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Income Taxes
 9 Months Ended
Sep. 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 21.1%. The primary reason for the effective income tax rate being above the federal statutory rate is due to state income taxes, partially offset by 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, the One Big Beautiful Bill Act (the “OBBBA”) was signed into law. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act of 2017, including 100% bonus depreciation. The OBBBA did not have a material impact on the Company’s effective income tax rate for 2025, but it did reduce the Company’s cash tax outflows for the remainder of 2025 from what they would have been under the previous federal tax law.