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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consisted of the following:

			Year Ended December 31,
			2022						2021						2020
			(in thousands)
Current taxes:
Federal			$	642					$	—					$	—
State			1,597						581						828
Total current taxes			2,239						581						828
Deferred taxes:
Federal			(44,053)						832						2,653
State			(622)						—						(10,699)
Total deferred taxes			(44,675)						832						(8,046)
Total current and deferred taxes			$	(42,436)					$	1,413					$	(7,218)

Reconciliation of the Federal Statutory Tax Rate to the Effective Tax Rate

A reconciliation of the federal statutory tax rate to the effective tax rate is as follows:

			Year Ended December 31,
			2022						2021						2020
Federal statutory rate			21.0		%				21.0		%				21.0		%
State, net of federal tax benefit			6.2		%				3.7		%				6.3		%
Nondeductible compensation			1.8		%				(24.5)		%				—		%
Effect of permanent differences			(0.3)		%				(4.7)		%				(0.6)		%
Tax credits - Prior Year			(11.5)		%				(29.5)		%				4.9		%
Tax credits - Current Year			—		%				21.5		%				1.1		%
State return to provision			(0.3)		%				(0.2)		%				(1.1)		%
Change in valuation allowance			(37.3)		%				2.7		%				(28.8)		%
Effective tax rate			(20.4)		%				(10.0)		%				2.8		%

Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of the deferred tax assets and liabilities are as follows:

			Year Ended December 31,
			2022						2021
			(in thousands)
Deferred tax assets:
Net operating loss carryforwards			$	22,402					$	40,846
Accruals			10,728						11,731
Asset retirement obligations			48,994						44,437
Derivative instruments			2,280						12,776
Tax credits			88,908						61,044
Other			2,882						3,551
Subtotal			176,194						174,385
Valuation allowance			—						(77,546)
Total deferred tax assets			176,194						96,839
Deferred tax liabilities:
Book tax differences in property basis			(133,350)						(98,670)
Total deferred tax liabilities			(133,350)						(98,670)
Net deferred tax asset (liability)			$	42,844					$	(1,831)

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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