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Income Taxes (Tables)

12 Months Ended

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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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
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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

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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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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