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Employee Benefits Plans and Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Stock Units Activity

The following table summarizes RSU activity under the Amended and Restated Talos Energy Inc. 2021 Long Term Incentive Plan (the “A&R LTIP”):

	Restricted Stock Units			Weighted Average Grant Date Fair Value
Unvested RSUs at December 31, 2024		3,542,435		$	12.83
Granted		3,001,609		$	8.80
Vested		(1,462,193	)	$	13.49
Forfeited		(343,292	)	$	10.25
Unvested RSUs at September 30, 2025		4,738,559		$	10.26

Summary of Performance Share Units Activity

The following table summarizes PSU activity under the A&R LTIP:

	Performance Share Units			Weighted Average Grant Date Fair Value
Unvested PSUs at December 31, 2024		649,666		$	15.27
Granted(1)		998,289		$	9.83
Forfeited		(202,276	)	$	12.10
Unvested PSUs at September 30, 2025		1,445,679		$	11.96

(1)There were 820,708 PSUs granted that are eligible to vest based on continued employment and the relative annualized total shareholder return (“TSR”) of the Company as compared to a peer group over a three-year performance period, as modified by the Company’s absolute annualized TSR over the same performance period. The remaining PSUs granted are eligible to vest based on continued employment and the achievement of certain stock-price hurdles over a three-year performance period.

Summary of Assumptions Used to Calculate the Grant Date Fair Value of TSR PSUs Granted

The following table summarizes the assumptions used in the Monte Carlo simulations to calculate the fair value of the TSR PSUs granted at the date indicated:

	September 18, 2025			May 7, 2025			March 10, 2025
Expected term (in years)		2.3			2.7			2.8
Expected volatility		45.6	%		51.7	%		52.4	%
Risk-free interest rate		3.5	%		3.7	%		3.8	%
Dividend yield		—	%		—	%		—	%

Schedule of Recognized Share Based Compensation Expense, Net

The following table presents the amount of costs expensed and capitalized (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Share-based compensation costs	$	6,874		$	5,477		$	19,176		$	15,046
Less: Amounts capitalized to oil and gas properties		1,919			2,162			5,677			6,187
Total share-based compensation expense	$	4,955		$	3,315		$	13,499		$	8,859

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Tabular disclosure of the significant assumptions used to estimate the fair value of performance shares, including, but not limited to: (a) expected term, (b) expected volatility, (c) expected dividends, and (d) risk-free rate(s).

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