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Income Taxes (Tables)

12 Months Ended

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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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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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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