Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Taxes [Abstract]

Consolidated income tax provision table

Income (loss) before income tax benefit is as follows:
		Year Ended December 31,
		2016		2015		2014
United States	$	134,959	$	(3,249,590)	$	505,689
Foreign		(79,462)		37,966		31,338
Total	$	55,497	$	(3,211,624)	$	537,027
The consolidated income tax (benefit) provision is comprised of the following:
		Year Ended December 31,
		2016		2015		2014
Current tax:
U.S. federal, state and local	$	(72)	$	-	$	(110)
Foreign		(583)		(3,414)		(6,709)
Total current tax (benefit)		(655)		(3,414)		(6,819)
Deferred tax:
Foreign		1		(990)		995
Total deferred tax (benefit) expense		1		(990)		995
Total income tax (benefit)	$	(654)	$	(4,404)	$	(5,824)

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,
		2016		2015		2014
Income tax provision (benefit) computed at the U.S. statutory rate	$	19,424	$	(1,124,069)	$	187,959
State income tax (benefit) provision net of federal effect		(2,335)		(12,998)		8,023
Valuation allowance		(31,083)		1,147,619		(199,038)
Tax effect of rate change		-		12,898		15,457
Foreign rate differential		17,388		(26,740)		(16,314)
Other, net		(4,048)		(1,114)		(1,911)
Total income tax (benefit)	$	(654)	$	(4,404)	$	(5,824)

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,
		2016		2015
Deferred tax assets:
Property and equipment		603,045		776,504
Deferred gain		40,867		44,593
U.S. federal tax credit carryforwards		15,967		16,144
U.S. net operating loss carryforwards		428,212		319,673
U.S. state net operating loss carryforwards		71,323		61,919
Non-U.S. net operating loss carryforwards		30,211		9,142
Asset retirement obligations		55,700		51,815
Liabilities subject to compromise-contract settlement		59,166		-
Incentive compensation/other, net		16,088		28,711
		1,320,579		1,308,501
Valuation allowance		(1,270,935)		(1,307,076)
Net deferred tax assets	$	49,644	$	1,425
Deferred tax liabilities:
Liabilities subject to compromise-interest		35,498		-
Liabilities subject to compromise-interest (non-U.S.)		14,146		-
Other - non-US		-		1,424
Net tax liabilities	$	49,644	$	1,424
Net tax asset	$	-	$	1