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INCOME TAXES (Tables)

12 Months Ended

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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Schedule Of Operating Loss Carryforwards And Deferred Tax Assets And Liabilities Acquired

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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.

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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.

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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.

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