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INCOME TAXES (Tables)
9 Months Ended
Sep. 30, 2022
INCOME TAXES  
Components of income tax expense

Three Months Ended

Nine Months Ended

 

September 30, 

September 30, 

2022

    

2021

    

2022

    

2021

 

(in thousands)

Current:

Federal

$

5,944

$

2

$

17,153

$

1

State

 

387

 

 

1,218

 

 

6,331

 

2

 

18,371

 

1

Deferred:

Federal

 

267

 

188

 

34,932

 

182

State

 

2

 

44

 

2,343

 

44

 

269

 

232

 

37,275

 

226

Income tax expense

$

6,600

$

234

$

55,646

$

227

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

Three Months Ended

Nine Months Ended

 

September 30, 

September 30, 

    

2022

    

2021

    

2022

    

2021

 

(in thousands)

Income taxes at statutory rate

$

36,030

$

12,171

$

88,066

$

26,658

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

 

(29,888)

 

(11,777)

 

(71,562)

 

(25,935)

Increase (decrease) resulting from:

State taxes, net of federal income tax

 

426

 

66

 

1,244

 

138

Change in valuation allowance of deferred tax assets

 

9

 

(361)

 

10

 

(666)

Deferred taxes related to tax election

37,253

Other

 

23

 

135

 

635

 

32

Income tax expense

$

6,600

$

234

$

55,646

$

227

Components of deferred tax liabilities and deferred tax assets

September 30, 

December 31, 

 

    

2022

    

2021

 

(in thousands)

Deferred tax liabilities:

Property, plant and equipment

$

(38,770)

$

(2,169)

Total deferred tax liabilities

(38,770)

(2,169)

Deferred tax assets:

Federal loss carryovers and credits

734

1,328

Other

 

764

 

808

Total deferred tax assets

1,498

2,136

Less valuation allowance

(327)

(317)

Net deferred tax assets

1,171

1,819

Overall net deferred tax liabilities

$

(37,599)

$

(350)