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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of (Benefit) Provision for Income Taxes

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

			Year Ended December 31,
			2024						2023						2022
Current
Federal			$	—					$	—					$	—
State			—						—						—
			—						—						—
Deferred
Federal			(19,370)						12,002						(55,796)
State			(2,862)						1,958						(8,733)
			(22,232)						13,960						(64,529)
Total (benefit) provision			$	(22,232)					$	13,960					$	(64,529)

Schedule of 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,
			2024						2023						2022
Computed at federal statutory rate			$	8,559					$	15,712					$	37,304
State taxes, net of federal benefit			1,317						2,433						5,843
Non-deductible expenses			23						2						3
Stock-based compensation			(22)						(71)						23
Return to provision adjustments			—						738						1,015
Change in statutory tax rate			948						2,665						25,499
Change in state net operating loss carryforwards			673						—						31,762
Change in valuation allowance			(33,730)						(7,537)						(165,978)
Other			—						18						—
Total (benefit) provision			$	(22,232)					$	13,960					$	(64,529)
Effective tax rate			(54.5)		%				18.7		%				(36.3)		%

Schedule of Deferred Tax Assets and Liabilities

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

			December 31, 2024						December 31, 2023
Deferred tax liabilities
Investments (1)			$	—					$	—
Derivative contracts			—						—
Total deferred tax liabilities			—						—
Deferred tax assets
Property, plant and equipment			57,061						68,750
Net operating loss carryforwards			373,506						372,903
Tax credits and other carryforwards			33,851						33,851
Asset retirement obligations			13,327						13,551
Investments (1)			97						121
Other			1,454						1,618
Total deferred tax assets			479,296						490,794
Valuation allowance			(406,495)						(440,225)
Net deferred tax asset			$	72,801					$	50,569

____________________

(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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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