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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The Company’s income tax expense (benefit) consists of the following:

	Year Ended December 31,
	2015				2014				2013
	(In thousands)
Current:
Federal	$	(9	)		$	134			$	475
State	—				—				—
	(9		)		134				475
Deferred:
Federal	(11,667		)		273,576				122,853
State	(4,447		)		33,881				11,730
	(16,114		)		307,457				134,583
Total income tax expense (benefit)	$	(16,123	)		$	307,591			$	135,058

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of income taxes calculated at the U.S. federal tax statutory rate to the Company’s effective tax rate for the years ended December 31, 2015, 2014 and 2013, is set forth below:

	Year Ended December 31,
	2015							2014							2013
	(%)			(In thousands)				(%)			(In thousands)				(%)			(In thousands)
U.S. federal tax statutory rate	35.00	%		$	(19,730	)		35.00	%		$	285,064			35.00	%		$	127,056
State income taxes, net of federal income tax benefit	5.11	%		(2,883		)		2.81	%		22,901				2.06	%		7,469
Non-deductible stock-based compensation (shortfall)	(10.17	)%		5,734				—	%		—				—	%		—
Other	(1.34	)%		756				(0.05	)%		(374		)		0.14	%		533
Annual effective tax expense (benefit)	28.60	%		$	(16,123	)		37.76	%		$	307,591			37.20	%		$	135,058

Summary of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2015 and 2014, were as follows:

	Year Ended December 31,
	2015				2014
	(In thousands)
Deferred tax assets
Net operating loss carryforward	$	121,248			$	35,650
Bonus and stock-based compensation	11,222				11,025
Other tax attribute carryovers	1,601				1,349
Total deferred tax assets	134,071				48,024
Deferred tax liabilities
Oil and natural gas properties	696,498				566,382
Derivative instruments	45,728				105,911
Total deferred tax liabilities	742,226				672,293
Total net deferred tax liability	$	608,155			$	624,269

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- References

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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