes due 2022 of the Talos Issuers (“11.00% Senior Secured Notes”) and (iii) certain holders of 7.50% Senior Secured Notes due 2022 issued by Stone (“7.50% Stone Senior Notes”) exchanged such notes for $137.4 million aggregate principal amount of 11.00% Senior Secured Notes. Prior to the Closing Date, the Company did not conduct any material activities other than those incident to its formation and the matters contemplated by the Transaction Agreement. See Note 2 – Acquisitions Substantially concurrent therewith, the Company consummated an exchange offer and consent solicitation, pursuant to which other holders of the 7.50% Stone Senior Notes exchanged their 7.50% Stone Senior Notes for 11.00% Senior Secured Notes and a cash payment. Approximately $81.5 million in aggregate principal amount of the 7.50% Stone Senior Notes were validly tendered, and approximately $6.1 million in aggregate principal amount of 7.50% Stone Senior Notes remained outstanding as of the Closing Date. Basis of Presentation and Consolidation The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, certain information and disclosures normally included in complete financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. All intercompany transactions have been eliminated. The unaudited financial statements reflect all adjustments which are of a normal, recurring nature and are necessary to fairly present the financial position, results of operations and cash flows for the interim periods. The results for any interim period are not necessarily indicative of the expected results for the entire year. The Company has evaluated subsequent events through the date the condensed consolidated financial statements were issued. The unaudited financial statements and related notes included in this Quarterly Report on Form 10-Q (this “Quarterly Report”) should be read in conjunction with the Company’s audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (our “2018 Annual Report”). Talos Energy LLC was considered the accounting acquirer in the Stone Combination under GAAP. Accordingly, the historical financial and operating data of Talos Energy Inc., which covers periods prior to the Closing Date, reflects the assets, liabilities and results of operations of Talos Energy LLC and does not reflect the assets, liabilities and results of operations of Stone. For the periods prior to May 10, 2018, the Company retrospectively adjusted its Statements of Changes in Stockholders’ Equity and the weighted average shares used in determining earnings per share to reflect the number of shares Talos Energy LLC received in the Stone Combination. Beginning on May 10, 2018, common stock is presented to reflect the legal capital of Talos Energy Inc. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods and the reported amounts of proved oil and natural gas reserves. Actual results could differ from those estimates. The Company has one reportable segment, exploration and production of oil and natural gas. Substantially all of the Company’s proved reserves and production sales are related to the Company’s operations in the U.S. Unless otherwise indicated or the context otherwise requires, references in this Quarterly Report to “Talos,” the “Company,” “we,” “us,” or “our” refer to Talos Energy Inc. and its wholly-owned subsidiaries. Recently Adopted Accounting Standards Leases. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) 2016-02, Leases (“Topic 842”) requiring an entity to recognize a right-of-use asset representing the right to use an underlying asset for the lease term and a lease liability representing the obligation associated with future lease payments for virtually all leases. The pattern of expense recognition in the income statement is dependent on lease classification as finance or operating. A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment (an identified asset) for a period of time in exchange for consideration. However, Topic 842 does not apply to leases of mineral rights. On January 1, 2019, the Company adopted Topic 842, using the modified retrospective approach, which does not require an adjustment to comparative-period financial statements. As such, results for reporting periods beginning January 1, 2019 are presented in accordance with Topic 842, while prior period amounts are reported in accordance with previous lease accounting treatment. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which, among other items, allowed Talos not to reassess whether expired or existing contracts, including land easements, contain a lease or reassess the classification and indirect costs associated with existing or expired leases. On the January 1, 2019 adoption date, the Company recorded a right-of-use asset of approximately $7.3 million and corresponding lease liability of $16.9 million representing the present value of its future operating lease payments. Upon the adoption of Topic 842, lease incentives are presented as a reduction to the right-of-use asset resulting in the difference between the right-of-use asset and lease liability. Adoption of this standard did not require an adjustment to retained earnings and did not impact the condensed consolidated statements of operations, condensed consolidated statements of cash flows or condensed consolidated statements of changes in stockholders’ equity. See Note 4 – Leases

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Acquisitions	Note 2 — Acquisitions Asset Acquisitions Each of the acquisitions below qualified as an asset acquisition that requires, among other items, that the cost of the assets acquired and liabilities assumed be recognized on the balance sheet by allocating the asset cost on a relative fair value basis. The fair value measurements of the oil and natural gas properties acquired and asset retirement obligations assumed were derived utilizing an income approach and based, in part, on significant inputs not observable in the market. These inputs represent Level 3 measurements in the fair value hierarchy and include, but are not limited to, estimates of reserves, future operating and development costs, future commodity prices, estimated future cash flows and appropriate discount rates. These inputs required significant judgments and estimates by the Company’s management at the time of the valuation. Transaction costs incurred on an asset acquisition are capitalized as a component of the assets acquired and any contingent consideration is recognized as the contingency is resolved. Acquisition of Gunflint Field On January 11, 2019, the Company completed the acquisition of an approximate 9.6% non-operated working interest in the Gunflint Field located in the Mississippi Canyon area (the “Gunflint Acquisition”) from Samson Offshore Mapleleaf, LLC for $29.6 million ($27.9 million after customary purchase price adjustments). The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed, based on their relative fair values, on January 11, 2019 (in thousands): Property and equipment $ 28,912 Asset retirement obligations (996 ) Allocated purchase price $ 27,916 Acquisition of Whistler Energy II, LLC On August 31, 2018, the Company completed the acquisition of all the issued and outstanding membership interests of Whistler Energy II, LLC (“Whistler”) from Whistler Energy II Holdco, LLC, an affiliate of Apollo Funds (the “Whistler Acquisition”), for $52.6 million ($14.8 million, net of $37.8 million of cash acquired). The $37.8 million of cash acquired consists of $30.8 million of cash collateral posted by Whistler released by third party surety companies at closing and $7.0 million of cash on hand for working capital purposes. Through the acquisition, the Company acquired and assumed all of Whistler’s oil and natural gas assets and the associated asset retirement obligations for interests located in Green Canyon Block 18, Green Canyon Block 69 and Ewing Bank Block 988, including a fixed production platform on Green Canyon Block 18. The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed, based on their relative fair values, on August 31, 2018 (in thousands): Current assets (1) $ 45,337 Property and equipment 35,344 Other long-term assets 66 Current liabilities (4,261 ) Other long-term liabilities (23,862 ) Allocated purchase price $ 52,624 (1) Includes $37.8 million of cash acquired and trade receivables of $3.2 million, which the Company expects all to be realizable. Business Combinations Acquisitions qualifying as a business combination are accounted for under the acquisition method of accounting, which requires, among other items, that assets acquired and liabilities assumed be recognized on the condensed consolidated balance sheet at their fair values as of the acquisition date. The fair value measurements of the oil and natural gas properties acquired and asset retirement obligations assumed were derived utilizing an income approach and based, in part, on significant inputs not observable in the market. These inputs represent Level 3 measurements in the fair value hierarchy and include, but are not limited to, estimates of reserves, future operating and development costs, future commodity prices, estimated future cash flows and appropriate discount rates. These inputs required significant judgments and estimates at the time of the valuation. Combination between Talos Energy LLC and Stone Energy Corporation On May 10, 2018, the Company consummated the transactions contemplated by the Transaction Agreement and the Exchange Agreement, pursuant to which, among other things, Talos Energy LLC and Stone became wholly-owned subsidiaries of the Company. The combination was executed as an all-stock transaction whereby the former stakeholders of Talos Energy LLC held approximately 63% of the Company’s outstanding common stock and the former stockholders of Stone held approximately 37% of the Company’s outstanding common stock as of the Closing Date. The purchase price of $732.0 million is based on the closing price of Stone common stock and common warrants immediately prior to closing. The following table summarizes the purchase price (in thousands, except per share data): Stone common stock - issued and outstanding as of May 9, 2018 20,038 Stone common stock price $ 35.49 Common stock value $ 711,149 Stone common stock warrants - issued and outstanding as of May 9, 2018 3,528 Stone common stock warrants price $ 5.90 Common stock warrants value $ 20,815 Total purchase price $ 731,964 While the Company has substantially completed the determination of the fair values of the assets acquired and liabilities assumed, the Company is still finalizing the fair value analysis related to oil and natural gas properties acquired by Stone prior to the Closing Date. The Company anticipates finalizing the determination of the fair values by May 10, 2019. The following table presents the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their fair values on May 10, 2018 and March 31, 2019, including the associated measurement period adjustments (in thousands): May 10, 2018 Adjustments March 31, 2019 Current assets (1) $ 377,155 $ (3,291 ) $ 373,864 Property and equipment 876,500 8,313 884,813 Other long-term assets 18,928 — 18,928 Current liabilities (130,121 ) (1,467 ) (131,588 ) Long-term debt (235,416 ) — (235,416 ) Other long-term liabilities (175,082 ) (3,555 ) (178,637 ) Allocated purchase price $ 731,964 $ — $ 731,964 (1) Includes $293.0 million of cash acquired. The fair values of current assets acquired includes trade receivables and joint interest receivables of $43.3 million and $3.5 million, respectively, which the Company expects all to be realizable. Revenue and net income attributable to the assets acquired in the Stone Combination during the three months ended March 31, 2019 was $102.6 million and $49.3 million, respectively. Pro Forma Financial Information (Unaudited) The following supplemental pro forma information (in thousands, except per common share amounts), presents the condensed consolidated statements of operations for the three months ended March 31, 2019 and 2018 as if the Stone Combination had occurred on January 1, 2018. The unaudited pro forma information was derived from historical combined statements of operations of the Company and Stone and adjusted to include (i) depletion and accretion expense applied to the adjusted basis of the oil and natural gas properties acquired, (ii) interest expense to reflect the debt transactions contemplated by the Exchange Agreement and (iii) general and administrative expense adjusted for transaction related costs incurred. This information does not purport to be indicative of results of operations that would have occurred had the Stone Combination occurred on January 1, 2018, nor is such information indicative of any expected future results of operations. Three Months Ended March 31, 2019 2018 (As reported) (Pro Forma) Revenue $ 178,713 $ 227,199 Net loss $ (109,636 ) $ (5,515 ) Basic and diluted net loss per common share $ (2.02 ) $ (0.10 )

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2019
Oil And Gas Property [Abstract]
Property, Plant and Equipment	Note 3 — Property, Plant and Equipment Proved Properties. The Company’s interests in proved oil and natural gas properties are located primarily in the U.S. Gulf of Mexico deep and shallow waters. The Company follows the full cost method of accounting for its oil and natural gas exploration and development activities. At March 31, 2019, the Company’s ceiling test computation of its U.S. oil and natural gas properties was based on SEC pricing of $67.60 per Bbl of oil, $3.00 per Mcf of natural gas and $30.24 per Bbl of NGLs. During the three months ended March 31, 2019 and 2018, the Company’s ceiling test computation did not result in a write-down of its U.S. oil and natural gas properties. Unproved Properties. Unproved capitalized costs of oil and natural gas properties excluded from amortization relate to unevaluated properties associated with acquisitions, leases awarded in the U.S. Gulf of Mexico federal lease sales, certain geological and geophysical costs, costs associated with certain exploratory wells in progress and capitalized interest. Unproved properties also include costs associated with the two blocks (Block 2 and Block 7) awarded on September 4, 2015 to the Company together with Sierra Oil & Gas S. de R.L de C.V. (“Sierra”) and Premier Oil Plc (“Premier,” and together with the Company and Sierra), the (“Consortium”), located in the shallow waters off the coast of Mexico’s Veracruz and Tabasco states, by the National Hydrocarbons Commission (“CNH”), Mexico’s upstream regulator. During any period in which unproved properties are assessed as proved or impaired, the associated costs are transferred to the full cost pool and are subject to amortization. In September 2018, the Company entered into a transaction (the “Hokchi Cross Assignment”) with Hokchi Energy, S.A. de C.V. (“Hokchi”), a subsidiary of Pan American Energy (“PAE”), to cross assign 25% participation interests (“PIs”) in Block 2 and Block 31. The Company’s assignment of a 25% PI in Block 2 to Hokchi closed on December 21, 2018, and Hokchi has assumed operator responsibilities with respect to Block 2. Hokchi’s assignment of Block 31 to the Company will be completed upon final approval by the CNH. In addition, Premier exercised its option to reduce its PI in Block 2 to zero and assign a 5% PI to each of Sierra and the Company. Upon completion of the Hokchi Cross Assignment, the Company will own a 25% PI in each of Block 2 and Block 31, and Hokchi will be the operator of both blocks. Capitalized Overhead. General and administrative expense in the Company’s financial statements is reflected net of capitalized overhead. The Company capitalizes overhead costs directly related to exploration, acquisition and development activities. Capitalized overhead for the three months ended March 31, 2019 and 2018, was $6.6 million and $3.0 million, respectively. Asset Retirement Obligations The discounted asset retirement obligations included “Current portion of asset retirement obligations” and “Asset retirement obligations” on the condensed consolidated balance sheets and the changes to that liability during the three months ended March 31, 2019 were as follows (in thousands): Asset retirement obligations at January 1, 2019 $ 382,817 Fair value of asset retirement obligations assumed 996 Obligations settled (3,945 ) Accretion expense 9,607 Obligations incurred 554 Changes in estimate 994 Asset retirement obligations at March 31, 2019 $ 391,023 Less: Current portion 65,884 Long-term portion $ 325,139

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Note 4 — Leases The Company enters into service contracts and other contractual arrangements for the use of office space, drilling, completion and abandonment equipment (e.g. drilling rigs, etc.), production related equipment (i.e. compressors, etc.) and other equipment from third-party lessors to support its operations. The Company’s leasing activities as a lessor are negligible. At inception, contracts are reviewed to determine whether the agreement contains a lease. Contracts are considered a lease when the arrangement either explicitly or implicitly conveys the right to control the use of the identified property, plant or equipment for a period of time in exchange for consideration. In order to obtain control, the lessee must obtain substantially all of the economic benefits for the use of the identified asset and have the right to direct the use of the identified asset. To the extent an arrangement is determined to include a lease, it is classified as either an operating or a finance lease, which dictates the pattern of expense recognition in the income statement. The Company has elected to not apply the recognition requirements of Topic 842 to leases with durations of twelve months or less (i.e. short-term). Upon commencement of a lease, a right-of-use asset and corresponding lease liability are recorded on the consolidated balance sheet for all leases, regardless of classification. The right-of-use asset is initially measured as the lease liability adjusted for any payments made prior to commencement, including any initial direct costs incurred and incentives received. Lease liabilities are initially measured at the present value of future minimum lease payments, excluding variable lease payments, over the lease term. Variable lease payments include changes in index rates, mobilization and demobilization costs related to oil and gas equipment and certain reimbursable costs associated with office and building leases are recognized when incurred. The discount rate used to determine present value is the rate implicit in the lease unless the rate cannot be determined, in which case the incremental borrowing rate is used. The incremental borrowing rate reflects the estimated rate of interest the Company would pay to borrow over a similar term an amount equal to the lease payments on a collateralized basis in a similar economic environment. The Company has elected to account for lease and non-lease components in its contracts as a single lease component for all asset classes. Lease agreements may include options to renew the lease, terminate the lease or purchase the underlying asset. The Company determines the lease term at lease commencement date as the non-cancelable period of the lease, including options to extend or terminate the lease when such an option is reasonably certain to be exercised. Factors used to assess reasonable certainty of rights to extend or terminate a lease include current and forecasted drillings plans, anticipated changes in development strategies, historical practice in extending similar contracts and current market conditions. On August 2, 2016, the Company executed a seven-year lease agreement for the use of the Helix Producer 1 (“HP-1”), a dynamically positioned floating production facility that interconnects with the Phoenix Field through a production buoy. Under the terms of the agreement, the Company paid Helix a $49.0 million annual fixed demand charge for the first two years and $45.0 million thereafter. Prior to implementation, the agreement with Helix was accounted for as a capital lease under Topic 840. The Company initially recorded a capital lease asset and liability of $124.3 million on its consolidated balance sheet at lease inception. As the HP-1 is utilized in the Company’s oil and natural gas development activities, the capital lease asset was included within proved property and depleted as part of the full cost pool. As of December 31, 2018, the balance of the capital lease obligation on the consolidated balance sheet was $93.6 million, of which $14.1 million is included in other current liabilities and $79.5 million is included in other long-term liabilities. Upon adoption of Topic 842, the HP-1 capital lease was classified as a finance lease resulting in no change to the amounts recognized on the condensed consolidated balance sheet. The Company has operating leases expiring at various dates, principally for office space, drilling rigs, compressors and other equipment necessary to support the Company’s operations. Operating leases are reflected as operating lease assets, current portion of operating lease liabilities and operating lease liabilities on the condensed consolidated balance sheet. The Company’s operating lease liabilities recognized on the balance sheet as of March 31, 2019 was $16.9 million. Costs associated with the Company’s operating leases are either expensed or capitalized depending on how the underlying asset is utilized. Presented below are disclosures required by Topic 842. The amounts disclosed herein primarily represent costs associated with properties operated by the Company that are presented on a gross basis and do not reflect the Company’s net proportionate share of such amounts. A portion of these costs have been or will be billed to other working interest owners. The Company’s share of these costs are included in property and equipment, lease operating expense or general and administrative expense, as applicable. The components of lease cost were as follows (in thousands): March 31, 2019 Finance lease cost - interest on lease liabilities (1) $ 4,994 Operating lease cost, excluding short-term leases (2) 763 Short-term lease cost (3) 36,609 Variable lease cost (4) 2 Total lease cost $ 42,368 (1) The HP-1 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 reserved using the unit-of-production method, computed quarterly. (2) 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. (3) 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 balance sheet. (4) Variable lease costs primarily represent differences between minimum payment obligations and actual operating charges incurred by the Company related to its long-term leases. The present value of the fixed lease payments recorded as the Company’s right-of-use asset and lability, adjusted for initial direct costs and incentives are as follows (in thousands): March 31, 2019 Operating Leases: Operating lease assets $ 6,989 Current portion of operating leases $ 1,276 Operating lease liabilities 15,620 Total operating lease liabilities $ 16,896 Finance Leases: Proved property (1) $ 124,299 Other current liabilities $ 14,871 Other long-term liabilities 75,486 Total finance lease liabilities $ 90,357 (1) The HP-1 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. Minimum future commitments by year for the Company’s leases as of March 31, 2019 are presented in the table below (in thousands). Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the balance sheet. Operating Leases Finance Leases 2019 (excluding the three months ended March 31, 2019) $ 1,358 $ 24,943 2020 2,694 33,257 2021 3,447 33,257 2022 3,658 33,257 2023 3,583 13,857 Thereafter 15,218 — Total lease payments $ 29,958 $ 138,571 Less imputed interest (13,062 ) (48,214 ) Total $ 16,896 $ 90,357 March 31, 2019 Weighted Average Remaining Lease Term Operating leases 6 years Finance leases 4 years Weighted Average Discount Rate Operating leases 11.6 % Finance leases 21.9 % Below is the table related to the disclosure of supplemental cash flow information related to leases for the three months ended March 31, 2019 (in thousands): Operating cash outflow from finance leases $ 4,994 Investing cash outflow from finance leases $ 3,311 Operating cash outflow from operating leases $ 453 Right-of-use assets obtained in exchange for new finance lease liabilities $ — Right-of-use assets obtained in exchange for new operating lease liabilities (since adoption) $ 613

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2019
Financial Instruments [Abstract]
Financial Instruments	Note 5 — Financial Instruments The following table presents the carrying amounts and estimated fair values of financial instruments (in thousands): March 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value 11.00% Second-Priority Senior Secured Notes – due April 2022 (1) $ 381,863 $ 402,865 $ 381,229 $ 362,168 7.50% Senior Secured Notes – due May 2022 $ 6,060 $ 5,272 $ 6,060 $ 5,151 Bank Credit Facility – due May 2022 (1) $ 268,001 $ 275,000 $ 257,448 $ 265,000 Oil and Natural Gas Derivatives $ (31,637 ) $ (31,637 ) $ 74,923 $ 74,923 (1) The carrying amounts are net of discount and deferred financing costs. As of March 31, 2019 and December 31, 2018, the carrying amounts of cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximate their fair values because of the short-term nature of these instruments. 11.00% Second-Priority Senior Secured Notes – due April 2022. The $390.9 million aggregate principal amount of 11.00% Senior Secured Notes are reported on the condensed consolidated balance sheet as of March 31, 2019 at their carrying value, net of original issue discount and deferred financing costs (see Note 6 – Debt ). The fair value of the 11.00% Senior Secured Notes are estimated (representing a Level 1 fair value measurement) using quoted secondary market trading prices. 7.50% Senior Secured Notes – due May 2022 . The $6.1 million aggregate principal amount of 7.50% Stone Senior Notes are reported on the condensed consolidated balance sheet as of March 31, 2019 at their carrying value (see Note 6 – Debt ). The fair value of the 7.50% Stone Senior Notes are estimated (representing a Level 1 fair value measurement) using quoted secondary market trading prices. Bank Credit Facility – due May 2022 . In May 2018, in conjunction with the Stone Combination, the Company and Talos Production LLC, our wholly-owned subsidiary, executed a new bank credit facility with an initial borrowing base of $600.0 million (the “Bank Credit Facility”) which is reported on the condensed consolidated balance sheet as of March 31, 2019 at its carrying value net of deferred financing costs (see Note 6 – Debt ). The fair value of the Bank Credit Facility is estimated based on the outstanding borrowings under the Bank Credit Facility since it is secured by the Company’s reserves and the interest rates are variable and reflective of market rates (representing a Level 2 fair value measurement). Oil and natural gas derivatives . The Company attempts to mitigate a portion of its commodity price risk and stabilize cash flows associated with sales of oil and natural gas production through the use of oil and natural gas swaps and costless collars. Swaps are contracts where the Company either receives or pays depending on whether the oil or natural gas floating market price is above or below the contracted fixed price. Costless collars consist of a purchased put option and a sold call option with no net premiums paid to or received from counterparties. Collar contracts typically require payments by the Company if the NYMEX average closing price is above the ceiling price or payments to the Company if the NYMEX average closing price is below the floor price. The Company has elected not to designate any of its derivative contracts for hedge accounting. Accordingly, commodity derivatives are recorded on the condensed consolidated balance sheets at fair value with settlements of such contracts, and changes in the unrealized fair value, recorded as “Price risk management activities income (expense)” on the condensed consolidated statements of operations in each period. The following table presents the impact that derivatives, not qualifying as hedging instruments, had on the Company’s condensed consolidated statements of operations (in thousands): Three Months Ended March 31, 2019 2018 Price risk management activities expense (1) $ (109,579 ) $ (51,976 ) (1) The Company paid $3.0 million and $20.4 million in net cash settlements for the three months ended March 31, 2019 and 2018, respectively. The following table reflects the contracted volumes and weighted average prices the Company will receive under its derivative contracts as of March 31, 2019: Production Period Instrument Type Average Daily Volumes Weighted Average Swap Price Weighted Average Put Price Weighted Average Call Price Crude Oil – WTI: (Bbls) (per Bbl) (per Bbl) (per Bbl) Apr 2019 - Dec 2019 Swap 27,678 $ 56.13 $ — $ — Jan 2020 - Dec 2020 Swap 3,746 $ 57.07 $ — $ — Jan 2020 - Dec 2020 Collar 3,000 $ — $ 55.00 $ 60.64 Natural Gas – Henry Hub NYMEX: (MMBtu) (per MMBtu) (per MMBtu) (per MMBtu) Apr 2019 - Dec 2019 Swap 40,887 $ 2.88 $ — $ — Jan 2020 - Dec 2020 Swap 8,702 $ 3.07 $ — $ — Subsequent events . The following table reflects the contracted volumes and weighted average prices the Company will receive under its derivative contracts entered into subsequent to March 31, 2019, which are not reflected in the table above: Production Period Instrument Type Average Daily Volumes Weighted Average Swap Price Weighted Average Put Price Weighted Average Call Price Crude Oil – WTI: (Bbls) (per Bbl) (per Bbl) (per Bbl) Oct 2019 - Dec 2019 Swap 2,000 $ 64.40 $ — $ — Jan 2020 - Mar 2020 Swap 5,000 $ 60.54 $ — $ — Jan 2020 - Dec 2020 Collar 1,000 $ — $ 55.00 $ 64.40 The Company’s commodity derivative instruments are measured at fair value based on third-party industry-standard models using various inputs substantially observable in active markets, including forward oil and natural gas price curves, and are therefore classified as Level 2 in the required fair value hierarchy for the periods presented. The following tables provide additional information related to financial instruments measured at fair value on a recurring basis (in thousands): March 31, 2019 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas derivatives $ — $ 13,805 $ — $ 13,805 Liabilities: Oil and natural gas derivatives — (45,442 ) — (45,442 ) Total net liability $ — $ (31,637 ) $ — $ (31,637 ) December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas derivatives $ — $ 75,473 $ — $ 75,473 Liabilities: Oil and natural gas derivatives — (550 ) — (550 ) Total net asset $ — $ 74,923 $ — $ 74,923 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 on its condensed consolidated balance sheets. On derivative contracts recorded as assets in the table below, the Company is exposed to the risk that the counterparties may not perform. The following table presents the fair value of derivative financial instruments at March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Assets Liabilities Assets Liabilities Oil and natural gas derivatives: Current $ 9,655 $ 40,502 $ 75,473 $ 550 Non-current 4,150 4,940 — — Total $ 13,805 $ 45,442 $ 75,473 $ 550 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 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. The Company’s assets and liabilities from commodity price risk management activities at March 31, 2019 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 seven 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. 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

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	Note 6 — Debt A summary of the detail comprising the Company’s debt and the related book values for the respective periods presented is as follows (in thousands): Description March 31, 2019 December 31, 2018 11.00% Second-Priority Senior Secured Notes – due April 2022 $ 390,868 $ 390,868 7.50% Senior Secured Notes – due May 2022 6,060 6,060 Bank Credit Facility – due May 2022 275,000 265,000 4.20% Building Loan – due November 2030 10,459 10,567 Total debt, before discount and deferred financing cost 682,387 672,495 Discount and deferred financing cost (16,004 ) (17,191 ) Total debt, net of discount and deferred financing cost $ 666,383 $ 655,304 Less: current portion of long-term debt (448 ) (443 ) Long-term debt, net of discount and deferred financing costs $ 665,935 $ 654,861 11.00% Second-Priority Senior Secured Notes – due April 2022 . The 11.00% Senior Secured Notes were issued pursuant to an indenture dated May 10, 2018. The 11.00% Senior Secured Notes mature April 3, 2022 and have interest payable semi-annually each April 15 and October 15. Prior to May 10, 2019, the Company may, at its option, redeem all or a portion of the 11.00% Senior Secured Notes at 100% of the principal amount plus accrued and unpaid interest and a make-whole premium. Thereafter, the Company may redeem all or a portion of the 11.00% Senior Secured Notes at redemption prices decreasing annually from 105.5% to 100.0% plus accrued and unpaid interest. The indenture governing the 11.00% Senior Secured Notes applies certain limitations on the Company’s ability and the ability of its subsidiaries to, among other things, (i) incur additional indebtedness or issue certain preferred shares; (ii) pay dividends and make certain other restricted payments; (iii) create restrictions on the payment of dividends or other distributions to the Company from its restricted subsidiaries; (iv) create liens on certain assets to secure debt; (v) make certain investments; (vi) engage in sales of assets and subsidiary stock; (vii) transfer all or substantially all of its assets or enter into merger or consolidation transactions; and (viii) engage in transactions with affiliates. The 11.00% Senior Secured Notes contain customary quarterly and annual reporting, financial and administrative covenants. The Company was in compliance with all debt covenants at March 31, 2019. 7.50% Senior Secured Notes – due May 2022 . The 7.50% Stone Senior Notes represent the remaining $6.1 million of long-term debt assumed in the Stone Combination that were not exchanged for 11.00% Senior Secured Notes and thus remain outstanding. As a result, substantially all of the restrictive covenants relating to the 7.50% Stone Senior Notes have been removed and collateral securing the 7.50% Stone Senior Notes has been released. The 7.50% Stone Senior Notes mature May 31, 2022 and have interest payable semi-annually each May 31 and November 30. Prior to May 31, 2020, the Company may, at its option, redeem all or a portion of the 7.50% Stone Senior Notes at 100% of the principal amount plus accrued and unpaid interest and a make-whole premium. Thereafter, the Company may redeem all or a portion of the 7.50% Stone Senior Notes at redemption prices decreasing annually from 105.625% to 100.0% plus accrued and unpaid interest. Bank Credit Facility – due May 2022. The Company and Talos Production LLC, our wholly-owned subsidiary, executed the Bank Credit Facility in conjunction with the Stone Combination with a syndicate of financial institutions, with an initial borrowing base of $600.0 million. The Bank Credit Facility matures on May 10, 2022. The Bank Credit Facility bears interest based on the borrowing base usage, at the applicable London InterBank Offered Rate, plus applicable margins ranging from 2.75% to 3.75% or an alternate base rate, based on the federal funds effective rate plus applicable margins ranging from 1.75% to 2.75%. In addition, the Company is obligated to pay a commitment fee of 0.50% on the unfunded portion of the commitments under the Bank Credit Facility. The Bank Credit Facility has certain debt covenants, the most restrictive of which is that the Company must maintain a total debt to EBITDAX Ratio (as defined in the Bank Credit Facility) of no greater than 3.00 to 1.00 each quarter. The Company must also maintain a current ratio no less than 1.00 to 1.00 each quarter. According to the Bank Credit Facility, undrawn commitments are included in current assets in the current ratio calculation. The Bank Credit Facility is secured by substantially all of the oil and natural gas assets of the Company. The Bank Credit Facility is fully and unconditionally guaranteed by the Company and certain of its wholly-owned subsidiaries. The Bank Credit Facility provides for determination of the borrowing base based on the Company’s proved producing reserves and a portion of its proved undeveloped reserves. The borrowing base is redetermined by the lenders at least semi-annually during the second quarter and fourth quarter. On November 16, 2018 the borrowing base was increased from $600.0 million to $850.0 million. However, the Company elected to maintain the $600.0 million commitment based upon its current liquidity needs. The next redetermination is expected to occur during the second quarter of 2019. As of March 31, 2019, the Company’s borrowing base was set at $600.0 million, of which no more than $200 million can be used as letters of credit. The amount the Company is able to borrow with respect to the borrowing base is subject to compliance with the financial covenants and other provisions of the Bank Credit Facility. On March 29, 2019, the Company repaid $25.0 million of the Bank Credit Facility. The Company was in compliance with all debt covenants at March 31, 2019. As of March 31, 2019, the Bank Credit Facility had approximately $309.8 million of undrawn commitments (taking into account $15.2 million letters of credit and $275.0 million drawn from the Bank Credit Facility). Subsequent event . During April 2019, the Company borrowed $40.0 million for general corporate purposes. Building Loan – due November 2030 . In connection with the Stone Combination, the Company assumed Stone’s 4.20% term loan maturing on November 20, 2030 (the “Building Loan”). The Building Loan bears interest at a rate of 4.20% per annum and is to be repaid in 180 equal monthly installments of approximately $0.1 million. As of March 31, 2019, the outstanding balance under the Building Loan totaled $10.5 million. The Building Loan is collateralized by the Company’s two office buildings in Lafayette, Louisiana. Under the financial covenants of the Building Loan, the Company must maintain a ratio of EBITDA to Net Interest Expense of not less than 2.00 to 1.00. In addition, the Building Loan contains certain customary restrictions or requirements with respect to change of control and reporting responsibilities. The Company was in compliance with all covenants under the Building Loan as of March 31, 2019.

Employee Benefits Plans and Sha

Employee Benefits Plans and Share-Based Compensation	3 Months Ended
	Mar. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Employee Benefits Plans and Share-Based Compensation	Note 7 — Employee Benefits Plans and Share-Based Compensation Talos Energy Inc. Long Term Incentive Plan Under the Talos Energy Inc. Long Term Incentive Plan (the “LTIP”), the Company may issue, subject to Board approval, grants of options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents, other stock-based awards, cash awards, substitute awards or any combination of the foregoing to employees, directors and consultants. The LTIP authorizes the Company to grant awards of up to 5,415,576 shares of the Company’s common stock. Restricted Stock Units . During the three months ended March 31, 2019, the Company granted 673,617 RSUs under the LTIP to employees and non-employees. Restricted Stock Units Weighted Average Grant Date Fair Value Unvested RSUs at December 31, 2018 138,704 $ 33.85 Granted 673,617 $ 24.33 Vested — $ — Forfeited (238 ) $ 32.86 Unvested RSUs at March 31, 2019 812,083 $ 25.96 Performance Stock Units . During the three months ended March 31, 2019, the Company granted 190,972 PSUs under the LTIP to employees. The following table summarizes PSU activity for the three months ended March 31, 2019: Performance Share Units Weighted Average Grant Date Fair Value Unvested PSUs at December 31, 2018 231,542 $ 44.47 Granted 190,972 $ 32.44 Vested — $ — Forfeited (476 ) $ 42.94 Unvested PSUs at March 31, 2019 422,038 $ 39.03 The grant date fair value of the PSUs granted during the three months ended March 31, 2019, calculated using a Monte Carlo simulation, was $6.2 million. The following table summarizes the assumptions used to calculate the grant date fair value of the PSUs granted on March 5, 2019: Grant Date Monte Carlo Assumptions Number of simulations 100,000 Expected term (in years) 2.8 Expected volatility 46.9 % Risk-free interest rate 2.5 % Dividend yield — % Share-based Compensation Expense, net Share-based compensation expense is reflected as “General administrative expense,” net amounts capitalized to oil and gas properties in the consolidated statement of operations. 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 used in or provided by operating activities in the condensed consolidated statement of cash flows. For the three months ended March 31, 2019 and 2018, share-based compensation expense was $1.3 million and $0.3 million, net of $1.0 million and $0.2 million of capitalization, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 8 — Income Taxes Prior to the Stone Combination in May of 2018, Talos Energy LLC was a partnership for U.S. federal income tax purposes and was not subject to U.S. federal income tax or state income tax (in most states) at the entity level. As such, Talos Energy LLC did not recognize U.S. federal income tax expense or state income tax expense in most states. Talos Energy LLC’s operations in the shallow waters off the coast of Mexico were conducted under a different legal form and are subject to foreign income taxes. For the three months ended March 31, 2019, the Company recognized income tax benefit of $6.4 million for an effective tax rate of 5.48%. The difference between the Company’s effective tax rate of 5.48% and federal statutory income tax rate of 21% is primarily due to a reduction to the valuation allowance. For the three months ended March 31, 2018, the Company’s effective tax rate differed from the federal statutory rate of 21% because the Company was not subject to U.S. federal or state taxation as a partnership and the Company’s Mexico operations did not incur a material income tax expense. 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 are 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 realization of deferred tax assets depends on recognition of sufficient future taxable income in specific tax jurisdictions in which those temporary differences or net operating losses are deductible. When assessing the need for a valuation allowance on deferred tax assets, the Company considers whether it is more likely than not that some portion or all of them will not be realized. As of December 31, 2018, the Company had a valuation allowance related to federal, state and foreign deferred tax assets.

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Loss Per Share	Note 9 — Loss Per Share Basic earnings per share is computed by dividing net 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 share include the impact of RSUs, PSUs and outstanding warrants. The following table presents the computation of basic and diluted earnings per share for Talos Energy Inc. (in thousands except for per share amounts): Three Months Ended March 31, 2019 2018 Net loss $ (109,636 ) $ (22,943 ) Weighted average common shares outstanding — basic 54,156 31,244 Weighted average common shares outstanding — diluted 54,156 31,244 Net loss per common share: Basic $ (2.02 ) $ (0.73 ) Diluted $ (2.02 ) $ (0.73 ) Potentially issuable shares 4,762 3,528 Anti-dilutive potentially issuable securities excluded from diluted common shares 4,762 3,528 For the periods prior to May 10, 2018, the Company retrospectively adjusted the weighted average shares used in determining earnings per share to reflect the number of shares Talos Energy LLC received in the Stone Combination. There is no impact for the three months ended March 31, 2018 on diluted earnings per common share from the RSUs, PSUs and outstanding warrants as these instruments did not exist throughout such periods.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Note 10 — Related Party Transactions Whistler Acquisition . On August 31, 2018, the Company acquired certain properties from Whistler Energy II Holdco, LLC, an affiliate of the Apollo Funds, for $52.6 million ($14.8 million net of $37.8 million of cash acquired). Included in current assets acquired as of March 31, 2019 is $1.1 million in receivables from an affiliate of the Apollo Funds to reimburse the Company for certain payments made or to be made post-closing. See additional details in Note 2 – Acquisitions. Equity Registration Rights Agreement . On the Closing Date, the Company entered into a Registration Rights Agreement (the “Equity Registration Rights Agreement”) with each of the Apollo Funds, Riverstone Funds, Franklin Advisers, Inc. (“Franklin”) and MacKay Shields LLC (“MacKay Shields”) relating to the registered resale of the Company’s common stock owned by such parties as of Closing. The Company will bear all of the expenses incurred in connection with the offer and sale, while the Apollo Funds, Riverstone Funds, Franklin and MacKay Shields will be responsible for paying underwriting fees, discounts and commissions or similar charges. Fees incurred by the Company in conjunction with the Equity Registration Rights Agreement were $0.6 million for the three months ended March 31, 2019 Legal Fees. The Company has engaged the law firm Vinson & Elkins L.L.P. to provide legal services. An immediate family member of William S. Moss III, our Executive Vice President and General Counsel and one of the Company’s executive officers, is a partner at Vinson & Elkins L.L.P. For the three months ended March 31, 2019 and 2018, we incurred fees of approximately $1.1 million and $1.1 million, respectively, of which $1.6 million and $4.9 million were payable at each respective balance sheet date for legal services performed by Vinson & Elkins L.L.P Service Fee Agreement. Talos Energy LLC entered into service fee agreements with Apollo Funds and Riverstone Funds for the provision of certain management consulting and advisory services. Under each agreement, the Company paid a fee equal to the higher of (i) a certain percentage of earnings before interest, income taxes, depletion, depreciation and amortization and (ii) a fixed fee payable quarterly, provided, however, such fees did not exceed in each case $0.5 million, in aggregate, for any calendar year. For the three months ended March 31, 2019 and 2018, the Company incurred approximately nil and $0.1 million, respectively, for these services. These fees are recognized in “General and administrative expense” on the condensed consolidated statements of operations. In connection with the Stone Combination on May 10, 2018, the Service Fee Agreement was terminated

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11 — Commitments and Contingencies Performance Obligations Regulations with respect to offshore operations govern, among other things, engineering and construction specifications for production facilities, safety procedures, plugging and abandonment of wells, removal of facilities and to guarantee the execution of the minimum work program under the Mexico production sharing contracts. As of March 31, 2019, the Company had secured performance bonds totaling approximately $649.0 million. As of March 31, 2019, the Company had $15.2 million in letters of credit issued under its Bank Credit Facility. Legal Proceedings The Company is named as a party in certain lawsuits and regulatory proceedings arising in the ordinary course of business. The Company does not expect that these matters, individually or in the aggregate, will have a material adverse effect on its financial condition.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	3 Months Ended
	Mar. 31, 2019
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Information	Note 12 — Condensed Consolidating Financial Information The Company owns no operating assets, has no operations independent of its subsidiaries and owns 100% of the Talos Issuers. The Talos Issuers issued 11.00% Senior Secured Notes on May 10, 2018, which are fully and unconditionally guaranteed, jointly and severally, by the Company and certain of its 100% owned subsidiaries (“Guarantors”) on a senior unsecured basis. Certain of the Company’s subsidiaries which are accounted for on a consolidated basis do not guarantee the 11.00% Senior Secured Notes (“Non-Guarantors”). The following condensed consolidating financial information presents the financial information of the Company on an unconsolidated stand-alone basis and its combined subsidiary issuers, combined guarantor and combined non-guarantor subsidiaries as of and for the periods indicated. As described in Note 1 – Formation and Basis of Presentation TALOS ENERGY INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF MARCH 31, 2019 (In thousands) (Unaudited) Talos Talos Issuers Guarantors Non-Guarantors Elimination Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 22,916 $ 7,106 $ 15,703 $ — $ 45,725 Restricted cash — — 1,252 — — 1,252 Accounts receivable, net Trade, net — — 87,193 — — 87,193 Joint interest, net — — 17,186 14,719 — 31,905 Other — 361 10,708 12,070 — 23,139 Assets from price risk management activities — 9,655 — — — 9,655 Prepaid assets — 1,011 26,506 36 — 27,553 Income tax receivable — — 9,115 — — 9,115 Other current assets — — 3,112 — — 3,112 Total current assets — 33,943 162,178 42,528 — 238,649 Property and equipment: Proved properties — — 3,774,531 — — 3,774,531 Unproved properties, not subject to amortization — — 75,806 72,251 — 148,057 Other property and equipment — 21,251 12,440 202 — 33,893 Total property and equipment — 21,251 3,862,777 72,453 — 3,956,481 Accumulated depreciation, depletion and amortization — (8,959 ) (1,775,221 ) (16 ) — (1,784,196 ) Total property and equipment, net — 12,292 2,087,556 72,437 — 2,172,285 Other long-term assets: Assets from price risk management activities — 4,150 — — — 4,150 Other well equipment inventory — — 9,993 — — 9,993 Leased assets — 1,455 3,774 1,760 — 6,989 Investments in subsidiaries 897,140 1,582,202 — — (2,479,342 ) — Other assets 5,459 364 1,978 72 — 7,873 Total assets $ 902,599 $ 1,634,406 $ 2,265,479 $ 116,797 $ (2,479,342 ) $ 2,439,939 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 271 $ 4,642 $ 31,799 $ 25,838 $ — $ 62,550 Accrued liabilities — 5,139 170,239 16,944 — 192,322 Accrued royalties — — 23,237 — — 23,237 Current portion of long-term debt — — 448 — — 448 Current portion of asset retirement obligations — — 65,884 — — 65,884 Liabilities from price risk management activities — 40,502 — — — 40,502 Accrued interest payable — 20,925 152 — — 21,077 Leases liabilities — — 755 521 — 1,276 Other current liabilities — — 17,285 — — 17,285 Total current liabilities 271 71,208 309,799 43,303 — 424,581 Long-term debt, net of discount and deferred financing costs — 649,864 16,071 — — 665,935 Asset retirement obligations — — 325,139 — — 325,139 Liabilities from price risk management activities — 4,940 — — — 4,940 Long-term leased liabilities — 11,254 3,041 1,325 — 15,620 Other long-term liabilities 2,342 — 100,709 687 — 103,738 Total liabilities 2,613 737,266 754,759 45,315 — 1,539,953 Commitments and Contingencies (Note 11) Stockholders' equity (deficit) 899,986 897,140 1,510,720 71,482 (2,479,342 ) 899,986 Total liabilities and stockholders' equity (deficit) $ 902,599 $ 1,634,406 $ 2,265,479 $ 116,797 $ (2,479,342 ) $ 2,439,939 TALOS ENERGY INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2018 (In thousands) Talos Talos Issuers Guarantors Non-Guarantors Elimination Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 13,541 $ 100,801 $ 25,572 $ — $ 139,914 Restricted cash — — 1,248 — — 1,248 Accounts receivable, net Trade, net — — 103,025 — — 103,025 Joint interest, net — — 15,870 4,374 — 20,244 Other — 3,100 9,566 7,020 — 19,686 Assets from price risk management activities — 75,473 — — — 75,473 Prepaid assets — 1,225 37,639 47 — 38,911 Income tax receivable — — 10,701 — — 10,701 Other current assets — — 7,644 — — 7,644 Total current assets — 93,339 286,494 37,013 — 416,846 Property and equipment: Proved properties — — 3,629,430 — — 3,629,430 Unproved properties, not subject to amortization — — 63,104 45,105 — 108,209 Other property and equipment — 20,670 12,440 81 — 33,191 Total property and equipment — 20,670 3,704,974 45,186 — 3,770,830 Accumulated depreciation, depletion and amortization — (8,310 ) (1,711,288 ) (11 ) — (1,719,609 ) Total property and equipment, net — 12,360 1,993,686 45,175 — 2,051,221 Other long-term assets: Other well equipment inventory — — 9,224 — — 9,224 Investments in subsidiaries 1,011,359 1,560,922 — — (2,572,281 ) — Other assets — 364 2,258 73 — 2,695 Total assets $ 1,011,359 $ 1,666,985 $ 2,291,662 $ 82,261 $ (2,572,281 ) $ 2,479,986 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 144 $ 1,242 $ 42,736 $ 6,897 $ — $ 51,019 Accrued liabilities — 4,995 159,491 24,164 — 188,650 Accrued royalties — — 38,520 — — 38,520 Current portion of long-term debt — — 443 — — 443 Current portion of asset retirement obligations — — 68,965 — — 68,965 Liabilities from price risk management activities — 550 — — — 550 Accrued interest payable — 10,162 38 — — 10,200 Other current liabilities — — 22,071 — — 22,071 Total current liabilities 144 16,949 332,264 31,061 — 380,418 Long-term debt, net of discount and deferred financing costs — 638,677 16,184 — — 654,861 Asset retirement obligations — — 313,852 — — 313,852 Other long-term liabilities 3,719 — 119,432 208 — 123,359 Total liabilities 3,863 655,626 781,732 31,269 — 1,472,490 Commitments and Contingencies (Note 11) Stockholders' equity (deficit) 1,007,496 1,011,359 1,509,930 50,992 (2,572,281 ) 1,007,496 Total liabilities and stockholders' equity (deficit) $ 1,011,359 $ 1,666,985 $ 2,291,662 $ 82,261 $ (2,572,281 ) $ 2,479,986 TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2019 (In thousands) (Unaudited) Talos Talos Issuers Guarantors Non-Guarantors Elimination Consolidated Revenues: Oil revenue $ — $ — $ 155,679 $ — $ — $ 155,679 Natural gas revenue — — 14,447 — — 14,447 NGL revenue — — 5,066 — — 5,066 Other revenue 3,521 3,521 Total revenue — — 178,713 — — 178,713 Operating expenses: Direct lease operating expense — — 40,829 — — 40,829 Insurance — — 4,111 — — 4,111 Production taxes — — 582 — — 582 Total lease operating expense — — 45,522 — — 45,522 Workover and maintenance expense — — 23,019 — — 23,019 Depreciation, depletion and amortization — 72 64,510 5 — 64,587 Accretion expense — — 9,607 — — 9,607 General and administrative expense 337 8,606 8,775 (109 ) — 17,609 Total operating (income) expenses 337 8,678 151,433 (104 ) — 160,344 Operating income (loss) (337 ) (8,678 ) 27,280 104 — 18,369 Interest expense — (16,572 ) (8,518 ) (128 ) — (25,218 ) Price risk management activities expense — (109,579 ) — — — (109,579 ) Other income (expense) — 81 471 (119 ) — 433 Income tax expense 6,837 — (2 ) (476 ) — 6,359 Equity earnings from subsidiaries (116,136 ) 18,612 — — 97,524 — Net income (loss) $ (109,636 ) $ (116,136 ) $ 19,231 $ (619 ) $ 97,524 $ (109,636 ) TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2018 (In thousands) (Unaudited) Talos Talos Issuers Guarantors Non-Guarantors Elimination Consolidated Revenues: Oil revenue $ — $ — $ 127,693 $ — $ — $ 127,693 Natural gas revenue — — 12,723 — — 12,723 NGL revenue — — 5,434 — — 5,434 Total revenue — — 145,850 — — 145,850 Operating expenses: Direct lease operating expense — — 24,915 — — 24,915 Insurance — — 2,675 — — 2,675 Production taxes — — 391 — — 391 Total lease operating expense — — 27,981 — — 27,981 Workover and maintenance expense — — 6,905 — — 6,905 Depreciation, depletion and amortization — 341 48,698 1 — 49,040 Accretion expense — — 4,760 — — 4,760 General and administrative expense — 4,945 3,362 273 — 8,580 Total operating (income) expenses — 5,286 91,706 274 — 97,266 Operating income (loss) — (5,286 ) 54,144 (274 ) — 48,584 Interest expense — (12,228 ) (7,066 ) (448 ) — (19,742 ) Price risk management activities expense — (49,247 ) (2,729 ) — — (51,976 ) Other income (expense) — 150 (47 ) 88 — 191 Equity earnings (loss) from subsidiaries — 43,668 — — (43,668 ) — Net income (loss) $ — $ (22,943 ) $ 44,302 $ (634 ) $ (43,668 ) $ (22,943 ) TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2019 (In thousands) (Unaudited) Talos Talos Issuers Guarantors Non-Guarantors Elimination Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ (207 ) $ (9,279 ) $ 72,999 $ (22,391 ) $ — $ 41,122 Cash flows from investing activities: Exploration, development, and other capital expenditures — (1,036 ) (94,144 ) (7,216 ) — (102,396 ) Cash received for acquisitions — — (32,916 ) — — (32,916 ) Investments in subsidiaries — (441,484 ) — — 441,484 — Distributions from subsidiaries — 451,174 — — (451,174 ) — Net cash provided by (used in) investing activities — 8,654 (127,060 ) (7,216 ) (9,690 ) (135,312 ) Cash flows from financing activities: Redemption of Senior Notes and other long-term debt — — (109 ) — — (109 ) Proceeds from Bank Credit Facility — 35,000 — — — 35,000 Repayment of Bank Credit Facility — (25,000 ) — — — (25,000 ) Other deferred payments — — (6,575 ) — — (6,575 ) Payments of capital lease — — (3,311 ) — — (3,311 ) Capital contributions 207 — 421,277 20,000 (441,484 ) — Distributions to subsidiary issuer — — (450,912 ) (262 ) 451,174 — Net cash provided by (used in) financing activities 207 10,000 (39,630 ) 19,738 9,690 5 Net increase in cash, cash equivalents and restricted cash — 9,375 (93,691 ) (9,869 ) — (94,185 ) Cash, cash equivalents and restricted cash: Balance, beginning of period — 13,541 102,049 25,572 — 141,162 Balance, end of period $ — $ 22,916 $ 8,358 $ 15,703 $ — $ 46,977 TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2018 (In thousands) (Unaudited) Talos Talos Issuers Guarantors Non-Guarantors Elimination Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ — $ (25,364 ) $ 65,522 $ (513 ) $ — $ 39,645 Cash flows from investing activities: Exploration, development, and other capital expenditures — (1,272 ) (27,600 ) (1,140 ) — (30,012 ) Cash paid for acquisitions — — — — — — Investments in subsidiaries — (170,509 ) — — 170,509 — Distributions from subsidiaries — 210,896 — — (210,896 ) — Net cash provided by (used in) investing activities — 39,115 (27,600 ) (1,140 ) (40,387 ) (30,012 ) Cash flows from financing activities: Redemption of Senior Notes and other long-term debt — (24,977 ) — — — (24,977 ) Payments of capital lease — — (3,547 ) — — (3,547 ) Capital contributions — — 169,509 1,000 (170,509 ) — Distributions to subsidiaries — — (210,896 ) — 210,896 — Net cash provided by (used in) financing activities — (24,977 ) (44,934 ) 1,000 40,387 (28,524 ) Net increase (decrease) in cash, cash equivalents and restricted cash — (11,226 ) (7,012 ) (653 ) — (18,891 ) Cash, cash equivalents and restricted cash: Balance, beginning of period — 22,316 9,048 2,069 — 33,433 Balance, end of period $ — $ 11,090 $ 2,036 $ 1,416 $ — $ 14,542

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 13 – Subsequent Events Derivative Contracts For additional information, see Note 5 – Financial Instruments Debt For additional information, see Note 6 – Debt

Summary of Significant Accounti

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Formation and Nature of Business	Formation and Nature of Business Talos Energy Inc. (“Talos,” the “Company,” “we,” “us” or “our”) is a technically driven independent exploration and production company focused on safely and efficiently maximizing cash flows and long-term value through our operations, currently in the United States (“U.S.”) Gulf of Mexico and offshore Mexico. As one of the largest public independent producers in the U.S. Gulf of Mexico, we leverage decades of geology, geophysics and offshore operations expertise towards the acquisition, exploration, exploitation and development of deep and shallow water assets in key geological trends that are present in many offshore basins around the world. Our activities offshore Mexico provide high impact exploration opportunities in an oil rich emerging basin. Talos was formed in connection with the business combination between Talos Energy LLC and Stone Energy Corporation (“Stone”) that occurred on May 10, 2018, pursuant to which Talos Energy LLC and Stone became indirect wholly-owned subsidiaries of Talos Energy Inc.
Talos Energy LLC	Talos Energy LLC Talos Energy LLC was formed in 2011 and commenced commercial operations on February 6, 2013. Prior to February 6, 2013, Talos Energy LLC had incurred certain general and administrative expenses associated with the start-up of its operations. On February 3, 2012, Talos Energy LLC completed a transaction with certain funds and other alternative investment vehicles managed by Apollo Management VII, L.P. and Apollo Commodities Management, L.P., with respect to Series I (“Apollo Funds”), and entities controlled by or affiliated with Riverstone Energy Partners V, L.P. (“Riverstone Funds”) and members of management pursuant to which the Talos Energy LLC received a private equity capital commitment.
Stone Combination	Stone Combination On May 10, 2018 (the “Closing Date”), the Company consummated the transactions contemplated by that certain Transaction Agreement, dated as of November 21, 2017 (the “Transaction Agreement”), pursuant to which, among other items, each of Stone, Talos Production LLC and Talos Energy LLC became wholly-owned subsidiaries of the Company (the “Stone Combination”). Concurrently with the consummation of the Transaction Agreement, the Company consummated the transactions contemplated by that certain Exchange Agreement, dated as of November 21, 2017 (the “Exchange Agreement”) pursuant to which (i) the Apollo Funds and Riverstone Funds contributed $102.0 million in aggregate principal amount of 9.75% Senior Notes due 2022 (“9.75% Senior Notes”) issued by Talos Production LLC and Talos Production Finance, Inc. (together, “Talos Issuers”) to the Company in exchange for an aggregate of 2,874,049 shares of Talos common stock; (ii) the holders of second lien bridge loans (“11.00% Bridge Loans”) exchanged such 11.00% Bridge Loans for $172.0 million aggregate principal amount of 11.00% Second-Priority Senior Secured Notes due 2022 of the Talos Issuers (“11.00% Senior Secured Notes”) and (iii) certain holders of 7.50% Senior Secured Notes due 2022 issued by Stone (“7.50% Stone Senior Notes”) exchanged such notes for $137.4 million aggregate principal amount of 11.00% Senior Secured Notes. Prior to the Closing Date, the Company did not conduct any material activities other than those incident to its formation and the matters contemplated by the Transaction Agreement. See Note 2 – Acquisitions Substantially concurrent therewith, the Company consummated an exchange offer and consent solicitation, pursuant to which other holders of the 7.50% Stone Senior Notes exchanged their 7.50% Stone Senior Notes for 11.00% Senior Secured Notes and a cash payment. Approximately $81.5 million in aggregate principal amount of the 7.50% Stone Senior Notes were validly tendered, and approximately $6.1 million in aggregate principal amount of 7.50% Stone Senior Notes remained outstanding as of the Closing Date.
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, certain information and disclosures normally included in complete financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. All intercompany transactions have been eliminated. The unaudited financial statements reflect all adjustments which are of a normal, recurring nature and are necessary to fairly present the financial position, results of operations and cash flows for the interim periods. The results for any interim period are not necessarily indicative of the expected results for the entire year. The Company has evaluated subsequent events through the date the condensed consolidated financial statements were issued. The unaudited financial statements and related notes included in this Quarterly Report on Form 10-Q (this “Quarterly Report”) should be read in conjunction with the Company’s audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (our “2018 Annual Report”). Talos Energy LLC was considered the accounting acquirer in the Stone Combination under GAAP. Accordingly, the historical financial and operating data of Talos Energy Inc., which covers periods prior to the Closing Date, reflects the assets, liabilities and results of operations of Talos Energy LLC and does not reflect the assets, liabilities and results of operations of Stone. For the periods prior to May 10, 2018, the Company retrospectively adjusted its Statements of Changes in Stockholders’ Equity and the weighted average shares used in determining earnings per share to reflect the number of shares Talos Energy LLC received in the Stone Combination. Beginning on May 10, 2018, common stock is presented to reflect the legal capital of Talos Energy Inc. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods and the reported amounts of proved oil and natural gas reserves. Actual results could differ from those estimates. The Company has one reportable segment, exploration and production of oil and natural gas. Substantially all of the Company’s proved reserves and production sales are related to the Company’s operations in the U.S. Unless otherwise indicated or the context otherwise requires, references in this Quarterly Report to “Talos,” the “Company,” “we,” “us,” or “our” refer to Talos Energy Inc. and its wholly-owned subsidiaries.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Leases. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) 2016-02, Leases (“Topic 842”) requiring an entity to recognize a right-of-use asset representing the right to use an underlying asset for the lease term and a lease liability representing the obligation associated with future lease payments for virtually all leases. The pattern of expense recognition in the income statement is dependent on lease classification as finance or operating. A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment (an identified asset) for a period of time in exchange for consideration. However, Topic 842 does not apply to leases of mineral rights. On January 1, 2019, the Company adopted Topic 842, using the modified retrospective approach, which does not require an adjustment to comparative-period financial statements. As such, results for reporting periods beginning January 1, 2019 are presented in accordance with Topic 842, while prior period amounts are reported in accordance with previous lease accounting treatment. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which, among other items, allowed Talos not to reassess whether expired or existing contracts, including land easements, contain a lease or reassess the classification and indirect costs associated with existing or expired leases. On the January 1, 2019 adoption date, the Company recorded a right-of-use asset of approximately $7.3 million and corresponding lease liability of $16.9 million representing the present value of its future operating lease payments. Upon the adoption of Topic 842, lease incentives are presented as a reduction to the right-of-use asset resulting in the difference between the right-of-use asset and lease liability. Adoption of this standard did not require an adjustment to retained earnings and did not impact the condensed consolidated statements of operations, condensed consolidated statements of cash flows or condensed consolidated statements of changes in stockholders’ equity. See Note 4 – Leases

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2019
Gunflint Acquisition
Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed	The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed, based on their relative fair values, on January 11, 2019 (in thousands): Property and equipment $ 28,912 Asset retirement obligations (996 ) Allocated purchase price $ 27,916
Whistler Energy II, LLC
Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed	The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed, based on their relative fair values, on August 31, 2018 (in thousands): Current assets (1) $ 45,337 Property and equipment 35,344 Other long-term assets 66 Current liabilities (4,261 ) Other long-term liabilities (23,862 ) Allocated purchase price $ 52,624 (1) Includes $37.8 million of cash acquired and trade receivables of $3.2 million, which the Company expects all to be realizable.
Stone Energy Corporation
Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed	The following table presents the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their fair values on May 10, 2018 and March 31, 2019, including the associated measurement period adjustments (in thousands): May 10, 2018 Adjustments March 31, 2019 Current assets (1) $ 377,155 $ (3,291 ) $ 373,864 Property and equipment 876,500 8,313 884,813 Other long-term assets 18,928 — 18,928 Current liabilities (130,121 ) (1,467 ) (131,588 ) Long-term debt (235,416 ) — (235,416 ) Other long-term liabilities (175,082 ) (3,555 ) (178,637 ) Allocated purchase price $ 731,964 $ — $ 731,964 (1) Includes $293.0 million of cash acquired. The fair values of current assets acquired includes trade receivables and joint interest receivables of $43.3 million and $3.5 million, respectively, which the Company expects all to be realizable.
Summary of Purchase Price	The following table summarizes the purchase price (in thousands, except per share data): Stone common stock - issued and outstanding as of May 9, 2018 20,038 Stone common stock price $ 35.49 Common stock value $ 711,149 Stone common stock warrants - issued and outstanding as of May 9, 2018 3,528 Stone common stock warrants price $ 5.90 Common stock warrants value $ 20,815 Total purchase price $ 731,964
Supplemental Proforma Information	The following supplemental pro forma information (in thousands, except per common share amounts), presents the condensed consolidated statements of operations for the three months ended March 31, 2019 and 2018 as if the Stone Combination had occurred on January 1, 2018. The unaudited pro forma information was derived from historical combined statements of operations of the Company and Stone and adjusted to include (i) depletion and accretion expense applied to the adjusted basis of the oil and natural gas properties acquired, (ii) interest expense to reflect the debt transactions contemplated by the Exchange Agreement and (iii) general and administrative expense adjusted for transaction related costs incurred. This information does not purport to be indicative of results of operations that would have occurred had the Stone Combination occurred on January 1, 2018, nor is such information indicative of any expected future results of operations. Three Months Ended March 31, 2019 2018 (As reported) (Pro Forma) Revenue $ 178,713 $ 227,199 Net loss $ (109,636 ) $ (5,515 ) Basic and diluted net loss per common share $ (2.02 ) $ (0.10 )

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2019
Oil And Gas Property [Abstract]
Schedule of Asset Retirement Obligations	The discounted asset retirement obligations included “Current portion of asset retirement obligations” and “Asset retirement obligations” on the condensed consolidated balance sheets and the changes to that liability during the three months ended March 31, 2019 were as follows (in thousands): Asset retirement obligations at January 1, 2019 $ 382,817 Fair value of asset retirement obligations assumed 996 Obligations settled (3,945 ) Accretion expense 9,607 Obligations incurred 554 Changes in estimate 994 Asset retirement obligations at March 31, 2019 $ 391,023 Less: Current portion 65,884 Long-term portion $ 325,139

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Components of Lease Cost	The components of lease cost were as follows (in thousands): March 31, 2019 Finance lease cost - interest on lease liabilities (1) $ 4,994 Operating lease cost, excluding short-term leases (2) 763 Short-term lease cost (3) 36,609 Variable lease cost (4) 2 Total lease cost $ 42,368 (1) The HP-1 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 reserved using the unit-of-production method, computed quarterly. (2) 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. (3) 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 balance sheet. (4) Variable lease costs primarily represent differences between minimum payment obligations and actual operating charges incurred by the Company related to its long-term leases.
Schedule of Right-of-Use Asset and Liability, Adjusted for Initial Direct Costs and Incentives	The present value of the fixed lease payments recorded as the Company’s right-of-use asset and lability, adjusted for initial direct costs and incentives are as follows (in thousands): March 31, 2019 Operating Leases: Operating lease assets $ 6,989 Current portion of operating leases $ 1,276 Operating lease liabilities 15,620 Total operating lease liabilities $ 16,896 Finance Leases: Proved property (1) $ 124,299 Other current liabilities $ 14,871 Other long-term liabilities 75,486 Total finance lease liabilities $ 90,357 (1) The HP-1 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.
Minimum Future Commitments by leases	Minimum future commitments by year for the Company’s leases as of March 31, 2019 are presented in the table below (in thousands). Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the balance sheet. Operating Leases Finance Leases 2019 (excluding the three months ended March 31, 2019) $ 1,358 $ 24,943 2020 2,694 33,257 2021 3,447 33,257 2022 3,658 33,257 2023 3,583 13,857 Thereafter 15,218 — Total lease payments $ 29,958 $ 138,571 Less imputed interest (13,062 ) (48,214 ) Total $ 16,896 $ 90,357
Schedule of Weighted Average Remaining Lease Term and Discount Rate	March 31, 2019 Weighted Average Remaining Lease Term Operating leases 6 years Finance leases 4 years Weighted Average Discount Rate Operating leases 11.6 % Finance leases 21.9 %
Supplemental Cash Flow Information Related to Leases	Below is the table related to the disclosure of supplemental cash flow information related to leases for the three months ended March 31, 2019 (in thousands): Operating cash outflow from finance leases $ 4,994 Investing cash outflow from finance leases $ 3,311 Operating cash outflow from operating leases $ 453 Right-of-use assets obtained in exchange for new finance lease liabilities $ — Right-of-use assets obtained in exchange for new operating lease liabilities (since adoption) $ 613

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Financial Instruments [Abstract]
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments	The following table presents the carrying amounts and estimated fair values of financial instruments (in thousands): March 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value 11.00% Second-Priority Senior Secured Notes – due April 2022 (1) $ 381,863 $ 402,865 $ 381,229 $ 362,168 7.50% Senior Secured Notes – due May 2022 $ 6,060 $ 5,272 $ 6,060 $ 5,151 Bank Credit Facility – due May 2022 (1) $ 268,001 $ 275,000 $ 257,448 $ 265,000 Oil and Natural Gas Derivatives $ (31,637 ) $ (31,637 ) $ 74,923 $ 74,923 (1) The carrying amounts are net of discount and deferred financing costs.
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 qualifying as hedging instruments, had on the Company’s condensed consolidated statements of operations (in thousands): Three Months Ended March 31, 2019 2018 Price risk management activities expense (1) $ (109,579 ) $ (51,976 ) (1) The Company paid $3.0 million and $20.4 million in net cash settlements for the three months ended March 31, 2019 and 2018, respectively.
Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under Derivative Contracts	The following table reflects the contracted volumes and weighted average prices the Company will receive under its derivative contracts as of March 31, 2019: Production Period Instrument Type Average Daily Volumes Weighted Average Swap Price Weighted Average Put Price Weighted Average Call Price Crude Oil – WTI: (Bbls) (per Bbl) (per Bbl) (per Bbl) Apr 2019 - Dec 2019 Swap 27,678 $ 56.13 $ — $ — Jan 2020 - Dec 2020 Swap 3,746 $ 57.07 $ — $ — Jan 2020 - Dec 2020 Collar 3,000 $ — $ 55.00 $ 60.64 Natural Gas – Henry Hub NYMEX: (MMBtu) (per MMBtu) (per MMBtu) (per MMBtu) Apr 2019 - Dec 2019 Swap 40,887 $ 2.88 $ — $ — Jan 2020 - Dec 2020 Swap 8,702 $ 3.07 $ — $ — Subsequent events . The following table reflects the contracted volumes and weighted average prices the Company will receive under its derivative contracts entered into subsequent to March 31, 2019, which are not reflected in the table above: Production Period Instrument Type Average Daily Volumes Weighted Average Swap Price Weighted Average Put Price Weighted Average Call Price Crude Oil – WTI: (Bbls) (per Bbl) (per Bbl) (per Bbl) Oct 2019 - Dec 2019 Swap 2,000 $ 64.40 $ — $ — Jan 2020 - Mar 2020 Swap 5,000 $ 60.54 $ — $ — Jan 2020 - Dec 2020 Collar 1,000 $ — $ 55.00 $ 64.40
Summary of Additional Information Related to Financial Instruments Measured at Fair Value on Recurring Basis	The Company’s commodity derivative instruments are measured at fair value based on third-party industry-standard models using various inputs substantially observable in active markets, including forward oil and natural gas price curves, and are therefore classified as Level 2 in the required fair value hierarchy for the periods presented. The following tables provide additional information related to financial instruments measured at fair value on a recurring basis (in thousands): March 31, 2019 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas derivatives $ — $ 13,805 $ — $ 13,805 Liabilities: Oil and natural gas derivatives — (45,442 ) — (45,442 ) Total net liability $ — $ (31,637 ) $ — $ (31,637 ) December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas derivatives $ — $ 75,473 $ — $ 75,473 Liabilities: Oil and natural gas derivatives — (550 ) — (550 ) Total net asset $ — $ 74,923 $ — $ 74,923
Schedule of Fair Value of Derivative Financial Instruments	The following table presents the fair value of derivative financial instruments at March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Assets Liabilities Assets Liabilities Oil and natural gas derivatives: Current $ 9,655 $ 40,502 $ 75,473 $ 550 Non-current 4,150 4,940 — — Total $ 13,805 $ 45,442 $ 75,473 $ 550

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
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): Description March 31, 2019 December 31, 2018 11.00% Second-Priority Senior Secured Notes – due April 2022 $ 390,868 $ 390,868 7.50% Senior Secured Notes – due May 2022 6,060 6,060 Bank Credit Facility – due May 2022 275,000 265,000 4.20% Building Loan – due November 2030 10,459 10,567 Total debt, before discount and deferred financing cost 682,387 672,495 Discount and deferred financing cost (16,004 ) (17,191 ) Total debt, net of discount and deferred financing cost $ 666,383 $ 655,304 Less: current portion of long-term debt (448 ) (443 ) Long-term debt, net of discount and deferred financing costs $ 665,935 $ 654,861

Employee Benefits Plans and S_2

Employee Benefits Plans and Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Restricted Stock and Performance Share Units Activity	The following table summarizes RSU activity for the three months ended March 31, 2019: Restricted Stock Units Weighted Average Grant Date Fair Value Unvested RSUs at December 31, 2018 138,704 $ 33.85 Granted 673,617 $ 24.33 Vested — $ — Forfeited (238 ) $ 32.86 Unvested RSUs at March 31, 2019 812,083 $ 25.96
Schedule of Restricted Stock and Performance Share Units Activity	The following table summarizes PSU activity for the three months ended March 31, 2019: Performance Share Units Weighted Average Grant Date Fair Value Unvested PSUs at December 31, 2018 231,542 $ 44.47 Granted 190,972 $ 32.44 Vested — $ — Forfeited (476 ) $ 42.94 Unvested PSUs at March 31, 2019 422,038 $ 39.03
Summary of Assumptions Used to Calculate the Grant Date Fair Value of PSUs Granted	The following table summarizes the assumptions used to calculate the grant date fair value of the PSUs granted on March 5, 2019: Grant Date Monte Carlo Assumptions Number of simulations 100,000 Expected term (in years) 2.8 Expected volatility 46.9 % Risk-free interest rate 2.5 % Dividend yield — %

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Earning Per Share	The following table presents the computation of basic and diluted earnings per share for Talos Energy Inc. (in thousands except for per share amounts): Three Months Ended March 31, 2019 2018 Net loss $ (109,636 ) $ (22,943 ) Weighted average common shares outstanding — basic 54,156 31,244 Weighted average common shares outstanding — diluted 54,156 31,244 Net loss per common share: Basic $ (2.02 ) $ (0.73 ) Diluted $ (2.02 ) $ (0.73 ) Potentially issuable shares 4,762 3,528 Anti-dilutive potentially issuable securities excluded from diluted common shares 4,762 3,528

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)	3 Months Ended
	Mar. 31, 2019
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Summary of Condensed Consolidating Financial Information	The following condensed consolidating financial information presents the financial information of the Company on an unconsolidated stand-alone basis and its combined subsidiary issuers, combined guarantor and combined non-guarantor subsidiaries as of and for the periods indicated. As described in Note 1 – Formation and Basis of Presentation TALOS ENERGY INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF MARCH 31, 2019 (In thousands) (Unaudited) Talos Talos Issuers Guarantors Non-Guarantors Elimination Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 22,916 $ 7,106 $ 15,703 $ — $ 45,725 Restricted cash — — 1,252 — — 1,252 Accounts receivable, net Trade, net — — 87,193 — — 87,193 Joint interest, net — — 17,186 14,719 — 31,905 Other — 361 10,708 12,070 — 23,139 Assets from price risk management activities — 9,655 — — — 9,655 Prepaid assets — 1,011 26,506 36 — 27,553 Income tax receivable — — 9,115 — — 9,115 Other current assets — — 3,112 — — 3,112 Total current assets — 33,943 162,178 42,528 — 238,649 Property and equipment: Proved properties — — 3,774,531 — — 3,774,531 Unproved properties, not subject to amortization — — 75,806 72,251 — 148,057 Other property and equipment — 21,251 12,440 202 — 33,893 Total property and equipment — 21,251 3,862,777 72,453 — 3,956,481 Accumulated depreciation, depletion and amortization — (8,959 ) (1,775,221 ) (16 ) — (1,784,196 ) Total property and equipment, net — 12,292 2,087,556 72,437 — 2,172,285 Other long-term assets: Assets from price risk management activities — 4,150 — — — 4,150 Other well equipment inventory — — 9,993 — — 9,993 Leased assets — 1,455 3,774 1,760 — 6,989 Investments in subsidiaries 897,140 1,582,202 — — (2,479,342 ) — Other assets 5,459 364 1,978 72 — 7,873 Total assets $ 902,599 $ 1,634,406 $ 2,265,479 $ 116,797 $ (2,479,342 ) $ 2,439,939 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 271 $ 4,642 $ 31,799 $ 25,838 $ — $ 62,550 Accrued liabilities — 5,139 170,239 16,944 — 192,322 Accrued royalties — — 23,237 — — 23,237 Current portion of long-term debt — — 448 — — 448 Current portion of asset retirement obligations — — 65,884 — — 65,884 Liabilities from price risk management activities — 40,502 — — — 40,502 Accrued interest payable — 20,925 152 — — 21,077 Leases liabilities — — 755 521 — 1,276 Other current liabilities — — 17,285 — — 17,285 Total current liabilities 271 71,208 309,799 43,303 — 424,581 Long-term debt, net of discount and deferred financing costs — 649,864 16,071 — — 665,935 Asset retirement obligations — — 325,139 — — 325,139 Liabilities from price risk management activities — 4,940 — — — 4,940 Long-term leased liabilities — 11,254 3,041 1,325 — 15,620 Other long-term liabilities 2,342 — 100,709 687 — 103,738 Total liabilities 2,613 737,266 754,759 45,315 — 1,539,953 Commitments and Contingencies (Note 11) Stockholders' equity (deficit) 899,986 897,140 1,510,720 71,482 (2,479,342 ) 899,986 Total liabilities and stockholders' equity (deficit) $ 902,599 $ 1,634,406 $ 2,265,479 $ 116,797 $ (2,479,342 ) $ 2,439,939 TALOS ENERGY INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2018 (In thousands) Talos Talos Issuers Guarantors Non-Guarantors Elimination Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 13,541 $ 100,801 $ 25,572 $ — $ 139,914 Restricted cash — — 1,248 — — 1,248 Accounts receivable, net Trade, net — — 103,025 — — 103,025 Joint interest, net — — 15,870 4,374 — 20,244 Other — 3,100 9,566 7,020 — 19,686 Assets from price risk management activities — 75,473 — — — 75,473 Prepaid assets — 1,225 37,639 47 — 38,911 Income tax receivable — — 10,701 — — 10,701 Other current assets — — 7,644 — — 7,644 Total current assets — 93,339 286,494 37,013 — 416,846 Property and equipment: Proved properties — — 3,629,430 — — 3,629,430 Unproved properties, not subject to amortization — — 63,104 45,105 — 108,209 Other property and equipment — 20,670 12,440 81 — 33,191 Total property and equipment — 20,670 3,704,974 45,186 — 3,770,830 Accumulated depreciation, depletion and amortization — (8,310 ) (1,711,288 ) (11 ) — (1,719,609 ) Total property and equipment, net — 12,360 1,993,686 45,175 — 2,051,221 Other long-term assets: Other well equipment inventory — — 9,224 — — 9,224 Investments in subsidiaries 1,011,359 1,560,922 — — (2,572,281 ) — Other assets — 364 2,258 73 — 2,695 Total assets $ 1,011,359 $ 1,666,985 $ 2,291,662 $ 82,261 $ (2,572,281 ) $ 2,479,986 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 144 $ 1,242 $ 42,736 $ 6,897 $ — $ 51,019 Accrued liabilities — 4,995 159,491 24,164 — 188,650 Accrued royalties — — 38,520 — — 38,520 Current portion of long-term debt — — 443 — — 443 Current portion of asset retirement obligations — — 68,965 — — 68,965 Liabilities from price risk management activities — 550 — — — 550 Accrued interest payable — 10,162 38 — — 10,200 Other current liabilities — — 22,071 — — 22,071 Total current liabilities 144 16,949 332,264 31,061 — 380,418 Long-term debt, net of discount and deferred financing costs — 638,677 16,184 — — 654,861 Asset retirement obligations — — 313,852 — — 313,852 Other long-term liabilities 3,719 — 119,432 208 — 123,359 Total liabilities 3,863 655,626 781,732 31,269 — 1,472,490 Commitments and Contingencies (Note 11) Stockholders' equity (deficit) 1,007,496 1,011,359 1,509,930 50,992 (2,572,281 ) 1,007,496 Total liabilities and stockholders' equity (deficit) $ 1,011,359 $ 1,666,985 $ 2,291,662 $ 82,261 $ (2,572,281 ) $ 2,479,986 TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2019 (In thousands) (Unaudited) Talos Talos Issuers Guarantors Non-Guarantors Elimination Consolidated Revenues: Oil revenue $ — $ — $ 155,679 $ — $ — $ 155,679 Natural gas revenue — — 14,447 — — 14,447 NGL revenue — — 5,066 — — 5,066 Other revenue 3,521 3,521 Total revenue — — 178,713 — — 178,713 Operating expenses: Direct lease operating expense — — 40,829 — — 40,829 Insurance — — 4,111 — — 4,111 Production taxes — — 582 — — 582 Total lease operating expense — — 45,522 — — 45,522 Workover and maintenance expense — — 23,019 — — 23,019 Depreciation, depletion and amortization — 72 64,510 5 — 64,587 Accretion expense — — 9,607 — — 9,607 General and administrative expense 337 8,606 8,775 (109 ) — 17,609 Total operating (income) expenses 337 8,678 151,433 (104 ) — 160,344 Operating income (loss) (337 ) (8,678 ) 27,280 104 — 18,369 Interest expense — (16,572 ) (8,518 ) (128 ) — (25,218 ) Price risk management activities expense — (109,579 ) — — — (109,579 ) Other income (expense) — 81 471 (119 ) — 433 Income tax expense 6,837 — (2 ) (476 ) — 6,359 Equity earnings from subsidiaries (116,136 ) 18,612 — — 97,524 — Net income (loss) $ (109,636 ) $ (116,136 ) $ 19,231 $ (619 ) $ 97,524 $ (109,636 ) TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2018 (In thousands) (Unaudited) Talos Talos Issuers Guarantors Non-Guarantors Elimination Consolidated Revenues: Oil revenue $ — $ — $ 127,693 $ — $ — $ 127,693 Natural gas revenue — — 12,723 — — 12,723 NGL revenue — — 5,434 — — 5,434 Total revenue — — 145,850 — — 145,850 Operating expenses: Direct lease operating expense — — 24,915 — — 24,915 Insurance — — 2,675 — — 2,675 Production taxes — — 391 — — 391 Total lease operating expense — — 27,981 — — 27,981 Workover and maintenance expense — — 6,905 — — 6,905 Depreciation, depletion and amortization — 341 48,698 1 — 49,040 Accretion expense — — 4,760 — — 4,760 General and administrative expense — 4,945 3,362 273 — 8,580 Total operating (income) expenses — 5,286 91,706 274 — 97,266 Operating income (loss) — (5,286 ) 54,144 (274 ) — 48,584 Interest expense — (12,228 ) (7,066 ) (448 ) — (19,742 ) Price risk management activities expense — (49,247 ) (2,729 ) — — (51,976 ) Other income (expense) — 150 (47 ) 88 — 191 Equity earnings (loss) from subsidiaries — 43,668 — — (43,668 ) — Net income (loss) $ — $ (22,943 ) $ 44,302 $ (634 ) $ (43,668 ) $ (22,943 ) TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2019 (In thousands) (Unaudited) Talos Talos Issuers Guarantors Non-Guarantors Elimination Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ (207 ) $ (9,279 ) $ 72,999 $ (22,391 ) $ — $ 41,122 Cash flows from investing activities: Exploration, development, and other capital expenditures — (1,036 ) (94,144 ) (7,216 ) — (102,396 ) Cash received for acquisitions — — (32,916 ) — — (32,916 ) Investments in subsidiaries — (441,484 ) — — 441,484 — Distributions from subsidiaries — 451,174 — — (451,174 ) — Net cash provided by (used in) investing activities — 8,654 (127,060 ) (7,216 ) (9,690 ) (135,312 ) Cash flows from financing activities: Redemption of Senior Notes and other long-term debt — — (109 ) — — (109 ) Proceeds from Bank Credit Facility — 35,000 — — — 35,000 Repayment of Bank Credit Facility — (25,000 ) — — — (25,000 ) Other deferred payments — — (6,575 ) — — (6,575 ) Payments of capital lease — — (3,311 ) — — (3,311 ) Capital contributions 207 — 421,277 20,000 (441,484 ) — Distributions to subsidiary issuer — — (450,912 ) (262 ) 451,174 — Net cash provided by (used in) financing activities 207 10,000 (39,630 ) 19,738 9,690 5 Net increase in cash, cash equivalents and restricted cash — 9,375 (93,691 ) (9,869 ) — (94,185 ) Cash, cash equivalents and restricted cash: Balance, beginning of period — 13,541 102,049 25,572 — 141,162 Balance, end of period $ — $ 22,916 $ 8,358 $ 15,703 $ — $ 46,977 TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2018 (In thousands) (Unaudited) Talos Talos Issuers Guarantors Non-Guarantors Elimination Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ — $ (25,364 ) $ 65,522 $ (513 ) $ — $ 39,645 Cash flows from investing activities: Exploration, development, and other capital expenditures — (1,272 ) (27,600 ) (1,140 ) — (30,012 ) Cash paid for acquisitions — — — — — — Investments in subsidiaries — (170,509 ) — — 170,509 — Distributions from subsidiaries — 210,896 — — (210,896 ) — Net cash provided by (used in) investing activities — 39,115 (27,600 ) (1,140 ) (40,387 ) (30,012 ) Cash flows from financing activities: Redemption of Senior Notes and other long-term debt — (24,977 ) — — — (24,977 ) Payments of capital lease — — (3,547 ) — — (3,547 ) Capital contributions — — 169,509 1,000 (170,509 ) — Distributions to subsidiaries — — (210,896 ) — 210,896 — Net cash provided by (used in) financing activities — (24,977 ) (44,934 ) 1,000 40,387 (28,524 ) Net increase (decrease) in cash, cash equivalents and restricted cash — (11,226 ) (7,012 ) (653 ) — (18,891 ) Cash, cash equivalents and restricted cash: Balance, beginning of period — 22,316 9,048 2,069 — 33,433 Balance, end of period $ — $ 11,090 $ 2,036 $ 1,416 $ — $ 14,542

Formation and Basis of Presen_2

Formation and Basis of Presentation - Additional Information (Details) $ in Thousands	Nov. 21, 2017USD ($)shares	Mar. 31, 2019USD ($)Segment	Dec. 31, 2018USD ($)	Jan. 01, 2019USD ($)	May 10, 2018USD ($)
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Senior notes, outstading amount		$ 682,387	$ 672,495
Number of reportable segment | Segment		1
Operating lease right-of-use asset		$ 6,989		$ 7,300
Operating lease liability		$ 16,896		$ 16,900
11.00% Second-Priority Senior Secured Notes – due April 2022
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Debt instrument interest rate		11.00%	11.00%
Senior notes, maturity date		Apr. 3, 2022	Apr. 3, 2022
Senior Notes | 9.75% Senior Notes
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Proceeds from issuance of senior notes	$ 102,000
Debt instrument interest rate	9.75%
Shares issued on exchange agreement | shares	2,874,049
Senior Notes | 9.75% Senior Notes – due July 2022
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Senior notes, maturity date		Jul. 31, 2022
Senior Notes | 11.00% Second-Priority Senior Secured Notes – due April 2022
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Debt instrument interest rate	11.00%	11.00%
Senior notes, maturity date		Apr. 3, 2022
Senior notes, outstading amount		$ 390,868	$ 390,868
Debt instrument interest rate exchanged percentage					11.00%
Senior Notes | 7.50% Senior Secured Notes due 2022
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Debt instrument interest rate	7.50%
Proceeds from Issuance of senior secured notes in exchange of 11% senior secured notes	$ 137,400
Senior notes, principal amount					$ 81,500
Senior notes, outstading amount					$ 6,100
Bridge Loans | 11.00% Bridge Loans
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Debt instrument interest rate	11.00%
Proceeds from issuance of bridge loans in exchange of 11% senior secured notes	$ 172,000
Stone Energy Corporation
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Closing date of merger agreement		May 10, 2018
Stone Energy Corporation | 11.00% Second-Priority Senior Secured Notes – due April 2022
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Debt instrument interest rate		11.00%
Senior notes, maturity date		Apr. 3, 2022
Senior notes, principal amount		$ 390,900

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - USD ($) $ in Thousands	Jan. 11, 2019	Aug. 31, 2018	May 10, 2018	Mar. 31, 2019
Stone Energy Corporation Stockholders | Talos Energy Inc.
Business Acquisition [Line Items]
Percentage of voting interest acquired			37.00%
Talos Energy LLC Stakeholders | Talos Energy Inc.
Business Acquisition [Line Items]
Percentage of voting interest acquired			63.00%
Gunflint Acquisition
Business Acquisition [Line Items]
Percentage of voting interest acquired	9.60%
Purchase price	$ 29,600
Customary purchase price adjustments	$ 27,900
Whistler Energy II, LLC
Business Acquisition [Line Items]
Purchase price		$ 52,600
Business acquisition purchase price net		14,800
Available cash acquired		37,800
Business combination cash collateral		30,800
Business combination cash on hand for working capital		$ 7,000
Stone Energy Corporation
Business Acquisition [Line Items]
Purchase price			$ 731,964
Revenue attributable to the assets acquired				$ 102,600
Net income attributable to the assets acquired				$ 49,300

Acquisitions - Summary of Alloc

Acquisitions - Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 11, 2019	Aug. 31, 2018	May 10, 2018
Gunflint Acquisition
Business Acquisition [Line Items]
Property and equipment		$ 28,912
Asset retirement obligations		(996)
Allocated purchase price		$ 27,916
Whistler Energy II, LLC
Business Acquisition [Line Items]
Current assets			$ 45,337
Property and equipment			35,344
Other long-term assets			66
Current liabilities			(4,261)
Other long-term liabilities			(23,862)
Allocated purchase price			$ 52,624
Stone Energy Corporation
Business Acquisition [Line Items]
Current assets	$ 373,864			$ 377,155
Property and equipment	884,813			876,500
Other long-term assets	18,928			18,928
Current liabilities	(131,588)			(130,121)
Long-term debt	(235,416)			(235,416)
Other long-term liabilities	(178,637)			(175,082)
Allocated purchase price	731,964			$ 731,964
Stone Energy Corporation | Adjustments
Business Acquisition [Line Items]
Current assets	(3,291)
Property and equipment	8,313
Current liabilities	(1,467)
Other long-term liabilities	$ (3,555)

Acquisitions - Summary of All_2

Acquisitions - Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Parenthetical) (Details) - USD ($) $ in Millions	Aug. 31, 2018	May 10, 2018
Whistler Energy II, LLC
Business Acquisition [Line Items]
Cash acquired	$ 37.8
Whistler Energy II, LLC | Trade Accounts Receivable
Business Acquisition [Line Items]
Primary fair values of receivables acquired	$ 3.2
Stone Energy Corporation
Business Acquisition [Line Items]
Cash acquired		$ 293
Stone Energy Corporation | Trade Accounts Receivable
Business Acquisition [Line Items]
Primary fair values of receivables acquired		43.3
Stone Energy Corporation | Joint Interest Receivables
Business Acquisition [Line Items]
Primary fair values of receivables acquired		$ 3.5

Acquisitions - Summary of Purch

Acquisitions - Summary of Purchase Price (Details) - USD ($) $ / shares in Units, $ in Thousands	May 10, 2018	Mar. 31, 2019	Dec. 31, 2018	May 09, 2018
Business Acquisition [Line Items]
Common stock value		$ 542	$ 542
Stone Energy Corporation
Business Acquisition [Line Items]
Stone common stock - issued and outstanding as of May 9, 2018				20,038,000
Stone common stock price	$ 35.49
Common stock value	$ 711,149
Stone common stock warrants - issued and outstanding as of May 9, 2018				3,528,000
Stone common stock warrants price	$ 5.90
Common stock warrants value	$ 20,815
Total purchase price	$ 731,964

Acquisitions - Summary of Suppl

Acquisitions - Summary of Supplemental Proforma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Business Acquisition Pro Forma Information [Abstract]
Revenue	$ 178,713	$ 227,199
Net loss	$ (109,636)	$ (5,515)
Basic and diluted net loss per common share	$ (2.02)	$ (0.10)

Property, Plant and Equipment -

Property, Plant and Equipment - Additional Information (Details)	Dec. 21, 2018	Sep. 30, 2018	Mar. 31, 2019USD ($)$ / bbl$ / Mcf	Mar. 31, 2018USD ($)	Sep. 04, 2015LeaseBlock
Property, Plant and Equipment [Line Items]
Unproved properties, number of lease blocks awarded | LeaseBlock					2
Capitalized overhead costs | $			$ 6,600,000	$ 3,000,000
Block 2
Property, Plant and Equipment [Line Items]
Participating interest percentage		25.00%
Block 31
Property, Plant and Equipment [Line Items]
Participating interest percentage		25.00%
Hokchi Cross Assignment | Block 2 | Hokchi
Property, Plant and Equipment [Line Items]
Participating interest percentage	25.00%	25.00%
Hokchi Cross Assignment | Block 31 | Hokchi
Property, Plant and Equipment [Line Items]
Participating interest percentage		25.00%
Premier’s Option Exercise | Block 2
Property, Plant and Equipment [Line Items]
Participating interest percentage		5.00%
Premier’s Option Exercise | Block 2 | Sierra
Property, Plant and Equipment [Line Items]
Participating interest percentage		5.00%
Premier’s Option Exercise | Block 2 | Premier
Property, Plant and Equipment [Line Items]
Reduction in participating interest percentage upon option exercise		0.00%
US
Property, Plant and Equipment [Line Items]
Unweighted average first day of month commodity price for crude oil for prior twelve months | $ / bbl			67.60
Unweighted average first day of month commodity price for natural gas for prior twelve months | $ / Mcf			3
Unweighted average first day of month commodity price for natural gas liquids for prior twelve months | $ / bbl			30.24
Write-down of oil and natural gas properties under ceiling test | $			$ 0	$ 0

Property, Plant and Equipment_2

Property, Plant and Equipment - Schedule of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Oil And Gas Property [Abstract]
Asset retirement obligations	$ 382,817
Fair value of asset retirement obligations assumed	996
Obligations settled	(3,945)
Accretion expense	9,607	$ 4,760
Obligations incurred	554
Changes in estimate	994
Asset retirement obligations	391,023
Current portion of asset retirement obligations	65,884		$ 68,965
Long-term portion	$ 325,139		$ 313,852

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Aug. 02, 2016
Leases [Line Items]
Capital lease obligations			$ 93,600	$ 124,300
Operating lease liability	$ 16,896	$ 16,900
Other Current Liabilities
Leases [Line Items]
Capital lease obligations			14,100
Other Long-term Liabilities
Leases [Line Items]
Capital lease obligations			$ 79,500
Seven Year Lease Agreement
Leases [Line Items]
Lease agreement term				7 years
Annual fixed demand charge paid, year one				$ 49,000
Annual fixed demand charge paid, year two				49,000
Annual fixed demand charge paid, year three and thereafter				$ 45,000

Leases - Components of Lease Co

Leases - Components of Lease Cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Finance lease cost - interest on lease liabilities	$ 4,994	[1]
Operating lease cost, excluding short-term leases	763	[2]
Short-term lease cost	36,609	[3]
Variable lease cost	2	[4]
Total lease cost	$ 42,368
[1]	The HP-1 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 reserved using the unit-of-production method, computed quarterly.
[2]	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.
[3]	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 balance sheet.
[4]	Variable lease costs primarily represent differences between minimum payment obligations and actual operating charges incurred by the Company related to its long-term leases.

Leases - Schedule of Right-of-U

Leases - Schedule of Right-of-Use Asset and Liability, Adjusted for Initial Direct Costs and Incentives (Details) - USD ($) $ in Thousands		Mar. 31, 2019	Jan. 01, 2019
Operating Leases:
Operating lease assets		$ 6,989	$ 7,300
Current portion of operating leases		$ 1,276
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]		us-gaap:OperatingLeaseLiabilityCurrent
Operating lease liabilities		$ 15,620
Total operating lease liabilities		16,896	$ 16,900
Finance Leases:
Proved property	[1]	124,299
Other current liabilities		$ 14,871
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]		us-gaap:OtherLiabilitiesCurrent
Other long-term liabilities		$ 75,486
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		us-gaap:OtherLiabilitiesNoncurrent
Total finance lease liabilities		$ 90,357
[1]	The HP-1 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.

Leases - Minimum Future Commitm

Leases - Minimum Future Commitments by leases (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019
Leases [Abstract]
Operating Leases 2019 (excluding the three months ended March 31, 2019)	$ 1,358
Operating Leases, 2020	2,694
Operating Leases, 2021	3,447
Operating Leases, 2022	3,658
Operating Leases, 2023	3,583
Operating Leases, Thereafter	15,218
Operating Leases, Total lease payments	29,958
Operating Leases, Less imputed interest	(13,062)
Operating Leases	16,896	$ 16,900
Finance Leases 2019 (excluding the three months ended March 31, 2019)	24,943
Finance Leases, 2020	33,257
Finance Leases, 2021	33,257
Finance Leases, 2022	33,257
Finance Leases, 2023	13,857
Finance Leases, Total lease payments	138,571
Finance Leases, Less imputed interest	(48,214)
Finance Leases	$ 90,357

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Remaining Lease Term and Discount Rate (Details)	Mar. 31, 2019
Weighted Average Remaining Lease Term
Operating leases	6 years
Finance leases	4 years
Weighted Average Discount Rate
Operating leases	11.60%
Finance leases	21.90%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Cash Paid For Amounts Included In Measurement Of Lease Liabilities [Abstract]
Operating cash outflow from finance leases	$ 4,994
Investing cash outflow from finance leases	3,311
Operating cash outflow from operating leases	453
Right-of-use assets obtained in exchange for new operating lease liabilities (since adoption)	$ 613

Financial Instruments - Schedul

Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Oil and Natural Gas Derivatives
Debt Instrument [Line Items]
Carrying Amount		$ (31,637)	$ 74,923
Fair Value		(31,637)	74,923
11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Carrying Amount	[1]	381,863	381,229
Fair Value	[1]	402,865	362,168
7.50% Senior Secured Notes – due May 2022
Debt Instrument [Line Items]
Carrying Amount		6,060	6,060
Fair Value		5,272	5,151
Bank Credit Facility – due May 2022
Debt Instrument [Line Items]
Carrying Amount	[1]	268,001	257,448
Fair Value	[1]	$ 275,000	$ 265,000
[1]	The carrying amounts are net of discount and deferred financing costs.

Financial Instruments - Sched_2

Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Debt instrument interest rate	11.00%	11.00%
Senior notes, maturity date	Apr. 3, 2022	Apr. 3, 2022
7.50% Senior Secured Notes – due May 2022
Debt Instrument [Line Items]
Debt instrument interest rate	7.50%	7.50%
Senior notes, maturity date	May 31, 2022	May 31, 2022
Bank Credit Facility – due May 2022
Debt Instrument [Line Items]
Senior notes, maturity date	May 10, 2022	May 10, 2022

Financial Instruments - Additio

Financial Instruments - Additional Information (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)counterparty	Dec. 31, 2018	May 31, 2018USD ($)	May 10, 2018USD ($)
Investment Grade Credit Rating
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Number of counterparties | counterparty	9
11.00% Second-Priority Senior Secured Notes – due April 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate	11.00%	11.00%
Senior notes, maturity date	Apr. 3, 2022	Apr. 3, 2022
7.50% Senior Secured Notes – due May 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate	7.50%	7.50%
Senior notes, maturity date	May 31, 2022	May 31, 2022
Senior notes, principal amount				$ 6,100,000
New Bank Credit Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes, maturity date	May 10, 2022
Credit facility, maximum borrowing capacity			$ 600,000,000
Number of counterparties | counterparty	7
Stone Energy Corporation | 11.00% Second-Priority Senior Secured Notes – due April 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate	11.00%
Senior notes, maturity date	Apr. 3, 2022
Senior notes, principal amount	$ 390,900,000
Stone Energy Corporation | 7.50% Senior Secured Notes – due May 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate	7.50%
Senior notes, maturity date	May 31, 2022
Senior notes, principal amount	$ 6,100,000

Financial Instruments - Sched_3

Financial Instruments - Schedule of Impact that Derivatives not Qualifying as Hedging Instruments in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Price risk management activities expense	[1]	$ (109,579)	$ (51,976)
[1]	The Company paid $3.0 million and $20.4 million in net cash settlements for the three months ended March 31, 2019 and 2018, respectively.

Financial Instruments - Sched_4

Financial Instruments - Schedule of Impact that Derivatives not Qualifying as Hedging Instruments in Condensed Consolidated Statements of Operations (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Net cash receipts (payments) on settled derivative instruments	$ (3,019)	$ (20,400)	$ (20,429)

Financial Instruments - Sched_5

Financial Instruments - Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under Derivative Contracts (Details)	1 Months Ended	3 Months Ended
	May 10, 2019$ / bblbbl	Mar. 31, 2019MMBTU$ / bbl$ / MMBTUbbl
April 2019 - December 2019 | NYMEX | Henry Hub | Swap
Average Sales Price And Production Costs Per Unit Of Production [Line Items]
Instrument Type		Swap
Average Daily Volumes | MMBTU		40,887
Weighted Average Swap Price | $ / MMBTU		2.88
January 2020 - December 2020 | NYMEX | Henry Hub | Swap
Average Sales Price And Production Costs Per Unit Of Production [Line Items]
Instrument Type		Swap
Average Daily Volumes | MMBTU		8,702
Weighted Average Swap Price | $ / MMBTU		3.07
Crude Oil | WTI | April 2019 - December 2019 | Swap
Average Sales Price And Production Costs Per Unit Of Production [Line Items]
Instrument Type		Swap
Average Daily Volumes | bbl		27,678
Weighted Average Swap Price		56.13
Crude Oil | WTI | January 2020 - December 2020 | Swap
Average Sales Price And Production Costs Per Unit Of Production [Line Items]
Instrument Type		Swap
Average Daily Volumes | bbl		3,746
Weighted Average Swap Price		57.07
Crude Oil | WTI | January 2020 - December 2020 | Collar
Average Sales Price And Production Costs Per Unit Of Production [Line Items]
Instrument Type		Collar
Average Daily Volumes | bbl		3,000
Weighted Average Put Price		55
Weighted Average Call Price		60.64
Crude Oil | WTI | January 2020 - December 2020 | Collar | Subsequent Event
Average Sales Price And Production Costs Per Unit Of Production [Line Items]
Instrument Type	Collar
Average Daily Volumes | bbl	1,000
Weighted Average Put Price	55
Weighted Average Call Price	64.40
Crude Oil | WTI | October 2019 - December 2019 | Swap | Subsequent Event
Average Sales Price And Production Costs Per Unit Of Production [Line Items]
Instrument Type	Swap
Average Daily Volumes | bbl	2,000
Weighted Average Swap Price	64.40
Crude Oil | WTI | January 2020 - March 2020 | Swap | Subsequent Event
Average Sales Price And Production Costs Per Unit Of Production [Line Items]
Instrument Type	Swap
Average Daily Volumes | bbl	5,000
Weighted Average Swap Price	60.54

Financial Instruments - Summary

Financial Instruments - Summary of Additional Information Related to Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Oil And Natural Gas Swaps
Liabilities:
Total net asset (liability)	$ (31,637)	$ 74,923
Fair Value on Recurring Basis
Liabilities:
Total net asset (liability)	(31,637)	74,923
Fair Value on Recurring Basis | Oil And Natural Gas Swaps
Assets:
Oil and natural gas derivatives	13,805	75,473
Liabilities:
Oil and natural gas derivatives	(45,442)	(550)
Fair Value on Recurring Basis | Level 2
Liabilities:
Total net asset (liability)	(31,637)	74,923
Fair Value on Recurring Basis | Level 2 | Oil And Natural Gas Swaps
Assets:
Oil and natural gas derivatives	13,805	75,473
Liabilities:
Oil and natural gas derivatives	$ (45,442)	$ (550)

Financial Instruments - Sched_6

Financial Instruments - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Price Risk Derivatives [Line Items]
Current, Assets	$ 9,655	$ 75,473
Non-current, Assets	4,150
Current, Liabilities	40,502	550
Non-current, Liabilities	4,940
Oil and Natural Gas Derivatives
Price Risk Derivatives [Line Items]
Current, Assets	9,655	75,473
Non-current, Assets	4,150
Assets	13,805	75,473
Current, Liabilities	40,502	550
Non-current, Liabilities	4,940
Liabilities	$ 45,442	$ 550

Debt - Summary of Detail Compri

Debt - Summary of Detail Comprising Debt and Related Book Values (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	$ 682,387	$ 672,495
Discount and deferred financing cost	(16,004)	(17,191)
Total debt, net of discount and deferred financing cost	666,383	655,304
Less: current portion of long-term debt	(448)	(443)
Long-term debt, net of discount and deferred financing costs	665,935	654,861
4.20% Building Loan - due November 2030
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	10,500
Senior Notes | 11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	390,868	390,868
Senior Notes | 7.50% Senior Secured Notes – due May 2022
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	6,060	6,060
Bank Credit Facility | Bank Credit Facility – due May 2022
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	275,000	265,000
Building Loan | 4.20% Building Loan - due November 2030
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	$ 10,459	$ 10,567

Debt - Summary of Detail Comp_2

Debt - Summary of Detail Comprising Debt and Related Book Values (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Nov. 21, 2017
11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Debt instrument interest rate	11.00%	11.00%
Senior notes, maturity date	Apr. 3, 2022	Apr. 3, 2022
7.50% Senior Secured Notes – due May 2022
Debt Instrument [Line Items]
Debt instrument interest rate	7.50%	7.50%
Senior notes, maturity date	May 31, 2022	May 31, 2022
Bank Credit Facility – due May 2022
Debt Instrument [Line Items]
Senior notes, maturity date	May 10, 2022
4.20% Building Loan - due November 2030
Debt Instrument [Line Items]
Debt instrument interest rate	4.20%
Senior notes, maturity date	Nov. 20, 2030
Senior Notes | 11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Debt instrument interest rate	11.00%		11.00%
Senior notes, maturity date	Apr. 3, 2022
Senior Notes | 7.50% Senior Secured Notes – due May 2022
Debt Instrument [Line Items]
Debt instrument interest rate	7.50%
Senior notes, maturity date	May 31, 2022
Bank Credit Facility | Bank Credit Facility – due May 2022
Debt Instrument [Line Items]
Senior notes, maturity date	May 10, 2022
Building Loan | 4.20% Building Loan - due November 2030
Debt Instrument [Line Items]
Debt instrument interest rate	4.20%
Senior notes, maturity date	Nov. 30, 2030

Debt - Additional information (

Debt - Additional information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Apr. 30, 2019	Nov. 16, 2018	May 10, 2018	Nov. 21, 2017
Debt Instrument [Line Items]
Debt instrument redemption, description	The indenture governing the 11.00% Senior Secured Notes applies certain limitations on the Company’s ability and the ability of its subsidiaries to, among other things, (i) incur additional indebtedness or issue certain preferred shares; (ii) pay dividends and make certain other restricted payments; (iii) create restrictions on the payment of dividends or other distributions to the Company from its restricted subsidiaries; (iv) create liens on certain assets to secure debt; (v) make certain investments; (vi) engage in sales of assets and subsidiary stock; (vii) transfer all or substantially all of its assets or enter into merger or consolidation transactions; and (viii) engage in transactions with affiliates. The 11.00% Senior Secured Notes contain customary quarterly and annual reporting, financial and administrative covenants. The Company was in compliance with all debt covenants at March 31, 2019.
Senior notes, outstading amount	$ 682,387,000	$ 672,495,000
Subsequent Event
Debt Instrument [Line Items]
Line of credit outstanding amount			$ 40,000,000
11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Debt instrument maturity date	Apr. 3, 2022	Apr. 3, 2022
Debt instrument, interest rate, stated percentage	11.00%	11.00%
7.50% Senior Secured Notes – due May 2022
Debt Instrument [Line Items]
Debt instrument maturity date	May 31, 2022	May 31, 2022
Debt instrument frequency of periodic payment	semi-annually
Debt instrument payment terms	semi-annually each May 31 and November 30
Debt instrument, face amount					$ 6,100,000
Debt instrument, interest rate, stated percentage	7.50%	7.50%
7.50% Senior Secured Notes – due May 2022 | Maximum
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	105.625%
7.50% Senior Secured Notes – due May 2022 | Minimum
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.00%
Bank Credit Facility – due May 2022
Debt Instrument [Line Items]
Debt instrument maturity date	May 10, 2022
Credit facility, maximum borrowing capacity	$ 600,000,000			$ 850,000,000
Commitment fee percentage	0.50%
Line of credit facility current commitment	$ 600,000,000
Repayments of credit facility	25,000,000
Undrawn commitment under credit facility	309,800,000
Letters of credit outstanding amount	15,200,000
Line of credit outstanding amount	275,000,000
Bank Credit Facility – due May 2022 | Letter of Credit
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 200,000,000
Bank Credit Facility – due May 2022 | Maximum
Debt Instrument [Line Items]
Debt covenant current ratio	100.00%
Bank Credit Facility – due May 2022 | Maximum | London Interbank Offered Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.75%
Bank Credit Facility – due May 2022 | Maximum | Base Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.75%
Bank Credit Facility – due May 2022 | Minimum
Debt Instrument [Line Items]
Debt covenant current ratio	300.00%
Bank Credit Facility – due May 2022 | Minimum | London Interbank Offered Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.75%
Bank Credit Facility – due May 2022 | Minimum | Base Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%
4.20% Building Loan - due November 2030
Debt Instrument [Line Items]
Debt instrument maturity date	Nov. 20, 2030
Debt instrument frequency of periodic payment	180 equal monthly installments
Debt instrument, interest rate, stated percentage	4.20%
Debt instrument, periodic payment	$ 100,000
Senior notes, outstading amount	$ 10,500,000
4.20% Building Loan - due November 2030 | Maximum
Debt Instrument [Line Items]
EBITDA to net interest	2.00%
Senior Notes | 11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Debt instrument maturity date	Apr. 3, 2022
Debt instrument frequency of periodic payment	semi-annually
Debt instrument payment terms	semi-annually each April 15 and October 15
Debt instrument, interest rate, stated percentage	11.00%					11.00%
Senior notes, outstading amount	$ 390,868,000	$ 390,868,000
Senior Notes | 11.00% Second-Priority Senior Secured Notes – due April 2022 | Maximum
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	105.50%
Senior Notes | 11.00% Second-Priority Senior Secured Notes – due April 2022 | Minimum
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.00%
Senior Notes | 7.50% Senior Secured Notes – due May 2022
Debt Instrument [Line Items]
Debt instrument maturity date	May 31, 2022
Debt instrument, interest rate, stated percentage	7.50%
Senior notes, outstading amount	$ 6,060,000	$ 6,060,000

Employee Benefits Plans and S_3

Employee Benefits Plans and Share Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 1.3	$ 0.3
Capitalized costs, Oil and natural gas properties	$ 1	$ 0.2
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation grants	673,617
Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation grants	190,972
Share-based compensation grant date fair value	$ 6.2
Long Term Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation authorized to grant	5,415,576
Long Term Incentive Plan | Restricted Stock Units | Employees and Non-Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation grants	673,617
Long Term Incentive Plan | Performance Stock Units | Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation grants	190,972

Employee Benefits Plans and S_4

Employee Benefits Plans and Share-Based Compensation - Schedule of Restricted Stock and Performance Share Units Activity (Details)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted stock units and award begining of the period | shares	138,704
Unvested restricted stock units and award, granted | shares	673,617
Unvested restricted stock units and award, forfeited | shares	(238)
Unvested restricted stock units and award, end of the period | shares	812,083
Unvested weighted average grant date fair value, begining of the period | $ / shares	$ 33.85
Unvested weighted average grant date fair value, granted | $ / shares	24.33
Unvested weighted average grant date fair value, forfeited | $ / shares	32.86
Unvested weighted average grante date fair value, end of the period | $ / shares	$ 25.96
Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted stock units and award begining of the period | shares	231,542
Unvested restricted stock units and award, granted | shares	190,972
Unvested restricted stock units and award, forfeited | shares	(476)
Unvested restricted stock units and award, end of the period | shares	422,038
Unvested weighted average grant date fair value, begining of the period | $ / shares	$ 44.47
Unvested weighted average grant date fair value, granted | $ / shares	32.44
Unvested weighted average grant date fair value, forfeited | $ / shares	42.94
Unvested weighted average grante date fair value, end of the period | $ / shares	$ 39.03

Employee Benefits Plans and S_5

Employee Benefits Plans and Share-Based Compensation - Summary of Assumptions Used to Calculate the Grant Date Fair Value (Details) - Performance Stock Units	Mar. 05, 2019Simulation
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of simulations	100,000
Expected term (in years)	2 years 9 months 18 days
Expected volatility	46.90%
Risk-free interest rate	2.50%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income tax benefit	$ 6,359
Effective tax rate	5.48%
Federal statutory rate	21.00%	21.00%

Loss Per Share - Summary of Com

Loss Per Share - Summary of Computation of Basic and Diluted Earning Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net loss	$ (109,636)	$ (22,943)
Weighted average common shares outstanding — basic	54,156	31,244
Weighted average common shares outstanding — diluted	54,156	31,244
Basic	$ (2.02)	$ (0.73)
Diluted	$ (2.02)	$ (0.73)
Potentially issuable shares	4,762	3,528
Anti-dilutive potentially issuable securities excluded from diluted common shares	4,762	3,528

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	Aug. 31, 2018	Aug. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Related Party Transaction [Line Items]
Net of cash acquired			$ 32,916,000
Equity Registration Rights Agreement
Related Party Transaction [Line Items]
Fees incurred in conjunction with agreement			600,000
Vinson & Elkins L.L.P.
Related Party Transaction [Line Items]
Legal fees incurred			1,100,000	$ 1,100,000
Legal fees payable			1,600,000	4,900,000
Apollo and Riverstone Funds | Service Fee Agreement | Shareholder Service
Related Party Transaction [Line Items]
Service fee				$ 100,000
Apollo and Riverstone Funds | Service Fee Agreement | Shareholder Service | Maximum
Related Party Transaction [Line Items]
Service fee			500,000
Whistler Energy II, LLC
Related Party Transaction [Line Items]
Available cash acquired	$ 37,800,000
Whistler Energy II, LLC | Apollo Funds | Whistler Energy II Holdco, LLC
Related Party Transaction [Line Items]
Business acquisition, date of acquisition agreement		Aug. 31, 2018
Cash acquired		$ 52,600,000
Net of cash acquired		14,800,000
Available cash acquired		$ 37,800,000
Primary fair values of receivables acquired			$ 1,100,000
Stone Energy Corporation
Related Party Transaction [Line Items]
Closing date of merger agreement			May 10, 2018
Stone Energy Corporation | Apollo and Riverstone Funds | Service Fee Agreement | Shareholder Service
Related Party Transaction [Line Items]
Closing date of merger agreement			May 10, 2018

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Mar. 31, 2019USD ($)
Bank Credit Facility | Letter of Credit
Loss Contingencies [Line Items]
Credit facility	$ 15.2
Production Sharing Contracts | Mexico
Loss Contingencies [Line Items]
Performance obligations	$ 649

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2019	May 10, 2018
Percentage of equity interest	100.00%
11.00% Second-Priority Senior Secured Notes
Debt instrument interest rate		11.00%

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information - Summary of Condensed Consolidating Financial Position (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 45,725	$ 139,914
Restricted cash	1,252	1,248
Accounts receivable, net
Trade, net	87,193	103,025
Joint interest, net	31,905	20,244
Other	23,139	19,686
Assets from price risk management activities	9,655	75,473
Prepaid assets	27,553	38,911
Income tax receivable	9,115	10,701
Other current assets	3,112	7,644
Total current assets	238,649	416,846
Property and equipment:
Proved properties	3,774,531	3,629,430
Unproved properties, not subject to amortization	148,057	108,209
Other property and equipment	33,893	33,191
Total property and equipment	3,956,481	3,770,830
Accumulated depreciation, depletion and amortization	(1,784,196)	(1,719,609)
Total property and equipment, net	2,172,285	2,051,221
Other long-term assets:
Assets from price risk management activities	4,150
Other well equipment inventory	9,993	9,224
Leased assets	6,989
Other assets	7,873	2,695
Total assets	2,439,939	2,479,986
Current liabilities:
Accounts payable	62,550	51,019
Accrued liabilities	192,322	188,650
Accrued royalties	23,237	38,520
Current portion of long-term debt	448	443
Current portion of asset retirement obligations	65,884	68,965
Liabilities from price risk management activities	40,502	550
Accrued interest payable	21,077	10,200
Leases liabilities	1,276
Other current liabilities	17,285	22,071
Total current liabilities	424,581	380,418
Long-term debt, net of discount and deferred financing costs	665,935	654,861
Asset retirement obligations	325,139	313,852
Liabilities from price risk management activities	4,940
Long-term leased liabilities	15,620
Other long-term liabilities	103,738	123,359
Total liabilities	1,539,953	1,472,490
Commitments and Contingencies
Stockholders' equity (deficit)	899,986	1,007,496	$ (77,127)	$ (54,087)
Total liabilities and stockholders' equity	2,439,939	2,479,986
Talos
Other long-term assets:
Investments in subsidiaries	897,140	1,011,359
Other assets	5,459
Total assets	902,599	1,011,359
Current liabilities:
Accounts payable	271	144
Total current liabilities	271	144
Other long-term liabilities	2,342	3,719
Total liabilities	2,613	3,863
Commitments and Contingencies
Stockholders' equity (deficit)	899,986	1,007,496
Total liabilities and stockholders' equity	902,599	1,011,359
Talos Issuers
Current assets:
Cash and cash equivalents	22,916	13,541
Accounts receivable, net
Other	361	3,100
Assets from price risk management activities	9,655	75,473
Prepaid assets	1,011	1,225
Total current assets	33,943	93,339
Property and equipment:
Other property and equipment	21,251	20,670
Total property and equipment	21,251	20,670
Accumulated depreciation, depletion and amortization	(8,959)	(8,310)
Total property and equipment, net	12,292	12,360
Other long-term assets:
Assets from price risk management activities	4,150
Leased assets	1,455
Investments in subsidiaries	1,582,202	1,560,922
Other assets	364	364
Total assets	1,634,406	1,666,985
Current liabilities:
Accounts payable	4,642	1,242
Accrued liabilities	5,139	4,995
Liabilities from price risk management activities	40,502	550
Accrued interest payable	20,925	10,162
Total current liabilities	71,208	16,949
Long-term debt, net of discount and deferred financing costs	649,864	638,677
Liabilities from price risk management activities	4,940
Long-term leased liabilities	11,254
Total liabilities	737,266	655,626
Commitments and Contingencies
Stockholders' equity (deficit)	897,140	1,011,359
Total liabilities and stockholders' equity	1,634,406	1,666,985
Guarantors
Current assets:
Cash and cash equivalents	7,106	100,801
Restricted cash	1,252	1,248
Accounts receivable, net
Trade, net	87,193	103,025
Joint interest, net	17,186	15,870
Other	10,708	9,566
Prepaid assets	26,506	37,639
Income tax receivable	9,115	10,701
Other current assets	3,112	7,644
Total current assets	162,178	286,494
Property and equipment:
Proved properties	3,774,531	3,629,430
Unproved properties, not subject to amortization	75,806	63,104
Other property and equipment	12,440	12,440
Total property and equipment	3,862,777	3,704,974
Accumulated depreciation, depletion and amortization	(1,775,221)	(1,711,288)
Total property and equipment, net	2,087,556	1,993,686
Other long-term assets:
Other well equipment inventory	9,993	9,224
Leased assets	3,774
Other assets	1,978	2,258
Total assets	2,265,479	2,291,662
Current liabilities:
Accounts payable	31,799	42,736
Accrued liabilities	170,239	159,491
Accrued royalties	23,237	38,520
Current portion of long-term debt	448	443
Current portion of asset retirement obligations	65,884	68,965
Accrued interest payable	152	38
Leases liabilities	755
Other current liabilities	17,285	22,071
Total current liabilities	309,799	332,264
Long-term debt, net of discount and deferred financing costs	16,071	16,184
Asset retirement obligations	325,139	313,852
Long-term leased liabilities	3,041
Other long-term liabilities	100,709	119,432
Total liabilities	754,759	781,732
Commitments and Contingencies
Stockholders' equity (deficit)	1,510,720	1,509,930
Total liabilities and stockholders' equity	2,265,479	2,291,662
Non-Guarantors
Current assets:
Cash and cash equivalents	15,703	25,572
Accounts receivable, net
Joint interest, net	14,719	4,374
Other	12,070	7,020
Prepaid assets	36	47
Total current assets	42,528	37,013
Property and equipment:
Unproved properties, not subject to amortization	72,251	45,105
Other property and equipment	202	81
Total property and equipment	72,453	45,186
Accumulated depreciation, depletion and amortization	(16)	(11)
Total property and equipment, net	72,437	45,175
Other long-term assets:
Leased assets	1,760
Other assets	72	73
Total assets	116,797	82,261
Current liabilities:
Accounts payable	25,838	6,897
Accrued liabilities	16,944	24,164
Leases liabilities	521
Total current liabilities	43,303	31,061
Long-term leased liabilities	1,325
Other long-term liabilities	687	208
Total liabilities	45,315	31,269
Commitments and Contingencies
Stockholders' equity (deficit)	71,482	50,992
Total liabilities and stockholders' equity	116,797	82,261
Elimination
Other long-term assets:
Investments in subsidiaries	(2,479,342)	(2,572,281)
Total assets	(2,479,342)	(2,572,281)
Current liabilities:
Commitments and Contingencies
Stockholders' equity (deficit)	(2,479,342)	(2,572,281)
Total liabilities and stockholders' equity	$ (2,479,342)	$ (2,572,281)

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information - Summary of Condensed Consolidating Results Of Operations (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Revenues:
Total revenue		$ 178,713	$ 145,850
Operating expenses:
Workover and maintenance expense		23,019	6,905
Depreciation, depletion and amortization		64,587	49,040
Accretion expense		9,607	4,760
General and administrative expense		17,609	8,580
Total operating expenses		160,344	97,266
Operating income		18,369	48,584
Interest expense		(25,218)	(19,742)
Price risk management activities expense	[1]	(109,579)	(51,976)
Other income (expense)		433	191
Income tax expense		6,359
Net loss		(109,636)	(22,943)
Oil and Gas Properties
Operating expenses:
Direct lease operating expense		40,829	24,915
Insurance		4,111	2,675
Production taxes		582	391
Total lease operating expense		45,522	27,981
Talos
Operating expenses:
General and administrative expense		337
Total operating expenses		337
Operating income		(337)
Income tax expense		6,837
Equity earnings (loss) from subsidiaries		(116,136)
Net loss		(109,636)
Talos Issuers
Operating expenses:
Depreciation, depletion and amortization		72	341
General and administrative expense		8,606	4,945
Total operating expenses		8,678	5,286
Operating income		(8,678)	(5,286)
Interest expense		(16,572)	(12,228)
Price risk management activities expense		(109,579)	(49,247)
Other income (expense)		81	150
Equity earnings (loss) from subsidiaries		18,612	43,668
Net loss		(116,136)	(22,943)
Guarantors
Revenues:
Total revenue		178,713	145,850
Operating expenses:
Workover and maintenance expense		23,019	6,905
Depreciation, depletion and amortization		64,510	48,698
Accretion expense		9,607	4,760
General and administrative expense		8,775	3,362
Total operating expenses		151,433	91,706
Operating income		27,280	54,144
Interest expense		(8,518)	(7,066)
Price risk management activities expense			(2,729)
Other income (expense)		471	(47)
Income tax expense		(2)
Net loss		19,231	44,302
Guarantors | Oil and Gas Properties
Operating expenses:
Direct lease operating expense		40,829	24,915
Insurance		4,111	2,675
Production taxes		582	391
Total lease operating expense		45,522	27,981
Non-Guarantors
Operating expenses:
Depreciation, depletion and amortization		5	1
General and administrative expense		(109)	273
Total operating expenses		(104)	274
Operating income		104	(274)
Interest expense		(128)	(448)
Other income (expense)		(119)	88
Income tax expense		(476)
Net loss		(619)	(634)
Elimination
Operating expenses:
Equity earnings (loss) from subsidiaries		97,524	(43,668)
Net loss		97,524	(43,668)
Oil Revenue
Revenues:
Revenue		155,679	127,693
Oil Revenue | Guarantors
Revenues:
Revenue		155,679	127,693
Natural Gas Revenue
Revenues:
Revenue		14,447	12,723
Natural Gas Revenue | Guarantors
Revenues:
Revenue		14,447	12,723
NGL Revenue
Revenues:
Revenue		5,066	5,434
NGL Revenue | Guarantors
Revenues:
Revenue		5,066	$ 5,434
Other Revenue
Revenues:
Revenue		3,521
Other Revenue | Guarantors
Revenues:
Revenue		$ 3,521
[1]	The Company paid $3.0 million and $20.4 million in net cash settlements for the three months ended March 31, 2019 and 2018, respectively.

Condensed Consolidating Finan_6

Condensed Consolidating Financial Information - Summary of Condensed Consolidating Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 41,122	$ 39,645
Cash flows from investing activities:
Exploration, development, and other capital expenditures	(102,396)	(30,012)
Cash received (paid) for acquisitions	(32,916)
Net cash provided by (used in) investing activities	(135,312)	(30,012)
Cash flows from financing activities:
Redemption of Senior Notes and other long-term debt	(109)	(24,977)
Proceeds from Bank Credit Facility	35,000
Repayment of Bank Credit Facility	(25,000)
Other deferred payments	(6,575)
Payments of capital lease	(3,311)	(3,547)
Net cash provided by (used in) financing activities	5	(28,524)
Net increase (decrease) in cash, cash equivalents and restricted cash	(94,185)	(18,891)
Cash, cash equivalents and restricted cash:
Balance, beginning of period	141,162	33,433
Balance, end of period	46,977	14,542
Talos
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(207)
Cash flows from financing activities:
Capital contributions	207
Net cash provided by (used in) financing activities	207
Talos Issuers
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(9,279)	(25,364)
Cash flows from investing activities:
Exploration, development, and other capital expenditures	(1,036)	(1,272)
Investments in subsidiaries	(441,484)	(170,509)
Distributions from subsidiaries	451,174	210,896
Net cash provided by (used in) investing activities	8,654	39,115
Cash flows from financing activities:
Redemption of Senior Notes and other long-term debt		(24,977)
Proceeds from Bank Credit Facility	35,000
Repayment of Bank Credit Facility	(25,000)
Net cash provided by (used in) financing activities	10,000	(24,977)
Net increase (decrease) in cash, cash equivalents and restricted cash	9,375	(11,226)
Cash, cash equivalents and restricted cash:
Balance, beginning of period	13,541	22,316
Balance, end of period	22,916	11,090
Guarantors
Cash flows from operating activities:
Net cash provided by (used in) operating activities	72,999	65,522
Cash flows from investing activities:
Exploration, development, and other capital expenditures	(94,144)	(27,600)
Cash received (paid) for acquisitions	(32,916)
Net cash provided by (used in) investing activities	(127,060)	(27,600)
Cash flows from financing activities:
Redemption of Senior Notes and other long-term debt	(109)
Other deferred payments	(6,575)
Payments of capital lease	(3,311)	(3,547)
Capital contributions	421,277	169,509
Distributions to subsidiary issuer	(450,912)	(210,896)
Net cash provided by (used in) financing activities	(39,630)	(44,934)
Net increase (decrease) in cash, cash equivalents and restricted cash	(93,691)	(7,012)
Cash, cash equivalents and restricted cash:
Balance, beginning of period	102,049	9,048
Balance, end of period	8,358	2,036
Non-Guarantors
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(22,391)	(513)
Cash flows from investing activities:
Exploration, development, and other capital expenditures	(7,216)	(1,140)
Net cash provided by (used in) investing activities	(7,216)	(1,140)
Cash flows from financing activities:
Capital contributions	20,000	1,000
Distributions to subsidiary issuer	(262)
Net cash provided by (used in) financing activities	19,738	1,000
Net increase (decrease) in cash, cash equivalents and restricted cash	(9,869)	(653)
Cash, cash equivalents and restricted cash:
Balance, beginning of period	25,572	2,069
Balance, end of period	15,703	1,416
Elimination
Cash flows from investing activities:
Investments in subsidiaries	441,484	170,509
Distributions from subsidiaries	(451,174)	(210,896)
Net cash provided by (used in) investing activities	(9,690)	(40,387)
Cash flows from financing activities:
Capital contributions	(441,484)	(170,509)
Distributions to subsidiary issuer	451,174	210,896
Net cash provided by (used in) financing activities	$ 9,690	$ 40,387