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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Consolidated Income Tax Provision (Benefit)

The following is an analysis of the consolidated income tax provision (benefit):

			Predecessor									Successor
			For the Period from January 1, 2018  through August 13, 2018									For the Period from August 14, 2018 through December 31, 2018						Year Ended December 31, 2019						Year Ended December 31, 2020
			(In thousands)
Current - Federal			$	—								$	(1,349)					$	—					$	—
Current - State			13									82						(223)						(154)
Deferred - Federal			2,412									16,406						27,550						(12,037)
Deferred - State			(1,360)									3,805						476						2,981
			$	1,065								$	18,944					$	27,803					$	(9,210)

Income Tax Expense Benefit Income Tax Reconciliation

The difference between the customary rate of 21% and the effective tax rate on income (losses) is due to the following:

			Predecessor									Successor
			For the Period from January 1, 2018  through August 13, 2018									For the Period from August 14, 2018 through December 31, 2018						Year Ended December 31, 2019						Year Ended December 31, 2020
			(In thousands)
Tax at statutory rate			$	(19,255)								$	17,444					$	26,185					$	(12,941)
Tax effect of:
Alternative minimum tax			—									(1,349)						—						—
Valuation allowance on deferred tax assets			22,053									(903)						(494)						(919)
State income taxes, net of federal benefit			(3,599)									3,863						(499)						3,746
Nondeductible transaction costs			—									—						1,417						—
Nondeductible stock-based compensation			668									(120)						886						1,109
Other			1,198									9						308						(205)
Total			$	1,065								$	18,944					$	27,803					$	(9,210)

Difference Between Customary Rate and Effective Tax Rate on Income Before Income Taxes Due

			Predecessor									Successor
			For the Period from January 1, 2018  through August 13, 2018									For the Period from August 14, 2018 through December 31, 2018						Year Ended December 31, 2019						Year Ended December 31, 2020
Tax at statutory rate			21.0		%							21.0		%				21.0		%				21.0		%
Tax effect of:
Alternative minimum tax			—									(1.6)						—						—
Valuation allowance on deferred tax assets			(24.1)									(1.1)						(0.4)						1.5
State income taxes, net of federal benefit			3.9									4.7						(0.4)						(6.1)
Nondeductible transaction costs			—									—						1.1						—
Nondeductible stock-based compensation			(0.7)									(0.1)						0.7						(1.8)
Other			(1.3)									—						0.3						0.3
Effective tax rate			(1.2)		%							22.9		%				22.3		%				14.9		%

Tax Effects of Significant Temporary Differences Representing Net Deferred Tax Asset and Liability

The tax effects of significant temporary differences representing the net deferred tax liability at December 31, 2019 and 2020 were as follows:

			2019						2020
			(In thousands)
Deferred tax assets:
Asset retirement obligation			$	3,812					$	4,061
Net operating loss carryforwards			51,656						59,335
Interest expense limitation			62,552						55,026
Unrealized hedging losses			—						10,452
Other			9,022						5,661
			127,042						134,535
Valuation allowance on deferred tax assets			(16,876)						(15,964)
Deferred tax assets			110,166						118,571
Deferred tax liabilities:
Property and equipment			(269,587)						(283,959)
Unrealized hedging income			(10,763)						—
Bond discount			(37,458)						(30,591)
Other			(4,130)						(4,604)
Deferred tax liabilities			(321,938)						(319,154)
Net deferred tax liability			$	(211,772)					$	(200,583)

Carryforwards Available to Reduce Future Income Taxes

At December 31, 2020, Comstock had the following carryforwards available to reduce future income taxes:

Types of Carryforward						Years of Expiration Carryforward						Amount
												(In thousands)
Net operating loss – U.S. federal						2021-2037						$	899,953
Net operating loss – U.S. federal						Unlimited						$	6,492
Net operating loss – state taxes						2021-2037						$	1,552,582
Interest expense – U.S. federal						Unlimited						$	262,069
Interest expense – state taxes						Unlimited						$	264,878

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