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Income Taxes (Tables)

12 Months Ended

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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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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-Topic 740
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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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