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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

(Benefit) Provision for Income Taxes

The Company’s income tax (benefit) provision consisted of the following components (in thousands):

			Successor																																	Predecessor
			Year Ended December 31, 2018						Year Ended December 31, 2017						Period from October 2, 2016 through December 31, 2016									Period from January 1, 2016 through October 1, 2016
Current
Federal			$	(33)					$	(8,719)					$	—								$	—
State			(38)						(30)						9									11
			(71)						(8,749)						9									11
Deferred
Federal			—						—						—									—
State			—						—						—									—
			—						—						—									—
Total (benefit) provision			$	(71)					$	(8,749)					$	9								$	11

Reconciliation of Provision (Benefit) for Income Taxes at Statutory Federal Tax Rate

A reconciliation of the (benefit) provision for income taxes at the statutory federal tax rate to the Company’s actual income tax (benefit) provision is as follows (in thousands):

			Successor																																	Predecessor
			Year Ended December 31, 2018						Year Ended December 31, 2017						Period from October 2, 2016 through December 31, 2016									Period from January 1, 2016 through October 1, 2016
Computed at federal statutory rate			$	(1,921)					$	13,409					$	(116,891)								$	504,283
State taxes, net of federal benefit			119						(284)						(3,696)									10,512
Non-deductible expenses			849						1,711						144									462
Non-deductible debt costs			—						—						—									22,694
Stock-based compensation			1,874						1,109						306									5,884
Discharge of debt and other reorganization related items			206						1,018						—									359,278
Return to provision adjustments (1)			(1,292)						341,681						—									—
Impact of legislative changes			—						243,801						—									—
Release of valuation allowance			—						(8,719)						—									—
Change in valuation allowance			132						(602,452)						120,144									(903,102)
Other			(38)						(23)						2									—
Total (benefit) provision			$	(71)					$	(8,749)					$	9								$	11

____________________

1.The adjustment for the period ended December 31, 2017, primarily related to the Company’s decision to file its 2016 income tax returns using an alternate method than previously estimated with respect to its Chapter 11 related transactions.

Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

			December 31, 2018						December 31, 2017
Deferred tax liabilities
Investments(1)			$	112,343					$	171,517
Derivative contracts			1,128						—
Total deferred tax liabilities			113,471						171,517
Deferred tax assets
Property, plant and equipment			267,865						391,273
Derivative contracts			—						3,131
Net operating loss carryforwards			302,190						217,259
Tax credits and other carryforwards			35,640						33,001
Asset retirement obligations			15,016						18,843
Other			3,816						8,959
Total deferred tax assets			624,527						672,466
Valuation allowance			(511,056)						(500,949)
Net deferred tax liability			$	—					$	—

____________________

1.Includes the Company’s deferred tax liability resulting from its investment in the Royalty Trusts.

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of the Company's unrecognized tax benefits is as follows (in thousands):

						Year Ended December 31, 2018						Year Ended December 31, 2017
Unrecognized tax benefit at January 1						$	48					$	84
Changes to unrecognized tax benefits related to a prior period						—						2
Lapse of statute of limitations						(48)						(38)
Unrecognized tax benefit at December 31						$	—					$	48

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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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-Name Accounting Standards Codification
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-SubTopic 10
-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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-Name Accounting Standards Codification
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-Section 50
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Tabular disclosure of the change in unrecognized tax benefits.

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