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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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,
			2023						2022						2021
Current
Federal			$	—					$	—					$	—
State			—						—						—
			—						—						—
Deferred
Federal			12,002						(55,796)						—
State			1,958						(8,733)						—
			13,960						(64,529)						—
Total (benefit) provision			$	13,960					$	(64,529)					$	—

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,
			2023						2022						2021
Computed at federal statutory rate			$	15,712					$	37,304					$	24,404
State taxes, net of federal benefit			2,433						5,843						3,012
Non-deductible expenses			2						3						83
Stock-based compensation			(71)						23						(541)
Return to provision adjustments			738						1,015						(221)
Change in statutory tax rate			2,665						25,499						—
Change in state net operating loss carryforwards			—						31,762						—
Change in valuation allowance			(7,537)						(165,978)						(26,733)
Other			18						—						(4)
Total (benefit) provision			$	13,960					$	(64,529)					$	—
Effective tax rate			18.7		%				(36.3)		%				—		%

Deferred Tax Assets and Liabilities

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

			December 31, 2023						December 31, 2022
Deferred tax liabilities
Investments (1)			$	—					$	—
Derivative contracts			—						—
Total deferred tax liabilities			—						—
Deferred tax assets
Property, plant and equipment			68,750						89,090
Net operating loss carryforwards			372,903						373,702
Tax credits and other carryforwards			33,851						33,852
Asset retirement obligations			13,551						13,791
Investments (1)			121						165
Other			1,618						1,392
Total deferred tax assets			490,794						511,992
Valuation allowance			(440,225)						(447,463)
Net deferred tax asset			$	50,569					$	64,529

____________________

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

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- References

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

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- Definition

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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

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