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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

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

	Year Ended December 31,
	2018				2017				2016
	(In thousands)
Current:
Federal	$	(70	)		$	(420	)		$	—
State	93				—				—
	23				(420		)		—
Deferred:
Federal	(3,553		)		(199,370		)		(117,781		)
State	(2,313		)		(3,514		)		(10,757		)
	(5,866		)		(202,884		)		(128,538		)
Total income tax benefit	$	(5,843	)		$	(203,304	)		$	(128,538	)

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, 2018, 2017 and 2016, is set forth below:

	Year Ended December 31,
	2018							2017							2016
	(%)			(In thousands)				(%)			(In thousands)				(%)			(In thousands)
U.S. federal tax statutory rate	21.00	%		$	(5,322	)		35.00	%		$	(26,550	)		35.00	%		$	(130,044	)
State income taxes, net of federal income tax benefit	2.08	%		(527		)		2.59	%		(1,966		)		2.27	%		(8,435		)
Effects of non-controlling interest	13.09	%		(3,317		)		1.68	%		(1,278		)		—	%		—
Non-deductible executive compensation	(9.50	)%		2,408				1.05	%		(792		)		(0.21	)%		796
Equity-based compensation windfall (shortfall)	(3.68	)%		932				0.87	%		(659		)		(1.83	)%		6,808
State deferred tax rate change	13.73	%		(3,479		)		0.36	%		(270		)		—	%		—
Change in valuation allowance	(6.74	)%		1,707				—	%		—				—	%		—
Impact of U.S. tax reform	(7.34	)%		1,859				226.61	%		(171,900		)		—	%		—
Other	0.41	%		(104		)		(0.15	)%		111				(0.64	)%		2,337
Annual effective tax benefit	23.05	%		$	(5,843	)		268.01	%		$	(203,304	)		34.59	%		$	(128,538	)

Summary of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2018 and 2017, were as follows:

	Year Ended December 31,
	2018				2017
	(In thousands)
Deferred tax assets
Net operating loss carryforward	$	177,745			$	182,633
Bonus and equity-based compensation	8,436				10,100
Derivative instruments	—				30,397
Other tax attribute carryovers	856				1,099
Total deferred tax assets	187,037				224,229
Less: Valuation allowance	(2,863		)		(1,159		)
Net deferred tax assets	184,174				223,070
Deferred tax liabilities
Oil and natural gas properties	423,270				485,132
Derivative instruments	22,834				—
Investment in partnerships	22,450				25,490
Other deferred tax liabilities	15,675				18,369
Total deferred tax liabilities	484,229				528,991
Total net deferred tax liabilities	$	300,055			$	305,921

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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://fasb.org/us-gaap/role/ref/legacyRef
-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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