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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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, |  |  |
| 2024 |  | 2023 |  | 2022 |  |
| (In thousands) |  |  |
Current: |  |  |  |  |  |  |  |
Federal | $ | 42,422 |  |  | $ | 15,877 |  |  | $ | 7,127 |  |  |  |
State | (532) |  |  | 3,824 |  |  | 883 |  |  |  |
Total current tax expense | 41,890 |  |  | 19,701 |  |  | 8,010 |  |  |  |
Deferred: |  |  |  |  |  |  |  |
Federal | 203,752 |  |  | 264,154 |  |  | (46,767) |  |  |  |
State | 18,169 |  |  | 31,394 |  |  | (8,127) |  |  |  |
Total deferred tax expense (benefit) | 221,921 |  |  | 295,548 |  |  | (54,894) |  |  |  |
Total income tax expense (benefit) | $ | 263,811 |  |  | $ | 315,249 |  |  | $ | (46,884) |  |  |  |
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, |  |  |
| 2024 |  | 2023 |  | 2022 |  |
| (%) |  | (In thousands) |  | (%) |  | (In thousands) |  | (%) |  | (In thousands) |  |  |  |  |
U.S. federal tax statutory rate | 21.0 | % |  | $ | 233,612 |  |  | 21.0 | % |  | $ | 281,196 |  |  | 21.0 | % |  | $ | 291,068 |  |  |  |  |  |
State income taxes, net of federal income tax benefit | 2.5 | % |  | 27,779 |  |  | 2.6 | % |  | 35,219 |  |  | 2.6 | % |  | 36,156 |  |  |  |  |  |
Change in valuation allowance | 0.1 | % |  | 1,118 |  |  | — | % |  | — |  |  | (27.2) | % |  | (377,233) |  |  |  |  |  |
Other | 0.1 | % |  | 1,302 |  |  | (0.1) | % |  | (1,166) |  |  | 0.2 | % |  | 3,125 |  |  |  |  |  |
Annual effective tax expense (benefit) | 23.7 | % |  | $ | 263,811 |  |  | 23.5 | % |  | $ | 315,249 |  |  | (3.4) | % |  | $ | (46,884) |  |  |  |  |  |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023 were as follows:
| December 31,
| 2024 |  | 2023
| (In thousands)
Deferred tax assets |  |  |
Net operating loss carryforward | $ | 292,978 |  |  | $ | 318,145 |
Bonus and equity-based compensation | 1,693 |  |  | 14,324 |
Other deferred tax assets | 19,593 |  |  | 17,469 |
Total deferred tax assets | 314,264 |  |  | 349,938 |
Less: Valuation allowance | (10,384) |  |  | (9,266) |
Total deferred tax assets, net | $ | 303,880 |  |  | $ | 340,672 |
Deferred tax liabilities |  |  |
Oil and natural gas properties | $ | 1,521,016 |  |  | $ | 367,046 |
Investment in partnerships | 60,093 |  |  | 54,452 |
Tax on unremitted earnings | 194,469 |  |  | — |
Other deferred tax liabilities | 24,744 |  |  | 14,496 |
Total deferred tax liabilities | $ | 1,800,322 |  |  | $ | 435,994 |
Total deferred tax liabilities, net | $ | (1,496,442) |  |  | $ | (95,322) |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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