Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income (loss) before income tax benefit is as follows:

		Year Ended December 31,
		2014		2013		2012
United States	$	505,689	$	210,580	$	(2,892,207)
Foreign		31,338		23,642		15,096
Total	$	537,027	$	234,222	$	(2,877,111)


The consolidated income tax (benefit) provision is comprised of the following:
		Year Ended December 31,
		2014		2013		2012
Current tax:
U.S. federal, state and local	$	(110)	$	(8,491)	$	9,037
Foreign		(6,709)		4,881		3,326
(Reduction in) current tax benefit on stock based compensation:
U.S. federal, state and local		-		-		(4,427)
Total current tax expense (benefit)		(6,819)		(3,610)		7,936
Deferred tax:
U.S. federal, state and local		-		-		(708,160)
Foreign		995		(6)		11
Total deferred tax expense (benefit)		995		(6)		(708,149)
Total income tax (benefit) provision	$	(5,824)	$	(3,616)	$	(700,213)

Income tax expense reconciliation table

The income tax provision (benefit) from continuing operations differs from the amount that would be computed by applying the U.S. federal income tax rate of 35% to pretax income as a result of the following:


		Year Ended December 31,
		2014		2013		2012
Income tax provision (benefit) computed at the U.S. statutory rate	$	187,959	$	81,978	$	(1,006,989)
State income tax provision (benefit) net of federal benefit		8,023		1,329		(136,112)
Valuation allowance		(199,038)		(81,923)		446,148
Tax effect of rate change		15,457		(2,871)		1,358
Foreign rate differential		(16,314)		(3,508)		(5,531)
Other, net		(1,911)		1,379		913

Total income tax (benefit) provision	$	(5,824)	$	(3,616)	$	(700,213)

Consoldiated deferred tax assets and liabilities


The tax effects of temporary differences that give rise to significant components of the Company's deferred tax assets and liabilities are as follows:
		December 31,
		2014		2013
Deferred tax assets - current:
Derivative instruments, net	$	-	$	9,636
Incentive compensation/other, net		6,150		7,641
		6,150		17,277
Valuation allowance		-		(16,778)
Net deferred tax assets - current	$	6,150	$	499
Deferred tax liabilities - current:
Derivative instruments, net	$	36,788	$	499
Net deferred tax liabilities - current	$	36,788	$	499
Net deferred tax liability - current	$	30,638	$	-
Deferred tax assets - non-current:
Property and equipment		-		131,340
Deferred gain		48,319		52,045
U.S. federal tax credit carryforwards		16,144		16,254
U.S. net operating loss carryforwards		147,336		71,843
U.S. state net operating loss carryforwards		53,654		36,205
Asset retirement obligations		45,039		26,876
Incentive compensation/other, net		19,142		13,007
		329,634		347,570
Valuation allowance		(161,480)		(346,596)
Net deferred tax assets - non-current	$	168,154	$	974
Deferred tax liabilities - non-current:
Property and equipment		137,514		-
Other		-		968
Net non-current tax liabilities	$	137,514	$	968
Net non-current tax asset	$	30,640	$	6
Deferred tax liabilities - non-current:
Other - non-US		992		-