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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
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,
| 2022 |  | 2021 |  | 2020
Current tax expense (benefit) |  |  |  |  |
Federal | $ | 51,246 |  |  | $ | — |  |  | $ | (27) |
State | 16,950 |  |  | — |  |  | — |
Total current tax expense (benefit) | 68,196 |  |  | — |  |  | (27) |
Deferred tax expense (benefit) |  |  |  |  |
Federal | 289,578 |  |  | 62,212 |  |  | (53,784) |
State | 47,924 |  |  | 10,646 |  |  | (6,736) |
Total deferred tax expense (benefit) | 337,502 |  |  | 72,858 |  |  | (60,520) |
Total income tax expense (benefit) | $ | 405,698 |  |  | $ | 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 liability and asset result from the following components (in thousands):
|  | As of December 31,
|  | 2022 |  | 2021
Deferred tax liabilities: |  |  |  |
Oil and gas properties |  | $ | 868,612 |  |  | $ | 608,829 |
Right-of-use assets |  | 5,915 |  |  | 8,292 |
Total deferred tax liabilities |  | 874,527 |  |  | 617,121 |
Deferred tax assets: |  |  |  |
Federal and state tax net operating loss carryforward |  | 432,096 |  |  | 482,216 |
Asset retirement obligations |  | 71,092 |  |  | 51,515 |
Commodity derivative contracts |  | 37,293 |  |  | 86,958 |
Inventory |  | 13,783 |  |  | 10,108 |
Stock-based compensation |  | 5,974 |  |  | 7,622 |
Lease liability |  | 6,067 |  |  | 8,187 |
Property taxes |  | — |  |  | 19,458 |
Transaction costs |  | 1,461 |  |  | — |
Other long-term assets |  | 12,547 |  |  | 21,474 |
Total deferred tax assets |  | 580,313 |  |  | 687,538 |
Less: Valuation allowance |  | 25,404 |  |  | 48,133 |
Total deferred tax assets after valuation allowance |  | 554,909 |  |  | 639,405 |
Total non-current net deferred tax asset (liability) |  | $ | (319,618) |  |  | $ | 22,284 |
Schedule of Federal Net Operating Loss Carryforwards Acquired and Deferred Tax Assets and Liabilities from Mergers | The following table outlines the Federal net operating loss (“NOL”) carryforwards acquired and deferred tax assets and liabilities recorded as a result of the mergers that closed in 2021 (in millions):
| HighPoint Merger |  | Extraction Merger |  | Crestone Peak Merger
Federal NOL carryforwards (1) | $ | 219.0 |  |  | $ | 479.9 |  |  | $ | 555.7 |
Deferred tax asset (liability) | $ | 110.5 |  |  | $ | 49.2 |  |  | $ | (125.1) |
Valuation allowance | (48.1) |  |  | — |  |  | — |
Net deferred tax asset (liability) | $ | 62.4 |  |  | $ | 49.2 |  |  | $ | (125.1) |
___________________________(1)The net operating loss carryforwards acquired in the HighPoint, Extraction, and Crestone Peak mergers will be subject to an annual limitation under Section 382 of the Code of approximately $5.6 million, $7.0 million, and $16.8 million, respectively.
Schedule of Amount of Effective Income Tax Rate Reconciliation | Recorded income tax expense or benefit 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. These differences primarily relate to the effect of state income taxes, excess tax benefits and deficiencies on stock-based compensation awards, tax limitations on compensation of covered individuals, changes in valuation allowances, and other permanent differences, as follows (in thousands):
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Federal statutory tax expense | $ | 347,293 |  |  | $ | 52,824 |  |  | $ | 9,026 |
Increase (decrease) in tax resulting from: |  |  |  |  |
State tax expense, net of federal benefit | 58,658 |  |  | 10,646 |  |  | 1,694 |
State tax rate change | — |  |  | — |  |  | 124 |
Return to provision | 19,975 |  |  | 27 |  |  | 292 |
Compensation of covered individuals | 6,138 |  |  | 1,793 |  |  | 144 |
Stock-based compensation | (3,343) |  |  | (1,559) |  |  | 690 |
Transaction costs | — |  |  | 9,043 |  |  | — |
Bargain purchase gain | (2,852) |  |  | — |  |  | — |
Tax credits | (1,405) |  |  | — |  |  | — |
Change in valuation allowance | (19,302) |  |  | — |  |  | (72,553) |
Other | 536 |  |  | 84 |  |  | 36 |
Total income tax expense (benefit) | $ | 405,698 |  |  | $ | 72,858 |  |  | $ | (60,547) |

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