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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision (Benefit)

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

			Successor																					Predecessor
			Year Ended December 31, 2023						Year Ended December 31, 2022						Period from May 18, 2021 through December 31, 2021									Period from January 1, 2021 through May 17, 2021
Current:
State			$	—					$	—					$	(39)								$	(7,968)
Federal			—						—						—									—
Deferred:
State			(26,704)						—						—									—
Federal			(498,452)						—						—									—
Total income tax benefit provision			$	(525,156)					$	—					$	(39)								$	(7,968)

Schedule of Reconciliation to the Statutory Federal Income Tax

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

			Successor																					Predecessor
			Year Ended December 31, 2023						Year Ended December 31, 2022						Period from May 18, 2021 through December 31, 2021									Period from January 1, 2021 through May 17, 2021
Income (loss) before federal income taxes			$	945,760					$	494,701					$	(112,868)								$	243,026
Expected income tax at statutory rate			198,610						103,887						(23,702)									51,036
State income taxes			(2,581)						2,227						(3,177)									(12,484)
Bankruptcy adjustments			—						—						44,748									(111,285)
Remeasurement of state deferred tax asset			—						13,869						(7,966)									—
Return to provision			(5,592)						(17,075)						—									—
Other differences			1,982						1,117						2,841									445
Change in valuation allowance due to current year activity			(717,575)						(104,025)						(12,783)									64,320
Income tax benefit recorded			$	(525,156)					$	—					$	(39)								$	(7,968)

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, 2023 and December 31, 2022 are estimated as follows (in thousands): 

			Successor
			Year Ended December 31, 2023						Year Ended December 31, 2022
Deferred tax assets:
Net operating loss carryforward and tax credits			$	399,017					$	346,455
Oil and gas property basis difference			143,769						269,206
Investment in pass through entities			68,114						66,502
Stock-based compensation expense			1,262						1,484
Change in fair value of derivative instruments			—						73,198
Other assets			52,730						52,107
Total deferred tax assets			664,892						808,952
Valuation allowance for deferred tax assets			(85,757)						(803,332)
Deferred tax assets, net of valuation allowance			579,135						5,620
Deferred tax liabilities:
Change in fair value of derivative instruments			50,448						—
Right of use asset			3,003						5,615
Other			528						5
Total deferred tax liabilities			53,979						5,620
Net deferred tax asset			$	525,156					$	—

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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.

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-Topic 740
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-Section 50
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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.

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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.

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