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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax

Reconciliation between the statutory federal income tax rate and our effective income tax rate is as follows:

	Year Ended December 31,
	2024				2023				2022
Federal statutory tax rate		21.0		%		21.0		%		21.0		%
State, net of federal benefit		13.9				(0.1	)			1.0
Equity compensation and executive compensation disallowance		(0.5	)			(0.3	)			0.2
Valuation allowances		(28.1	)			0.2				(5.5	)
Tax credits		(12.7	)			—				(0.4	)
Permanent differences and other		0.1				—				—
Effective tax rate		(6.3	)	%		20.8		%		16.3		%

Income Tax (Benefit) Expense Attributable to Income Before Income Taxes

Income tax (benefit) expense attributable to income before income taxes consists of the following (in thousands):

	Year Ended December 31,
	2024				2023				2022
Current
Federal	$	3,329			$	—			$	—
State		4,836				1,547				14,688
	$	8,165			$	1,547			$	14,688
Deferred
Federal	$	(7,310	)		$	230,563			$	245,839
State		(16,590	)			(2,909	)			(30,067	)
		(23,900	)			227,654				215,772
Income tax (benefit) expense	$	(15,735	)		$	229,201			$	230,460

Significant Components of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities are as follows (in thousands):

	December 31,
	2024				2023
Deferred tax assets:
Net operating loss carryforward	$	424,487			$	538,340
Divestiture contract obligation		87,311				107,067
Deferred compensation		14,480				17,342
Equity compensation		8,155				6,767
Asset retirement obligations		29,096				25,614
Interest expense carryforward		10,830				19,861
Lease right-of-use liabilities		26,726				6,023
Tax credits		31,941				10,104
Other		5,878				6,292
Valuation allowances:
Federal		—				(23,396	)
State, net of federal benefit		(124,979	)			(172,001	)
Total deferred tax assets		513,925				542,013
Deferred tax liabilities:
Depreciation and depletion		(1,010,139	)			(998,886	)
Unrealized mark-to-market gain		(14,568	)			(96,545	)
Lease right-of-use assets		(26,065	)			(5,184	)
Other		(531	)			(2,686	)
Total deferred tax liabilities		(1,051,303	)			(1,103,301	)
Net deferred tax liability	$	(537,378	)		$	(561,288	)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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