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Income Taxes
 12 Months Ended
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,
202120202019
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,
202120202019
Computed at federal statutory rate$24,404 $(58,574)$(94,354)
State taxes, net of federal benefit3,012 (10,898)(20,500)
Non-deductible expenses83 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, 2021December 31, 2020
Deferred tax liabilities
Investments (1)$— $34,816 
Derivative contracts— — 
Total deferred tax liabilities— 34,816 
Deferred tax assets
Property, plant and equipment181,037 317,063 
Net operating loss carryforwards440,332 365,772 
Tax credits and other carryforwards33,861 33,538 
Asset retirement obligations14,842 15,216 
Investments (1)106 — 
Other2,363 2,500 
Total deferred tax assets672,541 734,089 
Valuation allowance(672,541)(699,273)
Net deferred tax liability$— $— 
____________________
(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.