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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Components of Provision (Benefit) for Income Taxes

The components of the provision (benefit) for income taxes for the years ended December 31, 2016 and 2015 are as follows:

		Year Ended December 31,
(Thousands of dollars)		2016				2015
Current:
Federal		$	1,789			$	27
State			164				(237	)
Total current			1,953				(210	)
Deferred:
Federal			117				(6,330	)
State			30				(108	)
Total deferred			147				(6,438	)
Total income tax provision (benefit)		$	2,100			$	(6,648	)

Components of Net Deferred Tax Assets and Liabilities

		At December 31,
(Thousands of dollars)		2016				2015
Deferred Tax Assets:
Accrued liabilities		$	550			$	593
Allowance for doubtful accounts			152				188
Derivative Contracts			1,273				3
Alternative minimum tax credits			6,612				5,319
Net operating loss carry-forwards			586				575
Percentage depletion carry-forwards			3,025				3,751
Total deferred tax assets			12,198				10,429
Deferred Tax Liabilities:
Basis differences relating to managed partnerships			6,211				6,238
Depletion and depreciation			43,487				41,290
Derivative contracts			—				250
Total deferred tax liabilities			49,698				47,778
Net non-current deferred income tax liabilities		$	37,500			$	37,349

Provision for Income Taxes Varies from Federal Statutory Tax Rate

The total provision for income taxes for the years ended December 31, 2016 and 2015 varies from the federal statutory tax rate as a result of the following:

		Year Ended December 31,
(Thousands of dollars)		2016				2015
Expected tax expense (benefit)		$	1,885			$	(6,607	)
State income tax, net of federal benefit			194				(228	)
Percentage depletion			(84	)			(200	)
IRS settlement			75				–
Other, net			30				387
Total income tax provision (benefit)		$	2,100			$	(6,648	)

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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/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=65882285&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://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=65882285&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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319

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