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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of income tax provision | The income tax provision consists of the following:
| 2020 |  | 2019 |  | 2018
| (In thousands)
Current: |  |  |  |  |
State | $ | — |  |  | $ | — |  |  | $ | (1,530) |
Federal | (273) |  |  | (7) |  |  | 253 |
Deferred: |  |  |  |  |
State | 7,563 |  |  | (7,556) |  |  | 1,530 |
Federal | — |  |  | — |  |  | (322) |
Total income tax expense (benefit) provision | $ | 7,290 |  |  | $ | (7,563) |  |  | $ | (69) |
Schedule of reconciliation to the statutory federal income tax | A reconciliation of the statutory federal income tax amount to the recorded expense follows:
| 2020 |  | 2019 |  | 2018
| (In thousands)
(Loss) income before federal income taxes | $ | (1,617,843) |  |  | $ | (2,009,921) |  |  | $ | 430,491 |
Expected income tax at statutory rate | (339,747) |  |  | (422,083) |  |  | 90,403 |
State income taxes | (14,696) |  |  | (28,316) |  |  | (511) |
Other differences | 10,800 |  |  | 3,372 |  |  | 1,078 |
Change in valuation allowance due to current year activity | 350,933 |  |  | 439,464 |  |  | (91,039) |
Income tax expense (benefit) recorded | $ | 7,290 |  |  | $ | (7,563) |  |  | $ | (69) |
Schedule of deferred tax assets and liabilities | The tax effects of temporary differences and net operating loss carryforwards, which give rise to deferred tax assets and liabilities at December 31, 2020, 2019 and 2018 are estimated as follows:
| 2020 |  | 2019 |  | 2018
| (In thousands)
Deferred tax assets: |  |  |  |  |
Net operating loss carryforward | $ | 392,318 |  |  | $ | 269,851 |  |  | $ | 164,363 |
Oil and gas property basis difference | 463,705 |  |  | 289,850 |  |  | 3,595 |
Investment in pass through entities | 61,078 |  |  | 58,951 |  |  | 8,620 |
Stock-based compensation expense | 1,223 |  |  | 1,440 |  |  | 616 |
Business energy investment tax credit | 370 |  |  | 370 |  |  | 369 |
Charitable contributions carryover | 318 |  |  | 297 |  |  | 269 |
Change in fair value of derivative instruments | 7,656 |  |  | 11,219 |  |  | 2,761 |
Foreign tax credit carryforwards | 523 |  |  | 943 |  |  | 2,009 |
Accrued liabilities | 868 |  |  | 669 |  |  | 834 |
ARO liability | 13,414 |  |  | 12,744 |  |  | 16,923 |
Non-oil and gas property basis difference | — |  |  | — |  |  | 104 |
Lease liability | 72 |  |  | 12,128 |  |  | — |
Reorganization items | 25,714 |  |  | — |  |  | — |
State net operating loss carryover | 22,191 |  |  | 13,258 |  |  | 11,526 |
Interest expense carryforward | — |  |  | 23,818 |  |  | — |
Total deferred tax assets | 989,450 |  |  | 695,538 |  |  | 211,989 |
Valuation allowance for deferred tax assets | (985,528) |  |  | (647,575) |  |  | (211,987) |
Deferred tax assets, net of valuation allowance | 3,922 |  |  | 47,963 |  |  | 2 |
Deferred tax liabilities: |  |  |  |  |
Non-oil and gas property basis difference | 575 |  |  | 1,859 |  |  | — |
Change in fair value of derivative instruments | 3,272 |  |  | 26,410 |  |  | 2 |
Right of use asset | 72 |  |  | 12,128 |  |  | — |
Other | 3 |  |  | 3 |  |  | — |
Total deferred tax liabilities | 3,922 |  |  | 40,400 |  |  | 2 |
Net deferred tax asset | $ | — |  |  | $ | 7,563 |  |  | $ | — |

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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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