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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
INCOME TAXES |
Schedule of income tax benefit (provision) | Income tax benefit (provision) for the indicated periods is comprised of the following (in thousands):
|  | Successor |  |  | Predecessor
|  |  |  |  | Period from |  |  | Period from |  |  |
|  |  |  | October 2, 2019 |  |  | January 1, 2019 |  |
|  | Year Ended |  | through |  |  | through |  | Year Ended
|  | December 31, 2020 |  | December 31, 2019 |  |  | October 1, 2019 |  | December 31, 2018
Current: |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | — |  | $ | — |  |  | $ | — |  | $ | —
State |  |  | — |  |  | — |  |  |  | — |  |  | —
|  |  | — |  |  | — |  |  |  | — |  |  | —
Deferred: |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | — |  |  | — |  |  |  | 95,791 |  |  | (95,791)
State |  |  | — |  |  | — |  |  |  | — |  |  | —
|  |  | — |  |  | — |  |  |  | 95,791 |  |  | (95,791)
Total income tax benefit (provision) |  | $ | — |  | $ | — |  |  | $ | 95,791 |  | $ | (95,791)
Schedule of differences between the actual income tax benefit (provision) and the expected income tax benefit (provision) | The actual income tax benefit (provision) differs from the expected income tax benefit (provision) as computed by applying the United States federal corporate income tax rate of 21% for the year ended December 31, 2020 (Successor), the period from October 2, 2019 through December 31, 2019 (Successor), the period from January 1, 2019 through October 1, 2019 (Predecessor) and the year ended December 31, 2018 (Predecessor), as follows (in thousands):
|  | Successor |  |  | Predecessor
|  |  |  |  | Period from |  |  | Period from |  |  |
|  |  |  | October 2, 2019 |  |  | January 1, 2019 |  |
|  | Year Ended |  | through |  |  | through |  | Year Ended
|  | December 31, 2020 |  | December 31, 2019 |  |  | October 1, 2019 |  | December 31, 2018
Expected tax benefit (provision) |  | $ | 48,238 |  | $ | 2,196 |  |  | $ | 262,888 |  | $ | (29,767)
Stock-based compensation |  |  | — |  |  | — |  |  |  | (6,093) |  |  | (350)
Capital loss |  |  | — |  |  | — |  |  |  | 271,248 |  |  | —
Increase (reduction) in deferred tax asset |  |  | — |  |  | — |  |  |  | (9,287) |  |  | (201,903)
Change in valuation allowance and related items |  |  | (10,849) |  |  | (1,506) |  |  |  | (186,851) |  |  | 136,432
Attribute reduction |  |  | (37,985) |  |  | — |  |  |  | (229,385) |  |  | —
Permanent adjustments |  |  | 577 |  |  | (690) |  |  |  | (7,241) |  |  | (203)
Other |  |  | 19 |  |  | — |  |  |  | 512 |  |  | —
Total income tax benefit (provision) |  | $ | — |  | $ | — |  |  | $ | 95,791 |  | $ | (95,791)
Schedule of components of net deferred income tax assets (liabilities) | The components of net deferred income tax assets (liabilities) recognized are as follows (in thousands):
|  | Successor
|  | December 31, 2020 |  | December 31, 2019
Deferred noncurrent income tax assets: |  |  |  |  |  |
Net operating loss carry-forwards |  | $ | 94,742 |  | $ | 46,382
Built in loss adjustment Section 382 |  |  | 98,416 |  |  | 142,285
Capital loss carryforward |  |  | 74,848 |  |  | 74,848
Stock-based compensation expense |  |  | 1,448 |  |  | —
Asset retirement obligations |  |  | 2,347 |  |  | 2,224
Book-tax differences in property basis |  |  | 199,170 |  |  | 200,478
Unrealized hedging transactions |  |  | 2,908 |  |  | 1,618
Disallowed interest Section 163(j) |  |  | 13,579 |  |  | 7,722
Basis difference in debt |  |  | 1,687 |  |  | 2,142
Operating lease liability |  |  | 85 |  |  | 666
Other |  |  | 374 |  |  | 991
Gross deferred noncurrent income tax assets |  |  | 489,604 |  |  | 479,356
Valuation allowance |  |  | (489,539) |  |  | (478,690)
Deferred noncurrent income tax assets |  | $ | 65 |  | $ | 666
Deferred noncurrent income tax liabilities: |  |  |  |  |  |
Lease right of use |  | $ | (65) |  | $ | (666)
Deferred noncurrent income tax liabilities |  | $ | (65) |  | $ | (666)
Net noncurrent deferred income tax assets (liabilities) |  | $ | — |  | $ | —

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