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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of income tax provision (benefit)

The components of income tax benefits and expense were as follows (in thousands):

			Successor															Predecessor
			Year Ended December 31, 2022						Period from May 18, 2021 through December 31, 2021									Period from January 1, 2021 through May 17, 2021						Year Ended December 31, 2020
Current:
State			$	—					$	(39)								$	(7,968)					$	—
Federal			—						—									—						(273)
Deferred:
State			—						—									—						7,563
Federal			—						—									—						—
Total income tax (benefit) expense provision			$	—					$	(39)								$	(7,968)					$	7,290

Schedule of reconciliation to the statutory federal income tax

A reconciliation of the statutory federal income tax amount to the recorded expense follows (in thousands):

			Successor															Predecessor
			Year Ended December 31, 2022						Period from May 18, 2021 through December 31, 2021									Period from January 1, 2021 through May 17, 2021						Year Ended December 31, 2020
Income (loss) before federal income taxes			$	494,701					$	(112,868)								$	243,026					$	(1,617,843)
Expected income tax at statutory rate			103,887						(23,702)									51,036						(339,747)
State income taxes			2,227						(3,177)									(12,484)						(14,696)
Bankruptcy adjustments			—						44,748									(111,285)						—
Remeasurement of state deferred tax asset			13,869						(7,966)									—						—
Return to provision			(17,075)						—									—						—
Other differences			1,117						2,841									445						10,800
Change in valuation allowance due to current year activity			(104,025)						(12,783)									64,320						350,933
Income tax (benefit) expense recorded			$	—					$	(39)								$	(7,968)					$	7,290

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, 2022, and 2021 are estimated as follows (in thousands): 

			Successor
			December 31, 2022						December 31, 2021
Deferred tax assets:
Net operating loss carryforward and tax credits			$	346,455					$	298,127
Oil and gas property basis difference			269,206						432,959
Investment in pass through entities			66,502						58,751
Stock-based compensation expense			1,484						—
Change in fair value of derivative instruments			73,198						86,296
Other assets			52,107						31,298
Total deferred tax assets			808,952						907,431
Valuation allowance for deferred tax assets			(803,332)						(907,358)
Deferred tax assets, net of valuation allowance			5,620						73
Deferred tax liabilities:
Right of use asset			5,615						—
Other			5						73
Total deferred tax liabilities			5,620						73
Net deferred tax asset			$	—					$	—

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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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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