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INCOME TAXES (Tables)
6 Months Ended
Jun. 30, 2022
INCOME TAXES  
Components of income tax expense (benefit)

Three Months Ended June 30, 

 

Six Months Ended June 30, 

 

2022

    

2021

 

2022

    

2021

 

(in thousands)

Current:

Federal

$

6,175

$

$

11,209

$

(1)

State

 

445

 

 

831

 

 

6,620

 

 

12,040

 

(1)

Deferred:

Federal

 

(255)

 

5

 

34,665

 

(6)

State

 

(34)

 

 

2,341

 

 

(289)

 

5

 

37,006

 

(6)

Income tax expense (benefit)

$

6,331

$

5

$

49,046

$

(7)

Reconciliation from provision for income taxes at U.S. federal statutory rate to effective tax rate

Three Months Ended June 30, 

 

Six Months Ended June 30, 

 

    

2022

    

2021

 

2022

    

2021

 

(in thousands)

Income taxes at statutory rate

$

30,738

$

9,276

$

47,466

$

14,487

Less: Income taxes at statutory rate on Partnership income not subject to income taxes

 

(25,018)

 

(9,141)

 

(37,105)

 

(14,174)

Increase (decrease) resulting from:

State taxes, net of federal income tax

 

457

 

34

 

818

 

72

Change in valuation allowance of deferred tax assets

 

11

 

(142)

 

1

 

(305)

Deferred taxes related to tax election

37,253

Other

 

143

 

(22)

 

613

 

(87)

Income tax expense (benefit)

$

6,331

$

5

$

49,046

$

(7)

Components of deferred tax liabilities and deferred tax assets

June 30, 

December 31, 

 

    

2022

    

2021

 

(in thousands)

Deferred tax liabilities:

Property, plant and equipment

$

(38,710)

$

(2,169)

Total deferred tax liabilities

(38,710)

(2,169)

Deferred tax assets:

Federal loss carryovers and credits

933

1,328

Other

 

764

 

808

Total deferred tax assets

1,697

2,136

Less valuation allowance

(318)

(317)

Net deferred tax assets

1,379

1,819

Overall net deferred tax liabilities

$

(37,331)

$

(350)