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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following (in thousands):
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Current tax expense (benefit) |  |  |  |  |
Federal | $ | — |  |  | $ | (27) |  |  | $ | — |
State | — |  |  | — |  |  | — |
Total current tax expense (benefit) | — |  |  | (27) |  |  | — |
Deferred tax expense (benefit) |  |  |  |  |
Federal | 62,212 |  |  | (53,784) |  |  | — |
State | 10,646 |  |  | (6,736) |  |  | — |
Total deferred tax expense (benefit) | 72,858 |  |  | (60,520) |  |  | — |
Total income tax expense (benefit) | $ | 72,858 |  |  | $ | (60,547) |  |  | $ | — |
Schedule of Temporary Differences, Deferred Tax Assets and Liabilities | Temporary differences between the financial statement carrying amounts and tax basis of assets and liabilities that give rise to the net deferred tax asset result from the following components (in thousands):
|  | As of December 31,
|  | 2021 |  | 2020
Deferred tax liabilities: |  |  |  |
Oil and gas properties |  | $ | 608,829 |  |  | $ | 89,867 |
Right-of-use assets |  | 8,292 |  |  | 7,306 |
Total deferred tax liabilities |  | 617,121 |  |  | 97,173 |
Deferred tax assets: |  |  |  |
Federal and state tax net operating loss carryforward |  | 482,216 |  |  | 138,372 |
Derivative instruments |  | 86,958 |  |  | 61 |
Reclamation costs |  | 51,515 |  |  | 7,058 |
Stock compensation |  | 7,622 |  |  | 1,653 |
Inventory |  | 10,108 |  |  | 1,598 |
Lease liability |  | 8,187 |  |  | 7,384 |
Property taxes |  | 19,458 |  |  | — |
Pending acquisition costs |  | — |  |  | 1,478 |
Other long-term assets |  | 21,474 |  |  | 89 |
Total deferred tax assets |  | 687,538 |  |  | 157,693 |
Less: Valuation allowance |  | 48,133 |  |  | — |
Total deferred tax assets after valuation allowance |  | 639,405 |  |  | 157,693 |
Total non-current net deferred tax asset |  | $ | 22,284 |  |  | $ | 60,520 |
Schedule of Amount of Effective Income Tax Rate Reconciliation | Federal income tax expense differs from the amount that would be provided by applying the statutory United States federal income tax rate of 21% to income before income taxes primarily due to the effect of state income taxes, changes in valuation allowances, rate changes, and other permanent differences, as follows (in thousands):
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Federal statutory tax expense | $ | 52,824 |  |  | $ | 9,026 |  |  | $ | 14,084 |
Increase (decrease) in tax resulting from: |  |  |  |  |
State tax expense net of federal benefit | 10,646 |  |  | 1,694 |  |  | 2,537 |
Prior year true-up | 27 |  |  | 292 |  |  | (579) |
Stock compensation | (1,559) |  |  | 690 |  |  | 197 |
Permanent differences | 84 |  |  | 36 |  |  | 128 |
State rate change | — |  |  | 124 |  |  | — |
Transaction costs | 9,043 |  |  | — |  |  | — |
Section 162(m) limitation | 1,793 |  |  | 144 |  |  | 156 |
Valuation allowance | — |  |  | (72,553) |  |  | (16,523) |
Total income tax expense (benefit) | $ | 72,858 |  |  | $ | (60,547) |  |  | $ | — |

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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 http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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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 http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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