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INCOME TAXES (Tables)

12 Months Ended

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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