XML 40 R25.htm IDEA: XBRL DOCUMENT
v3.21.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
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, 2020 and 2019 are as follows:
|  | Year Ended December 31, |
(Thousands of dollars) |  | 2020 |  |  | 2019 |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | 950 |  |  | $ | (1,798 | )
State |  |  | 80 |  |  |  | 123 |
Total current |  |  | 1,030 |  |  |  | (1,675 | )
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | (1,491 | ) |  |  | 3,536 |
|  | Year Ended December 31, |
(Thousands of dollars) |  | 2020 |  |  | 2019 |
State |  |  | (56 | ) |  |  | (440 | )
Total deferred |  |  | (1,547 | ) |  |  | 3,096 |
Total income tax provision |  | $ | (517 | ) |  | $ | 1,421 |
Components of Net Deferred Tax Assets and Liabilities |
|  | At December 31, |
(Thousands of dollars) |  | 2020 |  |  | 2019 |
Deferred Tax Assets: |  |  |  |  |  |  |  |
Accrued liabilities |  | $ | (584 | ) |  | $ | 614 |
Allowance for doubtful accounts |  |  | 136 |  |  |  | 95 |
Derivative Contracts |  |  | 153 |  |  |  | 110 |
Alternative minimum tax credits |  |  | — |  |  |  | 1,720 |
State Net operating loss carry-forwards |  |  | 760 |  |  |  | 821 |
Total deferred tax assets |  |  | 465 |  |  |  | 3,360 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Basis differences relating to managed partnerships |  |  | 544 |  |  |  | 2,109 |
Depletion and depreciation |  |  | 36,288 |  |  |  | 37,173 |
Total deferred tax liabilities |  |  | 39,832 |  |  |  | 39,282 |
Net deferred tax liabilities |  | $ | 36,367 |  |  | $ | 35,922 |
Provision for Income Taxes Varies from Federal Statutory Tax Rate | The total provision for income taxes for the years ended December 31, 2020 and 2019 varies from the federal statutory tax rate as a result of the following:
|  | Year Ended December 31, |
(Thousands of dollars) |  | 2020 |  |  | 2019 |
Expected tax expense |  | $ | (595 | ) |  | $ | 1,028 |
Executive Compensation |  |  | 703 |  |  |  | 597 |
State income tax, net of federal benefit |  |  | 63 |  |  |  | (303 | )
Percentage depletion |  |  | (182 | ) |  |  | (341 | )
AMT and Marginal Well Credits |  |  | (502 | ) |  |  | 436 |
Other, net |  |  | (4 | ) |  |  | 4 |
Total income tax provision (benefit) |  | $ | (517 | ) |  | $ | 1,421 |

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 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 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration