Talos Energy (TALO) 10-Q 6 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Trading Symbol	TALO
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Registrant Name	Talos Energy Inc.
Document Quarterly Report	true
Document Transition Report	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Incorporation, State or Country Code	DE
Entity File Number	001-38497
Entity Tax Identification Number	82-3532642
Entity Address, Address Line One	333 Clay Street
Entity Address, Address Line Two	Suite 3300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	328-3000
Entity Central Index Key	0001724965
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		54,196,984

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 90,682	$ 139,914
Restricted cash		1,248
Accounts receivable
Trade, net	108,354	103,025
Joint interest, net	17,562	20,244
Other	31,768	19,686
Assets from price risk management activities	43,058	75,473
Prepaid assets	39,378	38,911
Income tax receivable		10,701
Other current assets	1,952	7,644
Total current assets	332,754	416,846
Property and equipment:
Proved properties	4,012,100	3,629,430
Unproved properties, not subject to amortization	178,174	108,209
Other property and equipment	28,690	33,191
Total property and equipment	4,218,964	3,770,830
Accumulated depreciation, depletion and amortization	(1,967,610)	(1,719,609)
Total property and equipment, net	2,251,354	2,051,221
Other long-term assets:
Assets from price risk management activities	7,820
Other well equipment inventory	9,251	9,224
Operating lease assets	8,082
Other assets	2,624	2,695
Total assets	2,611,885	2,479,986
Current liabilities:
Accounts payable	95,737	51,019
Accrued liabilities	169,152	188,650
Accrued royalties	37,763	38,520
Current portion of long-term debt		443
Current portion of asset retirement obligations	63,404	68,965
Liabilities from price risk management activities	3,832	550
Accrued interest payable	21,058	10,200
Current portion of operating lease liabilities	1,416
Other current liabilities	18,993	22,071
Total current liabilities	411,355	380,418
Long-term liabilities:
Long-term debt, net of discount and deferred financing costs	697,192	654,861
Asset retirement obligations	321,808	313,852
Liabilities from price risk management activities	750
Operating lease liabilities	17,249
Other long-term liabilities	88,707	123,359
Total liabilities	1,537,061	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 September 30, 2019 and December 31, 2018
Common stock $0.01 par value; 270,000,000 shares authorized; 54,196,145 and 54,155,768 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively	542	542
Additional paid-in capital	1,342,993	1,334,090
Accumulated deficit	(268,711)	(327,136)
Total stockholders' equity	1,074,824	1,007,496
Total liabilities and stockholders' equity	$ 2,611,885	$ 2,479,986

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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	54,196,145	54,155,768
Common stock, shares outstanding	54,196,145	54,155,768

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues and other:
Total revenue	$ 228,857	$ 282,868	$ 694,380	$ 632,624
Operating expenses:
Workover and maintenance expense	14,210	25,084	49,525	49,703
Depreciation, depletion and amortization	88,125	87,808	248,518	204,574
Write-down of oil and natural gas properties	1,417		13,778
Accretion expense	7,316	10,162	26,868	24,414
General and administrative expense	17,321	21,660	53,795	61,120
Total operating expenses	175,974	191,507	528,256	453,468
Operating income	52,883	91,361	166,124	179,156
Interest expense	(23,123)	(24,837)	(73,273)	(66,257)
Price risk management activities income (expense)	43,760	(53,330)	(35,829)	(196,482)
Other income (expense)	567	(85)	1,831	(1,163)
Income (loss) before income taxes	74,087	13,109	58,853	(84,746)
Income tax expense	(790)		(428)
Net income (loss)	$ 73,297	$ 13,109	$ 58,425	$ (84,746)
Net income (loss) per common share:
Basic	$ 1.35	$ 0.24	$ 1.08	$ (1.96)
Diluted	$ 1.35	$ 0.24	$ 1.07	$ (1.96)
Weighted average common shares outstanding:
Basic	54,200	54,156	54,178	43,329
Diluted	54,430	54,164	54,364	43,329
Oil and Gas Properties
Operating expenses:
Direct lease operating expense	$ 43,439	$ 42,090	$ 122,243	$ 101,065
Insurance	4,167	4,125	12,462	11,059
Production taxes	(21)	578	1,067	1,533
Total lease operating expense	47,585	46,793	135,772	113,657
Oil Revenue
Revenues and other:
Revenue	211,899	248,100	624,486	555,954
Natural Gas Revenue
Revenues and other:
Revenue	12,545	20,193	41,738	49,364
NGL Revenue
Revenues and other:
Revenue	3,384	$ 14,575	15,095	$ 27,306
Other
Revenues and other:
Revenue	$ 1,029		$ 13,061

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)
Sponsor Debt Exchange	102,000	$ 29	101,971
Sponsor Debt Exchange, Shares		2,874,049
Stone Combination	731,964	$ 201	731,763
Stone Combination, Shares		20,037,634
Equity based compensation	4,958		4,958
Net income (loss)	(84,746)			(84,746)
Balance at Sep. 30, 2018	699,764	$ 542	1,332,644	(633,422)
Balance, shares at Sep. 30, 2018		54,155,768
Balance at Jun. 30, 2018	685,845	$ 542	1,331,834	(646,531)
Balance, shares at Jun. 30, 2018		54,155,768
Equity based compensation	810		810
Net income (loss)	13,109			13,109
Balance at Sep. 30, 2018	699,764	$ 542	1,332,644	(633,422)
Balance, shares at Sep. 30, 2018		54,155,768
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	$ 9,229		9,229
Equity based compensation, Shares		52,574
Shares withheld for taxes on equity transactions	(326)		(326)
Shares withheld for taxes on equity transactions, Shares		(12,197)
Net income (loss)	58,425			58,425
Balance at Sep. 30, 2019	$ 1,074,824	$ 542	1,342,993	(268,711)
Balance, shares at Sep. 30, 2019	54,196,145	54,196,145
Balance at Jun. 30, 2019	$ 998,041	$ 542	1,339,507	(342,008)
Balance, shares at Jun. 30, 2019		54,191,693
Equity based compensation	3,529		3,529
Equity based compensation, Shares		6,527
Shares withheld for taxes on equity transactions	(43)		(43)
Shares withheld for taxes on equity transactions, Shares		(2,075)
Net income (loss)	73,297			73,297
Balance at Sep. 30, 2019	$ 1,074,824	$ 542	$ 1,342,993	$ (268,711)
Balance, shares at Sep. 30, 2019	54,196,145	54,196,145

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ 58,425	$ (84,746)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation, depletion, amortization and accretion expense	275,386	228,988
Write-down of oil and natural gas properties	13,778
Amortization of deferred financing costs and original issue discount	3,723	3,589
Equity based compensation, net of amounts capitalized	5,164	2,129
Price risk management activities expense	35,829	196,482
Net cash paid on settled derivative instruments	(7,202)	(94,802)
Settlement of asset retirement obligations	(54,406)	(85,674)
Changes in operating assets and liabilities:
Accounts receivable	(14,729)	(4,460)
Other current assets	11,384	(14,524)
Accounts payable	32,541	(54,029)
Other current liabilities	(26,753)	40,410
Other non-current assets and liabilities, net	(727)	10,324
Net cash provided by operating activities	332,413	143,687
Cash flows from investing activities:
Exploration, development and other capital expenditures	(372,920)	(174,349)
Cash (paid for) acquired in acquisitions	(32,916)	278,409
Proceeds from sale of other property and equipment	5,369
Net cash provided by (used in) investing activities	(400,467)	104,060
Cash flows from financing activities:
Redemption of Senior Notes and other long-term debt	(10,567)	(25,151)
Proceeds from Bank Credit Facility	75,000	319,000
Repayment of Bank Credit Facility	(25,000)	(54,000)
Deferred financing costs	(1,268)	(16,990)
Other deferred payments	(9,921)
Payments of finance lease	(10,344)	(9,874)
Employee stock transactions	(326)
Net cash provided by (used in) financing activities	17,574	(190,015)
Net increase (decrease) in cash, cash equivalents and restricted cash	(50,480)	57,732
Cash, cash equivalents and restricted cash:
Balance, beginning of period	141,162	33,433
Balance, end of period	90,682	91,165
Supplemental Non-Cash Transactions:
Capital expenditures included in accounts payable and accrued liabilities	24,622	36,775
Supplemental Cash Flow Information:
Interest paid, net of amounts capitalized	$ 36,011	27,307
LLC Bank Credit Facility
Cash flows from financing activities:
Repayment of Bank Credit Facility		$ (403,000)

Formation and Basis of Presenta

Formation and Basis of Presentation	9 Months Ended
	Sep. 30, 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 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 operational expertise in 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 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 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 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 concurrently 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. In the opinion of management, these financial statements include all adjustments, which unless otherwise disclosed, are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations, cash flows and changes in equity for the periods presented. The results for interim periods are not necessarily indicative of results for the entire year. The 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 issued Accounting Standards Codification 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	9 Months Ended
	Sep. 30, 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 and 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 60 and Ewing Bank Blocks 944 and 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) 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 The following table presents the final allocation of the purchase price to the assets acquired and liabilities assumed, based on their fair values on May 10, 2018 (in thousands): Current assets (1) $ 372,963 Property and equipment 886,406 Other long-term assets 19,494 Current liabilities (132,846 ) Long-term debt (235,416 ) Other long-term liabilities (178,637 ) Allocated purchase price $ 731,964 (1) The following table presents revenue and net income attributable to the assets acquired in the Stone Combination for the three and nine months ended September 30, 2019 and 2018: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenue $ 97,213 $ 134,989 $ 313,335 $ 204,298 Net income $ 40,775 $ 75,968 $ 147,186 $ 120,390 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 and nine months ended September 30, 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 September 30, 2018 Nine Months Ended September 30, 2018 Revenue $ 282,868 $ 754,520 Net income (loss) $ 20,566 $ (30,645 ) Basic net income (loss) per common share $ 0.38 $ (0.71 ) Diluted net income (loss) per common share $ 0.38 $ (0.71 )

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 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 in the U.S., primarily in the 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 September 30, 2019, the Company’s ceiling test computation of its U.S. oil and natural gas properties was based on SEC pricing of $63.88 per Bbl of oil, $2.81 per Mcf of natural gas and $24.26 per Bbl of NGLs. During the three and nine months ended September 30, 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 collectively, 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. On September 4, 2019, the CNH granted a two-year extension under the Consortium’s production sharing contract for Block 7. 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 LLC (“PAE”), to cross assign 25% participation interests (“PI”) in each of 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’s assignment to the Company closed on May 22, 2019. In addition, Premier exercised its option to reduce its PI in Block 2 to zero and assigned a 5% PI to each of Sierra and Talos. Following the completion of the Hokchi Cross Assignment, Talos owns a 25% PI in each of Block 2 and Block 31, and Hokchi is the operator of the blocks. As a result of the Company’s evaluation of unproved property located in Block 2 offshore Mexico, specifically future exploratory drilling opportunities, results from exploratory wells drilled and the Block 2 production sharing contract’s expiration date, the Company recorded a $1.4 million and $13.8 million non-cash impairment expense for the three and nine months ended September 30, 2019, respectively, presented as “Write-down of oil and natural gas properties” on the condensed consolidated statements of operations. 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 and nine months ended September 30, 2019 was $7.4 million and $21.4 million, respectively. Capitalized overhead for the three and nine months ended September 30, 2018 was $8.7 million and $16.2 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 nine months ended September 30, 2019 were as follows (in thousands): Asset retirement obligations at December 31, 2018 $ 382,817 Fair value of asset retirement obligations assumed 5,047 Obligations settled (54,406 ) Fair value of asset retirement obligations divested (5,450 ) Accretion expense 26,868 Obligations incurred 4,111 Changes in estimate 26,225 Asset retirement obligations at September 30, 2019 $ 385,212 Less: Current portion 63,404 Long-term portion $ 321,808

Leases

Leases	9 Months Ended
	Sep. 30, 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), production related equipment (e.g., compressors) 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 natural gas equipment and certain reimbursable costs associated with office and building leases that 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-I”), a dynamically positioned floating production facility that interconnects with the Phoenix Field through a production buoy. Under the terms of the agreement, the Company agreed to pay a $49.0 million annual fixed demand charge for each of the first two years and $45.0 million for each of the five years thereafter. Prior to implementation, the HP-I lease was accounted for as a capital lease under previous lease accounting treatments. 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-I 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-I 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 September 30, 2019 was $18.7 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 is included in property and equipment, lease operating expense or general and administrative expense, as applicable. The components of lease costs were as follows (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Finance lease cost - interest on lease liabilities (1) $ 4,728 $ 14,589 Operating lease cost, excluding short-term leases (2) 822 2,348 Short-term lease cost (3) 17,658 81,897 Variable lease cost (4) 3 8 Total lease cost $ 23,211 $ 98,842 (1) The HP-I is utilized in the Company’s oil and natural gas development activities and the right-of-use asset was capitalized and included in proved property and depleted as part of the full cost pool. Once items are included in the full cost pool, they are indistinguishable from other proved properties. The capitalized costs within the full cost pool are amortized over the life of the total proved 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 liability, adjusted for initial direct costs and incentives are as follows (in thousands): September 30, 2019 Operating leases: Operating lease assets $ 8,082 Current portion of operating leases $ 1,416 Operating lease liabilities 17,249 Total operating lease liabilities $ 18,665 Finance leases: Proved property (1) $ 124,299 Other current liabilities $ 16,578 Other long-term liabilities 66,746 Total finance lease liabilities $ 83,324 (1) The HP-I is utilized in the Company’s oil and natural gas development activities and the right-of-use asset was capitalized and included in proved property and depleted as part of the full cost pool. Once items are included in the full cost pool, they are indistinguishable from other proved properties. The capitalized costs within the full cost pool are amortized over the life of the total proved reserves using the unit-of-production method, computed quarterly. Minimum future commitments by year for the Company’s leases as of September 30, 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 nine months ended September 30, 2019) $ 453 $ 8,314 2020 2,746 33,257 2021 4,079 33,257 2022 4,302 33,257 2023 4,237 13,858 Thereafter 19,105 — Total lease payments $ 34,922 $ 121,943 Imputed interest (16,257 ) (38,619 ) Total $ 18,665 $ 83,324 September 30, 2019 Weighted average remaining lease term: Operating leases 9 years Finance leases 4 years Weighted average discount rate: Operating leases 10.2 % Finance leases 21.9 % The table below presents the supplemental cash flow information related to leases for the nine months ended September 30, 2019 (in thousands): Operating cash outflow from finance leases $ 14,589 Financing cash outflow from finance leases $ 10,344 Operating cash outflow from operating leases $ 1,358 Right-of-use assets obtained in exchange for new finance lease liabilities $ — Right-of-use assets obtained in exchange for new operating lease liabilities $ 2,225

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 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): September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value 11.00% Second-Priority Senior Secured Notes – due April 2022 (1) $ 383,186 $ 398,685 $ 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) $ 307,946 $ 315,000 $ 257,448 $ 265,000 Oil and Natural Gas Derivatives $ 46,296 $ 46,296 $ 74,923 $ 74,923 (1) As of September 30, 2019 and December 31, 2018, the carrying amounts of cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximate their fair values due to 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 September 30, 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 September 30, 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 September 30, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net cash received (paid) on settled derivative instruments $ 5,360 $ (40,746 ) $ (7,202 ) $ (94,802 ) Unrealized gain (loss) 38,400 (12,584 ) (28,627 ) (101,680 ) Price risk management activities income (expense) $ 43,760 $ (53,330 ) $ (35,829 ) $ (196,482 ) The following table reflects the contracted volumes and weighted average prices the Company will receive under its derivative contracts as of September 30, 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) Oct 2019 - Dec 2019 Swap 29,468 $ 56.04 $ — $ — Jan 2020 - Dec 2020 Swap 13,492 $ 56.13 $ — $ — Jan 2020 - Dec 2020 Costless collars 7,481 $ — $ 55.00 $ 64.23 Natural Gas – Henry Hub NYMEX: (MMBtu) (per MMBtu) (per MMBtu) (per MMBtu) Oct 2019 - Dec 2019 Swap 37,475 $ 2.92 $ — $ — Jan 2020 - Dec 2020 Swap 16,216 $ 2.78 $ — $ — 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): September 30, 2019 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas derivatives $ — $ 50,878 $ — $ 50,878 Liabilities: Oil and natural gas derivatives — (4,582 ) — (4,582 ) Total net asset $ — $ 46,296 $ — $ 46,296 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. The following table presents the fair value of derivative financial instruments at September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Assets Liabilities Assets Liabilities Oil and natural gas derivatives: Current $ 43,058 $ 3,832 $ 75,473 $ 550 Non-current 7,820 750 — — Total $ 50,878 $ 4,582 $ 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 September 30, 2019 represent derivative instruments from twelve 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 ten of which are parties under the Company’s Bank Credit Facility. The Company enters into derivatives directly with these counterparties and, subject to the terms of the Company’s Bank Credit Facility, is not required to post collateral or other securities for credit risk in relation to the derivative activities.

Debt

Debt	9 Months Ended
	Sep. 30, 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 September 30, 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 315,000 265,000 4.20% Building Loan – due November 2030 — 10,567 Total debt, before discount and deferred financing cost 711,928 672,495 Discount and deferred financing cost (14,736 ) (17,191 ) Total debt, net of discount and deferred financing cost $ 697,192 $ 655,304 Less: current portion of long-term debt — (443 ) Long-term debt, net of discount and deferred financing costs $ 697,192 $ 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, 2020, the Company may, at its option, redeem all or a portion of the 11.00% Senior Secured Notes at 105.5% of the principal amount plus accrued and unpaid interest. Thereafter, the Company may redeem all or a portion of the 11.00% Senior Secured Notes at redemption prices decreasing annually from 102.75% 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 September 30, 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, provided that the Bank Credit Facility mandates a springing maturity that is 120 days prior to May 10, 2022, if greater than $25.0 million of the 11.00% Senior Secured Notes or any permitted refinancing indebtedness in resect thereof is outstanding on such date. 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 July 3, 2019, the Company and Talos Production LLC entered into a Joinder, First Amendment to Credit Agreement, and Borrowing Base Reaffirmation Agreement in which, (a) the $850.0 million borrowing base was reaffirmed, (b) the commitments were increased from $600.0 million to $850.0 million, (c) three additional financial institutions were joined as lenders to the syndicate and (d) certain other amendments were made to the Bank Credit Facility as more particularly described therein. The Company’s scheduled redetermination meeting was held October 30, 2019, with results expected in November 2019. As of September 30, 2019, the Company’s borrowing base and commitments were $ 850.0 million 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. During June 2019, the Company repaid and discharged $10.4 million aggregate remaining principal, plus accrued interest, of the Building Loan using proceeds from the sale of an office building in Lafayette acquired in the Stone Combination and cash on hand. As of September 30, 2019, there is no outstanding balance under the Building Loan.

Employee Benefits Plans and Sha

Employee Benefits Plans and Share-Based Compensation	9 Months Ended
	Sep. 30, 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 Stone Severance Plans The Company maintained the Stone Energy Corporation Executive Severance Plan and Stone Energy Corporation Employee Severance Plan, each a legacy plan of Talos Petroleum LLC (f/k/a Stone Energy Corporation). The plans provided for the payment of severance benefits to certain individuals who, prior to the Stone Combination, were executive officers or employees of Talos Petroleum LLC, in each case upon an involuntary termination within twelve months of the Closing Date. For the three and nine months ended September 30, 2019, the Company incurred nil nil 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 nine months ended September 30, 2019, the Company granted 732,771 restricted stock units (“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 732,771 $ 24.39 Vested (68,992 ) $ 33.72 Forfeited (48,518 ) $ 25.43 Unvested RSUs at September 30, 2019 753,965 $ 25.21 Performance Stock Units . During the nine months ended September 30, 2019, the Company granted 218,060 performance stock units (“PSUs”) under the LTIP to employees. The following table summarizes PSU activity for the nine months ended September 30, 2019: Performance Share Units Weighted Average Grant Date Fair Value Unvested PSUs at December 31, 2018 231,542 $ 44.47 Granted 218,060 $ 33.96 Vested — $ — Forfeited (26,358 ) $ 39.72 Unvested PSUs at September 30, 2019 423,244 $ 39.35 The grant date fair value of the PSUs granted during the nine months ended September 30, 2019, calculated using a Monte Carlo simulation, was $7.4 million. The following table summarizes the assumptions used to calculate the grant date fair value of the PSUs granted in the nine months ended September 30, 2019: Grant Date March 5, 2019 May 16, 2019 Number of simulations 100,000 100,000 Expected term (in years) 2.8 2.6 Expected volatility 46.9 % 44.8 % Risk-free interest rate 2.5 % 2.1 % Dividend yield — % — % Share-based Compensation Expense, net. Share-based compensation expense is reflected as “General administrative expense,” net amounts capitalized to oil and natural 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. The following table summarizes the stock-based compensation expense for the three and nine months ended September 30, 2019 and 2018 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Share based compensation $ 3,591 $ 923 $ 9,568 $ 5,081 Capitalization (1,647 ) (353 ) (4,404 ) (2,952 ) Share based compensation, net capitalization $ 1,944 $ 570 $ 5,164 $ 2,129

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 8 — Income Taxes Prior to the Stone Combination, 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 September 30, 2019, the Company recognized income tax expense of $0.8 million for an effective tax rate of 1.0%. The difference between the Company’s effective tax rate of 1.0% and federal statutory income tax rate of 21% is primarily due to a reduction to the Company’s valuation allowance. For the three months ended September 30, 2018, the Company’s effective tax rate of 0% differed from the federal statutory rate of 21% because the Company recorded a valuation allowance against its deferred tax assets. For the nine months ended September 30, 2019, the Company recognized an income tax expense of $0.4 million for an effective tax rate of 0.7%. The difference between the Company’s effective tax rate of 0.7% and federal statutory income tax rate of 21% is primarily due to a reduction to the Company’s valuation allowance. For the nine months ended September 30, 2018, the Company’s effective tax rate of 0% differed from the federal statutory rate of 21% because the Company recorded a valuation allowance against its deferred tax assets. The Company evaluates and updates the estimated annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Consequently, based upon the mix and timing of the Company’s actual earnings compared to annual projections, the effective tax rate may vary quarterly and may make quarterly comparisons not meaningful. The quarterly income tax provision is generally comprised of tax expense on income or benefit on loss at the most recent estima ted annual effective tax rate. The tax effect of discrete items is recognized in the period in which they occur at the applicable statutory rate. Deferred income tax assets and liabilities are recorded related to net operating losses and temporary differences between the book and tax basis of assets and liabilities expected to produce deductions and income in the future. The 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 September 30, 2019, the Company had a valuation allowance related to federal, state and foreign deferred tax assets.

Income (Loss) Per Share

Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Income (Loss) Per Share	Note 9 — Income (Loss) Per Share Basic earnings per share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Except when the effect would be antidilutive, diluted earnings per 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income (loss) $ 73,297 $ 13,109 $ 58,425 $ (84,746 ) Weighted average common shares outstanding — basic 54,200 54,156 54,178 43,329 Dilutive effect of securities 230 8 186 — Weighted average common shares outstanding — diluted 54,430 54,164 54,364 43,329 Net income (loss) per common share: Basic $ 1.35 $ 0.24 $ 1.08 $ (1.96 ) Diluted $ 1.35 $ 0.24 $ 1.07 $ (1.96 ) Anti-dilutive potentially issuable securities excluded from diluted common shares 4,250 3,538 4,282 3,891 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.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 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 September 30, 2019 is $1.1 million in receivables from an affiliate of the Apollo Funds to reimburse the Company for certain payments 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 certain Apollo Funds and Riverstone Funds, certain funds controlled by Franklin Advisers, Inc. (“Franklin”) and certain clients of 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 any 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. Pursuant to the Equity Registration Rights Agreement, on June 4, 2019, the Company filed a registration statement on Form S-3 with the SEC registering the offering of shares of the Company’s common stock by the selling stockholders named therein, which was declared effective by the SEC on June 12, 2019. Fees incurred by the Company in conjunction with the Equity Registration Rights Agreement were nil and $0.7 million for the three and nine months ended September 30, 2019, respectively 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 and nine months ended September 30, 2019, we incurred fees of approximately $ 0.3 approximately $5.0 million and $5.3 million, respectively. 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 and nine months ended September 30, 2019, the Company did not incur expenses for these services. For the three and nine months ended September 30, 2018, the Company incurred approximately nil and $0.5 million, respectively. These fees are recognized in “General and administrative expense” on the condensed consolidated statements of operations. In connection with the Stone Combination, the service fee agreements were terminated

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 September 30, 2019, the Company had secured performance bonds totaling approximately $637.3 million. As of September 30, 2019, the Company had $13.6 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	9 Months Ended
	Sep. 30, 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 secured 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 SEPTEMBER 30, 2019 (In thousands) (Unaudited) Talos Talos Issuers Guarantors Non- Guarantors Elimination Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 80,621 $ 3,301 $ 6,760 $ — $ 90,682 Restricted cash — — — — — — Accounts receivable, net Trade, net — — 108,354 — — 108,354 Joint interest, net — — 17,124 438 — 17,562 Other — 1,347 9,156 21,265 — 31,768 Assets from price risk management activities — 43,058 — — — 43,058 Prepaid assets — 1,993 37,358 27 — 39,378 Income tax receivable — — — — — — Other current assets — — 1,952 — — 1,952 Total current assets — 127,019 177,245 28,490 — 332,754 Property and equipment: Proved properties — — 4,012,100 — — 4,012,100 Unproved properties, not subject to amortization — — 72,342 105,832 — 178,174 Other property and equipment — 21,999 6,484 207 — 28,690 Total property and equipment — 21,999 4,090,926 106,039 — 4,218,964 Accumulated depreciation, depletion and amortization — (10,302 ) (1,957,269 ) (39 ) — (1,967,610 ) Total property and equipment, net — 11,697 2,133,657 106,000 — 2,251,354 Other long-term assets: Assets from price risk management activities — 7,820 — — — 7,820 Other well equipment inventory — — 9,251 — — 9,251 Leased assets — 3,162 3,412 1,508 — 8,082 Investments in subsidiaries 1,078,993 1,663,746 — — (2,742,739 ) — Other assets 54 364 2,140 66 — 2,624 Total assets $ 1,079,047 $ 1,813,808 $ 2,325,705 $ 136,064 $ (2,742,739 ) $ 2,611,885 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 279 $ 2,758 $ 89,617 $ 3,083 $ — $ 95,737 Accrued liabilities — 1,787 143,112 24,253 — 169,152 Accrued royalties — — 37,763 — — 37,763 Current portion of long-term debt — — — — — — Current portion of asset retirement obligations — — 63,404 — — 63,404 Liabilities from price risk management activities — 3,832 — — — 3,832 Accrued interest payable — 20,906 152 — — 21,058 Leases liabilities — 70 798 548 — 1,416 Other current liabilities — — 18,993 — — 18,993 Total current liabilities 279 29,353 353,839 27,884 — 411,355 Long-term debt, net of discount and deferred financing costs — 691,132 6,060 — — 697,192 Asset retirement obligations — — 321,808 — — 321,808 Liabilities from price risk management activities — 750 — — — 750 Long-term leased liabilities — 13,580 2,629 1,040 — 17,249 Other long-term liabilities 3,944 — 84,620 143 — 88,707 Total liabilities 4,223 734,815 768,956 29,067 — 1,537,061 Commitments and Contingencies (Note 11) Stockholders' equity 1,074,824 1,078,993 1,556,749 106,997 (2,742,739 ) 1,074,824 Total liabilities and stockholders' equity $ 1,079,047 $ 1,813,808 $ 2,325,705 $ 136,064 $ (2,742,739 ) $ 2,611,885 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 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 1,007,496 1,011,359 1,509,930 50,992 (2,572,281 ) 1,007,496 Total liabilities and stockholders' equity $ 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 SEPTEMBER 30, 2019 (In thousands) (Unaudited) Talos Talos Issuers Guarantors Non- Guarantors Elimination Consolidated Revenues: Oil revenue $ — $ — $ 211,690 $ 209 $ — $ 211,899 Natural gas revenue — — 12,545 — — 12,545 NGL revenue — — 3,384 — — 3,384 Other revenue — — 1,029 — — 1,029 Total revenue — — 228,648 209 — 228,857 Operating expenses: — — — — — — Direct lease operating expense — — 43,439 — — 43,439 Insurance — — 4,167 — — 4,167 Production taxes — — (21 ) — — (21 ) Total lease operating expense — — 47,585 — — 47,585 Workover and maintenance expense — — 14,210 — — 14,210 Depreciation, depletion and amortization — 678 87,435 12 — 88,125 Write-down of oil and natural gas properties — — — 1,417 — 1,417 Accretion expense — — 7,316 — — 7,316 General and administrative expense 307 4,803 12,030 181 — 17,321 Total operating expenses 307 5,481 168,576 1,610 — 175,974 Operating income (loss) (307 ) (5,481 ) 60,072 (1,401 ) — 52,883 Interest expense — (16,734 ) (6,191 ) (198 ) — (23,123 ) Price risk management activities income — 43,760 — — — 43,760 Other income — 491 6 70 — 567 Income tax (expense) benefit (780 ) — 4 (14 ) — (790 ) Equity earnings (loss) from subsidiaries 74,384 52,348 — — (126,732 ) — Net income (loss) $ 73,297 $ 74,384 $ 53,891 $ (1,543 ) $ (126,732 ) $ 73,297 TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 (In thousands) (Unaudited) Talos Talos Issuers Guarantors Non- Guarantors Elimination Consolidated Revenues: Oil revenue $ — $ — $ 624,277 $ 209 $ — $ 624,486 Natural gas revenue — — 41,738 — — 41,738 NGL revenue — — 15,095 — — 15,095 Other revenue 13,061 13,061 Total revenue — — 694,171 209 — 694,380 Operating expenses: Direct lease operating expense — — 122,243 — — 122,243 Insurance — — 12,462 — — 12,462 Production taxes — — 1,067 — — 1,067 Total lease operating expense — — 135,772 — — 135,772 Workover and maintenance expense — — 49,525 — — 49,525 Depreciation, depletion and amortization — 1,992 246,499 27 — 248,518 Write-down of oil and natural gas properties — — — 13,778 — 13,778 Accretion expense — — 26,868 — — 26,868 General and administrative expense 692 21,035 31,439 629 — 53,795 Total operating expenses 692 23,027 490,103 14,434 — 528,256 Operating income (loss) (692 ) (23,027 ) 204,068 (14,225 ) — 166,124 Interest expense — (50,326 ) (22,428 ) (519 ) — (73,273 ) Price risk management activities expense — (35,829 ) — — — (35,829 ) Other income (expense) — 678 1,242 (89 ) — 1,831 Income tax expense (130 ) — (292 ) (6 ) — (428 ) Equity earnings (loss) from subsidiaries 59,247 167,751 — — (226,998 ) — Net income (loss) $ 58,425 $ 59,247 $ 182,590 $ (14,839 ) $ (226,998 ) $ 58,425 TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018 (In thousands) (Unaudited) Talos Talos Issuers Guarantors Non- Guarantors Elimination Consolidated Revenues: Oil revenue $ — $ — $ 248,100 $ — $ — $ 248,100 Natural gas revenue — — 20,193 — — 20,193 NGL revenue — — 14,575 — — 14,575 Total revenue — — 282,868 — — 282,868 Operating expenses: Direct lease operating expense — — 42,090 — — 42,090 Insurance — — 4,125 — — 4,125 Production taxes — — 578 — — 578 Total lease operating expense — — 46,793 — — 46,793 Workover and maintenance expense — — 25,084 — — 25,084 Depreciation, depletion and amortization — 455 87,352 1 — 87,808 Accretion expense — — 10,162 — — 10,162 General and administrative expense — 12,942 8,274 444 — 21,660 Total operating expenses — 13,397 177,665 445 — 191,507 Operating income (loss) — (13,397 ) 105,203 (445 ) — 91,361 Interest expense — (15,580 ) (8,797 ) (460 ) — (24,837 ) Price risk management activities expense — (47,656 ) (5,674 ) — — (53,330 ) Other income (expense) — (356 ) 310 (39 ) — (85 ) Equity earnings from subsidiaries 13,109 90,098 — — (103,207 ) — Net income (loss) $ 13,109 $ 13,109 $ 91,042 $ (944 ) $ (103,207 ) $ 13,109 TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 (In thousands) (Unaudited) Talos Talos Issuers Guarantors Non- Guarantors Elimination Consolidated Revenues: Oil revenue $ — $ — $ 555,954 $ — $ — $ 555,954 Natural gas revenue — — 49,364 — — 49,364 NGL revenue — — 27,306 — — 27,306 Total revenue — — 632,624 — — 632,624 Operating expenses: Direct lease operating expense — — 101,065 — — 101,065 Insurance — — 11,059 — — 11,059 Production taxes — — 1,533 — — 1,533 Total lease operating expense — — 113,657 — — 113,657 Workover and maintenance expense — — 49,703 — — 49,703 Depreciation, depletion and amortization — 1,180 203,391 3 — 204,574 Accretion expense — — 24,414 — — 24,414 General and administrative expense — 31,340 28,841 939 — 61,120 Total operating expenses — 32,520 420,006 942 — 453,468 Operating income (loss) — (32,520 ) 212,618 (942 ) — 179,156 Interest expense — (42,207 ) (22,754 ) (1,296 ) — (66,257 ) Price risk management activities expense — (186,873 ) (9,609 ) — — (196,482 ) Other income (expense) — (1,564 ) 395 6 — (1,163 ) Equity earnings (loss) from subsidiaries (84,746 ) 178,418 — — (93,672 ) — Net income (loss) $ (84,746 ) $ (84,746 ) $ 180,650 $ (2,232 ) $ (93,672 ) $ (84,746 ) TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 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 $ (558 ) $ (64,050 ) $ 412,445 $ (15,424 ) $ — $ 332,413 Cash flows from investing activities: Exploration, development, and other capital expenditures — (1,577 ) (301,603 ) (69,740 ) — (372,920 ) Cash paid for in acquisitions — — (32,916 ) — — (32,916 ) Proceeds from sales of property 5,369 5,369 Investments in subsidiaries — (1,119,219 ) — — 1,119,219 — Distributions from subsidiaries — 1,203,194 — — (1,203,194 ) — Net cash provided by (used in) investing activities — 82,398 (329,150 ) (69,740 ) (83,975 ) (400,467 ) Cash flows from financing activities: Redemption of Senior Notes and other long-term debt — — (10,567 ) — — (10,567 ) Proceeds from Bank Credit Facility — 75,000 — — — 75,000 Repayment of Bank Credit Facility — (25,000 ) — — — (25,000 ) Deferred financing costs — (1,268 ) — — — (1,268 ) Other deferred payments — — (9,921 ) — — (9,921 ) Payments of capital lease — — (10,344 ) — — (10,344 ) Capital contributions 558 — 1,051,661 67,000 (1,119,219 ) — Employee stock transaction — — (326 ) — — (326 ) Distributions to subsidiary issuer — — (1,202,546 ) (648 ) 1,203,194 — Net cash provided by (used in) financing activities 558 48,732 (182,043 ) 66,352 83,975 17,574 Net increase (decrease) in cash, cash equivalents and restricted cash — 67,080 (98,748 ) (18,812 ) — (50,480 ) Cash, cash equivalents and restricted cash: Balance, beginning of period — 13,541 102,049 25,572 — 141,162 Balance, end of period $ — $ 80,621 $ 3,301 $ 6,760 $ — $ 90,682 TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 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 $ — $ (126,105 ) $ 269,841 $ (49 ) $ — $ 143,687 Cash flows from investing activities: Exploration, development, and other capital expenditures — (12,966 ) (159,368 ) (2,015 ) — (174,349 ) Cash acquired in acquisitions — — 278,409 — — 278,409 Investments in subsidiaries — (778,148 ) — — 778,148 — Distributions from subsidiaries — 1,097,505 (9 ) — (1,097,496 ) — Net cash provided by (used in) investing activities — 306,391 119,032 (2,015 ) (319,348 ) 104,060 Cash flows from financing activities: Redemption of Senior Notes and other long-term debt — (24,977 ) (174 ) — — (25,151 ) Proceeds from Bank Credit Facility — 319,000 — — — 319,000 Repayment of Bank Credit Facility — (54,000 ) — — — (54,000 ) Repayment of LLC Credit Facility — (403,000 ) — — — (403,000 ) Deferred financing costs — (16,990 ) — — — (16,990 ) Payments of capital lease — — (9,874 ) — — (9,874 ) Capital contributions — — 770,436 7,712 (778,148 ) — Distributions to subsidiaries — — (1,095,165 ) (2,331 ) 1,097,496 — Net cash provided by (used in) financing activities — (179,967 ) (334,777 ) 5,381 319,348 (190,015 ) Net increase in cash, cash equivalents and restricted cash — 319 54,096 3,317 — 57,732 Cash, cash equivalents and restricted cash: Balance, beginning of period — 22,315 9,048 2,070 — 33,433 Balance, end of period $ — $ 22,634 $ 63,144 $ 5,387 $ — $ 91,165

Summary of Significant Accounti

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 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 operational expertise in 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 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 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 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 concurrently 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. In the opinion of management, these financial statements include all adjustments, which unless otherwise disclosed, are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations, cash flows and changes in equity for the periods presented. The results for interim periods are not necessarily indicative of results for the entire year. The 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 issued Accounting Standards Codification 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)	9 Months Ended
	Sep. 30, 2019
Summary of Revenue and Net Income Attributable to Assets Acquired	The following table presents revenue and net income attributable to the assets acquired in the Stone Combination for the three and nine months ended September 30, 2019 and 2018: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenue $ 97,213 $ 134,989 $ 313,335 $ 204,298 Net income $ 40,775 $ 75,968 $ 147,186 $ 120,390
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)
Stone Energy Corporation
Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed	The following table presents the final allocation of the purchase price to the assets acquired and liabilities assumed, based on their fair values on May 10, 2018 (in thousands): Current assets (1) $ 372,963 Property and equipment 886,406 Other long-term assets 19,494 Current liabilities (132,846 ) Long-term debt (235,416 ) Other long-term liabilities (178,637 ) Allocated purchase price $ 731,964 (1)
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 and nine months ended September 30, 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 September 30, 2018 Nine Months Ended September 30, 2018 Revenue $ 282,868 $ 754,520 Net income (loss) $ 20,566 $ (30,645 ) Basic net income (loss) per common share $ 0.38 $ (0.71 ) Diluted net income (loss) per common share $ 0.38 $ (0.71 )

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2019
Oil And Gas Property [Abstract]
Schedule of Asset Retirement Obligations	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 nine months ended September 30, 2019 were as follows (in thousands): Asset retirement obligations at December 31, 2018 $ 382,817 Fair value of asset retirement obligations assumed 5,047 Obligations settled (54,406 ) Fair value of asset retirement obligations divested (5,450 ) Accretion expense 26,868 Obligations incurred 4,111 Changes in estimate 26,225 Asset retirement obligations at September 30, 2019 $ 385,212 Less: Current portion 63,404 Long-term portion $ 321,808

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Components of Lease Costs	The components of lease costs were as follows (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Finance lease cost - interest on lease liabilities (1) $ 4,728 $ 14,589 Operating lease cost, excluding short-term leases (2) 822 2,348 Short-term lease cost (3) 17,658 81,897 Variable lease cost (4) 3 8 Total lease cost $ 23,211 $ 98,842 (1) The HP-I is utilized in the Company’s oil and natural gas development activities and the right-of-use asset was capitalized and included in proved property and depleted as part of the full cost pool. Once items are included in the full cost pool, they are indistinguishable from other proved properties. The capitalized costs within the full cost pool are amortized over the life of the total proved 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 liability, adjusted for initial direct costs and incentives are as follows (in thousands): September 30, 2019 Operating leases: Operating lease assets $ 8,082 Current portion of operating leases $ 1,416 Operating lease liabilities 17,249 Total operating lease liabilities $ 18,665 Finance leases: Proved property (1) $ 124,299 Other current liabilities $ 16,578 Other long-term liabilities 66,746 Total finance lease liabilities $ 83,324 (1) The HP-I is utilized in the Company’s oil and natural gas development activities and the right-of-use asset was capitalized and included in proved property and depleted as part of the full cost pool. Once items are included in the full cost pool, they are indistinguishable from other proved properties. The capitalized costs within the full cost pool are amortized over the life of the total proved reserves using the unit-of-production method, computed quarterly.
Minimum Future Commitments by leases	Minimum future commitments by year for the Company’s leases as of September 30, 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 nine months ended September 30, 2019) $ 453 $ 8,314 2020 2,746 33,257 2021 4,079 33,257 2022 4,302 33,257 2023 4,237 13,858 Thereafter 19,105 — Total lease payments $ 34,922 $ 121,943 Imputed interest (16,257 ) (38,619 ) Total $ 18,665 $ 83,324
Schedule of Weighted Average Remaining Lease Term and Discount Rate	September 30, 2019 Weighted average remaining lease term: Operating leases 9 years Finance leases 4 years Weighted average discount rate: Operating leases 10.2 % Finance leases 21.9 %
Supplemental Cash Flow Information Related to Leases	The table below presents the supplemental cash flow information related to leases for the nine months ended September 30, 2019 (in thousands): Operating cash outflow from finance leases $ 14,589 Financing cash outflow from finance leases $ 10,344 Operating cash outflow from operating leases $ 1,358 Right-of-use assets obtained in exchange for new finance lease liabilities $ — Right-of-use assets obtained in exchange for new operating lease liabilities $ 2,225

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value 11.00% Second-Priority Senior Secured Notes – due April 2022 (1) $ 383,186 $ 398,685 $ 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) $ 307,946 $ 315,000 $ 257,448 $ 265,000 Oil and Natural Gas Derivatives $ 46,296 $ 46,296 $ 74,923 $ 74,923 (1)
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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net cash received (paid) on settled derivative instruments $ 5,360 $ (40,746 ) $ (7,202 ) $ (94,802 ) Unrealized gain (loss) 38,400 (12,584 ) (28,627 ) (101,680 ) Price risk management activities income (expense) $ 43,760 $ (53,330 ) $ (35,829 ) $ (196,482 )
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 September 30, 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) Oct 2019 - Dec 2019 Swap 29,468 $ 56.04 $ — $ — Jan 2020 - Dec 2020 Swap 13,492 $ 56.13 $ — $ — Jan 2020 - Dec 2020 Costless collars 7,481 $ — $ 55.00 $ 64.23 Natural Gas – Henry Hub NYMEX: (MMBtu) (per MMBtu) (per MMBtu) (per MMBtu) Oct 2019 - Dec 2019 Swap 37,475 $ 2.92 $ — $ — Jan 2020 - Dec 2020 Swap 16,216 $ 2.78 $ — $ —
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): September 30, 2019 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas derivatives $ — $ 50,878 $ — $ 50,878 Liabilities: Oil and natural gas derivatives — (4,582 ) — (4,582 ) Total net asset $ — $ 46,296 $ — $ 46,296 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 September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Assets Liabilities Assets Liabilities Oil and natural gas derivatives: Current $ 43,058 $ 3,832 $ 75,473 $ 550 Non-current 7,820 750 — — Total $ 50,878 $ 4,582 $ 75,473 $ 550

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 315,000 265,000 4.20% Building Loan – due November 2030 — 10,567 Total debt, before discount and deferred financing cost 711,928 672,495 Discount and deferred financing cost (14,736 ) (17,191 ) Total debt, net of discount and deferred financing cost $ 697,192 $ 655,304 Less: current portion of long-term debt — (443 ) Long-term debt, net of discount and deferred financing costs $ 697,192 $ 654,861

Employee Benefits Plans and S_2

Employee Benefits Plans and Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Restricted Stock Units Activity	The following table summarizes RSU activity for the nine months ended September 30, 2019: Restricted Stock Units Weighted Average Grant Date Fair Value Unvested RSUs at December 31, 2018 138,704 $ 33.85 Granted 732,771 $ 24.39 Vested (68,992 ) $ 33.72 Forfeited (48,518 ) $ 25.43 Unvested RSUs at September 30, 2019 753,965 $ 25.21
Summary of Performance Stock Units Activity	The following table summarizes PSU activity for the nine months ended September 30, 2019: Performance Share Units Weighted Average Grant Date Fair Value Unvested PSUs at December 31, 2018 231,542 $ 44.47 Granted 218,060 $ 33.96 Vested — $ — Forfeited (26,358 ) $ 39.72 Unvested PSUs at September 30, 2019 423,244 $ 39.35
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 in the nine months ended September 30, 2019: Grant Date March 5, 2019 May 16, 2019 Number of simulations 100,000 100,000 Expected term (in years) 2.8 2.6 Expected volatility 46.9 % 44.8 % Risk-free interest rate 2.5 % 2.1 % Dividend yield — % — %
Summary of Share Based Compensation Expense	The following table summarizes the stock-based compensation expense for the three and nine months ended September 30, 2019 and 2018 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Share based compensation $ 3,591 $ 923 $ 9,568 $ 5,081 Capitalization (1,647 ) (353 ) (4,404 ) (2,952 ) Share based compensation, net capitalization $ 1,944 $ 570 $ 5,164 $ 2,129

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income (loss) $ 73,297 $ 13,109 $ 58,425 $ (84,746 ) Weighted average common shares outstanding — basic 54,200 54,156 54,178 43,329 Dilutive effect of securities 230 8 186 — Weighted average common shares outstanding — diluted 54,430 54,164 54,364 43,329 Net income (loss) per common share: Basic $ 1.35 $ 0.24 $ 1.08 $ (1.96 ) Diluted $ 1.35 $ 0.24 $ 1.07 $ (1.96 ) Anti-dilutive potentially issuable securities excluded from diluted common shares 4,250 3,538 4,282 3,891

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)	9 Months Ended
	Sep. 30, 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 SEPTEMBER 30, 2019 (In thousands) (Unaudited) Talos Talos Issuers Guarantors Non- Guarantors Elimination Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 80,621 $ 3,301 $ 6,760 $ — $ 90,682 Restricted cash — — — — — — Accounts receivable, net Trade, net — — 108,354 — — 108,354 Joint interest, net — — 17,124 438 — 17,562 Other — 1,347 9,156 21,265 — 31,768 Assets from price risk management activities — 43,058 — — — 43,058 Prepaid assets — 1,993 37,358 27 — 39,378 Income tax receivable — — — — — — Other current assets — — 1,952 — — 1,952 Total current assets — 127,019 177,245 28,490 — 332,754 Property and equipment: Proved properties — — 4,012,100 — — 4,012,100 Unproved properties, not subject to amortization — — 72,342 105,832 — 178,174 Other property and equipment — 21,999 6,484 207 — 28,690 Total property and equipment — 21,999 4,090,926 106,039 — 4,218,964 Accumulated depreciation, depletion and amortization — (10,302 ) (1,957,269 ) (39 ) — (1,967,610 ) Total property and equipment, net — 11,697 2,133,657 106,000 — 2,251,354 Other long-term assets: Assets from price risk management activities — 7,820 — — — 7,820 Other well equipment inventory — — 9,251 — — 9,251 Leased assets — 3,162 3,412 1,508 — 8,082 Investments in subsidiaries 1,078,993 1,663,746 — — (2,742,739 ) — Other assets 54 364 2,140 66 — 2,624 Total assets $ 1,079,047 $ 1,813,808 $ 2,325,705 $ 136,064 $ (2,742,739 ) $ 2,611,885 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 279 $ 2,758 $ 89,617 $ 3,083 $ — $ 95,737 Accrued liabilities — 1,787 143,112 24,253 — 169,152 Accrued royalties — — 37,763 — — 37,763 Current portion of long-term debt — — — — — — Current portion of asset retirement obligations — — 63,404 — — 63,404 Liabilities from price risk management activities — 3,832 — — — 3,832 Accrued interest payable — 20,906 152 — — 21,058 Leases liabilities — 70 798 548 — 1,416 Other current liabilities — — 18,993 — — 18,993 Total current liabilities 279 29,353 353,839 27,884 — 411,355 Long-term debt, net of discount and deferred financing costs — 691,132 6,060 — — 697,192 Asset retirement obligations — — 321,808 — — 321,808 Liabilities from price risk management activities — 750 — — — 750 Long-term leased liabilities — 13,580 2,629 1,040 — 17,249 Other long-term liabilities 3,944 — 84,620 143 — 88,707 Total liabilities 4,223 734,815 768,956 29,067 — 1,537,061 Commitments and Contingencies (Note 11) Stockholders' equity 1,074,824 1,078,993 1,556,749 106,997 (2,742,739 ) 1,074,824 Total liabilities and stockholders' equity $ 1,079,047 $ 1,813,808 $ 2,325,705 $ 136,064 $ (2,742,739 ) $ 2,611,885 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 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 1,007,496 1,011,359 1,509,930 50,992 (2,572,281 ) 1,007,496 Total liabilities and stockholders' equity $ 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 SEPTEMBER 30, 2019 (In thousands) (Unaudited) Talos Talos Issuers Guarantors Non- Guarantors Elimination Consolidated Revenues: Oil revenue $ — $ — $ 211,690 $ 209 $ — $ 211,899 Natural gas revenue — — 12,545 — — 12,545 NGL revenue — — 3,384 — — 3,384 Other revenue — — 1,029 — — 1,029 Total revenue — — 228,648 209 — 228,857 Operating expenses: — — — — — — Direct lease operating expense — — 43,439 — — 43,439 Insurance — — 4,167 — — 4,167 Production taxes — — (21 ) — — (21 ) Total lease operating expense — — 47,585 — — 47,585 Workover and maintenance expense — — 14,210 — — 14,210 Depreciation, depletion and amortization — 678 87,435 12 — 88,125 Write-down of oil and natural gas properties — — — 1,417 — 1,417 Accretion expense — — 7,316 — — 7,316 General and administrative expense 307 4,803 12,030 181 — 17,321 Total operating expenses 307 5,481 168,576 1,610 — 175,974 Operating income (loss) (307 ) (5,481 ) 60,072 (1,401 ) — 52,883 Interest expense — (16,734 ) (6,191 ) (198 ) — (23,123 ) Price risk management activities income — 43,760 — — — 43,760 Other income — 491 6 70 — 567 Income tax (expense) benefit (780 ) — 4 (14 ) — (790 ) Equity earnings (loss) from subsidiaries 74,384 52,348 — — (126,732 ) — Net income (loss) $ 73,297 $ 74,384 $ 53,891 $ (1,543 ) $ (126,732 ) $ 73,297 TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 (In thousands) (Unaudited) Talos Talos Issuers Guarantors Non- Guarantors Elimination Consolidated Revenues: Oil revenue $ — $ — $ 624,277 $ 209 $ — $ 624,486 Natural gas revenue — — 41,738 — — 41,738 NGL revenue — — 15,095 — — 15,095 Other revenue 13,061 13,061 Total revenue — — 694,171 209 — 694,380 Operating expenses: Direct lease operating expense — — 122,243 — — 122,243 Insurance — — 12,462 — — 12,462 Production taxes — — 1,067 — — 1,067 Total lease operating expense — — 135,772 — — 135,772 Workover and maintenance expense — — 49,525 — — 49,525 Depreciation, depletion and amortization — 1,992 246,499 27 — 248,518 Write-down of oil and natural gas properties — — — 13,778 — 13,778 Accretion expense — — 26,868 — — 26,868 General and administrative expense 692 21,035 31,439 629 — 53,795 Total operating expenses 692 23,027 490,103 14,434 — 528,256 Operating income (loss) (692 ) (23,027 ) 204,068 (14,225 ) — 166,124 Interest expense — (50,326 ) (22,428 ) (519 ) — (73,273 ) Price risk management activities expense — (35,829 ) — — — (35,829 ) Other income (expense) — 678 1,242 (89 ) — 1,831 Income tax expense (130 ) — (292 ) (6 ) — (428 ) Equity earnings (loss) from subsidiaries 59,247 167,751 — — (226,998 ) — Net income (loss) $ 58,425 $ 59,247 $ 182,590 $ (14,839 ) $ (226,998 ) $ 58,425 TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018 (In thousands) (Unaudited) Talos Talos Issuers Guarantors Non- Guarantors Elimination Consolidated Revenues: Oil revenue $ — $ — $ 248,100 $ — $ — $ 248,100 Natural gas revenue — — 20,193 — — 20,193 NGL revenue — — 14,575 — — 14,575 Total revenue — — 282,868 — — 282,868 Operating expenses: Direct lease operating expense — — 42,090 — — 42,090 Insurance — — 4,125 — — 4,125 Production taxes — — 578 — — 578 Total lease operating expense — — 46,793 — — 46,793 Workover and maintenance expense — — 25,084 — — 25,084 Depreciation, depletion and amortization — 455 87,352 1 — 87,808 Accretion expense — — 10,162 — — 10,162 General and administrative expense — 12,942 8,274 444 — 21,660 Total operating expenses — 13,397 177,665 445 — 191,507 Operating income (loss) — (13,397 ) 105,203 (445 ) — 91,361 Interest expense — (15,580 ) (8,797 ) (460 ) — (24,837 ) Price risk management activities expense — (47,656 ) (5,674 ) — — (53,330 ) Other income (expense) — (356 ) 310 (39 ) — (85 ) Equity earnings from subsidiaries 13,109 90,098 — — (103,207 ) — Net income (loss) $ 13,109 $ 13,109 $ 91,042 $ (944 ) $ (103,207 ) $ 13,109 TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 (In thousands) (Unaudited) Talos Talos Issuers Guarantors Non- Guarantors Elimination Consolidated Revenues: Oil revenue $ — $ — $ 555,954 $ — $ — $ 555,954 Natural gas revenue — — 49,364 — — 49,364 NGL revenue — — 27,306 — — 27,306 Total revenue — — 632,624 — — 632,624 Operating expenses: Direct lease operating expense — — 101,065 — — 101,065 Insurance — — 11,059 — — 11,059 Production taxes — — 1,533 — — 1,533 Total lease operating expense — — 113,657 — — 113,657 Workover and maintenance expense — — 49,703 — — 49,703 Depreciation, depletion and amortization — 1,180 203,391 3 — 204,574 Accretion expense — — 24,414 — — 24,414 General and administrative expense — 31,340 28,841 939 — 61,120 Total operating expenses — 32,520 420,006 942 — 453,468 Operating income (loss) — (32,520 ) 212,618 (942 ) — 179,156 Interest expense — (42,207 ) (22,754 ) (1,296 ) — (66,257 ) Price risk management activities expense — (186,873 ) (9,609 ) — — (196,482 ) Other income (expense) — (1,564 ) 395 6 — (1,163 ) Equity earnings (loss) from subsidiaries (84,746 ) 178,418 — — (93,672 ) — Net income (loss) $ (84,746 ) $ (84,746 ) $ 180,650 $ (2,232 ) $ (93,672 ) $ (84,746 ) TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 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 $ (558 ) $ (64,050 ) $ 412,445 $ (15,424 ) $ — $ 332,413 Cash flows from investing activities: Exploration, development, and other capital expenditures — (1,577 ) (301,603 ) (69,740 ) — (372,920 ) Cash paid for in acquisitions — — (32,916 ) — — (32,916 ) Proceeds from sales of property 5,369 5,369 Investments in subsidiaries — (1,119,219 ) — — 1,119,219 — Distributions from subsidiaries — 1,203,194 — — (1,203,194 ) — Net cash provided by (used in) investing activities — 82,398 (329,150 ) (69,740 ) (83,975 ) (400,467 ) Cash flows from financing activities: Redemption of Senior Notes and other long-term debt — — (10,567 ) — — (10,567 ) Proceeds from Bank Credit Facility — 75,000 — — — 75,000 Repayment of Bank Credit Facility — (25,000 ) — — — (25,000 ) Deferred financing costs — (1,268 ) — — — (1,268 ) Other deferred payments — — (9,921 ) — — (9,921 ) Payments of capital lease — — (10,344 ) — — (10,344 ) Capital contributions 558 — 1,051,661 67,000 (1,119,219 ) — Employee stock transaction — — (326 ) — — (326 ) Distributions to subsidiary issuer — — (1,202,546 ) (648 ) 1,203,194 — Net cash provided by (used in) financing activities 558 48,732 (182,043 ) 66,352 83,975 17,574 Net increase (decrease) in cash, cash equivalents and restricted cash — 67,080 (98,748 ) (18,812 ) — (50,480 ) Cash, cash equivalents and restricted cash: Balance, beginning of period — 13,541 102,049 25,572 — 141,162 Balance, end of period $ — $ 80,621 $ 3,301 $ 6,760 $ — $ 90,682 TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 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 $ — $ (126,105 ) $ 269,841 $ (49 ) $ — $ 143,687 Cash flows from investing activities: Exploration, development, and other capital expenditures — (12,966 ) (159,368 ) (2,015 ) — (174,349 ) Cash acquired in acquisitions — — 278,409 — — 278,409 Investments in subsidiaries — (778,148 ) — — 778,148 — Distributions from subsidiaries — 1,097,505 (9 ) — (1,097,496 ) — Net cash provided by (used in) investing activities — 306,391 119,032 (2,015 ) (319,348 ) 104,060 Cash flows from financing activities: Redemption of Senior Notes and other long-term debt — (24,977 ) (174 ) — — (25,151 ) Proceeds from Bank Credit Facility — 319,000 — — — 319,000 Repayment of Bank Credit Facility — (54,000 ) — — — (54,000 ) Repayment of LLC Credit Facility — (403,000 ) — — — (403,000 ) Deferred financing costs — (16,990 ) — — — (16,990 ) Payments of capital lease — — (9,874 ) — — (9,874 ) Capital contributions — — 770,436 7,712 (778,148 ) — Distributions to subsidiaries — — (1,095,165 ) (2,331 ) 1,097,496 — Net cash provided by (used in) financing activities — (179,967 ) (334,777 ) 5,381 319,348 (190,015 ) Net increase in cash, cash equivalents and restricted cash — 319 54,096 3,317 — 57,732 Cash, cash equivalents and restricted cash: Balance, beginning of period — 22,315 9,048 2,070 — 33,433 Balance, end of period $ — $ 22,634 $ 63,144 $ 5,387 $ — $ 91,165

Formation and Basis of Presen_2

Formation and Basis of Presentation - Additional Information (Details) $ in Thousands	Nov. 21, 2017USD ($)shares	Sep. 30, 2019USD ($)Segment	Dec. 31, 2018USD ($)	Jan. 01, 2019USD ($)	May 10, 2018USD ($)
Basis Of Presentation And Schedule Of Accounting Policy [Line Items]
Senior notes, outstading amount		$ 711,928	$ 672,495
Number of reportable segment | Segment		1
Operating lease right-of-use asset		$ 8,082		$ 7,300
Operating lease liability		$ 18,665		$ 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
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

Acquisitions - Summary of Alloc

Acquisitions - Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	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			$ 372,963
Property and equipment			886,406
Other long-term assets			19,494
Current liabilities			(132,846)
Long-term debt			(235,416)
Other long-term liabilities			(178,637)
Allocated purchase price			$ 731,964

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	Sep. 30, 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 Reven

Acquisitions - Summary of Revenue and Net Income Attributable to Assets Acquired (Details) - Stone Energy Corporation - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Business Acquisition [Line Items]
Revenue	$ 97,213	$ 134,989	$ 313,335	$ 204,298
Net income	$ 40,775	$ 75,968	$ 147,186	$ 120,390

Acquisitions - Summary of Suppl

Acquisitions - Summary of Supplemental Proforma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Business Acquisition Pro Forma Information [Abstract]
Revenue	$ 282,868	$ 754,520
Net income (loss)	$ 20,566	$ (30,645)
Basic net income (loss) per common share	$ 0.38	$ (0.71)
Diluted net income (loss) per common share	$ 0.38	$ (0.71)

Property, Plant and Equipment -

Property, Plant and Equipment - Additional Information (Details)	Sep. 04, 2019	May 22, 2019	Dec. 21, 2018	Sep. 30, 2018	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)$ / bbl$ / Mcf	Sep. 30, 2018USD ($)	Sep. 04, 2015LeaseBlock
Property, Plant and Equipment [Line Items]
Write-down of oil and natural gas properties					$ 1,417,000		$ 13,778,000
Unproved properties, number of lease blocks awarded | LeaseBlock									2
Unproved properties, number of extension year	2 years
Capitalized overhead costs					7,400,000	$ 8,700,000	21,400,000	$ 16,200,000
Block 2
Property, Plant and Equipment [Line Items]
Write-down of oil and natural gas properties					1,400,000		$ 13,800,000
Participating interest percentage		25.00%		5.00%
Reduction in participating interests percentage upon option exercise				0.00%
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%
US
Property, Plant and Equipment [Line Items]
Unweighted average first day of month commodity price for crude oil for prior twelve months | $ / bbl							63.88
Unweighted average first day of month commodity price for natural gas for prior twelve months | $ / Mcf							2.81
Unweighted average first day of month commodity price for natural gas liquids for prior twelve months | $ / bbl							24.26
Write-down of oil and natural gas properties					$ 0	$ 0	$ 0	$ 0

Property, Plant and Equipment_2

Property, Plant and Equipment - Schedule of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Oil And Gas Property [Abstract]
Asset retirement obligations			$ 382,817
Fair value of asset retirement obligations assumed			5,047
Obligations settled			(54,406)
Fair value of asset retirement obligations divested			(5,450)
Accretion expense	$ 7,316	$ 10,162	26,868	$ 24,414
Obligations incurred			4,111
Changes in estimate			26,225
Asset retirement obligations	385,212		385,212
Current portion of asset retirement obligations	63,404		63,404		$ 68,965
Long-term portion	$ 321,808		$ 321,808		$ 313,852

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018	Aug. 02, 2016
Leases [Line Items]
Capital lease obligations			$ 93,600	$ 124,300
Operating lease liability	$ 18,665	$ 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
Agreed to pay annual fixed demand charge, year one				$ 49,000
Agreed to pay annual fixed demand charge, year two				49,000
Agreed to pay annual fixed demand charge, year five and thereafter				$ 45,000

Leases - Components of Lease Co

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
		Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Finance lease cost - interest on lease liabilities	[1]	$ 4,728	$ 14,589
Operating lease cost, excluding short-term leases	[2]	822	2,348
Short-term lease cost	[3]	17,658	81,897
Variable lease cost	[4]	3	8
Total lease cost		$ 23,211	$ 98,842
[1]	The HP-I is utilized in the Company’s oil and natural gas development activities and the right-of-use asset was capitalized and included in proved property and depleted as part of the full cost pool. Once items are included in the full cost pool, they are indistinguishable from other proved properties. The capitalized costs within the full cost pool are amortized over the life of the total proved 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		Sep. 30, 2019	Jan. 01, 2019
Operating leases:
Operating lease assets		$ 8,082	$ 7,300
Current portion of operating leases		$ 1,416
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]		us-gaap:OperatingLeaseLiabilityCurrent
Operating lease liabilities		$ 17,249
Total operating lease liabilities		18,665	$ 16,900
Finance leases:
Proved property	[1]	124,299
Other current liabilities		$ 16,578
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]		us-gaap:OtherLiabilitiesCurrent
Other long-term liabilities		$ 66,746
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		us-gaap:OtherLiabilitiesNoncurrent
Total finance lease liabilities		$ 83,324
[1]	The HP-I is utilized in the Company’s oil and natural gas development activities and the right-of-use asset was capitalized and included in proved property and depleted as part of the full cost pool. Once items are included in the full cost pool, they are indistinguishable from other proved properties. The capitalized costs within the full cost pool are amortized over the life of the total proved reserves using the unit-of-production method, computed quarterly.

Leases - Minimum Future Commitm

Leases - Minimum Future Commitments by leases (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
Leases [Abstract]
Operating Leases, 2019 (excluding the nine months ended September 30, 2019)	$ 453
Operating Leases, 2020	2,746
Operating Leases, 2021	4,079
Operating Leases, 2022	4,302
Operating Leases, 2023	4,237
Operating Leases, Thereafter	19,105
Operating Leases, Total lease payments	34,922
Operating Leases, Imputed interest	(16,257)
Operating Leases	18,665	$ 16,900
Finance Leases, 2019 (excluding the nine months ended September 30, 2019)	8,314
Finance Leases, 2020	33,257
Finance Leases, 2021	33,257
Finance Leases, 2022	33,257
Finance Leases, 2023	13,858
Finance Leases, Total lease payments	121,943
Finance Leases, Imputed interest	(38,619)
Finance Leases	$ 83,324

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Remaining Lease Term and Discount Rate (Details)	Sep. 30, 2019
Weighted average remaining lease term:
Operating leases	9 years
Finance leases	4 years
Weighted average discount rate:
Operating leases	10.20%
Finance leases	21.90%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Paid For Amounts Included In Measurement Of Lease Liabilities [Abstract]
Operating cash outflow from finance leases	$ 14,589
Financing cash outflow from finance leases	10,344	$ 9,874
Operating cash outflow from operating leases	1,358
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 2,225

Financial Instruments - Schedul

Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Oil and Natural Gas Derivatives
Debt Instrument [Line Items]
Carrying Amount		$ 46,296	$ 74,923
Fair Value		46,296	74,923
11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Carrying Amount	[1]	383,186	381,229
Fair Value	[1]	398,685	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]	307,946	257,448
Fair Value	[1]	$ 315,000	$ 265,000
[1]

Financial Instruments - Sched_2

Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Parenthetical) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Bank Credit Facility – due May 2022
Debt Instrument [Line Items]
Senior notes, maturity date	May 10, 2022	May 10, 2022
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

Financial Instruments - Additio

Financial Instruments - Additional Information (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 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	12
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	10
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Net cash received (paid) on settled derivative instruments	$ 5,360	$ (40,746)	$ (7,202)	$ (94,802)
Unrealized gain (loss)	38,400	(12,584)	(28,627)	(101,680)
Price risk management activities income (expense)	$ 43,760	$ (53,330)	$ (35,829)	$ (196,482)

Financial Instruments - Sched_4

Financial Instruments - Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under Derivative Contracts (Details)	9 Months Ended
	Sep. 30, 2019MMBTU$ / bbl$ / MMBTUbbl
October 2019 - December 2019 | NYMEX | Henry Hub | Swap
Derivative [Line Items]
Instrument Type	Swap
Average Daily Volumes | MMBTU	37,475
Weighted Average Swap Price | $ / MMBTU	2.92
January 2020 - December 2020 | NYMEX | Henry Hub | Swap
Derivative [Line Items]
Instrument Type	Swap
Average Daily Volumes | MMBTU	16,216
Weighted Average Swap Price | $ / MMBTU	2.78
Crude Oil | WTI | October 2019 - December 2019 | Swap
Derivative [Line Items]
Instrument Type	Swap
Average Daily Volumes | bbl	29,468
Weighted Average Swap Price	56.04
Crude Oil | WTI | January 2020 - December 2020 | Swap
Derivative [Line Items]
Instrument Type	Swap
Average Daily Volumes | bbl	13,492
Weighted Average Swap Price	56.13
Crude Oil | WTI | January 2020 - December 2020 | Costless Collars
Derivative [Line Items]
Instrument Type	Costless collars
Average Daily Volumes | bbl	7,481
Weighted Average Put Price	55
Weighted Average Call Price	64.23

Financial Instruments - Summary

Financial Instruments - Summary of Additional Information Related to Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Oil And Natural Gas Swaps
Liabilities:
Total net asset	$ 46,296	$ 74,923
Fair Value on Recurring Basis
Liabilities:
Total net asset	46,296	74,923
Fair Value on Recurring Basis | Oil And Natural Gas Swaps
Assets:
Oil and natural gas derivatives	50,878	75,473
Liabilities:
Oil and natural gas derivatives	(4,582)	(550)
Fair Value on Recurring Basis | Level 2
Liabilities:
Total net asset	46,296	74,923
Fair Value on Recurring Basis | Level 2 | Oil And Natural Gas Swaps
Assets:
Oil and natural gas derivatives	50,878	75,473
Liabilities:
Oil and natural gas derivatives	$ (4,582)	$ (550)

Financial Instruments - Sched_5

Financial Instruments - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Price Risk Derivatives [Line Items]
Current, Assets	$ 43,058	$ 75,473
Non-current, Assets	7,820
Current, Liabilities	3,832	550
Non-current, Liabilities	750
Oil and Natural Gas Derivatives
Price Risk Derivatives [Line Items]
Current, Assets	43,058	75,473
Non-current, Assets	7,820
Assets	50,878	75,473
Current, Liabilities	3,832	550
Non-current, Liabilities	750
Liabilities	$ 4,582	$ 550

Debt - Summary of Detail Compri

Debt - Summary of Detail Comprising Debt and Related Book Values (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	$ 711,928,000	$ 672,495,000
Discount and deferred financing cost	(14,736,000)	(17,191,000)
Total debt, net of discount and deferred financing cost	697,192,000	655,304,000
Less: current portion of long-term debt		(443,000)
Long-term debt, net of discount and deferred financing costs	697,192,000	654,861,000
4.20% Building Loan - due November 2030
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	0
Senior Notes | 11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	390,868,000	390,868,000
Senior Notes | 7.50% Senior Secured Notes – due May 2022
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	6,060,000	6,060,000
Bank Credit Facility | Bank Credit Facility – due May 2022
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	$ 315,000,000	265,000,000
Building Loan | 4.20% Building Loan - due November 2030
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost		$ 10,567,000

Debt - Summary of Detail Comp_2

Debt - Summary of Detail Comprising Debt and Related Book Values (Parenthetical) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 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]
Debt instrument interest rate	11.00%
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)	9 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Jul. 03, 2019USD ($)Lender	Jul. 02, 2019USD ($)	May 10, 2018USD ($)	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 September 30, 2019.
Debt amount outstanding	$ 711,928,000	$ 672,495,000
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
Debt instrument, face amount	$ 25,000,000
Debt instrument, interest rate, stated percentage	11.00%
Credit facility, maximum borrowing capacity	$ 850,000,000		$ 850,000,000		$ 600,000,000
Bank credit facility, description	The Bank Credit Facility matures on May 10, 2022, provided that the Bank Credit Facility mandates a springing maturity that is 120 days prior to May 10, 2022, if greater than $25.0 million of the 11.00% Senior Secured Notes or any permitted refinancing indebtedness in resect thereof is outstanding on such date.
Debt instrument springing maturity period	120 days
Commitment fee percentage	0.50%
Line of credit facility current commitment	$ 850,000,000		$ 850,000,000	$ 600,000,000
Number of additional lenders | Lender			3
Undrawn commitment under credit facility	521,400,000
Letters of credit outstanding amount	13,600,000
Line of credit outstanding amount	315,000,000
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
Repayment and discharge of aggregate remaining principal plus accrued interest	10,400
Debt amount outstanding	$ 0
Senior Notes | 11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	105.50%
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%
Debt amount outstanding	$ 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	102.75%
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%
Debt amount outstanding	$ 6,060,000	$ 6,060,000

Employee Benefits Plans and S_3

Employee Benefits Plans and Share Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation grants			732,771
Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation grants			218,060
Share-based compensation grant date fair value	$ 7,400,000		$ 7,400,000
Severance Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Termination period			12 months
Outstanding obligations related to plans	0		$ 0
Plan terminated month and year			2019-07
Severance Plan | General and Administrative Expense | Stone Energy Corporation
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Severance expenses			$ 200,000	$ 7,500,000
Long Term Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation authorized to grant	5,415,576		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			732,771
Long Term Incentive Plan | Performance Stock Units | Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation grants			218,060

Employee Benefits Plans and S_4

Employee Benefits Plans and Share-Based Compensation - Schedule of Restricted Stock and Performance Share Units Activity (Details)	9 Months Ended
	Sep. 30, 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	732,771
Unvested restricted stock units and award, vested | shares	(68,992)
Unvested restricted stock units and award, forfeited | shares	(48,518)
Unvested restricted stock units and award, end of the period | shares	753,965
Unvested weighted average grant date fair value, begining of the period | $ / shares	$ 33.85
Unvested weighted average grant date fair value, granted | $ / shares	24.39
Unvested weighted average grant date fair value, vested | $ / shares	33.72
Unvested weighted average grant date fair value, forfeited | $ / shares	25.43
Unvested weighted average grante date fair value, end of the period | $ / shares	$ 25.21
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	218,060
Unvested restricted stock units and award, forfeited | shares	(26,358)
Unvested restricted stock units and award, end of the period | shares	423,244
Unvested weighted average grant date fair value, begining of the period | $ / shares	$ 44.47
Unvested weighted average grant date fair value, granted | $ / shares	33.96
Unvested weighted average grant date fair value, forfeited | $ / shares	39.72
Unvested weighted average grante date fair value, end of the period | $ / shares	$ 39.35

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 - Simulation	May 16, 2019	Mar. 05, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of simulations	100,000	100,000
Expected term (in years)	2 years 7 months 6 days	2 years 9 months 18 days
Expected volatility	44.80%	46.90%
Risk-free interest rate	2.10%	2.50%

Employee Benefits Plans and S_6

Employee Benefits Plans and Share Based Compensation - Summary of Share Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share based compensation	$ 3,591	$ 923	$ 9,568	$ 5,081
Capitalization	(1,647)	(353)	(4,404)	(2,952)
Share based compensation, net capitalization	$ 1,944	$ 570	$ 5,164	$ 2,129

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income tax expense	$ 790		$ 428
Effective tax rate	1.00%	0.00%	0.70%	0.00%
Federal statutory rate	21.00%	21.00%	21.00%	21.00%

Income (Loss) Per Share - Summa

Income (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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Net income (loss)	$ 73,297	$ 13,109	$ 58,425	$ (84,746)
Weighted average common shares outstanding — basic	54,200	54,156	54,178	43,329
Dilutive effect of securities	230	8	186
Weighted average common shares outstanding — diluted	54,430	54,164	54,364	43,329
Basic	$ 1.35	$ 0.24	$ 1.08	$ (1.96)
Diluted	$ 1.35	$ 0.24	$ 1.07	$ (1.96)
Anti-dilutive potentially issuable securities excluded from diluted common shares	4,250	3,538	4,282	3,891

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	Aug. 31, 2018	Aug. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Related Party Transaction [Line Items]
Net of cash acquired					$ 32,916,000	$ (278,409,000)
Equity Registration Rights Agreement
Related Party Transaction [Line Items]
Fees incurred in conjunction with agreement					700,000
Vinson & Elkins L.L.P.
Related Party Transaction [Line Items]
Legal fees incurred			$ 300,000	$ 5,000,000	1,900,000	5,300,000
Legal fees payable			600,000		600,000
Apollo and Riverstone Funds | Service Fee Agreement | Shareholder Service
Related Party Transaction [Line Items]
Service fee			0			$ 500,000
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		$ 1,100,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Sep. 30, 2019USD ($)
Bank Credit Facility | Letter of Credit
Loss Contingencies [Line Items]
Credit facility	$ 13.6
Production Sharing Contracts | Mexico
Loss Contingencies [Line Items]
Performance obligations	$ 637.3

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information - Additional Information (Details)	9 Months Ended
	Sep. 30, 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	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 90,682		$ 139,914
Restricted cash			1,248
Accounts receivable, net
Trade, net	108,354		103,025
Joint interest, net	17,562		20,244
Other	31,768		19,686
Assets from price risk management activities	43,058		75,473
Prepaid assets	39,378		38,911
Income tax receivable			10,701
Other current assets	1,952		7,644
Total current assets	332,754		416,846
Property and equipment:
Proved properties	4,012,100		3,629,430
Unproved properties, not subject to amortization	178,174		108,209
Other property and equipment	28,690		33,191
Total property and equipment	4,218,964		3,770,830
Accumulated depreciation, depletion and amortization	(1,967,610)		(1,719,609)
Total property and equipment, net	2,251,354		2,051,221
Other long-term assets:
Assets from price risk management activities	7,820
Other well equipment inventory	9,251		9,224
Leased assets	8,082
Other assets	2,624		2,695
Total assets	2,611,885		2,479,986
Current liabilities:
Accounts payable	95,737		51,019
Accrued liabilities	169,152		188,650
Accrued royalties	37,763		38,520
Current portion of long-term debt			443
Current portion of asset retirement obligations	63,404		68,965
Liabilities from price risk management activities	3,832		550
Accrued interest payable	21,058		10,200
Leases liabilities	1,416
Other current liabilities	18,993		22,071
Total current liabilities	411,355		380,418
Long-term debt, net of discount and deferred financing costs	697,192		654,861
Asset retirement obligations	321,808		313,852
Liabilities from price risk management activities	750
Long-term leased liabilities	17,249
Other long-term liabilities	88,707		123,359
Total liabilities	1,537,061		1,472,490
Commitments and Contingencies
Stockholders' equity	1,074,824	$ 998,041	1,007,496	$ 699,764	$ 685,845	$ (54,087)
Total liabilities and stockholders' equity	2,611,885		2,479,986
Talos
Other long-term assets:
Investments in subsidiaries	1,078,993		1,011,359
Other assets	54
Total assets	1,079,047		1,011,359
Current liabilities:
Accounts payable	279		144
Total current liabilities	279		144
Other long-term liabilities	3,944		3,719
Total liabilities	4,223		3,863
Commitments and Contingencies
Stockholders' equity	1,074,824		1,007,496
Total liabilities and stockholders' equity	1,079,047		1,011,359
Talos Issuers
Current assets:
Cash and cash equivalents	80,621		13,541
Accounts receivable, net
Other	1,347		3,100
Assets from price risk management activities	43,058		75,473
Prepaid assets	1,993		1,225
Total current assets	127,019		93,339
Property and equipment:
Other property and equipment	21,999		20,670
Total property and equipment	21,999		20,670
Accumulated depreciation, depletion and amortization	(10,302)		(8,310)
Total property and equipment, net	11,697		12,360
Other long-term assets:
Assets from price risk management activities	7,820
Leased assets	3,162
Investments in subsidiaries	1,663,746		1,560,922
Other assets	364		364
Total assets	1,813,808		1,666,985
Current liabilities:
Accounts payable	2,758		1,242
Accrued liabilities	1,787		4,995
Liabilities from price risk management activities	3,832		550
Accrued interest payable	20,906		10,162
Leases liabilities	70
Total current liabilities	29,353		16,949
Long-term debt, net of discount and deferred financing costs	691,132		638,677
Liabilities from price risk management activities	750
Long-term leased liabilities	13,580
Total liabilities	734,815		655,626
Commitments and Contingencies
Stockholders' equity	1,078,993		1,011,359
Total liabilities and stockholders' equity	1,813,808		1,666,985
Guarantors
Current assets:
Cash and cash equivalents	3,301		100,801
Restricted cash			1,248
Accounts receivable, net
Trade, net	108,354		103,025
Joint interest, net	17,124		15,870
Other	9,156		9,566
Prepaid assets	37,358		37,639
Income tax receivable			10,701
Other current assets	1,952		7,644
Total current assets	177,245		286,494
Property and equipment:
Proved properties	4,012,100		3,629,430
Unproved properties, not subject to amortization	72,342		63,104
Other property and equipment	6,484		12,440
Total property and equipment	4,090,926		3,704,974
Accumulated depreciation, depletion and amortization	(1,957,269)		(1,711,288)
Total property and equipment, net	2,133,657		1,993,686
Other long-term assets:
Other well equipment inventory	9,251		9,224
Leased assets	3,412
Other assets	2,140		2,258
Total assets	2,325,705		2,291,662
Current liabilities:
Accounts payable	89,617		42,736
Accrued liabilities	143,112		159,491
Accrued royalties	37,763		38,520
Current portion of long-term debt			443
Current portion of asset retirement obligations	63,404		68,965
Accrued interest payable	152		38
Leases liabilities	798
Other current liabilities	18,993		22,071
Total current liabilities	353,839		332,264
Long-term debt, net of discount and deferred financing costs	6,060		16,184
Asset retirement obligations	321,808		313,852
Long-term leased liabilities	2,629
Other long-term liabilities	84,620		119,432
Total liabilities	768,956		781,732
Commitments and Contingencies
Stockholders' equity	1,556,749		1,509,930
Total liabilities and stockholders' equity	2,325,705		2,291,662
Non-Guarantors
Current assets:
Cash and cash equivalents	6,760		25,572
Accounts receivable, net
Joint interest, net	438		4,374
Other	21,265		7,020
Prepaid assets	27		47
Total current assets	28,490		37,013
Property and equipment:
Unproved properties, not subject to amortization	105,832		45,105
Other property and equipment	207		81
Total property and equipment	106,039		45,186
Accumulated depreciation, depletion and amortization	(39)		(11)
Total property and equipment, net	106,000		45,175
Other long-term assets:
Leased assets	1,508
Other assets	66		73
Total assets	136,064		82,261
Current liabilities:
Accounts payable	3,083		6,897
Accrued liabilities	24,253		24,164
Leases liabilities	548
Total current liabilities	27,884		31,061
Long-term leased liabilities	1,040
Other long-term liabilities	143		208
Total liabilities	29,067		31,269
Commitments and Contingencies
Stockholders' equity	106,997		50,992
Total liabilities and stockholders' equity	136,064		82,261
Elimination
Other long-term assets:
Investments in subsidiaries	(2,742,739)		(2,572,281)
Total assets	(2,742,739)		(2,572,281)
Current liabilities:
Commitments and Contingencies
Stockholders' equity	(2,742,739)		(2,572,281)
Total liabilities and stockholders' equity	$ (2,742,739)		$ (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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Total revenue	$ 228,857	$ 282,868	$ 694,380	$ 632,624
Operating expenses:
Workover and maintenance expense	14,210	25,084	49,525	49,703
Depreciation, depletion and amortization	88,125	87,808	248,518	204,574
Write-down of oil and natural gas properties	1,417		13,778
Accretion expense	7,316	10,162	26,868	24,414
General and administrative expense	17,321	21,660	53,795	61,120
Total operating expenses	175,974	191,507	528,256	453,468
Operating income	52,883	91,361	166,124	179,156
Interest expense	(23,123)	(24,837)	(73,273)	(66,257)
Price risk management activities income (expense)	43,760	(53,330)	(35,829)	(196,482)
Other income (expense)	567	(85)	1,831	(1,163)
Income tax (expense) benefit	(790)		(428)
Net income (loss)	73,297	13,109	58,425	(84,746)
Oil and Gas Properties
Operating expenses:
Direct lease operating expense	43,439	42,090	122,243	101,065
Insurance	4,167	4,125	12,462	11,059
Production taxes	(21)	578	1,067	1,533
Total lease operating expense	47,585	46,793	135,772	113,657
Talos
Operating expenses:
General and administrative expense	307		692
Total operating expenses	307		692
Operating income	(307)		(692)
Income tax (expense) benefit	(780)		(130)
Equity earnings (loss) from subsidiaries	74,384	13,109	59,247	(84,746)
Net income (loss)	73,297	13,109	58,425	(84,746)
Talos Issuers
Operating expenses:
Depreciation, depletion and amortization	678	455	1,992	1,180
General and administrative expense	4,803	12,942	21,035	31,340
Total operating expenses	5,481	13,397	23,027	32,520
Operating income	(5,481)	(13,397)	(23,027)	(32,520)
Interest expense	(16,734)	(15,580)	(50,326)	(42,207)
Price risk management activities income (expense)	43,760	(47,656)	(35,829)	(186,873)
Other income (expense)	491	(356)	678	(1,564)
Equity earnings (loss) from subsidiaries	52,348	90,098	167,751	178,418
Net income (loss)	74,384	13,109	59,247	(84,746)
Guarantors
Revenues:
Total revenue	228,648	282,868	694,171	632,624
Operating expenses:
Workover and maintenance expense	14,210	25,084	49,525	49,703
Depreciation, depletion and amortization	87,435	87,352	246,499	203,391
Accretion expense	7,316	10,162	26,868	24,414
General and administrative expense	12,030	8,274	31,439	28,841
Total operating expenses	168,576	177,665	490,103	420,006
Operating income	60,072	105,203	204,068	212,618
Interest expense	(6,191)	(8,797)	(22,428)	(22,754)
Price risk management activities income (expense)		(5,674)		(9,609)
Other income (expense)	6	310	1,242	395
Income tax (expense) benefit	4		(292)
Net income (loss)	53,891	91,042	182,590	180,650
Guarantors | Oil and Gas Properties
Operating expenses:
Direct lease operating expense	43,439	42,090	122,243	101,065
Insurance	4,167	4,125	12,462	11,059
Production taxes	(21)	578	1,067	1,533
Total lease operating expense	47,585	46,793	135,772	113,657
Non-Guarantors
Revenues:
Total revenue	209		209
Operating expenses:
Depreciation, depletion and amortization	12	1	27	3
Write-down of oil and natural gas properties	1,417		13,778
General and administrative expense	181	444	629	939
Total operating expenses	1,610	445	14,434	942
Operating income	(1,401)	(445)	(14,225)	(942)
Interest expense	(198)	(460)	(519)	(1,296)
Other income (expense)	70	(39)	(89)	6
Income tax (expense) benefit	(14)		(6)
Net income (loss)	(1,543)	(944)	(14,839)	(2,232)
Elimination
Operating expenses:
Equity earnings (loss) from subsidiaries	(126,732)	(103,207)	(226,998)	(93,672)
Net income (loss)	(126,732)	(103,207)	(226,998)	(93,672)
Oil Revenue
Revenues:
Revenue	211,899	248,100	624,486	555,954
Oil Revenue | Guarantors
Revenues:
Revenue	211,690	248,100	624,277	555,954
Oil Revenue | Non-Guarantors
Revenues:
Revenue	209		209
Natural Gas Revenue
Revenues:
Revenue	12,545	20,193	41,738	49,364
Natural Gas Revenue | Guarantors
Revenues:
Revenue	12,545	20,193	41,738	49,364
NGL Revenue
Revenues:
Revenue	3,384	14,575	15,095	27,306
NGL Revenue | Guarantors
Revenues:
Revenue	3,384	$ 14,575	15,095	$ 27,306
Other Revenue
Revenues:
Revenue	1,029		13,061
Other Revenue | Guarantors
Revenues:
Revenue	$ 1,029		$ 13,061

Condensed Consolidating Finan_6

Condensed Consolidating Financial Information - Summary of Condensed Consolidating Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 332,413	$ 143,687
Cash flows from investing activities:
Exploration, development, and other capital expenditures	(372,920)	(174,349)
Cash (paid for) acquired in acquisitions	(32,916)	278,409
Proceeds from sale of other property and equipment	5,369
Net cash provided by (used in) investing activities	(400,467)	104,060
Cash flows from financing activities:
Redemption of Senior Notes and other long-term debt	(10,567)	(25,151)
Proceeds from Bank Credit Facility	75,000	319,000
Repayment of Bank Credit Facility	(25,000)	(54,000)
Deferred financing costs	(1,268)	(16,990)
Other deferred payments	(9,921)
Payments of capital lease	(10,344)	(9,874)
Employee stock transactions	(326)
Net cash provided by (used in) financing activities	17,574	(190,015)
Net increase (decrease) in cash, cash equivalents and restricted cash	(50,480)	57,732
Cash, cash equivalents and restricted cash:
Balance, beginning of period	141,162	33,433
Balance, end of period	90,682	91,165
LLC Bank Credit Facility
Cash flows from financing activities:
Repayment of Bank Credit Facility		(403,000)
Talos
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(558)
Cash flows from financing activities:
Capital contributions	558
Net cash provided by (used in) financing activities	558
Talos Issuers
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(64,050)	(126,105)
Cash flows from investing activities:
Exploration, development, and other capital expenditures	(1,577)	(12,966)
Investments in subsidiaries	(1,119,219)	(778,148)
Distributions from subsidiaries	1,203,194	1,097,505
Net cash provided by (used in) investing activities	82,398	306,391
Cash flows from financing activities:
Redemption of Senior Notes and other long-term debt		(24,977)
Proceeds from Bank Credit Facility	75,000	319,000
Repayment of Bank Credit Facility	(25,000)	(54,000)
Deferred financing costs	(1,268)	(16,990)
Net cash provided by (used in) financing activities	48,732	(179,967)
Net increase (decrease) in cash, cash equivalents and restricted cash	67,080	319
Cash, cash equivalents and restricted cash:
Balance, beginning of period	13,541	22,315
Balance, end of period	80,621	22,634
Talos Issuers | LLC Bank Credit Facility
Cash flows from financing activities:
Repayment of Bank Credit Facility		(403,000)
Guarantors
Cash flows from operating activities:
Net cash provided by (used in) operating activities	412,445	269,841
Cash flows from investing activities:
Exploration, development, and other capital expenditures	(301,603)	(159,368)
Cash (paid for) acquired in acquisitions	(32,916)	278,409
Proceeds from sale of other property and equipment	5,369
Distributions from subsidiaries		(9)
Net cash provided by (used in) investing activities	(329,150)	119,032
Cash flows from financing activities:
Redemption of Senior Notes and other long-term debt	(10,567)	(174)
Other deferred payments	(9,921)
Payments of capital lease	(10,344)	(9,874)
Capital contributions	1,051,661	770,436
Employee stock transactions	(326)
Distributions to subsidiary issuer	(1,202,546)	(1,095,165)
Net cash provided by (used in) financing activities	(182,043)	(334,777)
Net increase (decrease) in cash, cash equivalents and restricted cash	(98,748)	54,096
Cash, cash equivalents and restricted cash:
Balance, beginning of period	102,049	9,048
Balance, end of period	3,301	63,144
Non-Guarantors
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(15,424)	(49)
Cash flows from investing activities:
Exploration, development, and other capital expenditures	(69,740)	(2,015)
Net cash provided by (used in) investing activities	(69,740)	(2,015)
Cash flows from financing activities:
Capital contributions	67,000	7,712
Distributions to subsidiary issuer	(648)	(2,331)
Net cash provided by (used in) financing activities	66,352	5,381
Net increase (decrease) in cash, cash equivalents and restricted cash	(18,812)	3,317
Cash, cash equivalents and restricted cash:
Balance, beginning of period	25,572	2,070
Balance, end of period	6,760	5,387
Elimination
Cash flows from investing activities:
Investments in subsidiaries	1,119,219	778,148
Distributions from subsidiaries	(1,203,194)	(1,097,496)
Net cash provided by (used in) investing activities	(83,975)	(319,348)
Cash flows from financing activities:
Capital contributions	(1,119,219)	(778,148)
Distributions to subsidiary issuer	1,203,194	1,097,496
Net cash provided by (used in) financing activities	$ 83,975	$ 319,348