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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

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,
			2023						2022						2021
Current tax expense (benefit)
Federal			$	(25,537)					$	51,246					$	—
State			(4,460)						16,950						—
Total current tax expense (benefit)			(29,997)						68,196						—
Deferred tax expense
Federal			238,426						289,578						62,212
State			6,737						47,924						10,646
Total deferred tax expense			245,163						337,502						72,858
Total income tax expense			$	215,166					$	405,698					$	72,858

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,
						2023						2022
Deferred tax liabilities:
Oil and gas properties						$	1,200,521					$	868,612
Right-of-use assets						22,654						5,915
Total deferred tax liabilities						1,223,175						874,527
Deferred tax assets:
Federal and state tax net operating loss carryforward						504,922						432,096
Interest expense carryforward						33,564						—
Asset retirement obligations						79,718						71,092
Commodity derivative contracts						7,251						37,293
Inventory						213						13,783
Stock-based compensation						7,327						5,974
Lease liability						22,866						6,067
Transaction costs						6,078						1,461
Other long-term assets						21,859						12,547
Total deferred tax assets						683,798						580,313
Less: Valuation allowance						25,404						25,404
Total deferred tax assets after valuation allowance						658,394						554,909
Deferred income tax liabilities, net						$	(564,781)					$	(319,618)

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 due to state income taxes and other changes outlined as follows (in thousands):

			Year Ended December 31,
			2023						2022						2021
Federal statutory tax expense			$	210,458					$	347,293					$	52,824
Increase (decrease) in tax resulting from:
State tax expense, net of federal benefit			26,081						58,658						10,646
State tax rate change			(23,002)						—						—
Return to provision			(1,866)						19,975						27
Compensation of covered individuals			5,689						6,138						1,793
Stock-based compensation			(2,996)						(3,343)						(1,559)
Transaction costs			—						—						9,043
Bargain purchase gain			—						(2,852)						—
Tax credits			—						(1,405)						—
Change in valuation allowance			—						(19,302)						—
Other			802						536						84
Total income tax expense			$	215,166					$	405,698					$	72,858

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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.

+ References

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-Topic 740
-SubTopic 10
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-Section 50
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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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