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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The components of the Company's consolidated provision for income taxes from operations are as follows:

									Three Months Ended March 31,
															2026						2025
												(In thousands)
Current income tax expense:
Federal															$	770					$	9,124
State															250						941
Total current income tax expense															$	1,020					$	10,065
Deferred income tax benefit:
Federal															$	(22,374)					$	(1,800)
State															(934)						(26)
Total deferred income tax benefit															$	(23,308)					$	(1,826)
Total income tax (benefit) expense															$	(22,288)					$	8,239

Beginning in the first quarter of 2026, the Company elected to change its interim income tax reporting methodology from the income statement method to the balance sheet method and will apply this method consistently for the remainder of the fiscal year. The change was made because significant unrealized losses on derivative instruments recognized during the three months ended March 31, 2026 are expected to reverse in future periods, and use of the income statement method would have caused a disproportionate amount of the related tax benefit to be recognized in the first quarter. Under the balance sheet method, interim income tax expense is based on changes in deferred tax assets and liabilities during the period, which the Company believes more appropriately reflects the allocation of the annual effective tax rate between current and deferred income tax expense. This change affects only the allocation of the interim income tax expense between current and deferred income tax expense and does not affect the Company’s full-year effective tax rate or total quarterly income tax expense.

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory federal income tax rate to the Company's effective income tax rate is as follows:

									Three Months Ended March 31,
															2026												2025
															Amount						Percent						Amount						Percent
												(In thousands, except percentages)
U.S federal statutory tax rate															$	(19,472)					21.0		%				$	7,248					21.0		%
State income taxes, net of federal income tax effect(1)															(2,209)						2.4		%				723						2.1		%
Nondeductible items:
Nondeductible compensation															(559)						0.6		%				269						0.8		%
Stock-based compensation															(13)						—		%				(5)						—		%
Other															(35)						—		%				4						—		%
Effective income tax rate															$	(22,288)					24.0		%				$	8,239					23.9		%

_____________________

(1)State taxes in New Mexico and Texas make up the tax effect in this category.

Schedule of Cash Flow, Supplemental Disclosures

Cash paid for income taxes was as follows:

			Three Months Ended March 31,
			2026						2025
			(In thousands)
Total federal			$	10,000					$	9,000
Total state and local			—						—
Total income taxes paid			$	10,000					$	9,000

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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 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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-Name Accounting Standards Codification
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