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Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Taxes  
Income Taxes

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9. Income Taxes

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The Company has estimated that its effective income tax rate for 2025 will be 20.6%. The primary reason for the effective income tax rate being below the federal statutory rate is due to statutory depletion, which is allowed for income tax purposes and is a permanent difference between net income for financial reporting purposes and taxable income.

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On July 4, 2025, President Trump signed a tax and spending bill, referred to as the “One Big Beautiful Bill Act” (the “Act”). The Company anticipates the Act will result in the reclassification of a portion of its current taxes payable, currently presented in accrued expenses, to deferred tax liabilities, net, on its consolidated balance sheet, but does not anticipate a significant impact on the Company’s effective income tax rate in future periods. The Company is currently evaluating the full impact of the Act on its financial statements, and no impact was included in the condensed consolidated financial statements for the period ended June 30, 2025.