XML 34 R18.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2015
Income Tax Disclosure [Abstract] |
Income Taxes | 9. Income Taxes The components of the provision (benefit) for income taxes for the years ended December 31, 2015 and 2014 are as follows:
|  | Year Ended December 31, |
(Thousands of dollars) |  | 2015 |  |  | 2014 |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | 27 |  |  | $ | 345 |
State |  |  | (237 | ) |  |  | 262 |
Total current |  |  | (210 | ) |  |  | 607 |
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | (6,330 | ) |  |  | 13,134 |
State |  |  | (108 | ) |  |  | 103 |
Total deferred |  |  | (6,438 | ) |  |  | 13,237 |
Total income tax (benefit) provision |  | $ | (6,648 | ) |  | $ | 13,844 |
|  | At December 31, |
(Thousands of dollars) |  | 2015 |  |  | 2014 |
Current Assets: |  |  |  |  |  |  |  |
Accrued liabilities |  | $ | 593 |  |  | $ | 610 |
Allowance for doubtful accounts |  |  | 188 |  |  |  | 124 |
Derivative contracts |  |  | 3 |  |  |  | 52 |
Total current assets |  |  | 784 |  |  |  | 786 |
Current Liabilities: |  |  |  |  |  |  |  |
Derivative contracts |  |  | 250 |  |  |  | 6,333 |
Total current liabilities |  |  | 250 |  |  |  | 6,333 |
Net current deferred income tax liabilities (assets) |  | $ | (534 | ) |  | $ | 5,547 |
Non-Current Assets: |  |  |  |  |  |  |  |
Alternative minimum tax credits |  | $ | 5,319 |  |  | $ | 5,722 |
Net operating loss carry-forwards |  |  | 575 |  |  |  | 620 |
Percentage depletion carry-forwards |  |  | 3,751 |  |  |  | 3,959 |
Total non-current assets |  |  | 9,645 |  |  |  | 10,301 |
Non-Current Liabilities: |  |  |  |  |  |  |  |
Basis differences relating to managed partnerships |  |  | 6,238 |  |  |  | 4,300 |
Depletion and depreciation |  |  | 41,290 |  |  |  | 44,192 |
Total non-current liabilities |  |  | 47,528 |  |  |  | 48,492 |
Net non-current deferred income tax liabilities |  | $ | 37,884 |  |  | $ | 38,191 |
The total provision for income taxes for the years ended December 31, 2015 and 2014 varies from the federal statutory tax rate as a result of the following:
|  | Year Ended December 31, |
(Thousands of dollars) |  | 2015 |  |  | 2014 |
Expected tax expense |  | $ | (6,607 | ) |  | $ | 13,902 |
State income tax, net of federal benefit |  |  | (228 | ) |  |  | 254 |
Percentage depletion |  |  | (200 | ) |  |  | (312 | )
Other, net |  |  | 387 |  |  |  | — |
Total income tax provision |  | $ | (6,648 | ) |  | $ | 13,844 |
Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes. The Company is entitled to percentage depletion on certain of its wells, which is calculated without reference to the basis of the property. To the extent that such depletion exceeds a property’s basis, it creates a permanent difference, which lowers the Company’s effective rate. The Company has $5.319 million in alternative minimum tax (“AMT”) credits which can be used to lower the regular tax liability to the tentative AMT amount in years where the tentative AMT amount is less. These credits do not expire. The Company is allowed a credit against the Texas Franchise Tax based on net operating losses incurred in prior periods. The credits allowed are $26 thousand in the years 2015 and 2016, and $89 thousand in the years 2017 through 2026. Any credits not utilized in a given year due to the allowable credit exceeding the tax liability may be carried forward. No credit may be carried forward past 2026. The value of the credit is shown net of the federal income tax effect. The Company has not recorded any provision for uncertain tax positions. The Company files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. The 2004, 2005, 2006, and 2009 federal income tax returns have been audited by the Internal Revenue Service, while the 2012, 2013 and 2014 returns remain open for examination. Returns for unexamined earlier years may be examined and adjustments made to the amount of percentage depletion and AMT credit carryforwards flowing from those years into an open tax year, although in general, no assessment of income tax may be made for those years on which the statute has closed. State returns for the years 2012, 2013 and 2014 remain open for examination by the relevant taxing authorities.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration