v3.25.4

Income Taxes (Tables)

12 Months Ended

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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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

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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.

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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.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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