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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | The Company’s income tax benefit consists of the following (in thousands):
| Successor |  |  | Predecessor
| Period from November 20, 2020 through December 31, 2020 |  |  | Period from January 1, 2020 through November 19, 2020 |  | Year Ended December 31,
|  |  |  | 2019 |  | 2018
Current: |  |  |  |  |  |  |  |
Federal | $ | — |  |  |  | $ | (36) |  |  | $ | (43) |  |  | $ | (70) |
State | — |  |  |  | — |  |  | 27 |  |  | 93 |
| — |  |  |  | (36) |  |  | (16) |  |  | 23 |
Deferred: |  |  |  |  |  |  |  |
Federal | (2,918) |  |  |  | (221,277) |  |  | (28,148) |  |  | (3,553) |
State | (529) |  |  |  | (41,649) |  |  | (4,551) |  |  | (2,313) |
| (3,447) |  |  |  | (262,926) |  |  | (32,699) |  |  | (5,866) |
Total income tax benefit | $ | (3,447) |  |  |  | $ | (262,962) |  |  | $ | (32,715) |  |  | $ | (5,843) |
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 is set forth below:
| Successor |  |  | Predecessor
| Period from November 20, 2020 through December 31, 2020 |  |  | Period from January 1, 2020 through November 19, 2020 |  | Year Ended December 31,
|  |  |  | 2019 |  | 2018
| (%) |  | (In thousands) |  |  | (%) |  | (In thousands) |  | (%) |  | (In thousands) |  | (%) |  | (In thousands)
U.S. federal tax statutory rate | 21.00 | % |  | $ | (10,376) |  |  |  | 21.00 | % |  | $ | (837,391) |  |  | 21.00 | % |  | $ | (25,906) |  |  | 21.00 | % |  | $ | (5,322) |
State income taxes, net of federal income tax benefit | 2.78 | % |  | (1,373) |  |  |  | 2.33 | % |  | (93,063) |  |  | 2.90 | % |  | (3,573) |  |  | 2.08 | % |  | (527) |
Effects of non-controlling interest | 1.68 | % |  | (830) |  |  |  | (0.44) | % |  | 17,699 |  |  | 6.40 | % |  | (7,895) |  |  | 13.09 | % |  | (3,317) |
Non-deductible executive compensation | — | % |  | — |  |  |  | (0.03) | % |  | 1,372 |  |  | (1.70) | % |  | 2,094 |  |  | (9.50) | % |  | 2,408 |
Equity-based compensation windfall (shortfall) | — | % |  | — |  |  |  | (0.22) | % |  | 8,687 |  |  | (1.75) | % |  | 2,163 |  |  | (3.68) | % |  | 932 |
State deferred tax rate change | — | % |  | — |  |  |  | — | % |  | — |  |  | — | % |  | — |  |  | 13.73 | % |  | (3,479) |
Change in valuation allowance | (18.09) | % |  | 8,936 |  |  |  | (13.88) | % |  | 553,580 |  |  | — | % |  | — |  |  | (6.74) | % |  | 1,707 |
Impact of U.S. tax reform | — | % |  | — |  |  |  | — | % |  | — |  |  | — | % |  | — |  |  | (7.34) | % |  | 1,859 |
Discharge of debt and other reorganization items | (0.47) | % |  | 232 |  |  |  | (2.14) | % |  | 85,149 |  |  | — | % |  | — |  |  | — | % |  | — |
Other | 0.07 | % |  | (36) |  |  |  | (0.03) | % |  | 1,005 |  |  | (0.33) | % |  | 402 |  |  | 0.41 | % |  | (104) |
Annual effective tax benefit | 6.97 | % |  | $ | (3,447) |  |  |  | 6.59 | % |  | $ | (262,962) |  |  | 26.52 | % |  | $ | (32,715) |  |  | 23.05 | % |  | $ | (5,843) |
Summary of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2020 and 2019, were as follows (in thousands):
| Successor |  |  | Predecessor
| December 31, 2020 |  |  | December 31, 2019
Deferred tax assets |  |  |  |
Net operating loss carryforward | $ | 34,691 |  |  |  | $ | 191,022 |
Oil and natural gas properties | 566,856 |  |  |  | — |
Bonus and equity-based compensation | 1,732 |  |  |  | 8,799 |
Derivative instruments | 22,248 |  |  |  | 3,946 |
Other tax attribute carryovers | 1,663 |  |  |  | 1,643 |
Other deferred tax assets | 5,761 |  |  |  | — |
Total deferred tax assets | 632,951 |  |  |  | 205,410 |
Less: Valuation allowance | (565,409) |  |  |  | (2,915) |
Total deferred tax assets, net | $ | 67,542 |  |  |  | $ | 202,495 |
Deferred tax liabilities |  |  |  |
Oil and gas properties | $ | — |  |  |  | $ | 426,130 |
Derivative instruments | — |  |  |  | — |
Investment in partnerships | 67,210 |  |  |  | 38,015 |
Other deferred tax liabilities | 1,316 |  |  |  | 5,707 |
Total deferred tax liabilities | $ | 68,526 |  |  |  | $ | 469,852 |
Total deferred tax liabilities, net | $ | 984 |  |  |  | $ | 267,357 |

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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://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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