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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The Company’s income tax benefit consists of the following (in thousands):

			Successor															Predecessor
			Year Ended December 31, 2021						Period from November 20, 2020 through December 31, 2020									Period from January 1, 2020 through November 19, 2020						Year Ended December 31, 2019
Current:
Federal			$	—					$	—								$	(36)					$	(43)
State			4						—									—						27
			4						—									(36)						(16)
Deferred:
Federal			(977)						(2,918)									(221,277)						(28,148)
State			—						(529)									(41,649)						(4,551)
			(977)						(3,447)									(262,926)						(32,699)
Total income tax benefit			$	(973)					$	(3,447)								$	(262,962)					$	(32,715)

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
			Year Ended December 31,												Period from November 20, 2020 through December 31, 2020															Period from January 1, 2020 through November 19, 2020												Year Ended December 31,
			2021																																							2019
			(%)						(In thousands)						(%)						(In thousands)									(%)						(In thousands)						(%)						(In thousands)
U.S. federal tax statutory rate			21.0		%				$	74,412					21.0		%				$	(10,376)								21.0		%				$	(837,391)					21.0		%				$	(25,906)
State income taxes, net of federal income tax benefit			2.6		%				9,161						2.8		%				(1,373)									2.3		%				(93,063)						2.9		%				(3,573)
Effects of non-controlling interest			(2.1)		%				(7,496)						1.7		%				(830)									(0.4)		%				17,699						6.4		%				(7,895)
Non-deductible executive compensation			0.7		%				2,510						—		%				—									—		%				1,372						(1.7)		%				2,094
Equity-based compensation windfall (shortfall)			—		%				—						—		%				—									(0.2)		%				8,687						(1.8)		%				2,163
Change in valuation allowance			(46.8)		%				(165,639)						(18.1)		%				8,936									(13.9)		%				553,580						—		%				—
Discharge of debt and other reorganization items			24.6		%				87,070						(0.5)		%				232									(2.1)		%				85,149						—		%				—
Other			(0.3)		%				(991)						0.1		%				(36)									—		%				1,005						(0.3)		%				402
Annual effective tax benefit			(0.3)		%				$	(973)					7.0		%				$	(3,447)								6.7		%				$	(262,962)					26.5		%				$	(32,715)

Summary of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 and 2020, were as follows:

			December 31,
			2021						2020
			(In thousands)
Deferred tax assets
Net operating loss carryforward			$	51,942					$	34,691
Oil and natural gas properties			237,051						566,856
Bonus and equity-based compensation			6,718						1,732
Derivative instruments			91,213						22,248
Investment in partnerships			12,924						—
Other deferred tax assets			14,843						7,424
Total deferred tax assets			414,691						632,951
Less: Valuation allowance			(399,770)						(565,409)
Total deferred tax assets, net			$	14,921					$	67,542
Deferred tax liabilities
Investment in partnerships			—						67,210
Other deferred tax liabilities			14,928						1,316
Total deferred tax liabilities			$	14,928					$	68,526
Total deferred tax liabilities, net			$	7					$	984

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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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-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

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