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Income Taxes | 3 Months Ended
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Mar. 31, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company’s effective tax rate for the three months ended March 31, 2020 was 5.6% on a pre-tax loss of $4,589.0 million, as compared to an effective tax rate of 3.3% on a pre-tax loss of $111.7 million for the three months ended March 31, 2019. The effective tax rate for the three months ended March 31, 2020 was lower than the statutory federal rate of 21% primarily due to the significant increase in the valuation allowance recorded in the first quarter of 2020. The effective tax rate for the three months ended March 31, 2019 was lower than the statutory federal rate of 21% primarily due to income attributable to non-controlling interests as compared to forecasted pre-tax book income and the impact of equity-based compensation shortfalls. These decreases were partially offset by state income taxes and the impact of other permanent differences, primarily non-deductible executive compensation. Valuation allowance. The Company increased its valuation allowance to $830.4 million as of March 31, 2020. Based on the material write-down of the carrying value of the Company’s oil and gas properties recognized in the first quarter of 2020 and the Company’s expected operating results in subsequent quarters, the Company projects it will be in a net deferred tax asset position at December 31, 2020. The Company concluded it is more likely than not that some or all of the benefits from its deferred tax assets will not be realized, and as such, recorded a valuation allowance on these assets. Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of deferred tax assets. A significant piece of objective negative evidence evaluated is the cumulative loss incurred over recent years. Such objective negative evidence limits the ability to consider other subjective positive evidence. The amount of the deferred tax asset considered realizable could be adjusted if estimates of future taxable income are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as future growth. As such, the Company will continue to assess the valuation allowance on an ongoing basis. As of December 31, 2019, the Company had a valuation allowance of $2.9 million recorded against Montana net operating loss carryforwards.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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