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INCOME TAXES (Tables)

12 Months Ended

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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- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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.

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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.

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