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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

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

			Successor																					Predecessor
			Year Ended December 31,												Period from November 20, 2020 through December 31, 2020									Period from January 1, 2020 through November 19, 2020
			2022						2021
Current:
Federal			$	7,127					$	—					$	—								$	(36)
State			883						4						—									—
Total current tax expense (benefit)			8,010						4						—									(36)
Deferred:
Federal			(46,767)						(977)						(2,918)									(221,277)
State			(8,127)						—						(529)									(41,649)
Total deferred tax benefit			(54,894)						(977)						(3,447)									(262,926)
Total income tax benefit			$	(46,884)					$	(973)					$	(3,447)								$	(262,962)

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of income taxes from continuing operations 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
			2022												2021
			(%)						(In thousands)						(%)						(In thousands)						(%)						(In thousands)									(%)						(In thousands)
U.S. federal tax statutory rate			21.0		%				$	291,068					21.0		%				$	39,477					21.0		%				$	(14,817)								21.0		%				$	(867,051)
State income taxes, net of federal income tax benefit			2.6		%				36,156						3.0		%				5,679						2.6		%				(1,817)									2.4		%				(98,946)
Non-deductible executive compensation			0.7		%				9,204						1.3		%				2,510						—		%				—									—		%				1,372
Transaction costs			0.3		%				3,855						—		%				—						—		%				—									—		%				—
Change in valuation allowance			(27.2)		%				(377,233)						(71.7)		%				(134,713)						(18.3)		%				12,941									(14.7)		%				606,642
Equity-based compensation windfall (shortfall)			(0.4)		%				(5,723)						—		%				—						—		%				—									(0.2)		%				8,687
Discharge of debt and nondeductible professional fees			—		%				—						46.3		%				87,070						(0.3)		%				232									(2.1)		%				85,149
Other			(0.4)		%				(4,211)						(0.4)		%				(996)						—		%				14									—		%				1,185
Annual effective tax benefit			(3.4)		%				$	(46,884)					(0.5)		%				$	(973)					5.0		%				$	(3,447)								6.4		%				$	(262,962)

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2022 and 2021 were as follows:

			December 31,
			2022						2021
			(In thousands)
Deferred tax assets
Net operating loss carryforward			$	316,085					$	51,942
Oil and natural gas properties			—						237,051
Derivative instruments			72,761						91,213
Bonus and equity-based compensation			9,806						6,718
Investment in partnerships			—						12,924
Other deferred tax assets			7,863						14,843
Total deferred tax assets			406,515						414,691
Less: Valuation allowance			(9,617)						(399,770)
Total deferred tax assets, net			$	396,898					$	14,921
Deferred tax liabilities
Oil and natural gas properties			$	117,995					$	—
Investment in partnerships			69,867						—
Other deferred tax liabilities			8,810						14,928
Total deferred tax liabilities			$	196,672					$	14,928
Total deferred tax assets (liabilities), net			$	200,226					$	(7)

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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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- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

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
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