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