v3.25.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax (Benefit) Expense | Income tax (benefit) expense consisted of the following (in thousands):
|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 6,839 |  |  | $ | 41,112 |  |  | $ | 19,914 |
State |  |  | — |  |  |  | 3 |  |  |  | 5 |
|  |  | 6,839 |  |  |  | 41,115 |  |  |  | 19,919 |
Deferred |  |  |  |  |  |  |  |  |
Federal |  |  | (9,657 | ) |  |  | (10,696 | ) |  |  | 51,153 |
State |  |  | 264 |  |  |  | 2,644 |  |  |  | 1,718 |
|  |  | (9,393 | ) |  |  | (8,052 | ) |  |  | 52,871 |
Total |  | $ | (2,554 | ) |  | $ | 33,063 |  |  | $ | 72,790 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the provision for income taxes to the amount computed by applying the 21% U.S. federal income tax rate to income before income taxes is as follows (in thousands):
|  | For the year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |
Income before income tax expense |  |  | 54,444 |  |  |  |  |  |  | 283,666 |  |  |  |  |  |  | 551,419 |  |  |  |
U.S. federal statutory tax rate |  | $ | 11,433 |  |  |  | 21.0 | % |  | $ | 59,570 |  |  |  | 21.0 | % |  | $ | 115,798 |  |  |  | 21.0 | %
State and local income taxes, net of federal income tax effect(1) |  |  | 226 |  |  |  | 0.4 | % |  |  | 2,370 |  |  |  | 0.8 | % |  |  | 1,508 |  |  |  | 0.3 | %
Effect of cross-border tax laws |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign-derived intangible income deduction |  |  | (4,325 | ) |  |  | (7.9 | )% |  |  | (12,118 | ) |  |  | (4.3 | )% |  |  | (26,077 | ) |  |  | (4.7 | )%
Tax credits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marginal well tax credits |  |  | (4,739 | ) |  |  | (8.7 | )% |  |  | (4,943 | ) |  |  | (1.7 | )% |  |  | — |  |  |  | — |
Nontaxable and nondeductible items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Percentage depletion |  |  | (12,193 | ) |  |  | (22.4 | )% |  |  | (14,400 | ) |  |  | (5.1 | )% |  |  | (21,811 | ) |  |  | (4.0 | )%
Executive compensation limitation |  |  | 6,137 |  |  |  | 11.3 | % |  |  | 4,595 |  |  |  | 1.6 | % |  |  | 3,548 |  |  |  | 0.6 | %
Other adjustments |  |  | 907 |  |  |  | 1.7 | % |  |  | (2,011 | ) |  |  | (0.7 | )% |  |  | (176 | ) |  |  | — | %
Tax (benefit) expense recognized |  | $ | (2,554 | ) |  |  | (4.7 | )% |  | $ | 33,063 |  |  |  | 11.7 | % |  | $ | 72,790 |  |  |  | 13.2 | %
(1) State taxes in the state of Alabama for all years presented made up the majority (greater than 50%) of the tax effect in this category.
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company's deferred income tax assets and liabilities were (in thousands):
|  | December 31, 2025 |  |  | December 31, 2024 |
Deferred income tax assets: |  |  |  |  |  |
Net operating loss and credit carryforwards |  | $ | 48,386 |  |  | $ | 48,804 |
Inventory |  |  | — |  |  |  | 8,670 |
Asset retirement obligations |  |  | 13,743 |  |  |  | 18,114 |
Black lung obligations |  |  | 7,580 |  |  |  | 7,793 |
Accrued expenses |  |  | 9,913 |  |  |  | 8,861 |
Other |  |  | 3,636 |  |  |  | 1,852 |
Total deferred income tax assets |  |  | 83,258 |  |  |  | 94,094 |
Less: valuation allowance for deferred income tax assets |  |  | (45,045 | ) |  |  | (44,674 | )
Net deferred income tax assets |  |  | 38,213 |  |  |  | 49,420 |
Deferred income tax liabilities: |  |  |  |  |  |
Inventory |  |  | (211 | ) |  |  | — |
Prepaid expenses |  |  | (11,123 | ) |  |  | (10,930 | )
Property, plant and equipment |  |  | (71,580 | ) |  |  | (98,283 | )
Investments in partnership |  |  | (5,675 | ) |  |  | — |
Other |  |  | (856 | ) |  |  | (832 | )
Total deferred income tax liabilities |  |  | (89,445 | ) |  |  | (110,045 | )
Net deferred income tax liability |  | $ | (51,232 | ) |  | $ | (60,625 | )
Summary of Valuation Allowance | The following table shows the balance of the Company's valuation allowance and the associated activity during 2025:
|  | December 31, 2025 |
Beginning balance |  | $ | 44,674 |
Addition - deferred income tax expense |  |  | 371 |
Ending balance |  | $ | 45,045 |

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