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Income Taxes (Tables)

12 Months Ended

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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