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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Provision (Benefit) | The components of income tax benefits were as follows (in thousands):
| Year Ended December 31, 2024 |  | Year Ended December 31, 2023 |  | Year Ended December 31, 2022
Current: |  |  |  |  |
State | $ | — |  |  | $ | — |  |  | $ | — |
Federal | — |  |  | — |  |  | — |
Deferred: |  |  |  |  |
State | 11,747 |  |  | (26,704) |  |  | — |
Federal | (67,824) |  |  | (498,452) |  |  | — |
Total income tax benefit provision | $ | (56,077) |  |  | $ | (525,156) |  |  | $ | — |
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):
| Year Ended December 31, 2024 |  | Year Ended December 31, 2023 |  | Year Ended December 31, 2022
Income (loss) before federal income taxes | $ | (317,463) |  |  | $ | 945,760 |  |  | $ | 494,701 |
Expected income tax at statutory rate | (66,668) |  |  | 198,610 |  |  | 103,887 |
State income taxes | 4,765 |  |  | (2,581) |  |  | 2,227 |
Remeasurement of state deferred tax asset | 54 |  |  | — |  |  | 13,869 |
Return to provision | 5,800 |  |  | (5,592) |  |  | (17,075) |
Other differences | 1,857 |  |  | 1,982 |  |  | 1,117 |
Change in valuation allowance due to current year activity | (1,885) |  |  | (717,575) |  |  | (104,025) |
Income tax benefit recorded | $ | (56,077) |  |  | $ | (525,156) |  |  | $ | — |
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, 2024 and December 31, 2023 are estimated as follows (in thousands):
| Year Ended December 31, 2024 |  | Year Ended December 31, 2023
Deferred tax assets: |  |  |
Net operating loss carryforward and tax credits | $ | 345,770 |  |  | $ | 399,017 |
Oil and gas property basis difference | 194,412 |  |  | 143,769 |
Investment in pass through entities | 65,210 |  |  | 68,114 |
Stock-based compensation expense | 1,821 |  |  | 1,262 |
Change in fair value of derivative instruments | 6,106 |  |  | — |
Other assets | 56,849 |  |  | 52,730 |
Total deferred tax assets | 670,168 |  |  | 664,892 |
Valuation allowance for deferred tax assets | (83,695) |  |  | (85,757) |
Deferred tax assets, net of valuation allowance | 586,473 |  |  | 579,135 |
Deferred tax liabilities: |  |  |
Change in fair value of derivative instruments | 3,401 |  |  | 50,448 |
Right of use asset | 1,281 |  |  | 3,003 |
Other | 558 |  |  | 528 |
Total deferred tax liabilities | 5,240 |  |  | 53,979 |
Net deferred tax asset | $ | 581,233 |  |  | $ | 525,156 |

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