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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (In thousands) |
Current - Federal |  | $ | (24,200 | ) |  | $ | (4,570 | ) |  | $ | 40,445 |
Current - State |  |  | 44 |  |  |  | (4,636 | ) |  |  | (7,701 | )
Deferred - Federal |  |  | (88,001 | ) |  |  | 52,520 |  |  |  | 209,705 |
Deferred - State |  |  | (36,918 | ) |  |  | (8,219 | ) |  |  | 18,612 |
|  | $ | (149,075 | ) |  | $ | 35,095 |  |  | $ | 261,061 |
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, |
|  | 2024 |  |  | 2023 |
|  | (In thousands) |
Deferred tax assets: |  |  |  |  |  |
Interest expense limitation |  | $ | 207,053 |  |  | $ | 168,604 |
Net operating loss carryforwards |  |  | 79,628 |  |  |  | 106,961 |
Unrealized hedging losses |  |  | 16,701 |  |  |  | — |
Asset retirement obligation |  |  | 6,991 |  |  |  | 6,610 |
Other |  |  | 22,142 |  |  |  | 3,784 |
|  |  | 332,515 |  |  |  | 285,959 |
Valuation allowance on deferred tax assets |  |  | (53,687 | ) |  |  | (70,184 | )
Deferred tax assets |  |  | 278,828 |  |  |  | 215,775 |
Deferred tax liabilities: |  |  |  |  |  |
Property and equipment |  |  | (621,561 | ) |  |  | (653,369 | )
Unrealized hedging gains |  |  | — |  |  |  | (26,623 | )
Other |  |  | (2,383 | ) |  |  | (5,818 | )
Deferred tax liabilities |  |  | (623,944 | ) |  |  | (685,810 | )
Net deferred tax liability |  | $ | (345,116 | ) |  | $ | (470,035 | )
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (In thousands) |
Tax at statutory rate |  | $ | (77,244 | ) |  | $ | 51,868 |  |  | $ | 294,408 |
Tax effect of: |  |  |  |  |  |  |  |  |
Research and development and other income tax credits |  |  | (41,796 | ) |  |  | — |  |  |  | — |
Valuation allowance on deferred tax assets |  |  | (16,499 | ) |  |  | (2,307 | ) |  |  | (47,077 | )
State income taxes, net of federal benefit |  |  | (20,215 | ) |  |  | (10,542 | ) |  |  | 14,680 |
Effect of changes in state tax laws or rates |  |  | 6,847 |  |  |  | — |  |  |  | — |
Other |  |  | (168 | ) |  |  | (3,924 | ) |  |  | (950 | )
Total |  | $ | (149,075 | ) |  | $ | 35,095 |  |  | $ | 261,061 |
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Tax at statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Tax effect of: |  |  |  |  |  |  |  |  |
Research and development and other income tax credits |  | 11.4 |  |  |  | — |  |  |  | — |
Valuation allowance on deferred tax assets |  |  | 4.5 |  |  |  | (0.9 | ) |  |  | (3.4 | )
State income taxes, net of federal benefit |  |  | 5.5 |  |  |  | (4.3 | ) |  |  | 1.1 |
Effect of changes in state tax laws or rates |  |  | (1.9 | ) |  |  | — |  |  |  | — |
Other |  |  | — |  |  |  | (1.6 | ) |  |  | (0.1 | )
Effective tax rate |  |  | 40.5 | % |  |  | 14.2 | % |  |  | 18.6 | %
Carryforwards Available to Reduce Future Income Taxes | At December 31, 2024, 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 |  | 2025-2037 |  | $ | 740,631 |
Net operating loss – U.S. federal |  | Unlimited |  | $ | 2,408 |
Net operating loss – state taxes |  | Unlimited |  | $ | 1,805,167 |
Interest expense – U.S. federal |  | Unlimited |  | $ | 822,544 |
Interest expense – state taxes |  | Unlimited |  | $ | 789,849 |

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