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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Provisions | Details of current and deferred income taxes are provided in the following tables:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Federal income tax expense (benefit) | (in thousands)
Current | $ | 1,422 |  |  | $ | (17) |  |  | $ | 323 |
Deferred | (39,379) |  |  | 19,520 |  |  | 38,002 |
State income tax expense (benefit) |  |  |  |  |
Current | 3,360 |  |  | 511 |  |  | 2,790 |
Deferred | 3,525 |  |  | 3,213 |  |  | (4,824) |
Total income tax expense (benefit) | $ | (31,072) |  |  | $ | 23,227 |  |  | $ | 36,291 |
Schedule of Effective Income Tax Rate Reconciliation | The difference between the statutory federal income tax rate and the Company's effective income tax rate is explained as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Federal income taxes statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Change in rate as a result of: |  |  |  |  |
State income tax provision, net of federal benefit | (3.1) | % |  | 1.0 | % |  | (0.6) | %
SilverBow Merger transaction costs | 3.1 | % |  | — | % |  | — | %
Change in valuation allowance (1) | (0.6) | % |  | — | % |  | 2.6 | %
Permanent adjustments | (0.1) | % |  | — | % |  | 0.9 | %
Income attributable to noncontrolling interests and redeemable noncontrolling interests | (2.6) | % |  | (15.3) | % |  | (15.6) | %
Other | 0.7 | % |  | — | % |  | (1.3) | %
Effective income tax rate | 18.4 | % |  | 6.7 | % |  | 7.0 | %
(1)During the years ended December 31, 2024 and 2022, we recognized changes in the valuation allowance related to our recognized built-in loss ("RBIL") deferred tax asset as it was not more likely than not to be fully utilized.
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company's deferred income taxes were as follows:
| Year Ended December 31,
| 2024 |  | 2023
Deferred tax liabilities | (in thousands)
Outside basis in OpCo | $ | 529,071 |  |  | $ | 284,533 |
OpCo state deferred tax | 13,832 |  |  | 4,232 |
Total deferred tax liabilities | 542,903 |  |  | 288,765 |
Deferred tax assets |  |  |
U.S. federal and state NOLs (1) | 132,811 |  |  | 32,381 |
Recognized built-in loss carryforward | 21,637 |  |  | 20,622 |
NOL and RBIL valuation allowance | (45,136) |  |  | (44,121) |
Equity-based compensation | 47,402 |  |  | 10,630 |
Other | 15,860 |  |  | 6,672 |
Total deferred tax assets, net of valuation allowance | 172,574 |  |  | 26,184 |
Net deferred income tax liability | $ | 370,329 |  |  | $ | 262,581 |
(1)At December 31, 2024 and 2023, we had U.S. federal net operating loss carryforwards ("NOLs") of $1.9 million, net of tax, that have expiration dates beginning in 2029. At December 31, 2024 and 2023, we also have U.S. federal NOLs of $130.4 million and $30.0 million, net of tax, that were generated after 2017 and have indefinite lives but are limited to offsetting 80% of taxable income in a given tax year.

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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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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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