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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
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, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (In thousands) |
Current - Federal |  | $ | (4,570 | ) |  | $ | 40,445 |  |  | $ | — |
Current - State |  |  | (4,636 | ) |  |  | (7,701 | ) |  |  | 14,968 |
Deferred - Federal |  |  | 52,520 |  |  |  | 209,705 |  |  |  | (16,721 | )
Deferred - State |  |  | (8,219 | ) |  |  | 18,612 |  |  |  | 13,156 |
|  | $ | 35,095 |  |  | $ | 261,061 |  |  | $ | 11,403 |
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, |
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Deferred tax assets: |  |  |  |  |  |
Interest expense limitation |  | $ | 168,604 |  |  | $ | 101,104 |
Net operating loss carryforwards |  |  | 37,946 |  |  |  | 49,740 |
Unrealized hedging losses |  |  | — |  |  |  | — |
Asset retirement obligation |  |  | 6,610 |  |  |  | 5,714 |
Other |  |  | 3,784 |  |  |  | 4,932 |
|  |  | 216,944 |  |  |  | 161,490 |
Valuation allowance on deferred tax assets |  |  | (1,169 | ) |  |  | (2,145 | )
Deferred tax assets |  |  | 215,775 |  |  |  | 159,345 |
Deferred tax liabilities: |  |  |  |  |  |
Property and equipment |  |  | (653,369 | ) |  |  | (570,833 | )
Unrealized hedging gains |  |  | (26,623 | ) |  |  | (4,087 | )
Amortization of debt issuance costs and bond discount |  |  | — |  |  |  | — |
Other |  |  | (5,818 | ) |  |  | (10,162 | )
Deferred tax liabilities |  |  | (685,810 | ) |  |  | (585,082 | )
Net deferred tax liability |  | $ | (470,035 | ) |  | $ | (425,737 | )
Difference Between Customary Rate and Effective Tax Rate on Income Before Income Taxes Due | The difference between the customary rate of 21.0% and the effective tax rate on income (losses) is due to the following:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (In thousands) |
Tax at statutory rate |  | $ | 51,868 |  |  | $ | 294,408 |  |  | $ | (48,368 | )
Tax effect of: |  |  |  |  |  |  |  |  |
Valuation allowance on deferred tax assets |  |  | (2,307 | ) |  |  | (47,077 | ) |  |  | 30,504 |
State income taxes, net of federal benefit |  |  | (10,542 | ) |  |  | 14,680 |  |  |  | 28,117 |
Other |  |  | (3,924 | ) |  |  | (950 | ) |  |  | 1,150 |
Total |  | $ | 35,095 |  |  | $ | 261,061 |  |  | $ | 11,403 |
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Tax at statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Tax effect of: |  |  |  |  |  |  |  |  |
Valuation allowance on deferred tax assets |  |  | (0.9 | ) |  |  | (3.4 | ) |  |  | (13.3 | )
State income taxes, net of federal benefit |  |  | (4.3 | ) |  |  | 1.1 |  |  |  | (12.2 | )
Other |  |  | (1.6 | ) |  |  | (0.1 | ) |  |  | (0.5 | )
Effective tax rate |  |  | 14.2 | % |  |  | 18.6 | % |  |  | (5.0 | )%
Carryforwards Available to Reduce Future Income Taxes | At December 31, 2023, 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 |  | 2024-2037 |  | $ | 740,631 |
Net operating loss – U.S. federal |  | Unlimited |  | $ | 13,467 |
Net operating loss – state taxes |  | Unlimited |  | $ | 1,745,991 |
Interest expense – U.S. federal |  | Unlimited |  | $ | 629,212 |
Interest expense – state taxes |  | Unlimited |  | $ | 615,527 |

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