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INCOME TAXES (Tables)

12 Months Ended

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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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
-Name Accounting Standards Codification
-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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