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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company’s income tax (benefit) provision consisted of the following components (in thousands):
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Current |  |  |  |  |
Federal | $ | — |  |  | $ | (646) |  |  | $ | — |
State | — |  |  | — |  |  | — |
| — |  |  | (646) |  |  | — |
Deferred |  |  |  |  |
Federal | — |  |  | — |  |  | — |
State | — |  |  | — |  |  | — |
| — |  |  | — |  |  | — |
Total (benefit) provision | $ | — |  |  | $ | (646) |  |  | $ | — |
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,
| 2021 |  | 2020 |  | 2019
Computed at federal statutory rate | $ | 24,404 |  |  | $ | (58,574) |  |  | $ | (94,354) |
State taxes, net of federal benefit | 3,012 |  |  | (10,898) |  |  | (20,500) |
Non-deductible expenses | 83 |  |  | 18 |  |  | 137 |
Stock-based compensation | (541) |  |  | 643 |  |  | 602 |
Return to provision adjustments | (221) |  |  | (945) |  |  | (6,096) |
Refund of AMT Sequestration | — |  |  | (646) |  |  | — |
Change in valuation allowance | (26,733) |  |  | 69,285 |  |  | 120,211 |
Other | (4) |  |  | 471 |  |  | — |
Total (benefit) provision | $ | — |  |  | $ | (646) |  |  | $ | — |
Deferred income taxes are provided to reflect the future tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. The Company’s deferred tax assets have been reduced by a valuation allowance due to a determination made that it is more likely than not that some or all of the deferred assets will not be realized based on the weight of all available evidence. The Company continues to closely monitor and weigh all available evidence, including both positive and negative, in making its determination whether to maintain a valuation allowance. As a result of the significant weight placed on the Company’s cumulative negative earnings position, the Company continued to maintain the full valuation allowance against its remaining net deferred tax asset at December 31, 2019, December 31, 2020 and December 31, 2021. Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):
| December 31, 2021 |  | December 31, 2020 |
Deferred tax liabilities |  |  |  |
Investments (1) | $ | — |  |  | $ | 34,816 |  |
Derivative contracts | — |  |  | — |  |
Total deferred tax liabilities | — |  |  | 34,816 |  |
Deferred tax assets |  |  |  |
Property, plant and equipment | 181,037 |  |  | 317,063 |  |
Net operating loss carryforwards | 440,332 |  |  | 365,772 |  |
Tax credits and other carryforwards | 33,861 |  |  | 33,538 |  |
Asset retirement obligations | 14,842 |  |  | 15,216 |  |
Investments (1) | 106 |  |  | — |  |
Other | 2,363 |  |  | 2,500 |  |
Total deferred tax assets | 672,541 |  |  | 734,089 |  |
Valuation allowance | (672,541) |  |  | (699,273) |  |
Net deferred tax liability | $ | — |  |  | $ | — |  |
____________________ (1) Includes the Company’s deferred tax liability resulting from its investment in the Royalty Trusts. Internal Revenue Code (“IRC”) Section 382 addresses company ownership changes and specifically limits the utilization of certain deductions and other tax attributes on an annual basis following an ownership change. As a result of the Chapter 11 reorganization and related transactions, the Company experienced an ownership change within the meaning of IRC Section 382 during 2016 that subjected certain of the Company’s tax attributes, including net operating losses ("NOLs"), to an IRC Section 382 limitation. This limitation has not resulted in cash taxes for any period subsequent to the ownership change. Since the 2016 ownership change, the Company has generated additional NOLs and other tax attributes that are not currently subject to an IRC Section 382 limitation. The Company's ability to use NOLs and other tax attributes to reduce taxable income and income taxes could be materially impacted by a future IRC 382 ownership change. Future transactions involving the Company's stock including those outside of the Company's control could cause an IRC 382 ownership change resulting in a limitation on tax attributes currently not limited and a more restrictive limitation on tax attributes currently subject to the previous IRC 382 limitation. As of December 31, 2021, the Company had approximately $1.7 billion of federal NOL carryforwards, net of NOLs expected to expire unused due to the 2016 IRC Section 382 limitation. Of the $1.7 billion of federal NOL carryforwards, $0.8 billion expire during the years 2025 through 2037, while $0.9 billion do not have an expiration date. Additionally, the Company had federal tax credits in excess of $33.5 million which begin expiring in 2029. The Company did not have unrecognized tax benefits at December 31, 2021 or 2020. The Company’s only taxing jurisdiction is the United States (federal and state). The Company’s tax years 2017 to present remain open for federal examination. Additionally, tax years 2005 through 2016 remain subject to examination for the purpose of determining the amount of federal NOL and other carryforwards. The number of years open for state tax audits varies, depending on the state, but is generally from three to five years.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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