XML 122 R46.htm IDEA: XBRL DOCUMENT v3.24.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

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

			Year Ended December 31,
			2023						2022						2021
			(In thousands)
Current:
Federal			$	15,877					$	7,127					$	—
State			3,824						883						4
Total current tax expense			19,701						8,010						4
Deferred:
Federal			264,154						(46,767)						(977)
State			31,394						(8,127)						—
Total deferred tax expense (benefit)			295,548						(54,894)						(977)
Total income tax expense (benefit)			$	315,249					$	(46,884)					$	(973)

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: 

			Year Ended December 31,
			2023												2022												2021
			(%)						(In thousands)						(%)						(In thousands)						(%)						(In thousands)
U.S. federal tax statutory rate			21.0		%				$	281,196					21.0		%				$	291,068					21.0		%				$	39,477
State income taxes, net of federal income tax benefit			2.6		%				35,219						2.6		%				36,156						3.0		%				5,679
Non-deductible executive compensation			0.4		%				5,999						0.7		%				9,204						1.3		%				2,510
Change in valuation allowance			—		%				—						(27.2)		%				(377,233)						(71.7)		%				(134,713)
Discharge of debt and nondeductible professional fees			—		%				—						—		%				—						46.3		%				87,070
Other			(0.5)		%				(7,165)						(0.5)		%				(6,079)						(0.4)		%				(996)
Annual effective tax expense (benefit)			23.5		%				$	315,249					(3.4)		%				$	(46,884)					(0.5)		%				$	(973)

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 were as follows:

			December 31,
			2023						2022
			(In thousands)
Deferred tax assets
Net operating loss carryforward			$	318,145					$	316,085
Derivative instruments			—						72,761
Bonus and equity-based compensation			14,324						9,806
Other deferred tax assets			17,469						7,863
Total deferred tax assets			349,938						406,515
Less: Valuation allowance			(9,266)						(9,617)
Total deferred tax assets, net			$	340,672					$	396,898
Deferred tax liabilities
Oil and natural gas properties			$	367,046					$	117,995
Derivative instruments			3,638						—
Investment in partnerships			54,452						69,867
Other deferred tax liabilities			10,858						8,810
Total deferred tax liabilities			$	435,994					$	196,672
Total deferred tax assets (liabilities), net			$	(95,322)					$	200,226

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration