Talos Energy (TALO) 10-Q 6 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 04, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Trading Symbol	TALO
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Registrant Name	Talos Energy Inc.
Document Quarterly Report	true
Document Transition Report	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Incorporation, State or Country Code	DE
Entity File Number	001-38497
Entity Tax Identification Number	82-3532642
Entity Address, Address Line One	333 Clay Street
Entity Address, Address Line Two	Suite 3300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	328-3000
Entity Central Index Key	0001724965
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		68,415,860

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 107,855	$ 87,022
Accounts receivable
Trade, net	67,042	107,842
Joint interest, net	52,777	16,552
Other	21,697	6,346
Assets from price risk management activities	72,666	8,393
Prepaid assets	45,689	65,877
Other current assets	1,982	1,952
Total current assets	369,708	293,984
Property and equipment:
Proved properties	4,674,529	4,066,260
Unproved properties, not subject to amortization	274,690	194,532
Other property and equipment	32,262	29,843
Total property and equipment	4,981,481	4,290,635
Accumulated depreciation, depletion and amortization	(2,247,009)	(2,065,023)
Total property and equipment, net	2,734,472	2,225,612
Other long-term assets:
Assets from price risk management activities	1,409
Other well equipment inventory	14,458	7,732
Operating lease assets	7,351	7,779
Other assets	47,250	54,375
Total assets	3,174,648	2,589,482
Current liabilities:
Accounts payable	104,151	71,357
Accrued liabilities	184,992	154,816
Accrued royalties	12,772	31,729
Current portion of asset retirement obligations	44,977	61,051
Liabilities from price risk management activities	26,615	19,476
Accrued interest payable	10,603	10,249
Current portion of operating lease liabilities	1,695	1,594
Other current liabilities	22,073	20,180
Total current liabilities	407,878	370,452
Long-term liabilities:
Long-term debt, net of discount and deferred financing costs	997,041	732,981
Asset retirement obligations	387,083	308,427
Liabilities from price risk management activities	7,018	511
Operating lease liabilities	19,228	17,239
Other long-term liabilities	61,847	81,595
Total liabilities	1,880,095	1,511,205
Commitments and contingencies (Note 11)
Stockholders' Equity:
Preferred stock, $0.01 par value; 30,000,000 shares authorized and no shares issued or outstanding as of June 30, 2020 and December 31, 2019
Common stock $0.01 par value; 270,000,000 shares authorized; 68,414,782 and 54,197,004 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	684	542
Additional paid-in capital	1,545,138	1,346,142
Accumulated deficit	(251,269)	(268,407)
Total stockholders' equity	1,294,553	1,078,277
Total liabilities and stockholders' equity	$ 3,174,648	$ 2,589,482

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
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	68,414,782	54,197,004
Common stock, shares outstanding	68,414,782	54,197,004

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Total revenue	$ 88,874	$ 286,810	$ 276,638	$ 465,523
Operating expenses:
Depreciation, depletion and amortization	88,443	95,806	181,986	160,393
Write-down of oil and natural gas properties		12,361	57	12,361
Accretion expense	13,794	9,945	26,211	19,552
General and administrative expense	17,192	18,865	44,661	36,474
Total operating expenses	183,477	191,938	375,453	352,282
Operating income (expense)	(94,603)	94,872	(98,815)	113,241
Interest expense	(26,190)	(24,932)	(52,040)	(50,150)
Price risk management activities income (expense)	(68,682)	29,990	174,535	(79,589)
Other income (expense)	(528)	831	(674)	1,264
Net income (loss) before income taxes	(190,003)	100,761	23,006	(15,234)
Income tax benefit (expense)	49,392	(5,997)	(5,868)	362
Net income (loss)	$ (140,611)	$ 94,764	$ 17,138	$ (14,872)
Net income (loss) per common share:
Basic	$ (2.14)	$ 1.75	$ 0.28	$ (0.27)
Diluted	$ (2.14)	$ 1.74	$ 0.28	$ (0.27)
Weighted average common shares outstanding:
Basic	65,807	54,178	62,023	54,167
Diluted	65,807	54,451	62,318	54,167
Oil and Gas Properties
Operating expenses:
Lease operating expense	$ 63,882	$ 54,455	$ 122,123	$ 122,414
Production taxes	166	506	415	1,088
Oil Revenue
Revenues:
Revenue	74,471	256,908	241,095	412,587
Natural Gas Revenue
Revenues:
Revenue	11,140	14,746	23,038	29,193
NGL Revenue
Revenues:
Revenue	1,964	6,645	6,265	11,711
Other
Revenues:
Revenue	$ 1,299	$ 8,511	$ 6,240	$ 12,032

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock	Additional Paid-in Capital	Accumulated Deficit
Balance at Dec. 31, 2018	$ 1,007,496	$ 542		$ 1,334,090	$ (327,136)
Balance, shares at Dec. 31, 2018		54,155,768
Equity based compensation	5,700			5,700
Equity based compensation, Shares		46,047
Shares withheld for taxes on equity transactions	(283)			(283)
Shares withheld for taxes on equity transactions, Shares		(10,122)
Net income (loss)	(14,872)				(14,872)
Balance at Jun. 30, 2019	998,041	$ 542		1,339,507	(342,008)
Balance, shares at Jun. 30, 2019		54,191,693
Balance at Mar. 31, 2019	899,986	$ 542		1,336,216	(436,772)
Balance, shares at Mar. 31, 2019		54,155,805
Equity based compensation	3,574			3,574
Equity based compensation, Shares		45,994
Shares withheld for taxes on equity transactions	(283)			(283)
Shares withheld for taxes on equity transactions, Shares		(10,106)
Net income (loss)	94,764				94,764
Balance at Jun. 30, 2019	998,041	$ 542		1,339,507	(342,008)
Balance, shares at Jun. 30, 2019		54,191,693
Balance at Dec. 31, 2019	$ 1,078,277	$ 542		1,346,142	(268,407)
Balance, shares at Dec. 31, 2019	54,197,004	54,197,004
Balance, shares at Dec. 31, 2019	0
Equity based compensation	$ 7,769	$ 2		7,767
Equity based compensation, Shares		230,478
Shares withheld for taxes on equity transactions	(791)	$ (1)		(790)
Shares withheld for taxes on equity transactions, Shares		(62,700)
Issuances of preferred shares	156,200		$ 1	156,199
Issuances of preferred shares, Shares			110,000
Conversion of preferred shares into common shares		$ 110	$ (1)	(109)
Conversion of preferred shares into common shares, Shares		11,000,000	(110,000)
Issuance of common stock	35,960	$ 31		35,929
Issuance of common stock , Shares		3,050,000
Net income (loss)	17,138				17,138
Balance at Jun. 30, 2020	$ 1,294,553	$ 684		1,545,138	(251,269)
Balance, shares at Jun. 30, 2020	68,414,782	68,414,782
Balance, shares at Jun. 30, 2020	0
Balance at Mar. 31, 2020	$ 1,394,897	$ 652		1,504,903	(110,658)
Balance, shares at Mar. 31, 2020		65,342,273
Equity based compensation	4,388	$ 2		4,386
Equity based compensation, Shares		30,401
Shares withheld for taxes on equity transactions	(81)	$ (1)		(80)
Shares withheld for taxes on equity transactions, Shares		(7,892)
Issuance of common stock	35,960	$ 31		35,929
Issuance of common stock , Shares		3,050,000
Net income (loss)	(140,611)				(140,611)
Balance at Jun. 30, 2020	$ 1,294,553	$ 684		$ 1,545,138	$ (251,269)
Balance, shares at Jun. 30, 2020	68,414,782	68,414,782
Balance, shares at Jun. 30, 2020	0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income (loss)	$ 17,138	$ (14,872)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation, depletion, amortization and accretion expense	208,197	179,945
Write-down of oil and natural gas properties and other well inventory	190	12,361
Amortization of deferred financing costs and original issue discount	3,985	2,393
Equity based compensation, net of amounts capitalized	3,974	3,220
Price risk management activities expense (income)	(174,535)	79,589
Net cash received (paid) on settled derivative instruments	122,499	(12,562)
Gain on extinguishment of debt	(1,470)
Settlement of asset retirement obligations	(18,496)	(32,206)
Changes in operating assets and liabilities:
Accounts receivable	(5,164)	(32,118)
Other current assets	15,128	12,259
Accounts payable	12,645	23,646
Other current liabilities	16,039	(37,164)
Other non-current assets and liabilities, net	(8,518)	(1,870)
Net cash provided by operating activities	191,612	182,621
Cash flows from investing activities:
Exploration, development and other capital expenditures	(154,628)	(229,601)
Cash paid for acquisitions, net of cash acquired	(296,966)	(32,916)
Proceeds from sale of other property and equipment		5,369
Net cash provided by (used in) investing activities	(451,594)	(257,148)
Cash flows from financing activities:
Redemption of Senior Notes and other long-term debt	(1,209)	(10,567)
Proceeds from Bank Credit Facility	300,000	75,000
Repayment of Bank Credit Facility		(25,000)
Deferred financing costs	(1,287)
Other deferred payments	(7,575)	(9,921)
Payments of finance lease	(8,323)	(6,759)
Employee stock transactions	(791)	(283)
Net cash provided by (used in) financing activities	280,815	22,470
Net increase (decrease) in cash, cash equivalents and restricted cash	20,833	(52,057)
Cash, cash equivalents and restricted cash:
Balance, beginning of period	87,022	141,162
Balance, end of period	107,855	89,105
Supplemental Non-Cash Transactions:
Capital expenditures included in accounts payable and accrued liabilities	113,461	165,310
Debt exchanged for common stock	35,960
Supplemental Cash Flow Information:
Interest paid, net of amounts capitalized	$ 34,163	$ 31,413

Formation and Basis of Presenta

Formation and Basis of Presentation	6 Months Ended
	Jun. 30, 2020
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” or the “Company”) is a technically driven independent exploration and production company focused on safely and efficiently maximizing value through its operations, currently in the United States (“U.S.”) Gulf of Mexico and offshore Mexico. The Company leverages decades of geology, geophysics and offshore operations expertise towards the acquisition, exploration, exploitation and development of assets in key geological trends that are present in many offshore basins around the world. Talos was formed in connection with the previously disclosed 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 (the “Stone Combination”). Talos Energy LLC was formed in 2011 and commenced commercial operations on February 6, 2013. Prior to February 6, 2013, Talos Energy LLC had incurred certain general and administrative expenses associated with the start-up of its operations. On February 3, 2012, Talos Energy LLC completed a transaction with 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, together with the Apollo Funds, the “Sponsors”) and members of management pursuant to which the Company received a private equity capital commitment. Basis of Presentation and Consolidation The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC regarding interim financial reporting. Accordingly, certain information and disclosures normally included in complete financial statements prepared in accordance with 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 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, 2019. 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. As discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, operating expenses previously presented as “Direct lease operating expense,” “Insurance” and “Workover and maintenance expense” have been combined and presented as “Lease operating expense” on the Company’s condensed consolidated statements of operations. Such reclassification had no effect on the Company’s results of operations, financial position or cash flows. The Company has one reportable segment, which is the exploration and production of oil and natural gas. Substantially all the Company’s long-lived assets, proved reserves and production sales are related to the Company’s operations in the United States. Recently Adopted Accounting Standards Credit Risk Losses — In June 2016, the Financial Accounting Standards Board issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes accounting requirements for the recognition of credit losses from an incurred or probable impairment methodology to a current expected credit losses (“CECL”) methodology. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including but not limited to trade receivables. The guidance was adopted on January 1, 2020 using a modified retrospective approach. The adoption of this guidance did not have a material effect on the Company’s condensed consolidated financial statements or related disclosures. Accounts receivable resulting from the sale of crude oil, NGL and natural gas production and joint interest billings to our partners for their share of expenses on joint venture projects for which we are the operator are the primary financial assets within the scope of the standard. Although these receivables are from a diverse group of companies, including major energy companies, pipeline companies and joint interest owners, they are concentrated in the oil and gas industry. This concentration has the potential to impact our overall exposure to credit risk in that these companies may be similarly affected by changes in economic and financial conditions, commodity prices or other conditions. A loss-rate methodology is used to estimate the allowance for expected credit losses to be accrued on material receivables to reflect the net amount to be collected. At each reporting period the loss-rate is determined utilizing historical data, current market conditions and reasonable and supported forecast of future economic conditions. Our allowance for uncollectable receivables was $9.3 million at June 30, 2020 and $9.9 million at December 31, 2019.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Acquisitions	Note 2 — Acquisitions Asset Acquisitions Acquisitions qualifying as an asset acquisition requires, among other items, that the cost of the assets acquired and liabilities assumed be recognized on the condensed consolidated 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 Business Combination Acquisitions qualifying as business combinations are accounted for under the acquisition method of accounting, which requires, among other items, that assets acquired and liabilities assumed be recognized on the 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. ILX and Castex Acquisition — On February 28, 2020, the Company acquired the outstanding limited liability interests in certain wholly owned subsidiaries of ILX Holdings, LLC, ILX Holdings II, LLC, ILX Holdings III LLC and Castex Energy 2014, LLC, each a related party and an affiliate of the Riverstone Funds (the “Riverstone Sellers”), and Castex Energy 2016, LP (together with the Riverstone Sellers, the “Sellers”) with an effective date of July 1, 2019 (collectively, the “ILX and Castex Acquisition ” ). The ILX and Castex Acquisition was consummated pursuant to separate Purchase and Sale Agreements, dated December 10, 2019 (as amended from time to time, the “Purchase Agreements”) for aggregate consideration consisting of (i) $ 385.0 million in cash subject to customary closing adjustments and (ii) an aggregate shares (the “Preferred Shares”) of a series of the Company’s preferred stock designated as “Series A Convertible Preferred Stock” which subsequently converted to 11.0 million shares of the Company’s common stock on March 30, 2020 (such common stock, the “Conversion Stock ” ). The cash payment and escrow deposit were funded with borrowings under the Bank Credit Facility (as defined below) . The following table summarizes the purchase price, subject to customary post-closing adjustments (in thousands except per share data): Talos Conversion Stock 11,000 Talos common stock price per share (1) $ 14.20 Conversion Stock value $ 156,200 Cash consideration $ 385,000 Customary closing adjustments (88,034 ) Net cash consideration paid at closing $ 296,966 Total purchase price $ 453,166 (1) Represents the closing price of the Company’s common stock on February 28, 2020, the date of the closing of the ILX and Castex Acquisition. The purchase price was based on the value of the Conversion Stock as the value approximates the value of the Preferred Shares as a result of the automatic conversion and dividend rights described in that certain Certificate of Designation, Preferences, Rights and Limitations. While the Company has substantially completed the determination of the fair values of the assets acquired and liabilities assumed, the Company is still finalizing the fair value analysis related to the oil and natural gas properties acquired and asset retirement obligations assumed. The Company anticipates finalizing the determination of fair values by December 31, 2020. The following table presents the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their fair values on February 28, 2020 and June 30, 2020, including the associated measurement period adjustments (in thousands): February 28, 2020 Adjustments June 30, 2020 Current assets (1) $ 10,969 $ (4,428 ) $ 6,541 Property and equipment 489,796 6,580 496,376 Other long-term assets 148 — 148 Current liabilities (7,129 ) (1,604 ) (8,733 ) Other long-term liabilities (44,489 ) 3,323 (41,166 ) Allocated purchase price $ 449,295 $ 3,871 $ 453,166 (1) The Company incurred approximately $11.7 million of transaction related costs, of which $0.8 million and $8.3 million was recognized in the three and six months ended June 30, 2020, respectively, and $3.4 million was recognized in the fourth quarter of 2019. These costs have been reflected in “General and administrative expense” on the condensed consolidated statements of operations. The following table presents revenue and net income attributable to the assets acquired in the ILX and Castex Acquisition for the three and six months ended June 30, 2020: Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Revenue $ 26,299 $ 40,191 Net loss $ (15,161 ) $ (11,952 ) Pro Forma Financial Information (Unaudited) — The following supplemental pro forma financial information (in thousands, except per common share amounts), presents the condensed consolidated results of operations for the six months ended June 30, 2020 as if the ILX and Castex Acquisition had occurred on January 1, 2019. The unaudited pro forma information was derived from historical statements of operations of the Company and the Sellers adjusted to (i) include depletion expense applied to the adjusted basis of the oil and natural gas properties acquired, (ii) include interest expense to reflect borrowings under the Bank Credit Facility, (iii) eliminate the write-down of oil and natural gas properties on the assets acquired to reflect the pro-forma ceiling test calculation and (iv) include weighted average basic and diluted shares of common stock outstanding, which was calculated assuming the 11.0 million shares of Conversion Stock were issued to the Sellers. This information does not purport to be indicative of results of operations that would have occurred had the ILX and Castex Acquisition occurred on January 1, 2019, nor is such information indicative of any expected future results of operations. Three Months Ended June 30, Six Months Ended June 30, 2019 2020 2019 Revenue $ 372,462 $ 324,073 $ 633,433 Net income $ 130,715 $ 29,996 $ 51,267 Basic net income per common share $ 2.01 $ 0.46 $ 0.79 Diluted net income per common share $ 2.00 $ 0.46 $ 0.78 Subsequent Events Acquisition of Castex Energy 2005 — On June 19, 2020, the Company entered into a purchase and sale agreement for select oil and natural gas assets from affiliates of Castex Energy 2005 (“Castex 2005 Acquisition”). The oil and natural gas assets consist of 16 properties in the U.S. Gulf of Mexico shelf core area. Consideration for the Castex 2005 Acquisition consists of 4.6 million shares of the Company’s common stock and $6.5 million of cash, subject to customary closing adjustments. The Castex 2005 Acquisition closed on August 5, 2020 with an April 1, 2020 effective date. Due to the timing of the Castex 2005 Acquisition, the Company is unable to make a reasonable estimate of the purchase price allocation of such acquisition at this time.

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2020
Oil And Gas Property [Abstract]
Property, Plant and Equipment	Note 3 — Property, Plant and Equipment Proved Properties The Company’s interests in oil and natural gas proved properties are located in the United States, 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. During the three and six months ended June 30, 2020 and 2019, the Company’s ceiling test computation did not result in a write-down of its U.S. oil and natural gas properties. At June 30, 2020, the Company’s ceiling test computation was based on SEC pricing of $49.21 per Bbl of oil, $2.06 per Mcf of natural gas and $11.79 per Bbl of NGLs. 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, expenditures associated with certain exploratory wells in progress and capitalized interest. Unproved properties also include expenditures associated with exploration and appraisal activities in Block 7 and Block 31 located in the shallow waters off the coast of Mexico’s Veracruz and Tabasco states. The Company’s evaluation of unproved property located in Block 2 offshore Mexico, specifically future exploratory drilling opportunities, results from exploratory wells drilled during the second quarter of 2019 and the Block 2 production sharing contract’s expiration date resulted in the Company recording a non-cash impairment presented as “Write-down of oil and natural gas properties” on the condensed consolidated statements of operations. For the three and six months ended June 30, 2020, the Company recorded an impairment of nil and $0.1 million, respectively. Unproved property impairment for the three and six months ended June 30, 2019 was $12.4 million. Asset Retirement Obligations The discounted asset retirement obligations included in the condensed consolidated balance sheets in current and non-current liabilities, and the changes in that liability during the six months ended June 30, 2020 were as follows (in thousands): Asset retirement obligations at January 1 $ 369,478 Fair value of asset retirement obligations acquired (1) 42,670 Obligations settled (18,496 ) Fair value of asset retirement obligations divested (185 ) Accretion expense 26,211 Obligations incurred 377 Changes in estimate 12,005 Asset retirement obligations at June 30 $ 432,060 Less: Current portion (44,977 ) Long-term portion $ 387,083 (1) Six months ended June 30, 2020 includes $41.2 million of asset retirement obligations assumed in the ILX and Castex Acquisition.

Leases

Leases	6 Months Ended
	Jun. 30, 2020
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. 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 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 depending on how the leased asset is utilized. The components of lease costs were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Finance lease cost - interest on lease liabilities (1) $ 4,040 $ 4,867 $ 8,305 $ 9,861 Operating lease cost, excluding short-term leases (2) 866 763 1,732 1,526 Short-term lease cost (3) 15,748 27,630 19,283 64,239 Variable lease cost (4) 3 3 6 5 Total lease cost $ 20,657 $ 33,263 $ 29,326 $ 75,631 (1) The Helix Producer I (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): June 30, 2020 December 31, 2019 Operating leases: Operating lease assets $ 7,351 $ 7,779 Current portion of operating lease liabilities $ 1,695 $ 1,594 Operating lease liabilities 19,228 17,239 Total operating lease liabilities $ 20,923 $ 18,833 Finance leases: Proved property (1) $ 124,299 $ 124,299 Other current liabilities $ 19,547 $ 17,509 Other long-term liabilities 51,665 62,026 Total finance lease liabilities $ 71,212 $ 79,535 (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. The table below presents the lease maturity by year as of June 30, 2020 (in thousands). Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the condensed consolidated balance sheet. Operating Leases Finance Leases 2020 (excluding the six months ended June 30, 2020) $ 1,833 $ 16,629 2021 4,079 33,257 2022 4,302 33,257 2023 4,239 13,857 2024 3,315 — Thereafter 15,790 — Total lease payments $ 33,558 $ 97,000 Imputed interest (12,635 ) (25,788 ) Total $ 20,923 $ 71,212 The table below presents the weighted average remaining lease term and discount rate related to leases for the six months ended June 30, 2020 and 2019: Six Months Ended June 30, 2020 2019 Weighted average remaining lease term: Operating leases 8.14 years 9.0 years Finance leases 2.92 years 4.0 years Weighted average discount rate: Operating leases 10.3 % 12.3 % Finance leases 21.9 % 21.9 % The table below presents the supplemental cash flow information related to leases for the six months ended June 30, 2020 and 2019 (in thousands): Six Months Ended June 30, 2020 2019 Operating cash outflow from finance leases $ 8,306 $ 9,861 Financing cash outflow from finance leases $ 8,323 $ 6,759 Operating cash outflow from operating leases $ 911 $ 906 Right-of-use assets obtained in exchange for new finance lease liabilities $ — $ — Right-of-use assets obtained in exchange for new operating lease liabilities $ — $ 613

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2020
Financial Instruments [Abstract]
Financial Instruments	Note 5 — Financial Instruments The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments (in thousands): June 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value 11.00% Second-Priority Senior Secured Notes – due April 2022 (1) $ 346,642 $ 329,680 $ 383,871 $ 401,128 7.50% Senior Notes – due May 2022 $ 6,060 $ 4,236 $ 6,060 $ 5,030 Bank Credit Facility – matures May 2022 (1) $ 644,339 $ 650,000 $ 343,050 $ 350,000 Oil and Natural Gas Derivatives $ 40,442 $ 40,442 $ (11,594 ) $ (11,594 ) (1) As of June 30, 2020 and December 31, 2019, the carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate their fair values because of the short-term nature of these instruments. 11.00% Second-Priority Senior Secured Notes – due April 2022 The $351.7 million aggregate principal amount of 11.00% Second-Priority Senior Secured Notes (the “11.00% Notes”) is reported on the condensed consolidated balance sheet at its carrying value, net of original issue discount and deferred financing costs, see Note 6 — Debt 7.50% Senior Notes – due May 2022 The $6.1 million aggregate principal amount of 7.50% Senior Notes (the “7.50% Notes”) is reported on the condensed consolidated balance sheet as of June 30, 2020 at its carrying value, see Note 6 — Debt Bank Credit Facility – matures May 2022 The Company and Talos Production Inc., a wholly-owned subsidiary that was formerly known as Talos Production LLC, maintains a bank credit facility with a borrowing base of $985.0 million at June 30, 2020 (the “Bank Credit Facility”), which is reported on the condensed consolidated balance sheet at its carrying value net of deferred financing costs (see Note 6 — Debt 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 sheet 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 its condensed consolidated statements of operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net cash received (paid) on settled derivative instruments $ 86,039 $ (9,543 ) $ 122,499 $ (12,562 ) Unrealized gain (loss) (154,721 ) 39,533 52,036 (67,027 ) Price risk management activities income (expense) $ (68,682 ) $ 29,990 $ 174,535 $ (79,589 ) The following table reflects the contracted volumes and weighted average prices the Company will receive under the terms of its derivative contracts as of June 30, 2020: 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) July 2020 – December 2020 Swap 30,674 $ 44.45 $ — $ — July 2020 – December 2020 Collar 5,000 $ — $ 50.00 $ 57.09 January 2021 – December 2021 Swap 7,230 $ 42.37 $ — $ — January 2021 – December 2021 Collar 1,000 $ — $ 30.00 $ 40.00 Crude Oil – LLS: (Bbls) (per Bbl) (per Bbl) (per Bbl) January 2021 – December 2021 Swap 3,000 $ 38.83 $ — $ — Natural Gas – NYMEX Henry Hub: (MMBtu) (per MMBtu) (per MMBtu) (per MMBtu) July 2020 – December 2020 Swaps 55,946 $ 2.27 $ — $ — January 2021 – December 2021 Swaps 45,000 $ 2.46 $ — $ — January 2021 – December 2021 Collar 5,000 $ — $ 2.50 $ 3.10 January 2022 – December 2022 Swaps 10,000 $ 2.41 $ — $ — The following tables provide additional information related to financial instruments measured at fair value on a recurring basis (in thousands): June 30, 2020 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas swaps and costless collars $ — $ 74,075 $ — $ 74,075 Liabilities: Oil and natural gas swaps and costless collars — (33,633 ) — (33,633 ) Total net asset $ — $ 40,442 $ — $ 40,442 December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas swaps and costless collars $ — $ 8,393 $ — $ 8,393 Liabilities: Oil and natural gas swaps and costless collars — (19,987 ) — (19,987 ) Total net liability $ — $ (11,594 ) $ — $ (11,594 ) Financial Statement Presentation Derivatives are classified as either current or non-current assets or liabilities based on their anticipated settlement dates. Although the Company has master netting arrangements with its counterparties, the Company presents its derivative financial instruments on a gross basis in its condensed consolidated balance sheets. On derivative contracts recorded as “Assets” in the table below, the Company is exposed to the risk the counterparties may not perform. The following table presents the fair value of derivative financial instruments at June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Assets Liabilities Assets Liabilities Oil and natural gas derivatives: Current $ 72,666 $ 26,615 $ 8,393 $ 19,476 Non-current 1,409 7,018 — 511 Total $ 74,075 $ 33,633 $ 8,393 $ 19,987 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. These policies require (i) the evaluation of potential counterparties’ financial condition to determine their credit worthiness; (ii) the regular monitoring of counterparties’ credit exposures; (iii) the use of contract language that affords the Company netting or set off opportunities to mitigate exposure risk; and (iv) potentially requiring counterparties to post cash collateral, parent guarantees, or letters of credit to minimize credit risk. The Company’s assets and liabilities from commodity price risk management activities at June 30, 2020 represent derivative instruments from eleven 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 all 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	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Note 6 — Debt A summary of the detail comprising the Company’s debt and the related book values for the respective periods presented is as follows (in thousands): June 30, 2020 December 31, 2019 11.00% Second-Priority Senior Secured Notes – due April 2022 $ 351,659 $ 390,868 7.50% Senior Notes – due May 2022 6,060 6,060 Bank Credit Facility – matures May 2022 650,000 350,000 Total debt, before discount and deferred financing cost 1,007,719 746,928 Discount and deferred financing cost (10,678 ) (13,947 ) Total debt, net of discount and deferred financing costs $ 997,041 $ 732,981 11.00% Second-Priority Senior Secured Notes – due April 2022 The 11.00% Notes were issued pursuant to an indenture dated May 10, 2018, between Talos Production Inc. (formerly Talos Production LLC) and Talos Production Finance Inc., the subsidiary guarantors party thereto and Wilmington Trust, National Association, as trustee and collateral agent. The 11.00% Notes mature April 3, 2022 and have interest payable semi-annually each April 15 and October 15. Prior to May 10, 2021, the Company may, at its option, redeem all or a portion of the 11.00% Notes at 102.75% of the principal amount plus accrued and unpaid interest. Thereafter, the Company may redeem all or a portion of the 11.00% Notes at redemption prices at May 10 at 100.0% of the principal amount plus accrued and unpaid interest. The indenture governing the 11.00% 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% Notes contain customary quarterly and annual reporting, financial and administrative covenants. The Company was in compliance with all debt covenants at June 30, 2020. On June 15, 2020, the Company entered into an exchange agreement pursuant to which the Company agreed to exchange $37.2 million aggregate principal amount of the 11.00% Notes from certain holders in exchange for 3.1 million shares of the Company’s common stock plus cash in an amount equal to accrued interest up to the June 18, 2020 settlement date. Additionally, during the three months ended June 30, 2020, the Company repurchased $2.0 million of the 11.00% Notes in two separate open market repurchases. The exchange agreement and debt repurchases resulted in a gain on extinguishment of $1.5 million and is presented as “Other income (expense)” on the condensed consolidated statements of operations. 7.50% Senior Notes – due May 2022 The 7.50% Notes represent the remaining $6.1 million of long-term debt assumed in the Stone Combination that were not exchanged for 11.00% Notes pursuant to the exchange offer and consent solicitation, and thus remain outstanding. As a result of the exchange offer and consent solicitation, substantially all of the restrictive covenants relating to the 7.50% Notes have been removed and collateral securing the 7.50% Notes has been released. The 7.50% Notes mature May 31, 2022 and have interest payable semi-annually each May 31 and November 30. Prior to May 31, 2021, the Company may, at its option, redeem all of the 7.50% Notes at 105.63% of the principal amount plus accrued and unpaid interest. Thereafter, the Company may redeem all or a portion of the 7.50% Notes at redemption prices decreasing annually at May 31 from 105.63% to 100.0% plus accrued and unpaid interest. Bank Credit Facility – matures May 2022 The Company and Talos Production Inc. maintain a Bank Credit Facility with a syndicate of financial institutions, with a borrowing base of $985.0 million as of June 30, 2020. The borrowing base requires certain lender approval to access the last $85.0 million of capacity and such amount was automatically reduced to $25.0 million upon closing of the Castex 2005 Acquisition on August 5, 2020. 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% Notes or any permitted refinancing indebtedness in respect 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 3.00% to 4.00% or an alternate base rate, based on the federal funds effective rate plus applicable margins ranging from 2.00% to 3.00%. In addition, the Company is obligated to pay a commitment fee of 0.50% on the unutilized portion of the commitments. 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 calculated each quarter utilizing the most recent twelve months to determine EBITDAX. The Company must also maintain a current ratio no less than 1.00 to 1.00 each quarter. According to the Bank Credit Facility, unutilized 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 each year. Upon closing of the ILX and Castex Acquisition on February 28, 2020, As of June 30, 2020, no more than $200.0 million of the Company’s borrowing base can be used as letters of credit. The amount the Company is able to borrow with respect to the borrowing base is subject to compliance with the financial covenants and other provisions of the Bank Credit Facility. The Company was in compliance with all debt covenants at June 30, 2020. As of June 30, 2020, the Company has $650.0 million of outstanding borrowings and $13.6 million in letters of credit issued under the Bank Credit Facility.

Employee Benefits Plans and Sha

Employee Benefits Plans and Share-Based Compensation	6 Months Ended
	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Employee Benefits Plans and Share-Based Compensation	Note 7 — Employee Benefits Plans and Share-Based Compensation Talos Energy Inc. Long Term Incentive Plan Under the Talos Energy Inc. Long Term Incentive Plan (the “LTIP”), the Company may issue, subject to approval by the Talos board of directors, grants of options (including incentive stock 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 (“RSUs”) — The following table summarizes RSU activity for the six months ended June 30, 2020: RSUs Weighted Average Grant Date Fair Value Unvested RSUs at December 31, 2019 733,777 $ 25.20 Granted 1,278,095 $ 10.04 Vested (255,908 ) $ 25.42 Forfeited (41,008 ) $ 24.82 Unvested RSUs at June 30, 2020 1,714,956 $ 13.88 Performance Share Units (“PSUs”) — The following table summarizes PSU activity for the six months ended June 30, 2020: PSUs Weighted Average Grant Date Fair Value Unvested PSUs at December 31, 2019 417,831 $ 39.31 Granted 441,642 $ 13.05 Vested — $ — Forfeited (20,772 ) $ 36.52 Unvested PSUs at June 30, 2020 838,701 $ 25.55 The grant date fair value of the PSUs granted during the six months ended June 30, 2020, calculated using a Monte Carlo simulation, was $5.8 million. The following table summarizes the assumptions used to calculate the grant date fair value of the PSUs granted for the six months ended June 30, 2020: 2020 Grant Date March 5, 2020 Number of simulations 100,000 Expected term (in years) 2.8 Expected volatility 48.8 % Risk-free interest rate 0.6 % Dividend yield — % Share-based Compensation Expense, net Share-based compensation expense associated with RSUs, PSUs and Series B Units are reflected as “General and administrative expense,” in the condensed consolidated statements of operations, net amounts capitalized to “Proved Properties,” in the condensed consolidated balance sheet. Because of the non-cash nature of share-based compensation, the expensed portion of share-based compensation is added back to net income in arriving at “Net cash provided by operating activities” in the consolidated statements of cash flows. The Company recognized the following share-based compensation expense, net for the three and six months ended June 30, 2020 and 2019 Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Share-based compensation expense $ 4,455 $ 3,702 $ 7,667 $ 5,977 Less: amounts capitalized to oil and gas properties (2,108 ) (1,741 ) (3,693 ) (2,757 ) Total share-based compensation expense, net $ 2,347 $ 1,961 $ 3,974 $ 3,220

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 8 — Income Taxes The Company is a corporation that is subject to U.S. federal, state and foreign income taxes. For the three months ended June 30, 2020, the Company recognized an income tax benefit of $49.4 million for an effective tax rate of 26.0%. The Company’s effective tax rate of 26.0% is higher than the U.S. federal statutory income tax rate of 21% primarily due to state income taxes and permanent differences. For the three months ended June 30, 2019, the Company recognized income tax expense of $6.0 million for an effective tax rate of 6.0%. The difference between the Company’s effective tax rate of 6.0% and federal statutory income tax rate of 21% is primarily due to a reduction to the Company’s valuation allowance. For the six months ended June 30, 2020, the Company recognized income tax expense of $5.9 million for an effective tax rate of 25.5%. The Company’s effective tax rate of 25.5% is higher than the U.S. federal statutory income tax rate of 21% due to state income taxes, and other permanent differences, primarily related to non-deductible executive compensation and the impact of equity-based compensation shortfalls. For the six months ended June 30, 2019, the Company recognized an income tax benefit of $0.4 million for an effective tax rate of 2.4%. The difference between the Company’s effective tax rate of 2.4% and federal statutory income tax rate of 21% is primarily due to a reduction to the Company’s valuation allowance. The Company evaluates and updates the estimated annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Consequently, based upon the mix and timing of the Company’s actual earnings compared to annual projections, the effective tax rate may vary quarterly and may make quarterly comparisons not meaningful. The quarterly income tax provision is generally comprised of tax expense on income or benefit on loss at the most recent estimated annual effective tax rate. The tax effect of discrete items is recognized in the period in which they occur at the applicable statutory rate. Deferred income tax assets and liabilities are recorded related to net operating losses and temporary differences between the book and tax basis of assets and liabilities expected to produce deductions and income in the future. The Company reduces deferred tax assets by a valuation allowance when, based on estimates, it is more likely than not that a portion of those assets will not b e realized in a future period. The deferred tax asset estimates are subject to revision, either up or down, in future periods based on new facts or ci rcumstances. In evaluating the Company’s valuation allowance, the Company considers cumulative losses, the reversal of existing temporary differences, the existence of taxable income in carryback years, tax optimization planning and future taxable income for each of its taxable jurisdictions. Change s to the Company’s assessment of its valuat ion allowance could materially impact its results of operations. As of June 30, 2020 , the Company had a valuation allowance related to state and foreign deferred tax assets .

Income (Loss) Per Share

Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Income (Loss) Per Share	Note 9 — Income (Loss) Per Share Basic earnings per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Except when the effect would be antidilutive, diluted earnings per common share includes the impact of RSUs, PSUs and outstanding warrants. The following table presents the computation of the Company’s basic and diluted income (loss) per share were as follows (in thousands, except for the per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net income (loss) $ (140,611 ) $ 94,764 $ 17,138 $ (14,872 ) Weighted average common shares outstanding — basic 65,807 54,178 62,023 54,167 Dilutive effect of securities — 273 295 — Weighted average common shares outstanding — diluted 65,807 54,451 62,318 54,167 Net income (loss) per common share: Basic $ (2.14 ) $ 1.75 $ 0.28 $ (0.27 ) Diluted $ (2.14 ) $ 1.74 $ 0.28 $ (0.27 ) Anti-dilutive potentially issuable securities excluded from diluted common shares 5,106 3,857 4,732 4,739

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 10 — Related Party Transactions ILX and Castex Acquisition On February 28, 2020 the Company acquired assets and liabilities at fair value from the Riverstone Sellers, affiliates of the Riverstone Funds, for $453.2 million (comprised of $297.0 million in net cash paid and $156.2 million in Conversion Stock). See additional details in Note 2 — Acquisitions 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 June 30, 2020 is $1.1 million in receivables from an affiliate of the Apollo Funds to reimburse the Company for certain payments made post-closing. Equity Registration Rights Agreement On May 10, 2018, the Company entered into a Registration Rights Agreement (the “Original Equity Registration Rights Agreement”) with certain of the Apollo Funds and the Riverstone Funds, certain funds controlled by Franklin Advisers, Inc. (“Franklin”) and certain clients of MacKay Shields LLC (“MacKay Shields”), The Company and the Riverstone Sellers (and their designated affiliates) agreed under the Purchase Agreements to enter into an amendment to the Original Equity Registration Rights Agreement (such amendment, the “Registration Rights Agreement Amendment,” and the Original Equity Registration Rights Agreement, as amended by the Registration Rights Agreement Amendment, the “Registration Rights Agreement”). The Registration Rights Agreement Amendment will add each of the Riverstone Sellers (or one or more of its designated affiliates) as parties to the Registration Rights Agreement and provide such parties with customary registration rights with respect to the Series A Convertible Preferred Stock (and Conversion Stock) that the Riverstone Sellers received at the closing of the ILX and Castex Acquisition (the “New Registrable Securities” and together with the Original Registrable Securities, the “Registrable Securities”). Under the Registration Rights Agreement, the Company is required to file a shelf registration statement within 30 days of the Company’s receipt of written request by a holder of Registrable Securities (a “Holder”). Each Holder will be limited to two demand registrations in any twelve-month period. The Holders have the right to request that we initiate underwritten offerings of the Company’s common stock; provided, that the Apollo Funds and the Riverstone Funds will have the right to demand three underwritten offerings in any twelve-month period, and Franklin and MacKay Shields will only have the collective right to demand one underwritten offering. The Holders have customary piggyback rights with respect to any underwritten offering that we conduct for as long as the Holders and their respective affiliates own 5% of the Registrable Securities. Each Holder will agree to a lock up with underwriters in the event of an underwritten offering, provided that the lock up will not apply to any Holder who does not have a right to participate in such underwritten offering. The Registration Rights Agreement has terminated with respect to Franklin and will terminate with respect to MacKay Shields in the event that MacKay Shields ceases to beneficially own 5% or more of the then outstanding shares of the Company’s common stock. The Registration Rights Agreement will otherwise terminate at such time as there are no Registrable Securities outstanding. In connection with the closing of the ILX and Castex Acquisition, and pursuant to the Purchase Agreements, as amended, the Company and ILX Holdings, LLC, ILX Holdings II, LLC, ILX Holdings III LLC and Riverstone V Castex 2014 Holdings, L.P., a Delaware limited partnership and designee of Castex Energy 2014, LLC, entered into the Registration Rights Agreement Amendment to the Registration Rights Agreement to, among other things, add each of the Riverstone Sellers (or one or more of its designated affiliates) as parties to the Registration Rights Agreement and provide such parties with customary registration rights with respect to the Company’s Series A Convertible Preferred Stock issued to the Riverstone Sellers at the closing of the ILX and Castex Acquisition. The Company will bear all of the expenses incurred in connection with the offer and sale, while the Apollo Funds, the Riverstone Funds, Franklin and MacKay Shields will be responsible for paying underwriting fees, discounts and selling commissions. For the three and six months ended June 30, 2020, fees incurred by the Company in conjunction with the Original Equity Registration Rights Agreement were nil and $0.2 million, respectively. For the three and six months ended June 30, 2019, the Company incurred $0.1 million and $0.7 million, respectively. Stockholders’ Agreement Amendment On May 10, 2018, the Company entered into a Stockholders’ Agreement (the “Stockholders’ Agreement”) by and among the Company and the other parties thereto. On February 24, 2020, the Company and the other parties thereto amended the Stockholders’ Agreement (the “Stockholders’ Agreement Amendment”) to, among other things, add each of the Riverstone Sellers (or one or more of its designated affiliates) as parties to the Stockholders’ Agreement and provide that for purposes of determining whether the Riverstone Sellers and their affiliates continue to satisfy certain stock ownership requirements necessary to retain their rights to nominate directors to the board of directors, the Series A Convertible Preferred Stock owned by the Riverstone Sellers was, prior to the conversion thereof, counted towards such ownership requirements on an as converted basis at the closing of the ILX and Castex Acquisition. On March 30, 2020, all 110,000 shares of Series A Convertible Preferred Stock were converted into an aggregate 11.0 million shares of the Company’s common stock. 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, the Company’s Executive Vice President and General Counsel and one of its executive officers, is a partner at Vinson & Elkins L.L.P. For the three and six months ended June 30, 2020, the Company incurred fees of approximately For the three and six months ended June 30, 2019, the Company incurred fees of approximately $0.5 million and $1.6 million, respectively, of which $1.0 million remained payable for legal services performed by Vinson & Elkins L.L.P. as of June 30, 2019.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020, the Company had secured performance bonds totaling approximately $658.1 million. As of June 30, 2020, the Company had $13.6 million in letters of credit issued under its Bank Credit Facility. Legal Proceedings and Other Contingencies 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	6 Months Ended
	Jun. 30, 2020
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Information	Note 12 — Condensed Consolidating Financial Information Talos Energy Inc. owns no operating assets and has no operations independent of its subsidiaries. Talos Production Inc. (formerly Talos Production LLC) and Talos Production Finance Inc. issued 11.00% Notes on May 10, 2018, which are fully and unconditionally guaranteed, jointly and severally, by Talos Energy Inc. and certain 100% owned subsidiaries on a senior unsecured basis. The following condensed consolidating financial information presents the financial information of the Company on an unconsolidated stand-alone basis and its combined guarantor and combined non-guarantor subsidiaries as of and for the period indicated. Such financial information may not necessarily be indicative of the Company’s results of operations, cash flows or financial position had these subsidiaries operated as independent entities. TALOS ENERGY INC. CONDENSED CONSOLIDATING BALANCE SHEET As of June 30, 2020 (In thousands) (Unaudited) Parent Subsidiary Issuers Guarantors Non- Guarantors Elimination Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 102,310 $ 1,791 $ 3,754 $ — $ 107,855 Accounts receivable Trade, net — — 67,042 — — 67,042 Joint interest, net — — 39,793 12,984 — 52,777 Other — 16,044 5,394 259 — 21,697 Assets from price risk management activities — 72,666 — — — 72,666 Prepaid assets 166 8,748 36,747 28 — 45,689 Other current assets 53 — 1,929 — — 1,982 Total current assets 219 199,768 152,696 17,025 — 369,708 Property and equipment: Proved properties — — 4,674,529 — — 4,674,529 Unproved properties, not subject to amortization — — 159,063 115,627 — 274,690 Other property and equipment — 25,119 6,926 217 — 32,262 Total property and equipment — 25,119 4,840,518 115,844 — 4,981,481 Accumulated depreciation, depletion and amortization — (12,523 ) (2,234,408 ) (78 ) — (2,247,009 ) Total property and equipment, net — 12,596 2,606,110 115,766 — 2,734,472 Other long-term assets: Assets from price risk management activities — 1,409 — — — 1,409 Other well equipment inventory — — 14,458 — — 14,458 Operating lease assets — 3,400 2,830 1,121 — 7,351 Investments in subsidiaries 1,267,766 2,111,292 — — (3,379,058 ) — Other assets 27,756 364 2,408 16,722 — 47,250 1,295,741 2,328,829 2,778,502 150,634 (3,379,058 ) 3,174,648 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 636 4,108 98,638 769 — 104,151 Accrued liabilities — 4,851 168,996 11,145 — 184,992 Accrued royalties — — 12,772 — — 12,772 Current portion of asset retirement obligations — — 44,977 — — 44,977 Liabilities from price risk management activities — 26,615 — — — 26,615 Accrued interest payable — 10,565 38 — — 10,603 Current portion of operating lease liabilities — 560 723 412 — 1,695 Other current liabilities 255 — 21,818 — — 22,073 Total current liabilities 891 46,699 347,962 12,326 — 407,878 Long-term liabilities: Long-term debt, net of discount and deferred financing costs — 990,981 6,060 — — 997,041 Asset retirement obligations — — 387,083 — — 387,083 Liabilities from price risk management activities — 7,018 — — — 7,018 Operating lease liabilities — 16,365 2,115 748 — 19,228 Other long-term liabilities 297 — 61,550 — — 61,847 Total liabilities 1,188 1,061,063 804,770 13,074 — 1,880,095 Commitments and Contingencies (Note 11) Stockholders' equity 1,294,553 1,267,766 1,973,732 137,560 (3,379,058 ) 1,294,553 $ 1,295,741 $ 2,328,829 $ 2,778,502 $ 150,634 $ (3,379,058 ) $ 3,174,648 TALOS ENERGY INC. CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2019 (In thousands) Parent Subsidiary Issuers Guarantors Non- Guarantors Elimination Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 78,780 $ 593 $ 7,649 $ — $ 87,022 Accounts receivable Trade, net — — 107,842 — — 107,842 Joint interest, net — — 11,567 4,985 — 16,552 Other — 474 5,555 317 — 6,346 Assets from price risk management activities — 8,393 — — — 8,393 Prepaid assets — 33,323 32,529 25 — 65,877 Other current assets — — 1,952 — — 1,952 Total current assets — 120,970 160,038 12,976 — 293,984 Property and equipment: Proved properties — — 4,066,260 — — 4,066,260 Unproved properties, not subject to amortization — — 87,618 106,914 — 194,532 Other property and equipment — 23,142 6,484 217 — 29,843 Total property and equipment — 23,142 4,160,362 107,131 — 4,290,635 Accumulated depreciation, depletion and amortization — (11,001 ) (2,053,971 ) (51 ) — (2,065,023 ) Total property and equipment, net — 12,141 2,106,391 107,080 — 2,225,612 Other long-term assets: Other well equipment inventory — — 7,732 — — 7,732 Operating lease assets — 3,178 3,224 1,377 — 7,779 Investments in subsidiaries 1,045,886 1,690,362 — — (2,736,248 ) — Other assets 33,371 364 2,136 18,504 — 54,375 1,079,257 1,827,015 2,279,521 139,937 (2,736,248 ) 2,589,482 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 428 5,145 58,827 6,957 — 71,357 Accrued liabilities — 4,740 145,051 5,025 — 154,816 Accrued royalties — — 31,729 — — 31,729 Current portion of asset retirement obligations — — 61,051 — — 61,051 Liabilities from price risk management activities — 19,476 — — — 19,476 Accrued interest payable — 10,211 38 — — 10,249 Current portion of operating lease liabilities — 196 821 577 — 1,594 Other current liabilities 255 — 19,925 — — 20,180 Total current liabilities 683 39,768 317,442 12,559 — 370,452 Long-term liabilities: Long-term debt, net of discount and deferred financing costs — 726,921 6,060 — — 732,981 Asset retirement obligations — — 308,427 — — 308,427 Liabilities from price risk management activities — 511 — — — 511 Operating lease liabilities — 13,929 2,416 894 — 17,239 Other long-term liabilities 297 — 81,298 — — 81,595 Total liabilities 980 781,129 715,643 13,453 — 1,511,205 Commitments and Contingencies (Note 11) Stockholders' equity 1,078,277 1,045,886 1,563,878 126,484 (2,736,248 ) 1,078,277 $ 1,079,257 $ 1,827,015 $ 2,279,521 $ 139,937 $ (2,736,248 ) $ 2,589,482 TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Three Months Ended June 30, 2020 (In thousands) (Unaudited) Parent Subsidiary Issuers Guarantors Non- Guarantors Elimination Consolidated Revenues: Oil revenue $ — $ — $ 74,471 $ — $ — $ 74,471 Natural gas revenue — — 11,140 — — 11,140 NGL revenue — — 1,964 — — 1,964 Other — — 1,299 — — 1,299 Total revenue — — 88,874 — — 88,874 Operating expenses: Lease operating expense — — 64,185 (303 ) — 63,882 Production taxes — — 166 — — 166 Depreciation, depletion and amortization — 795 87,634 14 — 88,443 Write-down of oil and natural gas properties — — — — — — Accretion expense — — 13,794 — — 13,794 General and administrative expense 472 7,053 9,041 626 — 17,192 Total operating expenses 472 7,848 174,820 337 — 183,477 Operating loss (472 ) (7,848 ) (85,946 ) (337 ) — (94,603 ) Interest expense — (20,861 ) (5,329 ) — — (26,190 ) Price risk management activities expenses — (68,682 ) — — — (68,682 ) Other income (loss) — 1,660 185 (2,373 ) — (528 ) Income tax benefit (expense) 49,707 (1 ) (156 ) (158 ) — 49,392 Equity earnings from subsidiaries (189,846 ) (94,114 ) — — 283,960 — Net income (loss) $ (140,611 ) $ (189,846 ) $ (91,246 ) $ (2,868 ) $ 283,960 $ (140,611 ) TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2020 (In thousands) (Unaudited) Parent Subsidiary Issuers Guarantors Non-Guarantors Elimination Consolidated Revenues: Oil revenue $ — $ — $ 241,088 $ 7 $ — $ 241,095 Natural gas revenue — — 23,038 — — 23,038 NGL revenue — — 6,265 — — 6,265 Other — — 6,240 — — 6,240 Total revenue — — 276,631 7 — 276,638 Operating expenses: Lease operating expense — — 122,426 (303 ) — 122,123 Production taxes — — 415 — — 415 Depreciation, depletion and amortization — 1,522 180,437 27 — 181,986 Write-down of oil and natural gas properties — — — 57 — 57 Accretion expense — — 26,211 — — 26,211 General and administrative expense 694 23,794 18,869 1,304 — 44,661 Total operating expenses 694 25,316 348,358 1,085 — 375,453 Operating loss (694 ) (25,316 ) (71,727 ) (1,078 ) — (98,815 ) Interest expense 7 (39,483 ) (12,562 ) (2 ) — (52,040 ) Price risk management activities income — 174,535 — — — 174,535 Other income (loss) — 1,826 369 (2,869 ) — (674 ) Income tax expense (5,552 ) (1 ) (157 ) (158 ) — (5,868 ) Equity earnings from subsidiaries 23,377 (88,184 ) — — 64,807 — Net income (loss) $ 17,138 $ 23,377 $ (84,077 ) $ (4,107 ) $ 64,807 $ 17,138 TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Three Months Ended June 30, 2019 (In thousands) (Unaudited) Parent Subsidiary Issuers Guarantors Non- Guarantors Elimination Consolidated Revenues: Oil revenue $ — $ — $ 256,908 $ — $ — $ 256,908 Natural gas revenue — — 14,746 — — 14,746 NGL revenue — — 6,645 — — 6,645 Other — — 8,511 — — 8,511 Total revenue — — 286,810 — — 286,810 Operating expenses: Lease operating expense — — 54,455 — — 54,455 Production taxes — — 506 — — 506 Depreciation, depletion and amortization — 1,242 94,554 10 — 95,806 Write-down of oil and natural gas properties — — — 12,361 — 12,361 Accretion expense — — 9,945 — — 9,945 General and administrative expense 48 7,626 10,634 557 — 18,865 Total operating expenses 48 8,868 170,094 12,928 — 191,938 Operating income (loss) (48 ) (8,868 ) 116,716 (12,928 ) — 94,872 Interest expense — (17,020 ) (7,719 ) (193 ) — (24,932 ) Price risk management activities income — 29,990 — — — 29,990 Other income (loss) — 106 765 (40 ) — 831 Income tax benefit (expense) (6,187 ) — (294 ) 484 — (5,997 ) Equity earnings from subsidiaries 100,999 96,791 — — (197,790 ) — Net income (loss) $ 94,764 $ 100,999 $ 109,468 $ (12,677 ) $ (197,790 ) $ 94,764 TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2019 (In thousands) (Unaudited) Parent Subsidiary Issuers Guarantors Non-Guarantors Elimination Consolidated Revenues: Oil revenue $ — $ — $ 412,587 $ — $ — $ 412,587 Natural gas revenue — — 29,193 — — 29,193 NGL revenue — — 11,711 — — 11,711 Other — — 12,032 — — 12,032 Total revenue — — 465,523 — — 465,523 Operating expenses: Lease operating expense — — 122,414 — — 122,414 Production taxes — — 1,088 — — 1,088 Depreciation, depletion and amortization — 1,314 159,064 15 — 160,393 Write-down of oil and natural gas properties — — — 12,361 — 12,361 Accretion expense — — 19,552 — — 19,552 General and administrative expense 385 16,232 19,409 448 — 36,474 Total operating expenses 385 17,546 321,527 12,824 — 352,282 Operating income (loss) (385 ) (17,546 ) 143,996 (12,824 ) — 113,241 Interest expense — (33,592 ) (16,237 ) (321 ) — (50,150 ) Price risk management activities expenses — (79,589 ) — — — (79,589 ) Other income (loss) — 187 1,236 (159 ) — 1,264 Income tax benefit (expense) 650 — (296 ) 8 — 362 Equity earnings from subsidiaries (15,137 ) 115,403 — — (100,266 ) — Net income (loss) $ (14,872 ) $ (15,137 ) $ 128,699 $ (13,296 ) $ (100,266 ) $ (14,872 ) TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2020 (In thousands) (Unaudited) Parent Subsidiary Issuers Guarantors Non- Guarantors Elimination Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ (324 ) $ 49,486 $ 154,079 $ (11,629 ) $ — $ 191,612 Cash flows from investing activities: Exploration, development, and other capital expenditures — (1,791 ) (149,621 ) (3,216 ) — (154,628 ) Cash paid for acquisitions, net of cash acquired — — (296,966 ) — — (296,966 ) Investments in subsidiaries — (783,703 ) — — 783,703 — Distributions from subsidiaries — 462,034 — — (462,034 ) — Net cash provided by (used in) investing activities — (323,460 ) (446,587 ) (3,216 ) 321,669 (451,594 ) Cash flows from financing activities: Redemption of Senior Notes and other long-term debt — (1,209 ) — — — (1,209 ) Proceeds from Bank Credit Facility — 300,000 — — — 300,000 Deferred financing costs — (1,287 ) — — — (1,287 ) Other deferred payments — — (7,575 ) — — (7,575 ) Payment of capital lease — — (8,323 ) — — (8,323 ) Employee stock transactions — — (791 ) — — (791 ) Capital contributions 331 — 770,872 12,500 (783,703 ) — Distributions to Subsidiary Issuer (7 ) — (460,477 ) (1,550 ) 462,034 — Net cash provided by (used in) financing activities 324 297,504 293,706 10,950 (321,669 ) 280,815 Net increase (decrease) in cash, cash equivalents and restricted cash — 23,530 1,198 (3,895 ) — 20,833 Cash, cash equivalents and restricted cash Balance, beginning of period — 78,780 593 7,649 — 87,022 Balance, end of period $ — $ 102,310 $ 1,791 $ 3,754 $ — $ 107,855 TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2019 (In thousands) (Unaudited) Parent Subsidiary Issuers Guarantors Non-Guarantors Elimination Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ (259 ) $ (59,988 ) $ 266,802 $ (23,934 ) $ — $ 182,621 Cash flows from investing activities: Exploration, development, and other capital expenditures — (1,442 ) (207,340 ) (20,819 ) — (229,601 ) Cash paid for acquisitions, net of cash acquired — — (32,916 ) — — (32,916 ) Investments in subsidiaries — (784,698 ) — — 784,698 — Proceeds from sale of other property and equipment — — 5,369 — — 5,369 Distributions from subsidiaries — 838,920 — — (838,920 ) — Net cash provided by (used in) investing activities — 52,780 (234,887 ) (20,819 ) (54,222 ) (257,148 ) 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 — — — — — — Other deferred payments — — (9,921 ) — — (9,921 ) Payment of capital lease — — (6,759 ) — — (6,759 ) Employee stock transactions — (283 ) — — — (283 ) Capital contributions 259 — 734,939 49,500 (784,698 ) — Distributions to Subsidiary Issuer — — (838,595 ) (325 ) 838,920 — Net cash provided by (used in) financing activities 259 49,717 (130,903 ) 49,175 54,222 22,470 Net increase (decrease) in cash, cash equivalents and restricted cash — 42,509 (98,988 ) 4,422 — (52,057 ) Cash, cash equivalents and restricted cash Balance, beginning of period — 13,541 102,049 25,572 — 141,162 Balance, end of period $ — $ 56,050 $ 3,061 $ 29,994 $ — $ 89,105

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 13 —Subsequent Events Economic Environment Due to a combination of the COVID-19 pandemic and related pressures on the global supply-demand balance for crude oil and related products, commodity prices have significantly declined in recent months, and oil and gas operators have reduced development budgets and activity. Furthermore, during the second quarter of 2020, various state and local governments began relaxing the stay-at-home orders and similar public health mandates that were implemented in response to the COVID-19 pandemic earlier in the year. During the second quarter of 2020, there have been continued and, in certain cases, increasing outbreaks related to COVID-19 in the United States, particularly in Texas, where our corporate headquarters are located. The Company has evaluated the effect of these factors on the business and reduced the capital expenditure budget for the remainder of 2020, accelerated planned downtime maintenance projects, experienced production shut-ins from non-operated oil and gas properties and shut-in limited operated oil and gas properties. The Company continues to monitor the economic environment and evaluate the impact on the business. Castex 2005 Acquisition For additional information, see Note 2 — Acquisitions

Formation and Basis of Presen_2

Formation and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Formation and Nature of Business	Formation and Nature of Business Talos Energy Inc. (“Talos” or the “Company”) is a technically driven independent exploration and production company focused on safely and efficiently maximizing value through its operations, currently in the United States (“U.S.”) Gulf of Mexico and offshore Mexico. The Company leverages decades of geology, geophysics and offshore operations expertise towards the acquisition, exploration, exploitation and development of assets in key geological trends that are present in many offshore basins around the world. Talos was formed in connection with the previously disclosed 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 (the “Stone Combination”). Talos Energy LLC was formed in 2011 and commenced commercial operations on February 6, 2013. Prior to February 6, 2013, Talos Energy LLC had incurred certain general and administrative expenses associated with the start-up of its operations. On February 3, 2012, Talos Energy LLC completed a transaction with 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, together with the Apollo Funds, the “Sponsors”) and members of management pursuant to which the Company received a private equity capital commitment.
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 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 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, 2019. 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. As discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, operating expenses previously presented as “Direct lease operating expense,” “Insurance” and “Workover and maintenance expense” have been combined and presented as “Lease operating expense” on the Company’s condensed consolidated statements of operations. Such reclassification had no effect on the Company’s results of operations, financial position or cash flows. The Company has one reportable segment, which is the exploration and production of oil and natural gas. Substantially all the Company’s long-lived assets, proved reserves and production sales are related to the Company’s operations in the United States.
Recently Adopted Or Issued Accounting Standards	Recently Adopted Accounting Standards Credit Risk Losses — In June 2016, the Financial Accounting Standards Board issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes accounting requirements for the recognition of credit losses from an incurred or probable impairment methodology to a current expected credit losses (“CECL”) methodology. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including but not limited to trade receivables. The guidance was adopted on January 1, 2020 using a modified retrospective approach. The adoption of this guidance did not have a material effect on the Company’s condensed consolidated financial statements or related disclosures. Accounts receivable resulting from the sale of crude oil, NGL and natural gas production and joint interest billings to our partners for their share of expenses on joint venture projects for which we are the operator are the primary financial assets within the scope of the standard. Although these receivables are from a diverse group of companies, including major energy companies, pipeline companies and joint interest owners, they are concentrated in the oil and gas industry. This concentration has the potential to impact our overall exposure to credit risk in that these companies may be similarly affected by changes in economic and financial conditions, commodity prices or other conditions. A loss-rate methodology is used to estimate the allowance for expected credit losses to be accrued on material receivables to reflect the net amount to be collected. At each reporting period the loss-rate is determined utilizing historical data, current market conditions and reasonable and supported forecast of future economic conditions. Our allowance for uncollectable receivables was $9.3 million at June 30, 2020 and $9.9 million at December 31, 2019.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2020
ILX and Castex
Business Acquisition [Line Items]
Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed	The following table presents the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their fair values on February 28, 2020 and June 30, 2020, including the associated measurement period adjustments (in thousands): February 28, 2020 Adjustments June 30, 2020 Current assets (1) $ 10,969 $ (4,428 ) $ 6,541 Property and equipment 489,796 6,580 496,376 Other long-term assets 148 — 148 Current liabilities (7,129 ) (1,604 ) (8,733 ) Other long-term liabilities (44,489 ) 3,323 (41,166 ) Allocated purchase price $ 449,295 $ 3,871 $ 453,166 (1)
Summary of Purchase Price, Subject to Customary Post-Closing Adjustments	The following table summarizes the purchase price, subject to customary post-closing adjustments (in thousands except per share data): Talos Conversion Stock 11,000 Talos common stock price per share (1) $ 14.20 Conversion Stock value $ 156,200 Cash consideration $ 385,000 Customary closing adjustments (88,034 ) Net cash consideration paid at closing $ 296,966 Total purchase price $ 453,166 (1) Represents the closing price of the Company’s common stock on February 28, 2020, the date of the closing of the ILX and Castex Acquisition. The purchase price was based on the value of the Conversion Stock as the value approximates the value of the Preferred Shares as a result of the automatic conversion and dividend rights described in that certain Certificate of Designation, Preferences, Rights and Limitations.
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 ILX and Castex Acquisition for the three and six months ended June 30, 2020: Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Revenue $ 26,299 $ 40,191 Net loss $ (15,161 ) $ (11,952 )
Supplemental Proforma Information	The following supplemental pro forma financial information (in thousands, except per common share amounts), presents the condensed consolidated results of operations for the six months ended June 30, 2020 as if the ILX and Castex Acquisition had occurred on January 1, 2019. The unaudited pro forma information was derived from historical statements of operations of the Company and the Sellers adjusted to (i) include depletion expense applied to the adjusted basis of the oil and natural gas properties acquired, (ii) include interest expense to reflect borrowings under the Bank Credit Facility, (iii) eliminate the write-down of oil and natural gas properties on the assets acquired to reflect the pro-forma ceiling test calculation and (iv) include weighted average basic and diluted shares of common stock outstanding, which was calculated assuming the 11.0 million shares of Conversion Stock were issued to the Sellers. This information does not purport to be indicative of results of operations that would have occurred had the ILX and Castex Acquisition occurred on January 1, 2019, nor is such information indicative of any expected future results of operations. Three Months Ended June 30, Six Months Ended June 30, 2019 2020 2019 Revenue $ 372,462 $ 324,073 $ 633,433 Net income $ 130,715 $ 29,996 $ 51,267 Basic net income per common share $ 2.01 $ 0.46 $ 0.79 Diluted net income per common share $ 2.00 $ 0.46 $ 0.78
Gunflint Acquisition
Business Acquisition [Line Items]
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

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2020
Oil And Gas Property [Abstract]
Schedule of Asset Retirement Obligations	Asset Retirement Obligations The discounted asset retirement obligations included in the condensed consolidated balance sheets in current and non-current liabilities, and the changes in that liability during the six months ended June 30, 2020 were as follows (in thousands): Asset retirement obligations at January 1 $ 369,478 Fair value of asset retirement obligations acquired (1) 42,670 Obligations settled (18,496 ) Fair value of asset retirement obligations divested (185 ) Accretion expense 26,211 Obligations incurred 377 Changes in estimate 12,005 Asset retirement obligations at June 30 $ 432,060 Less: Current portion (44,977 ) Long-term portion $ 387,083 (1) Six months ended June 30, 2020 includes $41.2 million of asset retirement obligations assumed in the ILX and Castex Acquisition.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Components of Lease Costs	The components of lease costs were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Finance lease cost - interest on lease liabilities (1) $ 4,040 $ 4,867 $ 8,305 $ 9,861 Operating lease cost, excluding short-term leases (2) 866 763 1,732 1,526 Short-term lease cost (3) 15,748 27,630 19,283 64,239 Variable lease cost (4) 3 3 6 5 Total lease cost $ 20,657 $ 33,263 $ 29,326 $ 75,631 (1) The Helix Producer I (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): June 30, 2020 December 31, 2019 Operating leases: Operating lease assets $ 7,351 $ 7,779 Current portion of operating lease liabilities $ 1,695 $ 1,594 Operating lease liabilities 19,228 17,239 Total operating lease liabilities $ 20,923 $ 18,833 Finance leases: Proved property (1) $ 124,299 $ 124,299 Other current liabilities $ 19,547 $ 17,509 Other long-term liabilities 51,665 62,026 Total finance lease liabilities $ 71,212 $ 79,535 (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.
Schedule of Lease Maturity	The table below presents the lease maturity by year as of June 30, 2020 (in thousands). Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the condensed consolidated balance sheet. Operating Leases Finance Leases 2020 (excluding the six months ended June 30, 2020) $ 1,833 $ 16,629 2021 4,079 33,257 2022 4,302 33,257 2023 4,239 13,857 2024 3,315 — Thereafter 15,790 — Total lease payments $ 33,558 $ 97,000 Imputed interest (12,635 ) (25,788 ) Total $ 20,923 $ 71,212
Schedule of Weighted Average Remaining Lease Term and Discount Rate	The table below presents the weighted average remaining lease term and discount rate related to leases for the six months ended June 30, 2020 and 2019: Six Months Ended June 30, 2020 2019 Weighted average remaining lease term: Operating leases 8.14 years 9.0 years Finance leases 2.92 years 4.0 years Weighted average discount rate: Operating leases 10.3 % 12.3 % Finance leases 21.9 % 21.9 %
Supplemental Cash Flow Information Related to Leases	The table below presents the supplemental cash flow information related to leases for the six months ended June 30, 2020 and 2019 (in thousands): Six Months Ended June 30, 2020 2019 Operating cash outflow from finance leases $ 8,306 $ 9,861 Financing cash outflow from finance leases $ 8,323 $ 6,759 Operating cash outflow from operating leases $ 911 $ 906 Right-of-use assets obtained in exchange for new finance lease liabilities $ — $ — Right-of-use assets obtained in exchange for new operating lease liabilities $ — $ 613

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
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 the Company’s financial instruments (in thousands): June 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value 11.00% Second-Priority Senior Secured Notes – due April 2022 (1) $ 346,642 $ 329,680 $ 383,871 $ 401,128 7.50% Senior Notes – due May 2022 $ 6,060 $ 4,236 $ 6,060 $ 5,030 Bank Credit Facility – matures May 2022 (1) $ 644,339 $ 650,000 $ 343,050 $ 350,000 Oil and Natural Gas Derivatives $ 40,442 $ 40,442 $ (11,594 ) $ (11,594 ) (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 its condensed consolidated statements of operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net cash received (paid) on settled derivative instruments $ 86,039 $ (9,543 ) $ 122,499 $ (12,562 ) Unrealized gain (loss) (154,721 ) 39,533 52,036 (67,027 ) Price risk management activities income (expense) $ (68,682 ) $ 29,990 $ 174,535 $ (79,589 )
Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under the Terms of Derivative Contracts	The following table reflects the contracted volumes and weighted average prices the Company will receive under the terms of its derivative contracts as of June 30, 2020: 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) July 2020 – December 2020 Swap 30,674 $ 44.45 $ — $ — July 2020 – December 2020 Collar 5,000 $ — $ 50.00 $ 57.09 January 2021 – December 2021 Swap 7,230 $ 42.37 $ — $ — January 2021 – December 2021 Collar 1,000 $ — $ 30.00 $ 40.00 Crude Oil – LLS: (Bbls) (per Bbl) (per Bbl) (per Bbl) January 2021 – December 2021 Swap 3,000 $ 38.83 $ — $ — Natural Gas – NYMEX Henry Hub: (MMBtu) (per MMBtu) (per MMBtu) (per MMBtu) July 2020 – December 2020 Swaps 55,946 $ 2.27 $ — $ — January 2021 – December 2021 Swaps 45,000 $ 2.46 $ — $ — January 2021 – December 2021 Collar 5,000 $ — $ 2.50 $ 3.10 January 2022 – December 2022 Swaps 10,000 $ 2.41 $ — $ —
Summary of Additional Information Related to Financial Instruments Measured at Fair Value on Recurring Basis	The following tables provide additional information related to financial instruments measured at fair value on a recurring basis (in thousands): June 30, 2020 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas swaps and costless collars $ — $ 74,075 $ — $ 74,075 Liabilities: Oil and natural gas swaps and costless collars — (33,633 ) — (33,633 ) Total net asset $ — $ 40,442 $ — $ 40,442 December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas swaps and costless collars $ — $ 8,393 $ — $ 8,393 Liabilities: Oil and natural gas swaps and costless collars — (19,987 ) — (19,987 ) Total net liability $ — $ (11,594 ) $ — $ (11,594 )
Schedule of Fair Value of Derivative Financial Instruments	The following table presents the fair value of derivative financial instruments at June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Assets Liabilities Assets Liabilities Oil and natural gas derivatives: Current $ 72,666 $ 26,615 $ 8,393 $ 19,476 Non-current 1,409 7,018 — 511 Total $ 74,075 $ 33,633 $ 8,393 $ 19,987

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Summary of Detail Comprising Debt and Related Book Values	A summary of the detail comprising the Company’s debt and the related book values for the respective periods presented is as follows (in thousands): June 30, 2020 December 31, 2019 11.00% Second-Priority Senior Secured Notes – due April 2022 $ 351,659 $ 390,868 7.50% Senior Notes – due May 2022 6,060 6,060 Bank Credit Facility – matures May 2022 650,000 350,000 Total debt, before discount and deferred financing cost 1,007,719 746,928 Discount and deferred financing cost (10,678 ) (13,947 ) Total debt, net of discount and deferred financing costs $ 997,041 $ 732,981

Employee Benefits Plans and S_2

Employee Benefits Plans and Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Restricted Stock Units Activity	The following table summarizes RSU activity for the six months ended June 30, 2020: RSUs Weighted Average Grant Date Fair Value Unvested RSUs at December 31, 2019 733,777 $ 25.20 Granted 1,278,095 $ 10.04 Vested (255,908 ) $ 25.42 Forfeited (41,008 ) $ 24.82 Unvested RSUs at June 30, 2020 1,714,956 $ 13.88
Summary of Performance Share Units Activity	The following table summarizes PSU activity for the six months ended June 30, 2020: PSUs Weighted Average Grant Date Fair Value Unvested PSUs at December 31, 2019 417,831 $ 39.31 Granted 441,642 $ 13.05 Vested — $ — Forfeited (20,772 ) $ 36.52 Unvested PSUs at June 30, 2020 838,701 $ 25.55
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 for the six months ended June 30, 2020: 2020 Grant Date March 5, 2020 Number of simulations 100,000 Expected term (in years) 2.8 Expected volatility 48.8 % Risk-free interest rate 0.6 % Dividend yield — %
Schedule of Recognized Share Based Compensation Expense, Net	The Company recognized the following share-based compensation expense, net for the three and six months ended June 30, 2020 and 2019 Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Share-based compensation expense $ 4,455 $ 3,702 $ 7,667 $ 5,977 Less: amounts capitalized to oil and gas properties (2,108 ) (1,741 ) (3,693 ) (2,757 ) Total share-based compensation expense, net $ 2,347 $ 1,961 $ 3,974 $ 3,220

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Income (Loss) Per Share	The following table presents the computation of the Company’s basic and diluted income (loss) per share were as follows (in thousands, except for the per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net income (loss) $ (140,611 ) $ 94,764 $ 17,138 $ (14,872 ) Weighted average common shares outstanding — basic 65,807 54,178 62,023 54,167 Dilutive effect of securities — 273 295 — Weighted average common shares outstanding — diluted 65,807 54,451 62,318 54,167 Net income (loss) per common share: Basic $ (2.14 ) $ 1.75 $ 0.28 $ (0.27 ) Diluted $ (2.14 ) $ 1.74 $ 0.28 $ (0.27 ) Anti-dilutive potentially issuable securities excluded from diluted common shares 5,106 3,857 4,732 4,739

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2020
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 guarantor and combined non-guarantor subsidiaries as of and for the period indicated. Such financial information may not necessarily be indicative of the Company’s results of operations, cash flows or financial position had these subsidiaries operated as independent entities. TALOS ENERGY INC. CONDENSED CONSOLIDATING BALANCE SHEET As of June 30, 2020 (In thousands) (Unaudited) Parent Subsidiary Issuers Guarantors Non- Guarantors Elimination Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 102,310 $ 1,791 $ 3,754 $ — $ 107,855 Accounts receivable Trade, net — — 67,042 — — 67,042 Joint interest, net — — 39,793 12,984 — 52,777 Other — 16,044 5,394 259 — 21,697 Assets from price risk management activities — 72,666 — — — 72,666 Prepaid assets 166 8,748 36,747 28 — 45,689 Other current assets 53 — 1,929 — — 1,982 Total current assets 219 199,768 152,696 17,025 — 369,708 Property and equipment: Proved properties — — 4,674,529 — — 4,674,529 Unproved properties, not subject to amortization — — 159,063 115,627 — 274,690 Other property and equipment — 25,119 6,926 217 — 32,262 Total property and equipment — 25,119 4,840,518 115,844 — 4,981,481 Accumulated depreciation, depletion and amortization — (12,523 ) (2,234,408 ) (78 ) — (2,247,009 ) Total property and equipment, net — 12,596 2,606,110 115,766 — 2,734,472 Other long-term assets: Assets from price risk management activities — 1,409 — — — 1,409 Other well equipment inventory — — 14,458 — — 14,458 Operating lease assets — 3,400 2,830 1,121 — 7,351 Investments in subsidiaries 1,267,766 2,111,292 — — (3,379,058 ) — Other assets 27,756 364 2,408 16,722 — 47,250 1,295,741 2,328,829 2,778,502 150,634 (3,379,058 ) 3,174,648 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 636 4,108 98,638 769 — 104,151 Accrued liabilities — 4,851 168,996 11,145 — 184,992 Accrued royalties — — 12,772 — — 12,772 Current portion of asset retirement obligations — — 44,977 — — 44,977 Liabilities from price risk management activities — 26,615 — — — 26,615 Accrued interest payable — 10,565 38 — — 10,603 Current portion of operating lease liabilities — 560 723 412 — 1,695 Other current liabilities 255 — 21,818 — — 22,073 Total current liabilities 891 46,699 347,962 12,326 — 407,878 Long-term liabilities: Long-term debt, net of discount and deferred financing costs — 990,981 6,060 — — 997,041 Asset retirement obligations — — 387,083 — — 387,083 Liabilities from price risk management activities — 7,018 — — — 7,018 Operating lease liabilities — 16,365 2,115 748 — 19,228 Other long-term liabilities 297 — 61,550 — — 61,847 Total liabilities 1,188 1,061,063 804,770 13,074 — 1,880,095 Commitments and Contingencies (Note 11) Stockholders' equity 1,294,553 1,267,766 1,973,732 137,560 (3,379,058 ) 1,294,553 $ 1,295,741 $ 2,328,829 $ 2,778,502 $ 150,634 $ (3,379,058 ) $ 3,174,648 TALOS ENERGY INC. CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2019 (In thousands) Parent Subsidiary Issuers Guarantors Non- Guarantors Elimination Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 78,780 $ 593 $ 7,649 $ — $ 87,022 Accounts receivable Trade, net — — 107,842 — — 107,842 Joint interest, net — — 11,567 4,985 — 16,552 Other — 474 5,555 317 — 6,346 Assets from price risk management activities — 8,393 — — — 8,393 Prepaid assets — 33,323 32,529 25 — 65,877 Other current assets — — 1,952 — — 1,952 Total current assets — 120,970 160,038 12,976 — 293,984 Property and equipment: Proved properties — — 4,066,260 — — 4,066,260 Unproved properties, not subject to amortization — — 87,618 106,914 — 194,532 Other property and equipment — 23,142 6,484 217 — 29,843 Total property and equipment — 23,142 4,160,362 107,131 — 4,290,635 Accumulated depreciation, depletion and amortization — (11,001 ) (2,053,971 ) (51 ) — (2,065,023 ) Total property and equipment, net — 12,141 2,106,391 107,080 — 2,225,612 Other long-term assets: Other well equipment inventory — — 7,732 — — 7,732 Operating lease assets — 3,178 3,224 1,377 — 7,779 Investments in subsidiaries 1,045,886 1,690,362 — — (2,736,248 ) — Other assets 33,371 364 2,136 18,504 — 54,375 1,079,257 1,827,015 2,279,521 139,937 (2,736,248 ) 2,589,482 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 428 5,145 58,827 6,957 — 71,357 Accrued liabilities — 4,740 145,051 5,025 — 154,816 Accrued royalties — — 31,729 — — 31,729 Current portion of asset retirement obligations — — 61,051 — — 61,051 Liabilities from price risk management activities — 19,476 — — — 19,476 Accrued interest payable — 10,211 38 — — 10,249 Current portion of operating lease liabilities — 196 821 577 — 1,594 Other current liabilities 255 — 19,925 — — 20,180 Total current liabilities 683 39,768 317,442 12,559 — 370,452 Long-term liabilities: Long-term debt, net of discount and deferred financing costs — 726,921 6,060 — — 732,981 Asset retirement obligations — — 308,427 — — 308,427 Liabilities from price risk management activities — 511 — — — 511 Operating lease liabilities — 13,929 2,416 894 — 17,239 Other long-term liabilities 297 — 81,298 — — 81,595 Total liabilities 980 781,129 715,643 13,453 — 1,511,205 Commitments and Contingencies (Note 11) Stockholders' equity 1,078,277 1,045,886 1,563,878 126,484 (2,736,248 ) 1,078,277 $ 1,079,257 $ 1,827,015 $ 2,279,521 $ 139,937 $ (2,736,248 ) $ 2,589,482 TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Three Months Ended June 30, 2020 (In thousands) (Unaudited) Parent Subsidiary Issuers Guarantors Non- Guarantors Elimination Consolidated Revenues: Oil revenue $ — $ — $ 74,471 $ — $ — $ 74,471 Natural gas revenue — — 11,140 — — 11,140 NGL revenue — — 1,964 — — 1,964 Other — — 1,299 — — 1,299 Total revenue — — 88,874 — — 88,874 Operating expenses: Lease operating expense — — 64,185 (303 ) — 63,882 Production taxes — — 166 — — 166 Depreciation, depletion and amortization — 795 87,634 14 — 88,443 Write-down of oil and natural gas properties — — — — — — Accretion expense — — 13,794 — — 13,794 General and administrative expense 472 7,053 9,041 626 — 17,192 Total operating expenses 472 7,848 174,820 337 — 183,477 Operating loss (472 ) (7,848 ) (85,946 ) (337 ) — (94,603 ) Interest expense — (20,861 ) (5,329 ) — — (26,190 ) Price risk management activities expenses — (68,682 ) — — — (68,682 ) Other income (loss) — 1,660 185 (2,373 ) — (528 ) Income tax benefit (expense) 49,707 (1 ) (156 ) (158 ) — 49,392 Equity earnings from subsidiaries (189,846 ) (94,114 ) — — 283,960 — Net income (loss) $ (140,611 ) $ (189,846 ) $ (91,246 ) $ (2,868 ) $ 283,960 $ (140,611 ) TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2020 (In thousands) (Unaudited) Parent Subsidiary Issuers Guarantors Non-Guarantors Elimination Consolidated Revenues: Oil revenue $ — $ — $ 241,088 $ 7 $ — $ 241,095 Natural gas revenue — — 23,038 — — 23,038 NGL revenue — — 6,265 — — 6,265 Other — — 6,240 — — 6,240 Total revenue — — 276,631 7 — 276,638 Operating expenses: Lease operating expense — — 122,426 (303 ) — 122,123 Production taxes — — 415 — — 415 Depreciation, depletion and amortization — 1,522 180,437 27 — 181,986 Write-down of oil and natural gas properties — — — 57 — 57 Accretion expense — — 26,211 — — 26,211 General and administrative expense 694 23,794 18,869 1,304 — 44,661 Total operating expenses 694 25,316 348,358 1,085 — 375,453 Operating loss (694 ) (25,316 ) (71,727 ) (1,078 ) — (98,815 ) Interest expense 7 (39,483 ) (12,562 ) (2 ) — (52,040 ) Price risk management activities income — 174,535 — — — 174,535 Other income (loss) — 1,826 369 (2,869 ) — (674 ) Income tax expense (5,552 ) (1 ) (157 ) (158 ) — (5,868 ) Equity earnings from subsidiaries 23,377 (88,184 ) — — 64,807 — Net income (loss) $ 17,138 $ 23,377 $ (84,077 ) $ (4,107 ) $ 64,807 $ 17,138 TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Three Months Ended June 30, 2019 (In thousands) (Unaudited) Parent Subsidiary Issuers Guarantors Non- Guarantors Elimination Consolidated Revenues: Oil revenue $ — $ — $ 256,908 $ — $ — $ 256,908 Natural gas revenue — — 14,746 — — 14,746 NGL revenue — — 6,645 — — 6,645 Other — — 8,511 — — 8,511 Total revenue — — 286,810 — — 286,810 Operating expenses: Lease operating expense — — 54,455 — — 54,455 Production taxes — — 506 — — 506 Depreciation, depletion and amortization — 1,242 94,554 10 — 95,806 Write-down of oil and natural gas properties — — — 12,361 — 12,361 Accretion expense — — 9,945 — — 9,945 General and administrative expense 48 7,626 10,634 557 — 18,865 Total operating expenses 48 8,868 170,094 12,928 — 191,938 Operating income (loss) (48 ) (8,868 ) 116,716 (12,928 ) — 94,872 Interest expense — (17,020 ) (7,719 ) (193 ) — (24,932 ) Price risk management activities income — 29,990 — — — 29,990 Other income (loss) — 106 765 (40 ) — 831 Income tax benefit (expense) (6,187 ) — (294 ) 484 — (5,997 ) Equity earnings from subsidiaries 100,999 96,791 — — (197,790 ) — Net income (loss) $ 94,764 $ 100,999 $ 109,468 $ (12,677 ) $ (197,790 ) $ 94,764 TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2019 (In thousands) (Unaudited) Parent Subsidiary Issuers Guarantors Non-Guarantors Elimination Consolidated Revenues: Oil revenue $ — $ — $ 412,587 $ — $ — $ 412,587 Natural gas revenue — — 29,193 — — 29,193 NGL revenue — — 11,711 — — 11,711 Other — — 12,032 — — 12,032 Total revenue — — 465,523 — — 465,523 Operating expenses: Lease operating expense — — 122,414 — — 122,414 Production taxes — — 1,088 — — 1,088 Depreciation, depletion and amortization — 1,314 159,064 15 — 160,393 Write-down of oil and natural gas properties — — — 12,361 — 12,361 Accretion expense — — 19,552 — — 19,552 General and administrative expense 385 16,232 19,409 448 — 36,474 Total operating expenses 385 17,546 321,527 12,824 — 352,282 Operating income (loss) (385 ) (17,546 ) 143,996 (12,824 ) — 113,241 Interest expense — (33,592 ) (16,237 ) (321 ) — (50,150 ) Price risk management activities expenses — (79,589 ) — — — (79,589 ) Other income (loss) — 187 1,236 (159 ) — 1,264 Income tax benefit (expense) 650 — (296 ) 8 — 362 Equity earnings from subsidiaries (15,137 ) 115,403 — — (100,266 ) — Net income (loss) $ (14,872 ) $ (15,137 ) $ 128,699 $ (13,296 ) $ (100,266 ) $ (14,872 ) TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2020 (In thousands) (Unaudited) Parent Subsidiary Issuers Guarantors Non- Guarantors Elimination Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ (324 ) $ 49,486 $ 154,079 $ (11,629 ) $ — $ 191,612 Cash flows from investing activities: Exploration, development, and other capital expenditures — (1,791 ) (149,621 ) (3,216 ) — (154,628 ) Cash paid for acquisitions, net of cash acquired — — (296,966 ) — — (296,966 ) Investments in subsidiaries — (783,703 ) — — 783,703 — Distributions from subsidiaries — 462,034 — — (462,034 ) — Net cash provided by (used in) investing activities — (323,460 ) (446,587 ) (3,216 ) 321,669 (451,594 ) Cash flows from financing activities: Redemption of Senior Notes and other long-term debt — (1,209 ) — — — (1,209 ) Proceeds from Bank Credit Facility — 300,000 — — — 300,000 Deferred financing costs — (1,287 ) — — — (1,287 ) Other deferred payments — — (7,575 ) — — (7,575 ) Payment of capital lease — — (8,323 ) — — (8,323 ) Employee stock transactions — — (791 ) — — (791 ) Capital contributions 331 — 770,872 12,500 (783,703 ) — Distributions to Subsidiary Issuer (7 ) — (460,477 ) (1,550 ) 462,034 — Net cash provided by (used in) financing activities 324 297,504 293,706 10,950 (321,669 ) 280,815 Net increase (decrease) in cash, cash equivalents and restricted cash — 23,530 1,198 (3,895 ) — 20,833 Cash, cash equivalents and restricted cash Balance, beginning of period — 78,780 593 7,649 — 87,022 Balance, end of period $ — $ 102,310 $ 1,791 $ 3,754 $ — $ 107,855 TALOS ENERGY INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2019 (In thousands) (Unaudited) Parent Subsidiary Issuers Guarantors Non-Guarantors Elimination Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ (259 ) $ (59,988 ) $ 266,802 $ (23,934 ) $ — $ 182,621 Cash flows from investing activities: Exploration, development, and other capital expenditures — (1,442 ) (207,340 ) (20,819 ) — (229,601 ) Cash paid for acquisitions, net of cash acquired — — (32,916 ) — — (32,916 ) Investments in subsidiaries — (784,698 ) — — 784,698 — Proceeds from sale of other property and equipment — — 5,369 — — 5,369 Distributions from subsidiaries — 838,920 — — (838,920 ) — Net cash provided by (used in) investing activities — 52,780 (234,887 ) (20,819 ) (54,222 ) (257,148 ) 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 — — — — — — Other deferred payments — — (9,921 ) — — (9,921 ) Payment of capital lease — — (6,759 ) — — (6,759 ) Employee stock transactions — (283 ) — — — (283 ) Capital contributions 259 — 734,939 49,500 (784,698 ) — Distributions to Subsidiary Issuer — — (838,595 ) (325 ) 838,920 — Net cash provided by (used in) financing activities 259 49,717 (130,903 ) 49,175 54,222 22,470 Net increase (decrease) in cash, cash equivalents and restricted cash — 42,509 (98,988 ) 4,422 — (52,057 ) Cash, cash equivalents and restricted cash Balance, beginning of period — 13,541 102,049 25,572 — 141,162 Balance, end of period $ — $ 56,050 $ 3,061 $ 29,994 $ — $ 89,105

Formation and Basis of Presen_3

Formation and Basis of Presentation - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)Segment	Dec. 31, 2019USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of reportable segment | Segment	1
Allowance for uncollectable receivables | $	$ 9.3	$ 9.9

Acquisitions - Asset Acquisitio

Acquisitions - Asset Acquisitions - Additional Information (Details) - Gunflint Acquisition $ in Millions	Jan. 11, 2019USD ($)
Business Acquisition [Line Items]
Percentage of non-operated working interest acquired	9.60%
Purchase price	$ 29.6
Customary purchase price adjustments	$ 27.9

Acquisitions - Asset Acquisit_2

Acquisitions - Asset Acquisitions - Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - Gunflint Acquisition $ in Thousands	Jan. 11, 2019USD ($)
Business Acquisition [Line Items]
Property and equipment	$ 28,912
Asset retirement obligations	(996)
Allocated purchase price	$ 27,916

Acquisitions - Business Combina

Acquisitions - Business Combination - Additional Information (Details) $ in Thousands	Jun. 19, 2020USD ($)Propertyshares	Mar. 30, 2020shares	Feb. 28, 2020USD ($)shares	Dec. 10, 2019	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2020USD ($)
Castex 2005 Acquisition
Business Acquisition [Line Items]
Aggregate consideration of cash	$ 6,500
Number of properties | Property	16
Castex 2005 Acquisition | Common Stock
Business Acquisition [Line Items]
Aggregate shares issued | shares	4,600,000
ILX and Castex
Business Acquisition [Line Items]
Aggregate consideration of cash							$ 385,000
Acquisition, transaction related cost							11,700
ILX and Castex | General and Administrative Expense
Business Acquisition [Line Items]
Acquisition, transaction related cost					$ 800	$ 3,400	$ 8,300
ILX and Castex | Contingent Convertible Preferred Stock
Business Acquisition [Line Items]
Conversion stock issued to sellers | shares			11,000,000
Talos Energy L L C Stakeholders | ILX and Castex
Business Acquisition [Line Items]
Business acquisition, effective date				Jul. 1, 2019
Aggregate consideration of cash			$ 385,000
Talos Energy L L C Stakeholders | ILX and Castex | Series A Convertible Preferred Stock
Business Acquisition [Line Items]
Aggregate shares issued | shares		110,000	110,000
Conversion of stock, new issuance | shares		11,000,000

Acquisitions - Summary of Purch

Acquisitions - Summary of Purchase Price, Subject to Customary Post-Closing Adjustments (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Business Acquisition [Line Items]
Net cash consideration paid at closing	$ 296,966	$ 32,916
ILX and Castex
Business Acquisition [Line Items]
Talos Conversion Stock	11,000,000
Talos common stock price per share	$ 14.20
Conversion Stock value	$ 156,200
Cash consideration	385,000
Customary closing adjustments	(88,034)
Net cash consideration paid at closing	296,966
Total purchase price	$ 453,166

Acquisitions - Business Combi_2

Acquisitions - Business Combination - Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed Including the Measurement Period Adjustments (Details) - ILX and Castex - USD ($) $ in Thousands	Jun. 30, 2020	Feb. 28, 2020
Business Acquisition [Line Items]
Current assets	$ 6,541	$ 10,969
Property and equipment	496,376	489,796
Other long-term assets	148	148
Current liabilities	(8,733)	(7,129)
Other long-term liabilities	(41,166)	(44,489)
Allocated purchase price	453,166	$ 449,295
Adjustments
Business Acquisition [Line Items]
Current assets	(4,428)
Property and equipment	6,580
Current liabilities	(1,604)
Other long-term liabilities	3,323
Allocated purchase price	$ 3,871

Acquisitions - Business Combi_3

Acquisitions - Business Combination - Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed Including the Measurement Period Adjustments (Parenthetical) (Details) $ in Millions	Jun. 30, 2020USD ($)
ILX and Castex | Trade and Other Receivables
Business Acquisition [Line Items]
Primary fair values of receivables acquired	$ 5.6

Acquisitions - Business Combi_4

Acquisitions - Business Combination - Summary of Revenue and Net Income Attributable to Assets Acquired (Details) - ILX and Castex - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Business Acquisition [Line Items]
Revenue	$ 26,299	$ 40,191
Net loss	$ (15,161)	$ (11,952)

Acquisitions - Business Combi_5

Acquisitions - Business Combination - Summary of Supplemental Proforma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Business Acquisition [Line Items]
Revenue	$ 372,462
Net income	$ 130,715
Basic net income per common share	$ 2.01
Diluted net income per common share	$ 2
ILX and Castex
Business Acquisition [Line Items]
Revenue		$ 324,073	$ 633,433
Net income		$ 29,996	$ 51,267
Basic net income per common share		$ 0.46	$ 0.79
Diluted net income per common share		$ 0.46	$ 0.78

Property, Plant and Equipment -

Property, Plant and Equipment - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)$ / bbl$ / Mcf	Jun. 30, 2019USD ($)
Property, Plant and Equipment [Line Items]
Write-down of oil and natural gas properties			$ 190,000	$ 12,361,000
Write-down of oil and natural gas properties		$ 12,361,000	57,000	12,361,000
Block 2
Property, Plant and Equipment [Line Items]
Write-down of oil and natural gas properties		12,400,000	100,000	12,400,000
US
Property, Plant and Equipment [Line Items]
Write-down of oil and natural gas properties	$ 0	$ 0	$ 0	$ 0
Unweighted average first day of month commodity price for crude oil for prior twelve months | $ / bbl			49.21
Unweighted average first day of month commodity price for natural gas for prior twelve months | $ / Mcf			2.06
Unweighted average first day of month commodity price for natural gas liquids for prior twelve months | $ / bbl			11.79

Property, Plant and Equipment_2

Property, Plant and Equipment - Schedule of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Oil And Gas Property [Abstract]
Asset retirement obligations			$ 369,478
Fair value of asset retirement obligations acquired			42,670
Obligations settled			(18,496)
Fair value of asset retirement obligations divested			(185)
Accretion expense	$ 13,794	$ 9,945	26,211	$ 19,552
Obligations incurred			377
Changes in estimate			12,005
Asset retirement obligations	432,060		432,060
Less: Current portion	(44,977)		(44,977)		$ (61,051)
Long-term portion	$ 387,083		$ 387,083		$ 308,427

Property, Plant and Equipment_3

Property, Plant and Equipment - Schedule of Asset Retirement Obligations (Parenthetical) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
ILX and Castex
Property, Plant and Equipment [Line Items]
Fair value of asset retirement obligations assumed	$ 41.2

Leases - Components of Lease Co

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Finance lease cost - interest on lease liabilities	[1]	$ 4,040	$ 4,867	$ 8,305	$ 9,861
Operating lease cost, excluding short-term leases	[2]	866	763	1,732	1,526
Short-term lease cost	[3]	15,748	27,630	19,283	64,239
Variable lease cost	[4]	3	3	6	5
Total lease cost		$ 20,657	$ 33,263	$ 29,326	$ 75,631
[1]	The Helix Producer I (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		Jun. 30, 2020	Dec. 31, 2019
Operating leases:
Operating lease assets		$ 7,351	$ 7,779
Current portion of operating lease liabilities		$ 1,695	$ 1,594
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]		us-gaap:OperatingLeaseLiabilityCurrent	us-gaap:OperatingLeaseLiabilityCurrent
Operating lease liabilities		$ 19,228	$ 17,239
Total operating lease liabilities		20,923	18,833
Finance leases:
Proved property	[1]	124,299	124,299
Other current liabilities		$ 19,547	$ 17,509
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]		us-gaap:OtherLiabilitiesCurrent	us-gaap:OtherLiabilitiesCurrent
Other long-term liabilities		$ 51,665	$ 62,026
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Total finance lease liabilities		$ 71,212	$ 79,535
[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 - Schedule of Lease Matu

Leases - Schedule of Lease Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Operating Leases, 2020 (excluding the six months ended June 30, 2020)	$ 1,833
Operating Leases, 2021	4,079
Operating Leases, 2022	4,302
Operating Leases, 2023	4,239
Operating Leases, 2024	3,315
Operating Leases, Thereafter	15,790
Operating Leases, Total lease payments	33,558
Operating Leases, Imputed interest	(12,635)
Operating Leases	20,923	$ 18,833
Finance Leases, 2020 (excluding the six months ended June 30, 2020)	16,629
Finance Leases, 2021	33,257
Finance Leases, 2022	33,257
Finance Leases, 2023	13,857
Finance Leases, Total lease payments	97,000
Finance Leases, Imputed interest	(25,788)
Finance Leases	$ 71,212	$ 79,535

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Remaining Lease Term and Discount Rate (Details)	Jun. 30, 2020	Jun. 30, 2019
Weighted average remaining lease term:
Operating leases	8 years 1 month 20 days	9 years
Finance leases	2 years 11 months 1 day	4 years
Weighted average discount rate:
Operating leases	10.30%	12.30%
Finance leases	21.90%	21.90%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash Paid For Amounts Included In Measurement Of Lease Liabilities [Abstract]
Operating cash outflow from finance leases	$ 8,306	$ 9,861
Financing cash outflow from finance leases	8,323	6,759
Operating cash outflow from operating leases	$ 911	906
Right-of-use assets obtained in exchange for new operating lease liabilities		$ 613

Financial Instruments - Schedul

Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
Oil and Natural Gas Derivatives
Debt Instrument [Line Items]
Carrying Amount		$ 40,442	$ (11,594)
Fair Value		40,442	(11,594)
11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Carrying Amount	[1]	346,642	383,871
Fair Value	[1]	329,680	401,128
7.50% Senior Notes – due May 2022
Debt Instrument [Line Items]
Carrying Amount		6,060	6,060
Fair Value		4,236	5,030
Bank Credit Facility – matures May 2022
Debt Instrument [Line Items]
Carrying Amount		644,339	343,050
Fair Value		$ 650,000	$ 350,000
[1]

Financial Instruments - Sched_2

Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Parenthetical) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Bank Credit Facility – matures 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 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)	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)counterparty	Dec. 31, 2019
Investment Grade Credit Rating
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Number of counterparties | counterparty	11
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 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	$ 985,000,000
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	$ 351,700,000
Stone Energy Corporation | 7.50% Senior 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Net cash received (paid) on settled derivative instruments	$ 86,039	$ (9,543)	$ 122,499	$ (12,562)
Unrealized gain (loss)	(154,721)	39,533	52,036	(67,027)
Price risk management activities income (expense)	$ (68,682)	$ 29,990	$ 174,535	$ (79,589)

Financial Instruments - Sched_4

Financial Instruments - Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under the Terms of Derivative Contracts (Details)	6 Months Ended
	Jun. 30, 2020MMBTU$ / bbl$ / MMBTUbbl
Crude Oil | WTI | July 2020 – December 2020 | Swap
Derivative [Line Items]
Instrument Type	Swap
Average Daily Volumes | bbl	30,674
Weighted Average Swap Price	44.45
Crude Oil | WTI | July 2020 – December 2020 | Collar
Derivative [Line Items]
Instrument Type	Collar
Average Daily Volumes | bbl	5,000
Weighted Average Put Price	50
Weighted Average Call Price	57.09
Crude Oil | WTI | January 2021 – December 2021 | Swap
Derivative [Line Items]
Instrument Type	Swap
Average Daily Volumes | bbl	7,230
Weighted Average Swap Price	42.37
Crude Oil | WTI | January 2021 – December 2021 | Collar
Derivative [Line Items]
Instrument Type	Collar
Average Daily Volumes | bbl	1,000
Weighted Average Put Price	30
Weighted Average Call Price	40
Crude Oil | LLS | January 2021 – December 2021 | Swap
Derivative [Line Items]
Instrument Type	Swap
Average Daily Volumes | bbl	3,000
Weighted Average Swap Price	38.83
Natural Gas and Natural Gas Liquids | July 2020 – December 2020 | Swap | NYMEX Henry Hub
Derivative [Line Items]
Instrument Type	Swaps
Weighted Average Swap Price | $ / MMBTU	2.27
Average Daily Volumes | MMBTU	55,946
Natural Gas and Natural Gas Liquids | January 2021 – December 2021 | Swap | NYMEX Henry Hub
Derivative [Line Items]
Instrument Type	Swaps
Weighted Average Swap Price | $ / MMBTU	2.46
Average Daily Volumes | MMBTU	45,000
Natural Gas and Natural Gas Liquids | January 2021 – December 2021 | Collar | NYMEX Henry Hub
Derivative [Line Items]
Instrument Type	Collar
Weighted Average Put Price | $ / MMBTU	2.50
Weighted Average Call Price | $ / MMBTU	3.10
Average Daily Volumes | MMBTU	5,000
Natural Gas and Natural Gas Liquids | January 2022 – December 2022 | Swap | NYMEX Henry Hub
Derivative [Line Items]
Instrument Type	Swaps
Weighted Average Swap Price | $ / MMBTU	2.41
Average Daily Volumes | MMBTU	10,000

Financial Instruments - Summary

Financial Instruments - Summary of Additional Information Related to Financial Instruments Measured at Fair Value on Recurring Basis (Details) - Fair Value on Recurring Basis - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Liabilities:
Total net asset (liability)	$ 40,442	$ (11,594)
Oil And Natural Gas Swaps And Costless Collars
Assets:
Oil and natural gas swaps and costless collars	74,075	8,393
Liabilities:
Oil and natural gas swaps and costless collars	(33,633)	(19,987)
Level 2
Liabilities:
Total net asset (liability)	40,442	(11,594)
Level 2 | Oil And Natural Gas Swaps And Costless Collars
Assets:
Oil and natural gas swaps and costless collars	74,075	8,393
Liabilities:
Oil and natural gas swaps and costless collars	$ (33,633)	$ (19,987)

Financial Instruments - Sched_5

Financial Instruments - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Price Risk Derivatives [Line Items]
Current, Assets	$ 72,666	$ 8,393
Non-current, Assets	1,409
Current, Liabilities	26,615	19,476
Non-current, Liabilities	7,018	511
Oil and Natural Gas Derivatives
Price Risk Derivatives [Line Items]
Current, Assets	72,666	8,393
Non-current, Assets	1,409
Assets	74,075	8,393
Current, Liabilities	26,615	19,476
Non-current, Liabilities	7,018	511
Liabilities	$ 33,633	$ 19,987

Debt - Summary of Detail Compri

Debt - Summary of Detail Comprising Debt and Related Book Values (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	$ 1,007,719	$ 746,928
Discount and deferred financing cost	(10,678)	(13,947)
Total debt, net of discount and deferred financing costs	997,041	732,981
Senior Notes | 11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	351,659	390,868
Senior Notes | 7.50% Senior Notes – due May 2022
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	6,060	6,060
Bank Credit Facility | Bank Credit Facility – matures May 2022
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	$ 650,000	$ 350,000

Debt - Summary of Detail Comp_2

Debt - Summary of Detail Comprising Debt and Related Book Values (Parenthetical) (Details)	May 10, 2018	Jun. 30, 2020	Dec. 31, 2019
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 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 – matures May 2022
Debt Instrument [Line Items]
Senior notes, maturity date	May 10, 2022	May 10, 2022
Senior Notes | 11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Debt instrument interest rate		11.00%
Senior notes, maturity date		Apr. 3, 2022
Senior Notes | 7.50% Senior 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 – matures May 2022
Debt Instrument [Line Items]
Senior notes, maturity date		May 10, 2022

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) shares in Millions	May 10, 2021	Jun. 15, 2020	May 10, 2018	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Aug. 05, 2020	Jun. 19, 2020	Feb. 28, 2020	Feb. 27, 2020	Nov. 21, 2017
Debt Instrument [Line Items]
Debt instrument redemption, description					The indenture governing the 11.00% 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% Notes contain customary quarterly and annual reporting, financial and administrative covenants. The Company was in compliance with all debt covenants at June 30, 2020.
Gain on extinguishment of debt					$ 1,470,000
7.50% Senior Notes – due May 2022
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage					105.63%
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, interest rate, stated percentage				7.50%	7.50%	7.50%
Debt instrument interest rate				7.50%	7.50%	7.50%
Debt instrument, face amount				$ 6,100,000	$ 6,100,000
7.50% Senior Notes – due May 2022 | Maximum
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage					105.63%
7.50% Senior Notes – due May 2022 | Minimum
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage					100.00%
Bank Credit Facility – matures May 2022
Debt Instrument [Line Items]
Debt instrument maturity date			May 10, 2022		May 10, 2022
Debt instrument, face amount				25,000,000	$ 25,000,000
Credit facility, maximum borrowing capacity				985,000,000	$ 985,000,000
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% Notes or any permitted refinancing indebtedness in respect thereof is outstanding on such date.
Debt instrument springing maturity period					120 days
Commitment fee percentage					0.50%
Letters of credit outstanding amount				13,600,000	$ 13,600,000
Line of credit outstanding borrowing amount				650,000,000	650,000,000
Bank Credit Facility – matures May 2022 | Letter of Credit
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity				200,000,000	200,000,000
Bank Credit Facility – matures May 2022 | Castex 2005 Acquisition
Debt Instrument [Line Items]
Line of credit facility lender approval for access capacity amount				$ 85,000,000	$ 85,000,000			$ 85,000,000
Line of credit facility lender approval for access capacity reduction amount							$ 25,000,000
Bank Credit Facility – matures May 2022 | ILX and Castex
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity								$ 985,000,000	$ 1,150,000,000	$ 950,000,000
Bank Credit Facility – matures May 2022 | Maximum
Debt Instrument [Line Items]
Debt covenant to EBITDAX					300.00%
Bank Credit Facility – matures May 2022 | Maximum | London Interbank Offered Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate					4.00%
Bank Credit Facility – matures May 2022 | Maximum | Base Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate					3.00%
Bank Credit Facility – matures May 2022 | Minimum
Debt Instrument [Line Items]
Debt covenant current ratio					100.00%
Bank Credit Facility – matures May 2022 | Minimum | London Interbank Offered Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate					3.00%
Bank Credit Facility – matures May 2022 | Minimum | Base Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate					2.00%
Senior Notes | 11.00% Second-Priority Notes - due April 2022
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage					100.00%
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%	11.00%						11.00%
Debt instrument, repurchase amount		$ 37,200,000		$ 2,000,000	$ 2,000,000
Debt instrument interest rate		11.00%		11.00%	11.00%						11.00%
Debt instrument, shares issued in conversion for repurchased and retired notes		3.1
Senior Notes | 11.00% Second-Priority Notes - due April 2022 | Other Income (Expense)
Debt Instrument [Line Items]
Gain on extinguishment of debt				$ 1,500,000
Senior Notes | 11.00% Second-Priority Notes - due April 2022 | Forecast
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	102.75%
Senior Notes | 7.50% Senior Notes – due May 2022
Debt Instrument [Line Items]
Debt instrument maturity date					May 31, 2022
Debt instrument, interest rate, stated percentage				7.50%	7.50%
Debt instrument interest rate				7.50%	7.50%

Employee Benefits Plans and S_3

Employee Benefits Plans and Share-Based Compensation - Additional Information (Details) $ in Millions	Jun. 30, 2020USD ($)shares
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation grant date fair value | $	$ 5.8
Long Term Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation authorized to grant | shares	5,415,576

Employee Benefits Plans and S_4

Employee Benefits Plans and Share-Based Compensation - Schedule of Restricted Stock and Performance Share Units Activity (Details)	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted stock units and award beginning of the period | shares	733,777
Unvested restricted stock units and award, granted | shares	1,278,095
Unvested restricted stock units and award, vested | shares	(255,908)
Unvested restricted stock units and award, forfeited | shares	(41,008)
Unvested restricted stock units and award, end of the period | shares	1,714,956
Unvested weighted average grant date fair value, beginning of the period | $ / shares	$ 25.20
Unvested weighted average grant date fair value, granted | $ / shares	10.04
Unvested weighted average grant date fair value, vested | $ / shares	25.42
Unvested weighted average grant date fair value, forfeited | $ / shares	24.82
Unvested weighted average grant date fair value, end of the period | $ / shares	$ 13.88
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted stock units and award beginning of the period | shares	417,831
Unvested restricted stock units and award, granted | shares	441,642
Unvested restricted stock units and award, forfeited | shares	(20,772)
Unvested restricted stock units and award, end of the period | shares	838,701
Unvested weighted average grant date fair value, beginning of the period | $ / shares	$ 39.31
Unvested weighted average grant date fair value, granted | $ / shares	13.05
Unvested weighted average grant date fair value, forfeited | $ / shares	36.52
Unvested weighted average grant date fair value, end of the period | $ / shares	$ 25.55

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 Share Units	Mar. 05, 2020Simulation
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of simulations	100,000
Expected term (in years)	2 years 9 months 18 days
Expected volatility	48.80%
Risk-free interest rate	0.60%

Employee Benefits Plans and S_6

Employee Benefits Plans and Share-Based Compensation - Schedule of Recognized Share Based Compensation Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based compensation expense	$ 4,455	$ 3,702	$ 7,667	$ 5,977
Less: amounts capitalized to oil and gas properties	(2,108)	(1,741)	(3,693)	(2,757)
Total share-based compensation expense, net	$ 2,347	$ 1,961	$ 3,974	$ 3,220

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (49,392)	$ 5,997	$ 5,868	$ (362)
Effective tax rate	26.00%	6.00%	25.50%	2.40%
U.S. 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 Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income (loss)	$ (140,611)	$ 94,764	$ 17,138	$ (14,872)
Weighted average common shares outstanding — basic	65,807	54,178	62,023	54,167
Dilutive effect of securities		273	295
Weighted average common shares outstanding — diluted	65,807	54,451	62,318	54,167
Basic	$ (2.14)	$ 1.75	$ 0.28	$ (0.27)
Diluted	$ (2.14)	$ 1.74	$ 0.28	$ (0.27)
Anti-dilutive potentially issuable securities excluded from diluted common shares	5,106	3,857	4,732	4,739

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Thousands	Mar. 30, 2020shares	Feb. 28, 2020USD ($)shares	May 10, 2018RegistrationOffering	Aug. 31, 2018USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Related Party Transaction [Line Items]
Net of cash acquired							$ 296,966	$ 32,916
Legal fees incurred					$ 1,800	$ 500	3,400	1,600
Legal fees payable					3,200	1,000	3,200	1,000
Original Equity Registration Rights Agreement
Related Party Transaction [Line Items]
Fees incurred in conjunction with agreement						$ 100	200	$ 700
Apollo Funds | Whistler Energy II, LLC | Whistler Energy II Holdco, LLC
Related Party Transaction [Line Items]
Net of cash acquired				$ 14,800
Business acquisition, date of acquisition agreement				Aug. 31, 2018
Aggregate consideration of cash				$ 52,600
Available cash acquired				$ 37,800
Primary fair values of receivables acquired					$ 1,100		$ 1,100
Franklin Advisers, Inc. and MacKay Shields LLC | Registration Rights Agreement
Related Party Transaction [Line Items]
Number of days required to file shelf registration statement			30 days
Number of demand registrations allowed in any twelve-month period | Registration			2
Number of underwritten offerings to demand in any twelve-month period | Offering			3
Number of underwritten offerings to demand | Offering			1
Percentage of registrable securities owned, underwritten offerings			5.00%
Threshold percentage of outstanding shares of common stock for termination of agreement			5.00%
Registration agreement, termination description							The Registration Rights Agreement has terminated with respect to Franklin and will terminate with respect to MacKay Shields in the event that MacKay Shields ceases to beneficially own 5% or more of the then outstanding shares of the Company’s common stock. The Registration Rights Agreement will otherwise terminate at such time as there are no Registrable Securities outstanding.
ILX and Castex
Related Party Transaction [Line Items]
Assets and liabilities acquired at fair value							$ 453,166
Net of cash acquired							296,966
Aggregate consideration of cash							$ 385,000
ILX and Castex | Talos Energy L L C Stakeholders
Related Party Transaction [Line Items]
Aggregate consideration of cash		$ 385,000
ILX and Castex | Talos Energy L L C Stakeholders | Series A Convertible Preferred Stock
Related Party Transaction [Line Items]
Aggregate shares issued | shares	110,000	110,000
Shares issued upon conversion | shares	11,000,000
ILX and Castex | Riverstone Funds
Related Party Transaction [Line Items]
Assets and liabilities acquired at fair value		$ 453,200
Business combination, conversion stock		156,200
Net of cash acquired		$ 297,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Jun. 30, 2020USD ($)
Bank Credit Facility | Letter of Credit
Loss Contingencies [Line Items]
Credit facility	$ 13.6
Production Sharing Contracts | Mexico
Loss Contingencies [Line Items]
Performance obligations	$ 658.1

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020	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	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 107,855		$ 87,022
Accounts receivable
Trade, net	67,042		107,842
Joint interest, net	52,777		16,552
Other	21,697		6,346
Assets from price risk management activities	72,666		8,393
Prepaid assets	45,689		65,877
Other current assets	1,982		1,952
Total current assets	369,708		293,984
Property and equipment:
Proved properties	4,674,529		4,066,260
Unproved properties, not subject to amortization	274,690		194,532
Other property and equipment	32,262		29,843
Total property and equipment	4,981,481		4,290,635
Accumulated depreciation, depletion and amortization	(2,247,009)		(2,065,023)
Total property and equipment, net	2,734,472		2,225,612
Other long-term assets:
Assets from price risk management activities	1,409
Other well equipment inventory	14,458		7,732
Operating lease assets	7,351		7,779
Other assets	47,250		54,375
Total assets	3,174,648		2,589,482
Current liabilities:
Accounts payable	104,151		71,357
Accrued liabilities	184,992		154,816
Accrued royalties	12,772		31,729
Current portion of asset retirement obligations	44,977		61,051
Liabilities from price risk management activities	26,615		19,476
Accrued interest payable	10,603		10,249
Current portion of operating lease liabilities	1,695		1,594
Other current liabilities	22,073		20,180
Total current liabilities	407,878		370,452
Long-term liabilities:
Long-term debt, net of discount and deferred financing costs	997,041		732,981
Asset retirement obligations	387,083		308,427
Liabilities from price risk management activities	7,018		511
Operating lease liabilities	19,228		17,239
Other long-term liabilities	61,847		81,595
Total liabilities	1,880,095		1,511,205
Commitments and Contingencies
Stockholders' equity	1,294,553	$ 1,394,897	1,078,277	$ 998,041	$ 899,986	$ 1,007,496
Total liabilities and stockholders' equity	3,174,648		2,589,482
Parent
Accounts receivable
Prepaid assets	166
Other current assets	53
Total current assets	219
Other long-term assets:
Investments in subsidiaries	1,267,766		1,045,886
Other assets	27,756		33,371
Total assets	1,295,741		1,079,257
Current liabilities:
Accounts payable	636		428
Other current liabilities	255		255
Total current liabilities	891		683
Long-term liabilities:
Other long-term liabilities	297		297
Total liabilities	1,188		980
Commitments and Contingencies
Stockholders' equity	1,294,553		1,078,277
Total liabilities and stockholders' equity	1,295,741		1,079,257
Subsidiary Issuer
Current assets:
Cash and cash equivalents	102,310		78,780
Accounts receivable
Other	16,044		474
Assets from price risk management activities	72,666		8,393
Prepaid assets	8,748		33,323
Total current assets	199,768		120,970
Property and equipment:
Other property and equipment	25,119		23,142
Total property and equipment	25,119		23,142
Accumulated depreciation, depletion and amortization	(12,523)		(11,001)
Total property and equipment, net	12,596		12,141
Other long-term assets:
Assets from price risk management activities	1,409
Operating lease assets	3,400		3,178
Investments in subsidiaries	2,111,292		1,690,362
Other assets	364		364
Total assets	2,328,829		1,827,015
Current liabilities:
Accounts payable	4,108		5,145
Accrued liabilities	4,851		4,740
Liabilities from price risk management activities	26,615		19,476
Accrued interest payable	10,565		10,211
Current portion of operating lease liabilities	560		196
Total current liabilities	46,699		39,768
Long-term liabilities:
Long-term debt, net of discount and deferred financing costs	990,981		726,921
Liabilities from price risk management activities	7,018		511
Operating lease liabilities	16,365		13,929
Total liabilities	1,061,063		781,129
Commitments and Contingencies
Stockholders' equity	1,267,766		1,045,886
Total liabilities and stockholders' equity	2,328,829		1,827,015
Guarantors
Current assets:
Cash and cash equivalents	1,791		593
Accounts receivable
Trade, net	67,042		107,842
Joint interest, net	39,793		11,567
Other	5,394		5,555
Prepaid assets	36,747		32,529
Other current assets	1,929		1,952
Total current assets	152,696		160,038
Property and equipment:
Proved properties	4,674,529		4,066,260
Unproved properties, not subject to amortization	159,063		87,618
Other property and equipment	6,926		6,484
Total property and equipment	4,840,518		4,160,362
Accumulated depreciation, depletion and amortization	(2,234,408)		(2,053,971)
Total property and equipment, net	2,606,110		2,106,391
Other long-term assets:
Other well equipment inventory	14,458		7,732
Operating lease assets	2,830		3,224
Other assets	2,408		2,136
Total assets	2,778,502		2,279,521
Current liabilities:
Accounts payable	98,638		58,827
Accrued liabilities	168,996		145,051
Accrued royalties	12,772		31,729
Current portion of asset retirement obligations	44,977		61,051
Accrued interest payable	38		38
Current portion of operating lease liabilities	723		821
Other current liabilities	21,818		19,925
Total current liabilities	347,962		317,442
Long-term liabilities:
Long-term debt, net of discount and deferred financing costs	6,060		6,060
Asset retirement obligations	387,083		308,427
Operating lease liabilities	2,115		2,416
Other long-term liabilities	61,550		81,298
Total liabilities	804,770		715,643
Commitments and Contingencies
Stockholders' equity	1,973,732		1,563,878
Total liabilities and stockholders' equity	2,778,502		2,279,521
Non-Guarantors
Current assets:
Cash and cash equivalents	3,754		7,649
Accounts receivable
Joint interest, net	12,984		4,985
Other	259		317
Prepaid assets	28		25
Total current assets	17,025		12,976
Property and equipment:
Unproved properties, not subject to amortization	115,627		106,914
Other property and equipment	217		217
Total property and equipment	115,844		107,131
Accumulated depreciation, depletion and amortization	(78)		(51)
Total property and equipment, net	115,766		107,080
Other long-term assets:
Operating lease assets	1,121		1,377
Other assets	16,722		18,504
Total assets	150,634		139,937
Current liabilities:
Accounts payable	769		6,957
Accrued liabilities	11,145		5,025
Current portion of operating lease liabilities	412		577
Total current liabilities	12,326		12,559
Long-term liabilities:
Operating lease liabilities	748		894
Total liabilities	13,074		13,453
Commitments and Contingencies
Stockholders' equity	137,560		126,484
Total liabilities and stockholders' equity	150,634		139,937
Elimination
Other long-term assets:
Investments in subsidiaries	(3,379,058)		(2,736,248)
Total assets	(3,379,058)		(2,736,248)
Long-term liabilities:
Commitments and Contingencies
Stockholders' equity	(3,379,058)		(2,736,248)
Total liabilities and stockholders' equity	$ (3,379,058)		$ (2,736,248)

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information - Summary of Condensed Consolidating Results Of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Total revenue	$ 88,874	$ 286,810	$ 276,638	$ 465,523
Operating expenses:
Depreciation, depletion and amortization	88,443	95,806	181,986	160,393
Write-down of oil and natural gas properties		12,361	57	12,361
Accretion expense	13,794	9,945	26,211	19,552
General and administrative expense	17,192	18,865	44,661	36,474
Total operating expenses	183,477	191,938	375,453	352,282
Operating income (expense)	(94,603)	94,872	(98,815)	113,241
Interest expense	(26,190)	(24,932)	(52,040)	(50,150)
Price risk management activities income (expense)	(68,682)	29,990	174,535	(79,589)
Other income (expense)	(528)	831	(674)	1,264
Income tax benefit (expense)	49,392	(5,997)	(5,868)	362
Net income (loss)	(140,611)	94,764	17,138	(14,872)
Oil and Gas Properties
Operating expenses:
Lease operating expense	63,882	54,455	122,123	122,414
Production taxes	166	506	415	1,088
Parent
Operating expenses:
General and administrative expense	472	48	694	385
Total operating expenses	472	48	694	385
Operating income (expense)	(472)	(48)	(694)	(385)
Interest expense			7
Income tax benefit (expense)	49,707	(6,187)	(5,552)	650
Equity earnings (losses) from subsidiaries	(189,846)	100,999	23,377	(15,137)
Net income (loss)	(140,611)	94,764	17,138	(14,872)
Subsidiary Issuer
Operating expenses:
Depreciation, depletion and amortization	795	1,242	1,522	1,314
General and administrative expense	7,053	7,626	23,794	16,232
Total operating expenses	7,848	8,868	25,316	17,546
Operating income (expense)	(7,848)	(8,868)	(25,316)	(17,546)
Interest expense	(20,861)	(17,020)	(39,483)	(33,592)
Price risk management activities income (expense)	(68,682)	29,990	174,535	(79,589)
Other income (expense)	1,660	106	1,826	187
Income tax benefit (expense)	(1)		(1)
Equity earnings (losses) from subsidiaries	(94,114)	96,791	(88,184)	115,403
Net income (loss)	(189,846)	100,999	23,377	(15,137)
Guarantors
Revenues:
Total revenue	88,874	286,810	276,631	465,523
Operating expenses:
Depreciation, depletion and amortization	87,634	94,554	180,437	159,064
Accretion expense	13,794	9,945	26,211	19,552
General and administrative expense	9,041	10,634	18,869	19,409
Total operating expenses	174,820	170,094	348,358	321,527
Operating income (expense)	(85,946)	116,716	(71,727)	143,996
Interest expense	(5,329)	(7,719)	(12,562)	(16,237)
Other income (expense)	185	765	369	1,236
Income tax benefit (expense)	(156)	(294)	(157)	(296)
Net income (loss)	(91,246)	109,468	(84,077)	128,699
Guarantors | Oil and Gas Properties
Operating expenses:
Lease operating expense	64,185	54,455	122,426	122,414
Production taxes	166	506	415	1,088
Non-Guarantors
Revenues:
Total revenue			7
Operating expenses:
Depreciation, depletion and amortization	14	10	27	15
Write-down of oil and natural gas properties		12,361	57	12,361
General and administrative expense	626	557	1,304	448
Total operating expenses	337	12,928	1,085	12,824
Operating income (expense)	(337)	(12,928)	(1,078)	(12,824)
Interest expense		(193)	(2)	(321)
Other income (expense)	(2,373)	(40)	(2,869)	(159)
Income tax benefit (expense)	(158)	484	(158)	8
Net income (loss)	(2,868)	(12,677)	(4,107)	(13,296)
Non-Guarantors | Oil and Gas Properties
Operating expenses:
Lease operating expense	(303)		(303)
Elimination
Operating expenses:
Equity earnings (losses) from subsidiaries	283,960	(197,790)	64,807	(100,266)
Net income (loss)	283,960	(197,790)	64,807	(100,266)
Oil Revenue
Revenues:
Revenue	74,471	256,908	241,095	412,587
Oil Revenue | Guarantors
Revenues:
Revenue	74,471	256,908	241,088	412,587
Oil Revenue | Non-Guarantors
Revenues:
Revenue			7
Natural Gas Revenue
Revenues:
Revenue	11,140	14,746	23,038	29,193
Natural Gas Revenue | Guarantors
Revenues:
Revenue	11,140	14,746	23,038	29,193
NGL Revenue
Revenues:
Revenue	1,964	6,645	6,265	11,711
NGL Revenue | Guarantors
Revenues:
Revenue	1,964	6,645	6,265	11,711
Other
Revenues:
Revenue	1,299	8,511	6,240	12,032
Other | Guarantors
Revenues:
Revenue	$ 1,299	$ 8,511	$ 6,240	$ 12,032

Condensed Consolidating Finan_6

Condensed Consolidating Financial Information - Summary of Condensed Consolidating Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 191,612	$ 182,621
Cash flows from investing activities:
Exploration, development, and other capital expenditures	(154,628)	(229,601)
Cash paid for acquisitions, net of cash acquired	(296,966)	(32,916)
Proceeds from sale of other property and equipment		5,369
Net cash provided by (used in) investing activities	(451,594)	(257,148)
Cash flows from financing activities:
Redemption of Senior Notes and other long-term debt	(1,209)	(10,567)
Proceeds from Bank Credit Facility	300,000	75,000
Repayment of Bank Credit Facility		(25,000)
Deferred financing costs	(1,287)
Other deferred payments	(7,575)	(9,921)
Payment of capital lease	(8,323)	(6,759)
Employee stock transactions	(791)	(283)
Net cash provided by (used in) financing activities	280,815	22,470
Net increase (decrease) in cash, cash equivalents and restricted cash	20,833	(52,057)
Cash, cash equivalents and restricted cash:
Balance, beginning of period	87,022	141,162
Balance, end of period	107,855	89,105
Parent
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(324)	(259)
Cash flows from financing activities:
Capital contributions	331	259
Distributions to Subsidiary Issuer	(7)
Net cash provided by (used in) financing activities	324	259
Subsidiary Issuer
Cash flows from operating activities:
Net cash provided by (used in) operating activities	49,486	(59,988)
Cash flows from investing activities:
Exploration, development, and other capital expenditures	(1,791)	(1,442)
Investments in subsidiaries	(783,703)	(784,698)
Distributions from subsidiaries	462,034	838,920
Net cash provided by (used in) investing activities	(323,460)	52,780
Cash flows from financing activities:
Redemption of Senior Notes and other long-term debt	(1,209)
Proceeds from Bank Credit Facility	300,000	75,000
Repayment of Bank Credit Facility		(25,000)
Deferred financing costs	(1,287)
Employee stock transactions		(283)
Net cash provided by (used in) financing activities	297,504	49,717
Net increase (decrease) in cash, cash equivalents and restricted cash	23,530	42,509
Cash, cash equivalents and restricted cash:
Balance, beginning of period	78,780	13,541
Balance, end of period	102,310	56,050
Guarantors
Cash flows from operating activities:
Net cash provided by (used in) operating activities	154,079	266,802
Cash flows from investing activities:
Exploration, development, and other capital expenditures	(149,621)	(207,340)
Cash paid for acquisitions, net of cash acquired	(296,966)	(32,916)
Proceeds from sale of other property and equipment		5,369
Net cash provided by (used in) investing activities	(446,587)	(234,887)
Cash flows from financing activities:
Redemption of Senior Notes and other long-term debt		(10,567)
Other deferred payments	(7,575)	(9,921)
Payment of capital lease	(8,323)	(6,759)
Employee stock transactions	(791)
Capital contributions	770,872	734,939
Distributions to Subsidiary Issuer	(460,477)	(838,595)
Net cash provided by (used in) financing activities	293,706	(130,903)
Net increase (decrease) in cash, cash equivalents and restricted cash	1,198	(98,988)
Cash, cash equivalents and restricted cash:
Balance, beginning of period	593	102,049
Balance, end of period	1,791	3,061
Non-Guarantors
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(11,629)	(23,934)
Cash flows from investing activities:
Exploration, development, and other capital expenditures	(3,216)	(20,819)
Net cash provided by (used in) investing activities	(3,216)	(20,819)
Cash flows from financing activities:
Capital contributions	12,500	49,500
Distributions to Subsidiary Issuer	(1,550)	(325)
Net cash provided by (used in) financing activities	10,950	49,175
Net increase (decrease) in cash, cash equivalents and restricted cash	(3,895)	4,422
Cash, cash equivalents and restricted cash:
Balance, beginning of period	7,649	25,572
Balance, end of period	3,754	29,994
Elimination
Cash flows from investing activities:
Investments in subsidiaries	783,703	784,698
Distributions from subsidiaries	(462,034)	(838,920)
Net cash provided by (used in) investing activities	321,669	(54,222)
Cash flows from financing activities:
Capital contributions	(783,703)	(784,698)
Distributions to Subsidiary Issuer	462,034	838,920
Net cash provided by (used in) financing activities	$ (321,669)	$ 54,222