Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

(Loss) income before income tax benefit is as follows:

		Year Ended December 31,
		2015		2014		2013
United States	$	(3,249,590)	$	505,689	$	210,580
Foreign		37,966		31,338		23,642
Total	$	(3,211,624)	$	537,027	$	234,222


The consolidated income tax (benefit) provision is comprised of the following:
		Year Ended December 31,
		2015		2014		2013
Current tax:
U.S. federal, state and local	$	-	$	(110)	$	(8,491)
Foreign		(3,414)		(6,709)		4,881
Total current tax (benefit)		(3,414)		(6,819)		(3,610)
Deferred tax:
Foreign		(990)		995		(6)
Total deferred tax (benefit) expense		(990)		995		(6)
Total income tax (benefit)	$	(4,404)	$	(5,824)	$	(3,616)

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,
		2015		2014		2013
Income tax (benefit) provision computed at the U.S. statutory rate	$	(1,124,069)	$	187,959	$	81,978
State income tax (benefit) provision net of federal benefit		(12,998)		8,023		1,329
Valuation allowance		1,147,619		(199,038)		(81,923)
Tax effect of rate change		12,898		15,457		(2,871)
Foreign rate differential		(26,740)		(16,314)		(3,508)
Other, net		(1,114)		(1,911)		1,379

Total income tax (benefit)	$	(4,404)	$	(5,824)	$	(3,616)

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,
		2015		2014
Deferred tax assets - current:
Incentive compensation/other, net		-		6,150
		-		6,150
Net deferred tax assets - current	$	-	$	6,150
Deferred tax liabilities - current:
Derivative instruments, net	$	-	$	36,788
Net deferred tax liabilities - current	$	-	$	36,788
Net deferred tax liability - current	$	-	$	30,638
Deferred tax assets - non-current:
Property and equipment		776,504		-
Deferred gain		44,593		48,319
U.S. federal tax credit carryforwards		16,144		16,144
U.S. net operating loss carryforwards		319,673		147,336
U.S. state net operating loss carryforwards		61,919		53,654
Non-U.S. net operating loss carryforwards		9,142		-
Asset retirement obligations		51,815		45,039
Incentive compensation/other, net		28,711		19,142
		1,308,501		329,634
Valuation allowance		(1,307,076)		(161,480)
Net deferred tax assets - non-current	$	1,425	$	168,154
Deferred tax liabilities - non-current:
Property and equipment		-		137,514
Other - non-US		1,424		-
Net non-current tax liabilities	$	1,424	$	137,514
Net non-current tax asset	$	1	$	30,640
Deferred tax liabilities - non-current:
Other - non-US		-		992