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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
| 2024 |  | 2023 |  | 2022
Current tax expense (benefit) |  |  |  |  |
Federal | $ | 4,669 |  |  | $ | (25,537) |  |  | $ | 51,246 |
State | 3,530 |  |  | (4,460) |  |  | 16,950 |
Total current tax expense (benefit) | 8,199 |  |  | (29,997) |  |  | 68,196 |
Deferred tax expense |  |  |  |  |
Federal | 223,636 |  |  | 238,426 |  |  | 289,578 |
State | 12,137 |  |  | 6,737 |  |  | 47,924 |
Total deferred tax expense | 235,773 |  |  | 245,163 |  |  | 337,502 |
Total income tax expense | $ | 243,972 |  |  | $ | 215,166 |  |  | $ | 405,698 |
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,
|  | 2024 |  | 2023
Deferred tax liabilities: |  |  |  |
Oil and gas properties |  | $ | 1,484,161 |  |  | $ | 1,200,521 |
Right-of-use assets |  | 25,553 |  |  | 22,654 |
Commodity derivative contracts |  | 6,429 |  |  | — |
Total deferred tax liabilities |  | 1,516,143 |  |  | 1,223,175 |
Deferred tax assets: |  |  |  |
Federal and state tax net operating loss carryforward |  | 468,813 |  |  | 504,922 |
Interest expense carryforward |  | 97,234 |  |  | 33,564 |
Asset retirement obligations |  | 107,380 |  |  | 79,718 |
Commodity derivative contracts |  | — |  |  | 7,251 |
Inventory |  | 211 |  |  | 213 |
Stock-based compensation |  | 10,079 |  |  | 7,327 |
Lease liability |  | 25,803 |  |  | 22,866 |
Transaction costs |  | 6,450 |  |  | 6,078 |
Other long-term assets |  | 25,023 |  |  | 21,859 |
Total deferred tax assets |  | 740,993 |  |  | 683,798 |
Less: Valuation allowance |  | 25,404 |  |  | 25,404 |
Total deferred tax assets after valuation allowance |  | 715,589 |  |  | 658,394 |
Deferred income tax liabilities, net |  | $ | (800,554) |  |  | $ | (564,781) |
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,
| 2024 |  | 2023 |  | 2022
Federal statutory tax expense | $ | 227,366 |  |  | $ | 210,458 |  |  | $ | 347,293 |
Increase (decrease) in tax resulting from: |  |  |  |  |
State tax expense, net of federal benefit | 28,894 |  |  | 26,081 |  |  | 58,658 |
State tax rate change | (13,202) |  |  | (23,002) |  |  | — |
Return to provision | (1,314) |  |  | (1,866) |  |  | 19,975 |
Compensation of covered individuals | 4,851 |  |  | 5,689 |  |  | 6,138 |
Stock-based compensation | (1,309) |  |  | (2,996) |  |  | (3,343) |
Bargain purchase gain | — |  |  | — |  |  | (2,852) |
Tax credits | (1,784) |  |  | — |  |  | (1,405) |
Change in valuation allowance | — |  |  | — |  |  | (19,302) |
Other | 470 |  |  | 802 |  |  | 536 |
Total income tax expense | $ | 243,972 |  |  | $ | 215,166 |  |  | $ | 405,698 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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