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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Provision (Benefit) for Income Taxes

The components of the provision for income taxes for the years ended December 31, 2022 and 2021 are as follows:

		Years Ended December 31,
(Thousands of dollars)		2022				2021
Current:
Federal		$	8,330			$	81
State			774				59
Total current			9,104				140
Deferred:
Federal			886				1,802
State			339				574
Total deferred			1,225				2,376
Total income tax provision		$	10,329			$	2,516

Components of Net Deferred Tax Assets and Liabilities

		At December 31,
(Thousands of dollars)		2022				2021
Deferred Tax Assets:
Accrued liabilities		$	353			$	80
Allowance for doubtful accounts			77				85
Derivative Contracts			223				1,272
Partnership basis difference			90				98
State Net operating loss carry-forwards			283				470
Total deferred tax assets			1,026				2,005
Deferred Tax Liabilities:
Depletion and depreciation			40,994				40,748
Total deferred tax liabilities			40,994				40,748
Net deferred tax liabilities		$	39,968			$	38,743

Provision for Income Taxes Varies from Federal Statutory Tax Rate

The total provision for income taxes for the years ended December 31, 2022 and 2021 varies from the federal statutory tax rate as a result of the following:

		Years Ended December 31,
(Thousands of dollars)		2022				2021
Expected tax expense		$	12,389			$	975
Net changes in deferred assets and liabilities			1,225				2,376
Permanent differences			870				(677	)
State income tax, net of federal benefit			612				47
Provision to return adjustment			(4,765	)			744
Tax Credits			—				(948	)
Other, net			(2	)			(1	)
Total income tax provision		$	10,329			$	2,516

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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
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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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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- 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
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