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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

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

	Year Ended December 31,
	2017				2016				2015
	(In thousands)
Current:
Federal	$	(420	)		$	—			$	(9	)
State	—				—				—
	(420		)		—				(9		)
Deferred:
Federal	(199,370		)		(117,781		)		(11,667		)
State	(3,514		)		(10,757		)		(4,447		)
	(202,884		)		(128,538		)		(16,114		)
Total income tax benefit	$	(203,304	)		$	(128,538	)		$	(16,123	)

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, 2017, 2016 and 2015, is set forth below:

	Year Ended December 31,
	2017							2016							2015
	(%)			(In thousands)				(%)			(In thousands)				(%)			(In thousands)
U.S. federal tax statutory rate	35.00	%		$	(26,550	)		35.00	%		$	(130,044	)		35.00	%		$	(19,730	)
Non-controlling interest	1.68	%		(1,278		)		—	%		—				—	%		—
State income taxes, net of federal income tax benefit	2.59	%		(1,966		)		2.27	%		(8,435		)		5.11	%		(2,883		)
Non-deductible executive compensation	1.05	%		(792		)		(0.21	)%		796				(0.94	)%		528
Non-deductible equity-based compensation windfall (shortfall)	0.87	%		(659		)		(1.83	)%		6,808				(10.17	)%		5,734
Tax reform rate change	226.61	%		(171,900		)		—	%		—				—	%		—
Other	0.21	%		(159		)		(0.64	)%		2,337				(0.40	)%		228
Annual effective tax benefit	268.01	%		$	(203,304	)		34.59	%		$	(128,538	)		28.60	%		$	(16,123	)

Summary of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2017 and 2016, were as follows:

	Year Ended December 31,
	2017				2016
	(In thousands)
Deferred tax assets
Net operating loss carryforward	$	182,633			$	228,279
Bonus and equity-based compensation	10,100				9,483
Derivative instruments	30,397				25,738
Other tax attribute carryovers	1,099				1,712
Total deferred tax assets	224,229				265,212
Less: Valuation allowance	(1,159		)		(1,344		)
Net deferred tax assets	223,070				263,868
Deferred tax liabilities
Oil and natural gas properties	485,132				744,977
Investment in partnerships	25,490				—
Other deferred tax liabilities	18,369				32,420
Total deferred tax liabilities	528,991				777,397
Total net deferred tax liabilities	$	305,921			$	513,529

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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=84230637&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=84230637&loc=d3e32537-109319

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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.

+ 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=84230637&loc=d3e32687-109319

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