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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Consolidated Income Tax Provision (Benefit) | The following is an analysis of the consolidated income tax provision (benefit):
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In thousands)
Current - Federal | $ | 40,445 |  |  | $ | — |  |  | $ | — |
Current - State | (7,701) |  |  | 14,968 |  |  | (154) |
Deferred - Federal | 209,705 |  |  | (16,721) |  |  | (12,037) |
Deferred - State | 18,612 |  |  | 13,156 |  |  | 2,981 |
| $ | 261,061 |  |  | $ | 11,403 |  |  | $ | (9,210) |
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 liabilities were as follows:
| As of December 31,
| 2022 |  | 2021
| (In thousands)
Deferred tax assets: |  |  |
Interest expense limitation | $ | 101,104 |  |  | $ | 103,771 |
Net operating loss carryforwards | 49,740 |  |  | 53,112 |
Unrealized hedging losses | — |  |  | 37,953 |
Asset retirement obligation | 5,714 |  |  | 4,312 |
Other | 4,932 |  |  | 7,771 |
| 161,490 |  |  | 206,919 |
Valuation allowance on deferred tax assets | (2,145) |  |  | (46,474) |
Deferred tax assets | 159,345 |  |  | 160,445 |
Deferred tax liabilities: |  |  |
Property and equipment | (570,833) |  |  | (340,722) |
Unrealized hedging gains | (4,087) |  |  | — |
Amortization of debt issuance costs and bond discount | — |  |  | (9,954) |
Other | (10,162) |  |  | (7,186) |
Deferred tax liabilities | (585,082) |  |  | (357,862) |
Net deferred tax liability | $ | (425,737) |  |  | $ | (197,417) |
Difference Between Customary Rate and Effective Tax Rate on Income Before Income Taxes Due | The difference between the customary rate of 21% and the effective tax rate on income (losses) is due to the following:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In thousands)
Tax at statutory rate | $ | 294,408 |  |  | $ | (48,368) |  |  | $ | (12,941) |
Tax effect of: |  |  |  |  |
Valuation allowance on deferred tax assets | (47,077) |  |  | 30,504 |  |  | (919) |
State income taxes, net of federal benefit | 14,680 |  |  | 28,117 |  |  | 3,746 |
Other | (950) |  |  | 1,150 |  |  | 904 |
Total | $ | 261,061 |  |  | $ | 11,403 |  |  | $ | (9,210) |
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Tax at statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Tax effect of: |  |  |  |  |
Valuation allowance on deferred tax assets | (3.4) |  |  | (13.3) |  |  | 1.5 |
State income taxes, net of federal benefit | 1.1 |  |  | (12.2) |  |  | (6.1) |
Other | (0.1) |  |  | (0.5) |  |  | (1.5) |
Effective tax rate | 18.6 | % |  | (5.0) | % |  | 14.9 | %
Carryforwards Available to Reduce Future Income Taxes | At December 31, 2022, 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 |  | 2023-2037 |  | $ | 899,953 |
Net operating loss – U.S. federal |  | Unlimited |  | $ | 9,931 |
Net operating loss – state taxes |  | Unlimited |  | $ | 1,486,685 |
Interest expense – U.S. federal |  | Unlimited |  | $ | 481,449 |
Interest expense – state taxes |  | Unlimited |  | $ | 531,058 |

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