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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017 and 2016 are as follows:

		Year Ended December 31,
(Thousands of dollars)		2017				2016
Current:
Federal		$	4,522			$	1,789
State			262				164
Total current			4,784				1,953
Deferred:
Federal			(13,226	)			117
State			689				30
Total deferred			(12,537	)			147
Total income tax provision (benefit)		$	(7,753	)		$	2,100

Components of Net Deferred Tax Assets and Liabilities

		At December 31,
(Thousands of dollars)		2017				2016
Deferred Tax Assets:
Accrued liabilities		$	349			$	550
Allowance for doubtful accounts			22				152
Derivative Contracts			684				1,273
Alternative minimum tax credits			9,919				6,612
Net operating loss carry-forwards			528				586
Percentage depletion carry-forwards			727				3,025
Total deferred tax assets			12,229				12,198
Deferred Tax Liabilities:
Basis differences relating to managed partnerships			3,193				6,211
Depletion and depreciation			33,998				43,487
Total deferred tax liabilities			37,191				49,698
Net deferred tax liabilities		$	24,962			$	37,500

Provision for Income Taxes Varies from Federal Statutory Tax Rate

The total provision for income taxes for the years ended December 31, 2017 and 2016 varies from the federal statutory tax rate as a result of the following:

		Year Ended December 31,
(Thousands of dollars)		2017				2016
Expected tax expense		$	11,643			$	1,885
Revaluation of deferred tax attributes			(20,204	)			—
State income tax, net of federal benefit			717				194
Percentage depletion			(89	)			(84	)
IRS settlement			—				75
Other, net			180				30
Total income tax provision (benefit)		$	(7,753	)		$	2,100

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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/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&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=84230637&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=84230637&loc=d3e32687-109319

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