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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018 and 2017 are as follows:

		Year Ended December 31,
(Thousands of dollars)		2018				2017
Current:
Federal		$	(4,742	)		$	4,522
State			(146	)			262
Total current			(4,888	)			4,784
Deferred:
Federal			7,620				(13,226	)
State			246				689
Total deferred			7,866				(12,537	)
Total income tax provision (benefit)		$	2,978			$	(7,753	)

Components of Net Deferred Tax Assets and Liabilities

		At December 31,
(Thousands of dollars)		2018				2017
Deferred Tax Assets:
Accrued liabilities		$	519			$	349
Allowance for doubtful accounts			51				22
Derivative Contracts			0				684
Disallowed Interest Carryforwards			769				0
Alternative minimum tax credits			4,760				9,919
State Net operating loss carry-forwards			469				528
Percentage depletion carry-forwards			—				727
General Business Credits			137				—
Total deferred tax assets			6,705				12,229
Deferred Tax Liabilities:
Basis differences relating to managed partnerships			2,296				3,193
Depletion and depreciation			36,711				33,998
Derivative Contracts			526				—
Total deferred tax liabilities			39,533				37,191
Net deferred tax liabilities		$	32,828			$	24,962

Provision for Income Taxes Varies from Federal Statutory Tax Rate

The total provision for income taxes for the years ended December 31, 2018 and 2017 varies from the federal statutory tax rate as a result of the following:  

		Year Ended December 31,
(Thousands of dollars)		2018				2017
Expected tax expense		$	3,676			$	11,643
Revaluation of deferred tax attributes			0				(20,204	)
Executive Compensation			553				0
State income tax, net of federal benefit			79				717
Percentage depletion			(140	)			(89	)
Marginal Well Production Credits			(1,186	)			0
Other, net			(4	)			180
Total income tax provision (benefit)		$	2,978			$	(7,753	)

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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
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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