Talos Energy (TALO) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 28, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
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		81,707,594

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 64,979	$ 34,233
Accounts receivable
Trade, net	135,415	106,220
Joint interest, net	42,020	50,471
Other	13,371	18,448
Assets from price risk management activities	1,720	6,876
Prepaid assets	32,733	29,285
Other current assets	1,761	1,859
Total current assets	291,999	247,392
Property and equipment:
Proved properties	4,996,802	4,945,550
Unproved properties, not subject to amortization	266,321	254,994
Other property and equipment	33,086	32,853
Total property and equipment	5,296,209	5,233,397
Accumulated depreciation, depletion and amortization	(2,798,885)	(2,697,228)
Total property and equipment, net	2,497,324	2,536,169
Other long-term assets:
Assets from price risk management activities	2,123	945
Other well equipment inventory	20,069	18,927
Operating lease assets	6,722	6,855
Other assets	21,457	24,258
Total assets	2,839,694	2,834,546
Current liabilities:
Accounts payable	72,770	104,864
Accrued liabilities	140,552	163,379
Accrued royalties	42,741	27,903
Current portion of asset retirement obligations	45,478	49,921
Liabilities from price risk management activities	133,167	66,010
Accrued interest payable	20,410	9,509
Current portion of operating lease liabilities	1,927	1,793
Other current liabilities	25,192	24,155
Total current liabilities	482,237	447,534
Long-term liabilities:
Long-term debt, net of discount and deferred financing costs	1,049,365	985,512
Asset retirement obligations	406,690	392,348
Liabilities from price risk management activities	27,617	9,625
Operating lease liabilities	18,015	18,554
Other long-term liabilities	48,616	54,372
Total liabilities	2,032,540	1,907,945
Commitments and contingencies (Note 11)
Stockholdersʼ Equity:
Preferred stock, $0.01 par value; 30,000,000 shares authorized and no shares issued or outstanding as of March 31, 2021 and December 31, 2020
Common stock $0.01 par value; 270,000,000 shares authorized; 81,707,214 and 81,279,989 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	817	813
Additional paid-in capital	1,661,840	1,659,800
Accumulated deficit	(855,503)	(734,012)
Total stockholdersʼ equity	807,154	926,601
Total liabilities and stockholdersʼ equity	$ 2,839,694	$ 2,834,546

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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	81,707,214	81,279,989
Common stock, shares outstanding	81,707,214	81,279,989

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues and other:
Total revenues and other	$ 267,908	$ 187,764
Operating expenses:
Depreciation, depletion and amortization	101,657	93,543
Write-down of oil and natural gas properties		57
Accretion expense	14,985	12,417
General and administrative expense	19,189	27,469
Total operating expenses	203,281	191,976
Operating income (expense)	64,627	(4,212)
Interest expense	(34,076)	(25,850)
Price risk management activities income (expense)	(137,508)	243,217
Other expense	(13,950)	(146)
Net income (loss) before income taxes	(120,907)	213,009
Income tax expense	(584)	(55,260)
Net income (loss)	$ (121,491)	$ 157,749
Net income (loss) per common share:
Basic	$ (1.49)	$ 2.71
Diluted	$ (1.49)	$ 2.69
Weighted average common shares outstanding:
Basic	81,435	58,240
Diluted	81,435	58,572
Oil and Gas Properties
Operating expenses:
Lease operating expense	$ 66,628	$ 58,241
Production taxes	822	249
Oil
Revenues and other:
Total revenues and other	229,561	166,624
Natural Gas
Revenues and other:
Total revenues and other	28,234	11,898
NGL
Revenues and other:
Total revenues and other	9,113	4,301
Other
Revenues and other:
Total revenues and other	$ 1,000	$ 4,941

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, 2019	$ 1,078,277	$ 542		$ 1,346,142	$ (268,407)
Balance, shares at Dec. 31, 2019		54,197,004
Equity based compensation	3,381			3,381
Equity based compensation, Shares		200,077
Shares withheld for taxes on equity transactions	(710)			(710)
Shares withheld for taxes on equity transactions, Shares		(54,808)
Issuances of preferred shares (Note 2)	156,200		$ 1	156,199
Issuances of preferred shares, Shares			110,000
Conversion of preferred shares into common shares (Note 2)		$ 110	$ (1)	(109)
Conversion of preferred shares into common shares, Shares		11,000,000	(110,000)
Net income (loss)	157,749				157,749
Balance at Mar. 31, 2020	1,394,897	$ 652		1,504,903	(110,658)
Balance, shares at Mar. 31, 2020		65,342,273
Balance at Dec. 31, 2020	$ 926,601	$ 813		1,659,800	(734,012)
Balance, shares at Dec. 31, 2020	81,279,989	81,279,989
Balance, shares at Dec. 31, 2020	0
Equity based compensation	$ 4,194	$ 6		4,188
Equity based compensation, Shares		586,437
Shares withheld for taxes on equity transactions	(2,150)	$ (2)		(2,148)
Shares withheld for taxes on equity transactions, Shares		(159,212)
Net income (loss)	(121,491)				(121,491)
Balance at Mar. 31, 2021	$ 807,154	$ 817		$ 1,661,840	$ (855,503)
Balance, shares at Mar. 31, 2021	81,707,214	81,707,214
Balance, shares at Mar. 31, 2021	0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ (121,491)	$ 157,749
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation, depletion, amortization and accretion expense	116,642	105,960
Write-down of oil and natural gas properties and other well inventory		190
Amortization of deferred financing costs and original issue discount	3,142	1,466
Equity based compensation, net of amounts capitalized	2,664	1,627
Price risk management activities expense (income)	137,508	(243,217)
Net cash received (paid) on settled derivative instruments	(48,381)	36,460
Loss on extinguishment of debt	13,225
Settlement of asset retirement obligations	(10,120)	(6,302)
Gain on sale of assets	(319)
Changes in operating assets and liabilities:
Accounts receivable	(17,108)	(11,578)
Other current assets	(3,350)	18,318
Accounts payable	(10,978)	(18,547)
Other current liabilities	5,328	13,337
Other non-current assets and liabilities, net	194	54,769
Net cash provided by operating activities	66,956	110,232
Cash flows from investing activities:
Exploration, development and other capital expenditures	(64,745)	(83,588)
Cash paid for acquisitions, net of cash acquired	(8,322)	(293,095)
Proceeds from sale of oil and gas properties	330
Net cash provided by (used in) investing activities	(72,737)	(376,683)
Cash flows from financing activities:
Issuance of Senior Notes	600,500
Redemption of Senior Notes and other long-term debt	(356,803)
Proceeds from Bank Credit Facility		300,000
Repayment of Bank Credit Facility	(175,000)
Deferred financing costs	(19,387)	(1,285)
Other deferred payments	(5,575)	(7,575)
Payments of finance lease	(5,058)	(4,049)
Employee stock transactions	(2,150)	(710)
Net cash provided by (used in) financing activities	36,527	286,381
Net increase in cash, cash equivalents and restricted cash	30,746	19,930
Cash, cash equivalents and restricted cash:
Balance, beginning of period	34,233	87,022
Balance, end of period	64,979	106,952
Supplemental Non-Cash Transactions:
Capital expenditures included in accounts payable and accrued liabilities	65,755	66,712
Supplemental Cash Flow Information:
Interest paid, net of amounts capitalized	$ 13,712	$ 4,906

Nature of Business and Basis of

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	Note 1 — Nature of Business and Basis of Presentation 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. Basis of Presentation and Consolidation The Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the SEC regarding interim financial reporting. Accordingly, certain information and disclosures normally included in complete financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, these financial statements include all adjustments, which unless otherwise disclosed, are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations, cash flows and changes in equity for the periods presented. The results for interim periods are not necessarily indicative of results for the entire year. The 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 should be read in conjunction with the Company’s audited Consolidated Financial Statements and related notes included in the 2020 Annual Report. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods and the reported amounts of proved oil and natural gas reserves. Actual results could differ from those estimates. The Company has one reportable segment, which is the exploration and production of oil, natural gas and NGLs. Substantially all the Company’s long-lived assets, proved reserves and production sales are related to the Company’s operations in the United States.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2021
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 to be recognized on the Condensed Consolidated Balance Sheets 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 LLOG Properties — On November 16, 2020, the Company completed the acquisition of select oil and natural gas assets from LLOG Exploration & Production Company, L.L.C. with an effective date of August 1, 2020 (the “LLOG Acquisition”). The oil and natural gas assets consist of interests in the Mississippi Canyon core area. The LLOG Acquisition was consummated pursuant to a Purchase and Sale Agreement executed on November 16, 2020 for $13.2 million in cash, inclusive of customary closing adjustments and $0.2 million of transaction related expenses. The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed, based on their relative fair values, on November 16, 2020 (in thousands): Property and equipment $ 17,421 Asset retirement obligations (4,234 ) Allocated purchase price $ 13,187 Acquisition of Castex Energy 2005 On August 5, 2020, the Company completed the acquisition of select oil and natural gas assets from affiliates of Castex Energy 2005 Holdco, LLC with an effective date of April 1, 2020 (the “Castex Energy 2005 Acquisition”). The oil and natural gas assets consist of interests in 16 properties in the U.S. Gulf of Mexico Shelf and Gulf Coast core area. The Castex Energy 2005 Acquisition was consummated pursuant to a Purchase and Sale Agreement dated June 19, 2020 for consideration consisting of (i) $6.5 million in cash, (ii) 4.6 million shares of the Company’s common stock and (iii) $1.4 million in transaction related expenses, inclusive of customary closing adjustments. The following table summarizes the purchase price, inclusive of customary closing adjustments (in thousands except share and per share data): Talos common stock 4,602,460 Talos common stock price per share (1) $ 7.69 Talos common stock value $ 35,393 Cash consideration $ 6,500 Transaction cost $ 1,413 Total purchase price $ 43,306 (1) Represents the closing price of the Company’s common stock on August 5, 2020, the date of the closing of the Castex Energy 2005 Acquisition. The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed, based on their relative fair values, on August 5, 2020 (in thousands): Property and equipment $ 46,626 Asset retirement obligations (3,320 ) Allocated purchase price $ 43,306 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 Sheets 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 (as defined below) (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 (in thousands except share and per share data): Talos Conversion Stock 11,000,000 Talos common stock price per share (1) $ 14.20 Conversion Stock value $ 156,200 Cash consideration $ 385,000 Customary closing and post-closing adjustments (81,878 ) Net cash consideration $ 303,122 Total purchase price $ 459,322 (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. The following table presents the final allocation of the purchase price to the assets acquired and liabilities assumed, based on their fair values on February 28, 2020 (in thousands): Current assets (1) $ 11,060 Property and equipment 496,835 Other long-term assets 148 Current liabilities (16,520 ) Other long-term liabilities (32,201 ) Allocated purchase price $ 459,322 (1) Includes trade and other receivables of $8.2 million, which the Company expects all to be realizable. The Company incurred a total of $12.1 million of transaction related costs, of which nil and $7.5 million were incurred during the three months ended March 31, 2021 and 2020, respectively. These costs are reflected in “General and administrative expense” in 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: Three Months Ended March 31, 2021 2020 Revenue $ 71,639 $ 13,892 Net income $ 27,375 $ 3,209 Pro Forma Financial Information (Unaudited) — The following supplemental pro forma financial information (in thousands, except per common share amounts), presents the condensed consolidated results of operations for the three months ended March 31, 2020 as if the ILX and Castex Acquisition had occurred on January 1, 2020. 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, 2020, nor is such information indicative of any expected future results of operations. Three Months Ended March 31, 2020 Revenue $ 235,199 Net income $ 167,566 Basic net income per common share $ 2.56 Diluted net income per common share $ 2.55

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2021
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 U.S. Gulf of Mexico deep and shallow waters. The Company follows the full cost method of accounting for its oil and natural gas exploration and development activities. During the three months ended March 31, 2021 and 2020, the Company’s ceiling test computations did not result in a write-down of its U.S. oil and natural gas properties. At March 31, 2021, the Company’s ceiling test computation was based on SEC pricing of $39.49 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. 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 were as follows (in thousands): March 31, 2021 Beginning asset retirement obligations $ 442,269 Fair value of asset retirement obligations acquired 4 Obligations settled (10,120 ) Fair value of asset retirement obligations divested (176 ) Accretion expense 14,985 Obligations incurred — Changes in estimate 5,206 Ending asset retirement obligations $ 452,168 Less: Current portion (45,478 ) Long-term portion $ 406,690

Leases

Leases	3 Months Ended
	Mar. 31, 2021
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. On August 2, 2016, the Company executed a seven-year lease agreement for the use of the Helix Producer 1 (the “HP-I”), a dynamically positioned floating production facility that interconnects with the Phoenix Field through a production buoy. The HP-I is utilized in the Company’s oil and natural gas development activities and the right-of-use asset was capitalized and included in proved property and depleted as part of the full cost pool. Once items are included in the full cost pool, they are indistinguishable from other proved properties. The capitalized costs within the full cost pool are amortized over the life of the total proved reserves using the unit-of-production method, computed quarterly. 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 may be billed to other working interest owners. The Company’s share of these costs is included in property and equipment, lease operating expense or general and administrative expense depending on how the leased asset is utilized. The components of lease costs were as follows (in thousands): Three Months Ended March 31, 2021 2020 Finance lease cost - interest on lease liabilities $ 3,256 $ 4,265 Operating lease cost, excluding short-term leases (1) 716 866 Short-term lease cost (2) 5,760 3,535 Variable lease cost (3) 322 3 Total lease cost $ 10,054 $ 8,669 ( 1 ) Operating lease cost reflect a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a straight-line basis. ( 2 ) Short-term lease costs are reported at gross amounts and primarily represent costs incurred for drilling rigs, most of which are short-term contracts not recognized as a right-of-use asset and lease liability on the Condensed Consolidated Balance Sheets. ( 3 ) Variable lease costs primarily represent differences between minimum payment obligations and actual operating charges incurred by the Company related to its long-term leases. The present value of the fixed lease payments recorded as the Company’s right-of-use asset and liability, adjusted for initial direct costs and incentives, are as follows (in thousands): March 31, 2021 December 31, 2020 Operating leases: Operating lease assets $ 6,722 $ 6,855 Current portion of operating lease liabilities $ 1,927 $ 1,793 Operating lease liabilities 18,015 18,554 Total operating lease liabilities $ 19,942 $ 20,347 Finance leases: Proved property $ 124,299 $ 124,299 Other current liabilities $ 23,002 $ 21,804 Other long-term liabilities 33,966 40,222 Total finance lease liabilities $ 56,968 $ 62,026 The table below presents the lease maturity by year as of March 31, 2021 (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 2021 (excluding the three months ended March 31, 2021) $ 3,421 $ 27,715 2022 4,302 33,257 2023 4,239 13,857 2024 3,315 — 2025 3,293 — Thereafter 12,496 — Total lease payments $ 31,066 $ 74,829 Imputed interest (11,124 ) (17,861 ) Total lease liabilities $ 19,942 $ 56,968 The table below presents the weighted average remaining lease term and discount rate related to leases: Three Months Ended March 31, 2021 2020 Weighted average remaining lease term: Operating leases 7.6 years 8.3 years Finance leases 2.2 years 3.2 years Weighted average discount rate: Operating leases 12.0 % 10.3 % Finance leases 21.9 % 21.9 % The table below presents the supplemental cash flow information related to leases (in thousands): Three Months Ended March 31, 2021 2020 Operating cash outflow from finance leases $ 3,256 $ 4,265 Financing cash outflow from finance leases $ 5,058 $ 4,049 Operating cash outflow from operating leases $ 987 $ 455

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2021
Financial Instruments [Abstract]
Financial Instruments	Note 5 — Financial Instruments The following table presents the carrying amounts, net of discount and deferred financing costs, and estimated fair values of the Company’s financial instruments (in thousands): March 31, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value 12.00% Second-Priority Senior Secured Notes – due January 2026 $ 581,728 $ 636,012 $ — $ — 11.00% Second-Priority Senior Secured Notes – due April 2022 $ — $ — $ 343,579 $ 355,935 7.50% Senior Notes – due May 2022 $ 6,060 $ 3,333 $ 6,060 $ 5,238 Bank Credit Facility – matures May 2022 $ 461,577 $ 465,000 $ 635,873 $ 640,000 Oil and Natural Gas Derivatives $ (156,941 ) $ (156,941 ) $ (67,814 ) $ (67,814 ) As of March 31, 2021 and December 31, 2020, 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. 12.00% Second-Priority Senior Secured Notes – due January 2026 The $650.0 million aggregate principal amount of 12.00% Second-Priority Senior Secured Notes (the “12.00% Notes”) is reported on the Condensed Consolidated Balance Sheet as of March 31, 2021 at its carrying value, net of original issue discount and deferred financing costs, see Note 6 — Debt 11.00 % Second-Priority Senior Secured Notes – due April 2022 The $347.3 million aggregate principal amount of 11.00% Second-Priority Senior Secured Notes (the “11.00% Notes”) was redeemed on January 13, 2021, 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 March 31, 2021 at its carrying value, see Note 6 — Debt Bank Credit Facility – matures May 2022 The Company and Talos Production Inc., our wholly-owned subsidiary that was formerly known as Talos Production LLC, maintains a Bank Credit Facility with a borrowing base of $960.0 million at March 31, 2021 (the “Bank Credit Facility”), which is reported on the Condensed Consolidated Balance Sheet as of March 31, 2021 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 Sheets at fair value with settlements of such contracts, and changes in the unrealized fair value, recorded as “Price risk management activities income (expense)” on the Condensed Consolidated Statements of Operations in each period. The following table presents the impact that derivatives, not qualifying as hedging instruments, had on its Condensed Consolidated Statements of Operations (in thousands): Three Months Ended March 31, 2021 2020 Net cash received (paid) on settled derivative instruments $ (48,381 ) $ 36,460 Unrealized gain (loss) (89,127 ) 206,757 Price risk management activities income (expense) $ (137,508 ) $ 243,217 The following table reflects the contracted volumes and weighted average prices the Company will receive under the terms of its derivative contracts as of March 31, 2021: 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) April 2021 – December 2021 Swaps 24,429 $ 44.89 $ — $ — April 2021 – December 2021 Collars 1,000 $ — $ 30.00 $ 40.00 January 2022 – December 2022 Swaps 16,605 $ 47.22 $ — $ — January 2023 – June 2023 Swaps 2,000 $ 53.33 $ — $ — Crude Oil – LLS: (Bbls) (per Bbl) (per Bbl) (per Bbl) April 2021 – December 2021 Swaps 3,335 $ 41.06 $ — $ — Natural Gas – NYMEX Henry Hub: (MMBtu) (per MMBtu) (per MMBtu) (per MMBtu) April 2021 – December 2021 Swaps 56,385 $ 2.52 $ — $ — April 2021 – December 2021 Collars 5,000 $ — $ 2.50 $ 3.10 January 2022 – December 2022 Swaps 30,882 $ 2.62 $ — $ — January 2023 – June 2023 Swaps 5,000 $ 2.61 $ — $ — The following tables provide additional information related to financial instruments measured at fair value on a recurring basis (in thousands): March 31, 2021 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas swaps and costless collars $ — $ 3,843 $ — $ 3,843 Liabilities: Oil and natural gas swaps and costless collars — (160,784 ) — (160,784 ) Total net liability $ — $ (156,941 ) $ — $ (156,941 ) December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas swaps and costless collars $ — $ 7,821 $ — $ 7,821 Liabilities: Oil and natural gas swaps and costless collars — (75,635 ) — (75,635 ) Total net liability $ — $ (67,814 ) $ — $ (67,814 ) 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 (in thousands): March 31, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Oil and natural gas derivatives: Current $ 1,720 $ 133,167 $ 6,876 $ 66,010 Non-current 2,123 27,617 945 9,625 Total $ 3,843 $ 160,784 $ 7,821 $ 75,635 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 March 31, 2021 represent derivative instruments from nine counterparties; all of which are registered swap dealers that have an “investment grade” (minimum Standard & Poor’s rating of BBB- or better) credit rating, and 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	3 Months Ended
	Mar. 31, 2021
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): March 31, 2021 December 31, 2020 12.00% Second-Priority Senior Secured Notes – due January 2026 $ 650,000 $ — 11.00% Second-Priority Senior Secured Notes – due April 2022 — 347,254 7.50% Senior Notes – due May 2022 6,060 6,060 Bank Credit Facility – matures May 2022 465,000 640,000 Total debt, before discount and deferred financing cost 1,121,060 993,314 Discount and deferred financing cost (71,695 ) (7,802 ) Total debt, net of discount and deferred financing costs $ 1,049,365 $ 985,512 12.00% Second-Priority Senior Notes – due January 2026 The 12.00% Notes were issued pursuant to an indenture dated January 4, 2021 and the first supplemental indenture dated January 14, 2021 between Talos Energy Inc., Talos Production Inc., the subsidiary guarantors party thereto and Wilmington Trust, National Association, as trustee and collateral agent. The 12.00% Notes rank pari passu in right of payment and constitute a single class of securities for all purposes under the indentures. The 12.00% Notes mature January 15, 2026 and have interest payable semi-annually each January 15 and July 15, commencing on July 15, 2021. At any time prior to January 15, 2023, the Company may redeem up to 40% of the principal amount of 12.00% Senior Notes at a redemption rate of 112.00% of the principal amount plus accrued and unpaid interest. Thereafter, the Company may redeem all or a portion of the 12.00% Notes at redemption prices decreasing annually at January 15 from 106.00% to 100.00% plus accrued and unpaid interest. The indenture governing the 12.00% Notes applies certain limitations on the Company’s ability and the ability of its subsidiaries to, among other things, (i) incur, assume or guarantee additional indebtedness or issue certain convertible or redeemable equity securities; (ii) create liens to secure indebtedness; (iii) pay distributions on equity interests, repurchase equity securities or redeem junior lien, unsecured or subordinated indebtedness; (iv) make investments; (v) restrict distributions, loans or other asset transfers from Talos Production Inc.’s restricted subsidiaries; (vi) consolidate with or merge with or into, or sell substantially all of Talos Production Inc.’s properties to, another person; (vii) sell or otherwise dispose of assets, including equity interests in subsidiaries; and (viii) enter into transactions with affiliates. 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 decreasing annually at May 10 from 102.75% to 100.0% plus accrued and unpaid interest. On January 13, 2021, the Company redeemed $347.3 million aggregate principal amount of the 11.00% Notes using the proceeds from the issuance of the 12.00% Notes. The debt repurchase resulted in a loss on extinguishment of debt for the three months ended March 31, 2021 of $13.2 million, which is presented as “Other income (expense)” on the Condensed Consolidated Statements of Operations. 7.50% Senior Notes – due May 2022 The 7.50% Notes were assumed as a result of the exchange offer and consent solicitation from the Company’s business combination with Stone Energy Corporation. 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 $960.0 million as of March 31, 2021. The borrowing base requires certain lender approval to access the last $25.0 million of capacity. The Bank Credit Facility matures on May 10, 2022. The Bank Credit Facility bears interest based on the borrowing base usage, at the applicable London InterBank Offered Rate, plus applicable margins ranging from 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 of 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 our proved undeveloped reserves. The borrowing base is redetermined by the lenders at least semi-annually during the second quarter and fourth quarter each year. As a result of the issuances of the 12.00% Notes exceeding $550.0 million, the Bank Credit Facility borrowing base was reduced from $985.0 million to $960.0 million under the terms of the Bank Credit Facility. The Company’s scheduled redetermination meeting was held in April 2021, with results expected in early May 2021. As of March 31, 2021, 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 March 31, 2021. As of March 31, 2021, the Company has $465.0 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	3 Months Ended
	Mar. 31, 2021
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 Plans (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 three months ended March 31, 2021: RSUs Weighted Average Grant Date Fair Value Unvested RSUs at December 31, 2020 1,652,988 $ 13.73 Granted 1,067,141 $ 13.11 Vested (623,400 ) $ 14.07 Forfeited — $ — Unvested RSUs at March 31, 2021 (1) 2,096,729 $ 13.31 ( 1 ) As of March 31, 2021, 1,045,703 of the unvested RSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheet. Performance Share Units (“PSUs”) — The following table summarizes PSU activity for the three months ended March 31, 2021: PSUs Weighted Average Grant Date Fair Value Unvested PSUs at December 31, 2020 834,172 $ 25.46 Granted 586,984 $ 18.96 Vested — $ — Forfeited — $ — Unvested PSUs at March 31, 2021 (1) 1,421,156 $ 22.77 (1) The grant date fair value of the PSUs granted during the three months ended March 31, 2021, calculated using a Monte Carlo simulation, was $11.1 million. The following table summarizes the assumptions used to calculate the grant date fair value of the PSUs granted: 2021 Grant Date March 8 Number of simulations 100,000 Expected term (in years) 2.8 Expected volatility 78.3 % Risk-free interest rate 0.3 % Dividend yield — % Share-based Compensation Expense, net Share-based compensation expense associated with RSUs, PSUs and other awards 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 Sheets. Because of the non-cash nature of share-based compensation, the expensed portion of share-based compensation is added back to net income in arriving at “Net cash provided by operating activities” in the Consolidated Statements of Cash Flows. The Company recognized the following share-based compensation e xpense, net (in thousands): Three Months Ended March 31, 2021 2020 Share-based compensation expense $ 4,915 $ 3,212 Less: amounts capitalized to oil and gas properties (2,251 ) (1,585 ) Total share-based compensation expense, net $ 2,664 $ 1,627

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021, the Company recognized an income tax expense of $0.6 million for an effective tax rate of -0.5%. The Company’s effective tax rate of -0.5% is lower than the U.S. federal statutory income tax rate of 21% primarily due to recording a valuation allowance for its deferred tax assets. For the three months ended March 31, 2020, the Company recognized income tax expense of $55.3 million for an effective tax rate of 25.9%. The difference between the Company’s effective tax rate of 25.9% and federal statutory income tax rate of 21% is primarily due to state income taxes. 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 be 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 circumstances. In evaluating the Company’s valuation allowance, the Company considers cumulative losses, the reversal of existing temporary differences, the existence of taxable income in carryback years, tax optimization planning and future taxable income for each of its taxable jurisdictions. The Company assesses the realizability of its deferred tax assets quarterly; changes to the Company’s assessment of its valuation allowance in future periods could materially impact its results of operations. As of March 31, 2021, the Company maintains a full valuation allowance for U.S. federal, state and foreign net deferred tax assets.

Income (Loss) Per Share

Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 2020 Net income (loss) $ (121,491 ) $ 157,749 Weighted average common shares outstanding — basic 81,435 58,240 Dilutive effect of securities — 332 Weighted average common shares outstanding — diluted 81,435 58,572 Net income (loss) per common share: Basic $ (1.49 ) $ 2.71 Diluted $ (1.49 ) $ 2.69 Anti-dilutive potentially issuable securities excluded from diluted common shares 2,949 4,358

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Note 10 — Related Party Transactions 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. The Sponsors hold a majority of the Company’s voting power. ILX and Castex Acquisition On February 28, 2020 the Company acquired assets and liabilities at fair value from sellers that include, the Riverstone Sellers, affiliates of the Riverstone Funds, for $459.3 million (comprised of $303.1 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 March 31, 2021 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. Fees incurred by the Company in conjunction with the Original Equity Registration Rights Agreement were $0.1 million and $0.2 million for the three months ended March 31, 2021 and 2020 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 months ended March 31, 2021 and 2020 approximately

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11 — Commitments and Contingencies Performance Obligations Regulations with respect to offshore operations govern, among other things, engineering and construction specifications for production facilities, safety procedures, plugging and abandonment of wells, removal of facilities and to guarantee the execution of the minimum work program under the Mexico production sharing contracts. As of March 31, 2021, the Company had secured performance bonds totaling approximately $691.2 million. As of March 31, 2021, 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. Asset Retirement Obligation The Company has divested various leases, wells and facilities located in the U.S. Gulf of Mexico where the purchasers typically assume all abandonment obligations acquired. Certain of have filed for bankruptcy protection be able to . Under certain circumstances, regulations or federal laws could require the Company to assume such obligations.

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Business	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.
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 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 should be read in conjunction with the Company’s audited Consolidated Financial Statements and related notes included in the 2020 Annual Report. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods and the reported amounts of proved oil and natural gas reserves. Actual results could differ from those estimates. The Company has one reportable segment, which is the exploration and production of oil, natural gas and NGLs. Substantially all the Company’s long-lived assets, proved reserves and production sales are related to the Company’s operations in the United States.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2021
ILX and Castex
Business Acquisition [Line Items]
Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed	The following table presents the final allocation of the purchase price to the assets acquired and liabilities assumed, based on their fair values on February 28, 2020 (in thousands): Current assets (1) $ 11,060 Property and equipment 496,835 Other long-term assets 148 Current liabilities (16,520 ) Other long-term liabilities (32,201 ) Allocated purchase price $ 459,322 (1) Includes trade and other receivables of $8.2 million, which the Company expects all to be realizable.
Summary of Purchase Price	The following table summarizes the purchase price (in thousands except share and per share data): Talos Conversion Stock 11,000,000 Talos common stock price per share (1) $ 14.20 Conversion Stock value $ 156,200 Cash consideration $ 385,000 Customary closing and post-closing adjustments (81,878 ) Net cash consideration $ 303,122 Total purchase price $ 459,322 (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: Three Months Ended March 31, 2021 2020 Revenue $ 71,639 $ 13,892 Net income $ 27,375 $ 3,209
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 three months ended March 31, 2020 as if the ILX and Castex Acquisition had occurred on January 1, 2020. 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, 2020, nor is such information indicative of any expected future results of operations. Three Months Ended March 31, 2020 Revenue $ 235,199 Net income $ 167,566 Basic net income per common share $ 2.56 Diluted net income per common share $ 2.55
LLOG 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 November 16, 2020 (in thousands): Property and equipment $ 17,421 Asset retirement obligations (4,234 ) Allocated purchase price $ 13,187
Castex 2005 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 August 5, 2020 (in thousands): Property and equipment $ 46,626 Asset retirement obligations (3,320 ) Allocated purchase price $ 43,306
Summary of Purchase Price	The following table summarizes the purchase price, inclusive of customary closing adjustments (in thousands except share and per share data): Talos common stock 4,602,460 Talos common stock price per share (1) $ 7.69 Talos common stock value $ 35,393 Cash consideration $ 6,500 Transaction cost $ 1,413 Total purchase price $ 43,306 (1) Represents the closing price of the Company’s common stock on August 5, 2020, the date of the closing of the Castex Energy 2005 Acquisition.

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2021
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 were as follows (in thousands): March 31, 2021 Beginning asset retirement obligations $ 442,269 Fair value of asset retirement obligations acquired 4 Obligations settled (10,120 ) Fair value of asset retirement obligations divested (176 ) Accretion expense 14,985 Obligations incurred — Changes in estimate 5,206 Ending asset retirement obligations $ 452,168 Less: Current portion (45,478 ) Long-term portion $ 406,690

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Components of Lease Costs	The components of lease costs were as follows (in thousands): Three Months Ended March 31, 2021 2020 Finance lease cost - interest on lease liabilities $ 3,256 $ 4,265 Operating lease cost, excluding short-term leases (1) 716 866 Short-term lease cost (2) 5,760 3,535 Variable lease cost (3) 322 3 Total lease cost $ 10,054 $ 8,669 ( 1 ) Operating lease cost reflect a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a straight-line basis. ( 2 ) Short-term lease costs are reported at gross amounts and primarily represent costs incurred for drilling rigs, most of which are short-term contracts not recognized as a right-of-use asset and lease liability on the Condensed Consolidated Balance Sheets. ( 3 ) Variable lease costs primarily represent differences between minimum payment obligations and actual operating charges incurred by the Company related to its long-term leases.
Schedule of Right-of-Use Asset and Liability, Adjusted for Initial Direct Costs and Incentives	The present value of the fixed lease payments recorded as the Company’s right-of-use asset and liability, adjusted for initial direct costs and incentives, are as follows (in thousands): March 31, 2021 December 31, 2020 Operating leases: Operating lease assets $ 6,722 $ 6,855 Current portion of operating lease liabilities $ 1,927 $ 1,793 Operating lease liabilities 18,015 18,554 Total operating lease liabilities $ 19,942 $ 20,347 Finance leases: Proved property $ 124,299 $ 124,299 Other current liabilities $ 23,002 $ 21,804 Other long-term liabilities 33,966 40,222 Total finance lease liabilities $ 56,968 $ 62,026
Schedule of Lease Maturity	The table below presents the lease maturity by year as of March 31, 2021 (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 2021 (excluding the three months ended March 31, 2021) $ 3,421 $ 27,715 2022 4,302 33,257 2023 4,239 13,857 2024 3,315 — 2025 3,293 — Thereafter 12,496 — Total lease payments $ 31,066 $ 74,829 Imputed interest (11,124 ) (17,861 ) Total lease liabilities $ 19,942 $ 56,968
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: Three Months Ended March 31, 2021 2020 Weighted average remaining lease term: Operating leases 7.6 years 8.3 years Finance leases 2.2 years 3.2 years Weighted average discount rate: Operating leases 12.0 % 10.3 % 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 (in thousands): Three Months Ended March 31, 2021 2020 Operating cash outflow from finance leases $ 3,256 $ 4,265 Financing cash outflow from finance leases $ 5,058 $ 4,049 Operating cash outflow from operating leases $ 987 $ 455

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Financial Instruments [Abstract]
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments	The following table presents the carrying amounts, net of discount and deferred financing costs, and estimated fair values of the Company’s financial instruments (in thousands): March 31, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value 12.00% Second-Priority Senior Secured Notes – due January 2026 $ 581,728 $ 636,012 $ — $ — 11.00% Second-Priority Senior Secured Notes – due April 2022 $ — $ — $ 343,579 $ 355,935 7.50% Senior Notes – due May 2022 $ 6,060 $ 3,333 $ 6,060 $ 5,238 Bank Credit Facility – matures May 2022 $ 461,577 $ 465,000 $ 635,873 $ 640,000 Oil and Natural Gas Derivatives $ (156,941 ) $ (156,941 ) $ (67,814 ) $ (67,814 )
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 March 31, 2021 2020 Net cash received (paid) on settled derivative instruments $ (48,381 ) $ 36,460 Unrealized gain (loss) (89,127 ) 206,757 Price risk management activities income (expense) $ (137,508 ) $ 243,217
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 March 31, 2021: 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) April 2021 – December 2021 Swaps 24,429 $ 44.89 $ — $ — April 2021 – December 2021 Collars 1,000 $ — $ 30.00 $ 40.00 January 2022 – December 2022 Swaps 16,605 $ 47.22 $ — $ — January 2023 – June 2023 Swaps 2,000 $ 53.33 $ — $ — Crude Oil – LLS: (Bbls) (per Bbl) (per Bbl) (per Bbl) April 2021 – December 2021 Swaps 3,335 $ 41.06 $ — $ — Natural Gas – NYMEX Henry Hub: (MMBtu) (per MMBtu) (per MMBtu) (per MMBtu) April 2021 – December 2021 Swaps 56,385 $ 2.52 $ — $ — April 2021 – December 2021 Collars 5,000 $ — $ 2.50 $ 3.10 January 2022 – December 2022 Swaps 30,882 $ 2.62 $ — $ — January 2023 – June 2023 Swaps 5,000 $ 2.61 $ — $ —
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): March 31, 2021 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas swaps and costless collars $ — $ 3,843 $ — $ 3,843 Liabilities: Oil and natural gas swaps and costless collars — (160,784 ) — (160,784 ) Total net liability $ — $ (156,941 ) $ — $ (156,941 ) December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Oil and natural gas swaps and costless collars $ — $ 7,821 $ — $ 7,821 Liabilities: Oil and natural gas swaps and costless collars — (75,635 ) — (75,635 ) Total net liability $ — $ (67,814 ) $ — $ (67,814 )
Schedule of Fair Value of Derivative Financial Instruments	The following table presents the fair value of derivative financial instruments (in thousands): March 31, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Oil and natural gas derivatives: Current $ 1,720 $ 133,167 $ 6,876 $ 66,010 Non-current 2,123 27,617 945 9,625 Total $ 3,843 $ 160,784 $ 7,821 $ 75,635

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
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): March 31, 2021 December 31, 2020 12.00% Second-Priority Senior Secured Notes – due January 2026 $ 650,000 $ — 11.00% Second-Priority Senior Secured Notes – due April 2022 — 347,254 7.50% Senior Notes – due May 2022 6,060 6,060 Bank Credit Facility – matures May 2022 465,000 640,000 Total debt, before discount and deferred financing cost 1,121,060 993,314 Discount and deferred financing cost (71,695 ) (7,802 ) Total debt, net of discount and deferred financing costs $ 1,049,365 $ 985,512

Employee Benefits Plans and S_2

Employee Benefits Plans and Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Restricted Stock Units Activity	The following table summarizes RSU activity for the three months ended March 31, 2021: RSUs Weighted Average Grant Date Fair Value Unvested RSUs at December 31, 2020 1,652,988 $ 13.73 Granted 1,067,141 $ 13.11 Vested (623,400 ) $ 14.07 Forfeited — $ — Unvested RSUs at March 31, 2021 (1) 2,096,729 $ 13.31 ( 1 ) As of March 31, 2021, 1,045,703 of the unvested RSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheet.
Summary of Performance Share Units Activity	The following table summarizes PSU activity for the three months ended March 31, 2021: PSUs Weighted Average Grant Date Fair Value Unvested PSUs at December 31, 2020 834,172 $ 25.46 Granted 586,984 $ 18.96 Vested — $ — Forfeited — $ — Unvested PSUs at March 31, 2021 (1) 1,421,156 $ 22.77 (1)
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: 2021 Grant Date March 8 Number of simulations 100,000 Expected term (in years) 2.8 Expected volatility 78.3 % Risk-free interest rate 0.3 % Dividend yield — %
Schedule of Recognized Share Based Compensation Expense, Net	The Company recognized the following share-based compensation e xpense, net (in thousands): Three Months Ended March 31, 2021 2020 Share-based compensation expense $ 4,915 $ 3,212 Less: amounts capitalized to oil and gas properties (2,251 ) (1,585 ) Total share-based compensation expense, net $ 2,664 $ 1,627

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 2020 Net income (loss) $ (121,491 ) $ 157,749 Weighted average common shares outstanding — basic 81,435 58,240 Dilutive effect of securities — 332 Weighted average common shares outstanding — diluted 81,435 58,572 Net income (loss) per common share: Basic $ (1.49 ) $ 2.71 Diluted $ (1.49 ) $ 2.69 Anti-dilutive potentially issuable securities excluded from diluted common shares 2,949 4,358

Nature of Business and Basis _3

Nature of Business and Basis of Presentation - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021Segment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of reportable segment	1

Acquisitions - Business Combina

Acquisitions - Business Combination - Additional Information (Details) $ in Thousands	Nov. 16, 2020USD ($)	Aug. 05, 2020USD ($)Propertyshares	Mar. 30, 2020shares	Feb. 28, 2020USD ($)shares	Dec. 10, 2019	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)
Castex 2005 Acquisition
Business Acquisition [Line Items]
Aggregate consideration of cash		$ 6,500
Acquisition, transaction related cost		$ 1,413
Number of properties | Property		16
Castex 2005 Acquisition | Common Stock
Business Acquisition [Line Items]
Aggregate shares issued | shares		4,602,460
LLOG Acquisition
Business Acquisition [Line Items]
Aggregate consideration of cash	$ 13,200
Acquisition, transaction related cost	$ 200
ILX and Castex
Business Acquisition [Line Items]
Aggregate consideration of cash				$ 385,000
Acquisition, transaction related cost				$ 12,100
ILX and Castex | General and Administrative Expense
Business Acquisition [Line Items]
Acquisition, transaction related cost						$ 0	$ 7,500
ILX and Castex | Contingent Convertible Preferred Stock
Business Acquisition [Line Items]
Conversion stock issued to sellers | shares				11,000,000
ILX and Castex | Talos Energy L L C Stakeholders
Business Acquisition [Line Items]
Aggregate consideration of cash				$ 385,000
Business acquisition, effective date					Jul. 1, 2019
ILX and Castex | Talos Energy L L C Stakeholders | 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 - Asset Acquisitio

Acquisitions - Asset Acquisitions - Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Nov. 16, 2020	Aug. 05, 2020
Castex 2005 Acquisition
Business Acquisition [Line Items]
Property and equipment		$ 46,626
Asset retirement obligations		(3,320)
Allocated purchase price		$ 43,306
LLOG Acquisition
Business Acquisition [Line Items]
Property and equipment	$ 17,421
Asset retirement obligations	(4,234)
Allocated purchase price	$ 13,187

Acquisitions - Summary of Purch

Acquisitions - Summary of Purchase Price, Inclusive of Customary Closing Adjustments (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 05, 2020	Mar. 31, 2021	Mar. 31, 2020
Business Acquisition [Line Items]
Net cash consideration		$ 8,322	$ 293,095
Castex 2005 Acquisition
Business Acquisition [Line Items]
Cash consideration	$ 6,500
Transaction cost	1,413
Total purchase price	$ 43,306
Castex 2005 Acquisition | Common Stock
Business Acquisition [Line Items]
Talos common stock	4,602,460
Talos common stock price per share	$ 7.69
Talos common stock value	$ 35,393

Acquisitions - Summary of Pur_2

Acquisitions - Summary of Purchase Price, Subject to Customary Post-Closing Adjustments (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 28, 2020	Mar. 31, 2021	Mar. 31, 2020
Business Acquisition [Line Items]
Net cash consideration		$ 8,322	$ 293,095
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 and post-closing adjustments	(81,878)
Net cash consideration	303,122
Total purchase price	$ 459,322

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 $ in Thousands	Feb. 28, 2020USD ($)
Business Acquisition [Line Items]
Current assets	$ 11,060
Property and equipment	496,835
Other long-term assets	148
Current liabilities	(16,520)
Other long-term liabilities	(32,201)
Allocated purchase price	$ 459,322

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	Feb. 28, 2020USD ($)
ILX and Castex | Trade and Other Receivables
Business Acquisition [Line Items]
Primary fair values of receivables acquired	$ 8.2

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
	Mar. 31, 2021	Mar. 31, 2020
Business Acquisition [Line Items]
Revenue	$ 71,639	$ 13,892
Net income	$ 27,375	$ 3,209

Acquisitions - Business Combi_5

Acquisitions - Business Combination - Summary of Supplemental Proforma Information (Details) - ILX and Castex $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)$ / shares
Business Acquisition [Line Items]
Revenue | $	$ 235,199
Net income | $	$ 167,566
Basic net income per common share | $ / shares	$ 2.56
Diluted net income per common share | $ / shares	$ 2.55

Property, Plant and Equipment -

Property, Plant and Equipment - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021USD ($)$ / bbl$ / Mcf	Mar. 31, 2020USD ($)
Property, Plant and Equipment [Line Items]
Write-down of oil and natural gas properties | $		$ 57,000
US
Property, Plant and Equipment [Line Items]
Write-down of oil and natural gas properties | $	$ 0	$ 0
Unweighted average first day of month commodity price for crude oil for prior twelve months | $ / bbl	39.49
Unweighted average first day of month commodity price for natural gas for prior twelve months | $ / Mcf	2.15
Unweighted average first day of month commodity price for natural gas liquids for prior twelve months | $ / bbl	11.19

Property, Plant and Equipment_2

Property, Plant and Equipment - Schedule of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Oil And Gas Property [Abstract]
Beginning asset retirement obligations	$ 442,269
Fair value of asset retirement obligations acquired	4
Obligations settled	(10,120)
Fair value of asset retirement obligations divested	(176)
Accretion expense	14,985	$ 12,417
Changes in estimate	5,206
Ending asset retirement obligations	452,168
Less: Current portion	(45,478)		$ (49,921)
Long-term portion	$ 406,690		$ 392,348

Leases - Components of Lease Co

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Finance lease cost - interest on lease liabilities		$ 3,256	$ 4,265
Operating lease cost, excluding short-term leases	[1]	716	866
Short-term lease cost	[2]	5,760	3,535
Variable lease cost	[3]	322	3
Total lease cost		$ 10,054	$ 8,669
[1]	Operating lease cost reflect a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a straight-line basis.
[2]	Short-term lease costs are reported at gross amounts and primarily represent costs incurred for drilling rigs, most of which are short-term contracts not recognized as a right-of-use asset and lease liability on the Condensed Consolidated Balance Sheets.
[3]	Variable lease costs primarily represent differences between minimum payment obligations and actual operating charges incurred by the Company related to its long-term leases.

Leases - Schedule of Right-of-U

Leases - Schedule of Right-of-Use Asset and Liability, Adjusted for Initial Direct Costs and Incentives (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Operating leases:
Operating lease assets	$ 6,722	$ 6,855
Current portion of operating lease liabilities	$ 1,927	$ 1,793
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current portion of operating lease liabilities	Current portion of operating lease liabilities
Operating lease liabilities	$ 18,015	$ 18,554
Total operating lease liabilities	19,942	20,347
Finance leases:
Proved property	124,299	124,299
Other current liabilities	$ 23,002	$ 21,804
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Other long-term liabilities	$ 33,966	$ 40,222
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Total finance lease liabilities	$ 56,968	$ 62,026

Leases - Schedule of Lease Matu

Leases - Schedule of Lease Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Leases, 2021 (excluding the three months ended March 31, 2021)	$ 3,421
Operating Leases, 2022	4,302
Operating Leases, 2023	4,239
Operating Leases, 2024	3,315
Operating Leases, 2025	3,293
Operating Leases, Thereafter	12,496
Operating Leases, Total lease payments	31,066
Operating Leases, Imputed interest	(11,124)
Operating Leases	19,942	$ 20,347
Finance Leases, 2021 (excluding the three months ended March 31, 2021)	27,715
Finance Leases, 2022	33,257
Finance Leases, 2023	13,857
Finance Leases, Total lease payments	74,829
Finance Leases, Imputed interest	(17,861)
Finance Leases	$ 56,968	$ 62,026

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Remaining Lease Term and Discount Rate (Details)	Mar. 31, 2021	Mar. 31, 2020
Weighted average remaining lease term:
Operating leases	7 years 7 months 6 days	8 years 3 months 18 days
Finance leases	2 years 2 months 12 days	3 years 2 months 12 days
Weighted average discount rate:
Operating leases	12.00%	10.30%
Finance leases	21.90%	21.90%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Paid For Amounts Included In Measurement Of Lease Liabilities [Abstract]
Operating cash outflow from finance leases	$ 3,256	$ 4,265
Financing cash outflow from finance leases	5,058	4,049
Operating cash outflow from operating leases	$ 987	$ 455

Financial Instruments - Schedul

Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Oil and Natural Gas Derivatives
Debt Instrument [Line Items]
Carrying Amount	$ (156,941)	$ (67,814)
Fair Value	(156,941)	(67,814)
12.00% Second-Priority Senior Secured Notes – due January 2026
Debt Instrument [Line Items]
Carrying Amount	581,728
Fair Value	636,012
11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Carrying Amount		343,579
Fair Value		355,935
7.50% Senior Notes – due May 2022
Debt Instrument [Line Items]
Carrying Amount	6,060	6,060
Fair Value	3,333	5,238
Bank Credit Facility – matures May 2022
Debt Instrument [Line Items]
Carrying Amount	461,577	635,873
Fair Value	$ 465,000	$ 640,000

Financial Instruments - Sched_2

Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Bank Credit Facility – matures May 2022
Debt Instrument [Line Items]
Senior notes, maturity date	May 10, 2022	May 10, 2022
12.00% Second-Priority Senior Secured Notes – due January 2026
Debt Instrument [Line Items]
Debt instrument interest rate	12.00%	12.00%
Senior notes, maturity date	Jan. 15, 2026	Jan. 15, 2026
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)	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)counterparty	Dec. 31, 2020
Investment Grade Credit Rating
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Number of counterparties | counterparty	9
12.00% Second-Priority Senior Secured Notes – due January 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument interest rate	12.00%	12.00%
Senior notes, maturity date	Jan. 15, 2026	Jan. 15, 2026
Senior notes, principal amount	$ 650,000,000
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
Senior notes, principal amount	$ 347,300,000
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	$ 960,000,000

Financial Instruments - Sched_3

Financial Instruments - Schedule of Impact that Derivatives not Qualifying as Hedging Instruments in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Net cash received (paid) on settled derivative instruments	$ (48,381)	$ 36,460
Unrealized gain (loss)	(89,127)	206,757
Price risk management activities income (expense)	$ (137,508)	$ 243,217

Financial Instruments - Sched_4

Financial Instruments - Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under the Terms of Derivative Contracts (Details)	3 Months Ended
	Mar. 31, 2021MMBTU$ / bbl$ / MMBTUbbl
Crude Oil | WTI | April 2021 – December 2021 | Swap
Derivative [Line Items]
Instrument Type	Swaps
Average Daily Volumes | bbl	24,429
Weighted Average Swap Price	44.89
Crude Oil | WTI | April 2021 – December 2021 | Collar
Derivative [Line Items]
Instrument Type	Collars
Average Daily Volumes | bbl	1,000
Weighted Average Put Price	30
Weighted Average Call Price	40
Crude Oil | WTI | January 2022 – December 2022 | Swap
Derivative [Line Items]
Instrument Type	Swaps
Average Daily Volumes | bbl	16,605
Weighted Average Swap Price	47.22
Crude Oil | WTI | January 2023 – June 2023 | Swap
Derivative [Line Items]
Instrument Type	Swaps
Average Daily Volumes | bbl	2,000
Weighted Average Swap Price	53.33
Crude Oil | LLS | April 2021 – December 2021 | Swap
Derivative [Line Items]
Instrument Type	Swaps
Average Daily Volumes | bbl	3,335
Weighted Average Swap Price	41.06
Natural Gas | April 2021 – December 2021 | Swap | NYMEX Henry Hub
Derivative [Line Items]
Instrument Type	Swaps
Weighted Average Swap Price | $ / MMBTU	2.52
Average Daily Volumes | MMBTU	56,385
Natural Gas | April 2021 – December 2021 | Collar | NYMEX Henry Hub
Derivative [Line Items]
Instrument Type	Collars
Weighted Average Put Price | $ / MMBTU	2.50
Weighted Average Call Price | $ / MMBTU	3.10
Average Daily Volumes | MMBTU	5,000
Natural Gas | January 2022 – December 2022 | Swap | NYMEX Henry Hub
Derivative [Line Items]
Instrument Type	Swaps
Weighted Average Swap Price | $ / MMBTU	2.62
Average Daily Volumes | MMBTU	30,882
Natural Gas | January 2023 – June 2023 | Swap | NYMEX Henry Hub
Derivative [Line Items]
Instrument Type	Swaps
Weighted Average Swap Price | $ / MMBTU	2.61
Average Daily Volumes | MMBTU	5,000

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	Mar. 31, 2021	Dec. 31, 2020
Liabilities:
Total net liability	$ (156,941)	$ (67,814)
Oil And Natural Gas Swaps And Costless Collars
Assets:
Oil and natural gas swaps and costless collars	3,843	7,821
Liabilities:
Oil and natural gas swaps and costless collars	(160,784)	(75,635)
Level 2
Liabilities:
Total net liability	(156,941)	(67,814)
Level 2 | Oil And Natural Gas Swaps And Costless Collars
Assets:
Oil and natural gas swaps and costless collars	3,843	7,821
Liabilities:
Oil and natural gas swaps and costless collars	$ (160,784)	$ (75,635)

Financial Instruments - Sched_5

Financial Instruments - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Price Risk Derivatives [Line Items]
Current, Assets	$ 1,720	$ 6,876
Non-current, Assets	2,123	945
Current, Liabilities	133,167	66,010
Non-current, Liabilities	27,617	9,625
Oil and Natural Gas Derivatives
Price Risk Derivatives [Line Items]
Current, Assets	1,720	6,876
Non-current, Assets	2,123	945
Assets	3,843	7,821
Current, Liabilities	133,167	66,010
Non-current, Liabilities	27,617	9,625
Liabilities	$ 160,784	$ 75,635

Debt - Summary of Detail Compri

Debt - Summary of Detail Comprising Debt and Related Book Values (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	$ 1,121,060	$ 993,314
Discount and deferred financing cost	(71,695)	(7,802)
Total debt, net of discount and deferred financing costs	1,049,365	985,512
Senior Notes | 12.00% Second-Priority Senior Secured Notes – due January 2026
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost	650,000
Senior Notes | 11.00% Second-Priority Senior Secured Notes – due April 2022
Debt Instrument [Line Items]
Total debt, before discount and deferred financing cost		347,254
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	$ 465,000	$ 640,000

Debt - Summary of Detail Comp_2

Debt - Summary of Detail Comprising Debt and Related Book Values (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Jan. 14, 2021
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
Senior Notes | 12.00% Second-Priority Senior Secured Notes – due January 2026
Debt Instrument [Line Items]
Debt instrument interest rate	12.00%		12.00%
Senior notes, maturity date	Jan. 15, 2026
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 ($)	Jan. 15, 2023	May 10, 2021	Mar. 31, 2021	Dec. 31, 2020	Jan. 14, 2021	Jan. 13, 2021	May 10, 2018
Debt Instrument [Line Items]
Debt Instruments			$ 1,121,060,000	$ 993,314,000
Gain on extinguishment of debt			$ (13,225,000)
11.00% Second-Priority Notes - due April 2022 | Senior Notes
Debt Instrument [Line Items]
Debt instrument maturity date			Apr. 3, 2022
Debt instrument frequency of periodic payment			semi-annually
Debt instrument payment terms			semi-annually each April 15 and October 15
Debt instrument, interest rate, stated percentage						11.00%	11.00%
Debt Instruments						$ 347,300,000
11.00% Second-Priority Notes - due April 2022 | Senior Notes | Other Income (Expense)
Debt Instrument [Line Items]
Gain on extinguishment of debt			$ 13,200,000
11.00% Second-Priority Notes - due April 2022 | Senior Notes | Minimum
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage			100.00%
11.00% Second-Priority Notes - due April 2022 | Senior Notes | Maximum
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage			102.75%
11.00% Second-Priority Notes - due April 2022 | Senior Notes | Forecast
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage		102.75%
12.00% Second-Priority Senior Secured Notes – due January 2026
Debt Instrument [Line Items]
Debt instrument maximum borrowings					$ 550,000,000
12.00% Second-Priority Senior Secured Notes – due January 2026 | Senior Notes
Debt Instrument [Line Items]
Debt instrument maturity date			Jan. 15, 2026
Debt instrument frequency of periodic payment			semi-annually
Debt instrument payment terms			semi-annually each January 15 and July 15
Debt instrument, interest rate, stated percentage			12.00%		12.00%
Debt instrument redemption, description			The indenture governing the 12.00% Notes applies certain limitations on the Company’s ability and the ability of its subsidiaries to, among other things, (i) incur, assume or guarantee additional indebtedness or issue certain convertible or redeemable equity securities; (ii) create liens to secure indebtedness; (iii) pay distributions on equity interests, repurchase equity securities or redeem junior lien, unsecured or subordinated indebtedness; (iv) make investments; (v) restrict distributions, loans or other asset transfers from Talos Production Inc.’s restricted subsidiaries; (vi) consolidate with or merge with or into, or sell substantially all of Talos Production Inc.’s properties to, another person; (vii) sell or otherwise dispose of assets, including equity interests in subsidiaries; and (viii) enter into transactions with affiliates. The 12.00% Notes contain customary quarterly and annual reporting, financial and administrative covenants. The Company was in compliance with all debt covenants at March 31, 2021.
Debt Instruments			$ 650,000,000
12.00% Second-Priority Senior Secured Notes – due January 2026 | Senior Notes | Minimum
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage			100.00%
12.00% Second-Priority Senior Secured Notes – due January 2026 | Senior Notes | Maximum
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage			106.00%
12.00% Second-Priority Senior Secured Notes – due January 2026 | Senior Notes | Forecast
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	112.00%
Maximum percentage of principal amount option to redeem	40.00%
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% Senior Notes – due May 2022 | Minimum
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage			100.00%
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 | Senior Notes
Debt Instrument [Line Items]
Debt instrument maturity date			May 31, 2022
Debt instrument, interest rate, stated percentage			7.50%
Debt Instruments			$ 6,060,000	$ 6,060,000
Bank Credit Facility – matures May 2022
Debt Instrument [Line Items]
Debt instrument maturity date			May 10, 2022
Credit facility, maximum borrowing capacity			$ 960,000,000		$ 985,000,000
Line of credit facility lender approval for access capacity amount			$ 25,000,000
Bank credit facility, description			The Bank Credit Facility matures on May 10, 2022.
Commitment fee percentage			0.50%
Letters of credit outstanding amount			$ 13,600,000
Line of credit outstanding borrowing amount			465,000,000
Bank Credit Facility – matures May 2022 | Letter of Credit
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			$ 200,000,000
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%
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%

Employee Benefits Plans and S_3

Employee Benefits Plans and Share-Based Compensation - Additional Information (Details) $ in Millions	Mar. 31, 2021USD ($)shares
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation grant date fair value | $	$ 11.1
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)	3 Months Ended
	Mar. 31, 2021$ / 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	1,652,988
Unvested restricted stock units and award, granted | shares	1,067,141
Unvested restricted stock units and award, vested | shares	(623,400)
Unvested restricted stock units and award, end of the period | shares	2,096,729	[1]
Unvested weighted average grant date fair value, beginning of the period | $ / shares	$ 13.73
Unvested weighted average grant date fair value, granted | $ / shares	13.11
Unvested weighted average grant date fair value, vested | $ / shares	14.07
Unvested weighted average grant date fair value, end of the period | $ / shares	$ 13.31	[1]
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	834,172
Unvested restricted stock units and award, granted | shares	586,984
Unvested restricted stock units and award, end of the period | shares	1,421,156	[2]
Unvested weighted average grant date fair value, beginning of the period | $ / shares	$ 25.46
Unvested weighted average grant date fair value, granted | $ / shares	18.96
Unvested weighted average grant date fair value, end of the period | $ / shares	$ 22.77	[2]
[1]	As of March 31, 2021, 1,045,703 of the unvested RSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheet.
[2]	As of March 31, 2021, 586,984 of the unvested PSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheet.

Employee Benefits Plans and S_5

Employee Benefits Plans and Share-Based Compensation - Schedule of Restricted Stock and Performance Share Units Activity (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2021shares
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted stock units and award, granted	1,067,141
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted stock units and award, granted	586,984
Accrued Liabilities | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted stock units and award, granted	1,045,703
Accrued Liabilities | Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted stock units and award, granted	586,984

Employee Benefits Plans and S_6

Employee Benefits Plans and Share-Based Compensation - Summary of Assumptions Used to Calculate the Grant Date Fair Value (Details) - Performance Share Units - 2021 Grant Date	3 Months Ended
	Mar. 31, 2021Simulation
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	78.30%
Risk-free interest rate	0.30%

Employee Benefits Plans and S_7

Employee Benefits Plans and Share-Based Compensation - Schedule of Recognized Share Based Compensation Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based compensation expense	$ 4,915	$ 3,212
Less: amounts capitalized to oil and gas properties	2,251	1,585
Total share-based compensation expense, net	$ 2,664	$ 1,627

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 584	$ 55,260
Effective tax rate	(0.50%)	25.90%
U.S. Federal statutory rate	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
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ (121,491)	$ 157,749
Weighted average common shares outstanding — basic	81,435	58,240
Dilutive effect of securities		332
Weighted average common shares outstanding — diluted	81,435	58,572
Basic	$ (1.49)	$ 2.71
Diluted	$ (1.49)	$ 2.69
Anti-dilutive potentially issuable securities excluded from diluted common shares	2,949	4,358

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Thousands	Mar. 30, 2020shares	Feb. 28, 2020USD ($)shares	May 10, 2018RegistrationOffering	Aug. 31, 2018USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)
Related Party Transaction [Line Items]
Net of cash acquired					$ 8,322	$ 293,095
Original Equity Registration Rights Agreement
Related Party Transaction [Line Items]
Fees incurred in conjunction with agreement					100	200
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
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.
Vinson & Elkins L.L.P.
Related Party Transaction [Line Items]
Legal fees incurred					$ 900	1,600
Legal fees payable					$ 1,100	$ 3,600
ILX and Castex
Related Party Transaction [Line Items]
Purchase price		$ 459,322
Net of cash acquired		303,122
Aggregate consideration of cash		385,000
ILX and Castex | Talos Energy LLC Stakeholders
Related Party Transaction [Line Items]
Aggregate consideration of cash		$ 385,000
ILX and Castex | Talos Energy LLC 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]
Purchase price		$ 459,300
Business combination, conversion stock		156,200
Net of cash acquired		$ 303,100

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Mar. 31, 2021USD ($)
Bank Credit Facility | Letter of Credit
Loss Contingencies [Line Items]
Credit facility	$ 13.6
Production Sharing Contracts | Mexico
Loss Contingencies [Line Items]
Performance obligations	$ 691.2