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Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense

The Components of income tax expense were as follows for the periods indicated:

			Year Ended December 31,
(in thousands)			2023						2022						2021
Current
Federal			$	—					$	—					$	—
State			209						—						—
			209						—						—
Deferred
Federal			$	22,314					$	11,444					$	—
State			1,960						1,406						—
			24,274						12,850						—
Income tax expense			$	24,483					$	12,850					$	—

Schedule of effective tax rate

The following reconciles the income tax expense included in the consolidated statements of operations with the income tax expense that would result from the application of the statutory federal tax rate:

			Year Ended December 31,
(in thousands)			2023						2022						2021
Income (loss) before income taxes			$	105,582					$	275,194					$	108,459
Income tax expense (benefit) at federal statutory rate			22,172						57,791						22,776
Net (income) loss prior to Business Combination - non taxable			—						(46,051)						(22,776)
Impact of prior tax returns			142						—						—
State income taxes, net of federal benefit			2,169						1,110						—
Income tax expense			$	24,483					$	12,850					$	—
Effective tax rate			23.2		%				4.7		%				0.0		%

Schedule of significant components of deferred tax assets and liabilities

Significant components of deferred tax assets and liabilities are included in the table below:

			Year Ended December 31,
(in thousands)			2023						2022
Deferred tax assets
Net operating loss carryforwards			$	13,677					$	11,500
Disallowed interest expense carryforward			1,335						56
Asset retirement obligation			2,169						1,128
Other deductible temporary differences			495						32
Total deferred tax assets			17,676						12,716
Less: valuation allowance			—						—
Net deferred tax assets			$	17,676					$	12,716
Deferred tax liabilities
Property, plant and equipment			$	(88,870)					$	(60,269)
Unrealized derivatives			(2,795)						(2,196)
Total deferred tax liabilities			(91,665)						(62,465)
Net deferred tax liability			$	(73,989)					$	(49,749)

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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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

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- Definition

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.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
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