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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of components of provision for income taxes | The provision for income taxes consisted of the following:
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in thousands)
Current portion of income tax (expense) benefit |  |  |  |  |
Federal | $ | (8,461) |  |  | $ | (9,230) |  |  | $ | — |
State | 395 |  |  | (5,531) |  |  | (373) |
Deferred portion of income tax expense | (88,256) |  |  | (269,057) |  |  | (9,565) |
Income tax expense | $ | (96,322) |  |  | $ | (283,818) |  |  | $ | (9,938) |
Effective tax rate | 10.5 | % |  | 20.3 | % |  | 21.5 | %
Schedule of components of net deferred income tax liabilities | The components of the net deferred tax liabilities are as follows:
| As of December 31,
| 2023 |  | 2022
| (in thousands)
Deferred tax liabilities: |  |  |
Oil and gas properties excluding asset retirement obligation liabilities | $ | 450,634 |  |  | $ | 358,537 |
Derivative assets | 12,319 |  |  | 3,416 |
Other | 6,283 |  |  | 6,059 |
Total deferred tax liabilities | 469,236 |  |  | 368,012 |
Deferred tax assets: |  |  |
Credit carryover, net | 56,097 |  |  | 161 |
Asset retirement obligation liabilities | 26,592 |  |  | 24,899 |
Lease liabilities | 4,454 |  |  | 4,525 |
Federal and state tax net operating loss carryovers | 3,271 |  |  | 28,151 |
Legal liabilities | 2,838 |  |  | — |
Pension | 2,453 |  |  | 3,970 |
Interest carryforward | 1,031 |  |  | 22,667 |
Other | 4,003 |  |  | 4,444 |
Total deferred tax assets | 100,739 |  |  | 88,817 |
Valuation allowance | (1,406) |  |  | (1,616) |
Net deferred tax assets | 99,333 |  |  | 87,201 |
Net deferred tax liabilities | $ | 369,903 |  |  | $ | 280,811 |
Current federal income tax refundable (payable) | $ | (4,899) |  |  | $ | 770 |
Current state income tax refundable (payable) | $ | 1,253 |  |  | $ | (5,316) |
Schedule of effective income tax rate reconciliation | Income tax expense or benefit differs from the amount that would be provided by applying the statutory United States federal income tax rate to income or loss before income taxes. These differences primarily relate to the effect of federal tax credits, state income taxes, changes in valuation allowances, excess tax benefits and deficiencies from stock-based compensation awards, tax deduction limitations on compensation of covered individuals, the cumulative impact of other smaller permanent differences, and can also reflect the cumulative effect of an enacted tax rate change, in the period of enactment, on the Company’s net deferred tax asset and liability balances. These differences for the years ended December 31, 2023, 2022, and 2021, are presented below:
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in thousands)
Federal statutory tax expense | $ | (191,983) |  |  | $ | (293,112) |  |  | $ | (9,695) |
(Increase) decrease in tax resulting from: |  |  |  |  |
Net federal R&D tax credit | 92,420 |  |  | — |  |  | — |
Change in valuation allowance | 210 |  |  | 16,845 |  |  | (5,073) |
State tax (expense) benefit, net of federal effect | 5,166 |  |  | (9,870) |  |  | (211) |
Other | (2,135) |  |  | 2,319 |  |  | 5,041 |
Income tax expense | $ | (96,322) |  |  | $ | (283,818) |  |  | $ | (9,938) |
Schedule of Unrecognized Tax Benefits Roll Forward | The total amount recorded for unrecognized tax benefits is presented below:
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in thousands)
Beginning balance | $ | 446 |  |  | $ | 446 |  |  | $ | 446 |
Additions based on tax positions related to current year | 23,713 |  |  | — |  |  | — |
Ending balance | $ | 24,159 |  |  | $ | 446 |  |  | $ | 446 |

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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