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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018 are as follows:

		Year Ended December 31,
(Thousands of  dollars)		2019				2018
Current:
Federal		$	(1,798	)		$	(4,742	)
State			123				(146	)
Total current			(1,675	)			(4,888	)
Deferred:
Federal			3,536				7,620
State			(440	)			246
Total deferred			3,096				7,866
Total income tax provision		$	1,421			$	2,978

Components of Net Deferred Tax Assets and Liabilities

		At December 31,
(Thousands of  dollars)		2019				2018
Deferred Tax Assets:
Accrued liabilities		$	614			$	519
Allowance for doubtful accounts			95				51
Derivative Contracts			110				0
Disallowed Interest Carryforwards			—				769
Alternative minimum tax credits			1,720				4,760
State Net operating loss carry-forwards			821				469
Percentage depletion carry-forwards			—				—
General Business Credits			—				137
Total deferred tax assets			3,360				6,705
Deferred Tax Liabilities:
Basis differences relating to managed partnerships			2,109				2,296
Depletion and depreciation			37,173				36,711
Derivative Contracts			—				526
Total deferred tax liabilities			39,282				39,533
Net deferred tax liabilities		$	35,922			$	32,828

Provision for Income Taxes Varies from Federal Statutory Tax Rate

The total provision for income taxes for the years ended December 31, 2019 and 2018 varies from the federal statutory tax rate as a result of the following:

		Year Ended December 31,
(Thousands of  dollars)		2019				2018
Expected tax expense		$	1,028			$	3,676
Revaluation of deferred tax attributes			—				0
Executive Compensation			597				553
State income tax, net of federal benefit			(303	)			79
Percentage depletion			(341	)			(140	)
AMT and Marginal Well Credits			436				(1,186	)
Other, net			4				(4	)
Total income tax provision (benefit)		$	1,421			$	2,978

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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