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Income Taxes (Tables)

12 Months Ended

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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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.

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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.

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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.

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Tabular disclosure of tax credit carryforwards available to reduce future taxable income, including amounts, expiration dates, limitations on use and the related deferred tax assets and valuation allowances.

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