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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

(Benefit) Provision for Income Taxes

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

			Year Ended December 31,
			2019						2018						2017
Current
Federal			$	—					$	(33)					$	(8,719)
State			—						(38)						(30)
			—						(71)						(8,749)
Deferred
Federal			—						—						—
State			—						—						—
			—						—						—
Total (benefit) provision			$	—					$	(71)					$	(8,749)

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):

			Year Ended December 31,
			2019						2018						2017
Computed at federal statutory rate			$	(94,354)					$	(1,921)					$	13,409
State taxes, net of federal benefit			(20,500)						119						(284)
Non-deductible expenses			137						849						1,711
Stock-based compensation			602						1,874						1,109
Discharge of debt and other reorganization related items			—						206						1,018
Return to provision adjustments (1)			(6,096)						(1,292)						341,681
Impact of legislative changes			—						—						243,801
Release of valuation allowance			—						—						(8,719)
Change in valuation allowance			120,211						132						(602,452)
Other			—						(38)						(23)
Total (benefit) provision			$	—					$	(71)					$	(8,749)

____________________(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, 2019						December 31, 2018
Deferred tax liabilities
Investments(1)			$	109,289					$	112,343
Derivative contracts			29						1,128
Total deferred tax liabilities			109,318						113,471
Deferred tax assets
Property, plant and equipment			300,704						267,865
Net operating loss carryforwards			383,418						302,190
Tax credits and other carryforwards			34,148						35,640
Asset retirement obligations			18,747						15,016
Other			2,290						3,816
Total deferred tax assets			739,307						624,527
Valuation allowance			(629,989)						(511,056)
Net deferred tax liability			$	—					$	—

____________________

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

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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