Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Summary of net deferred tax position

The Company’s net deferred tax position as of December 31, 2014 and 2013, respectively, is as follows (in thousands).

	December 31,
	2014			2013
Current deferred tax assets
Property and equipment	$	113		$	62
Unrealized loss on derivatives	—			965
Other	281			609
Total current deferred tax assets	394			1,636
Current deferred tax liabilities
Unrealized gain on derivatives	(20,145		)	—
Net current deferred tax (liabilities) assets	$	(19,751	)	$	1,636
Non-current deferred tax assets
Unrealized loss on derivatives	$	—		$	28
Net operating loss carryforwards	88,447			63,007
Alternative minimum tax carryforward	7,197			7,064
Percentage depletion carryover	2,068			—
Total non-current deferred tax assets	97,712			70,099
Valuation allowance on non-current deferred tax assets	—			(30		)
Total non-current deferred tax assets, net of valuation allowance	97,712			70,069
Non-current deferred tax liabilities
Property and equipment	(145,620		)	(76,719		)
Other	(5,875		)	(4,279		)
Total non-current deferred tax liabilities	(151,495		)	(80,998		)
Net non-current deferred tax liabilities	$	(53,783	)	$	(10,929	)

Income tax expense reconciled to the tax computed at the statutory federal rate

The income tax expense reconciled to the tax computed at the statutory federal rate for the years ended December 31, 2014, 2013 and 2012, respectively, is as follows (in thousands).

	Year Ended December 31,
	2014			2013			2012
Current income tax provision (benefit)
Federal alternative minimum tax	$	133		$	404		$	—
Net current income tax provision	133			404			—
Deferred income tax provision (benefit)
Federal tax expense at statutory rate (1)	61,301			19,177			(11,767		)
State income tax	2,707			431			(819		)
Nondeductible expense	—			—			(122		)
Permanent differences (2)	397			319			1,018
Federal alternative minimum tax	(133		)	(404		)	—
Change in federal valuation allowance	—			(8,885		)	10,260
Change in state valuation allowance	(30		)	(1,345		)	—
Net deferred income tax provision (benefit)	64,242			9,293			(1,430		)
Total income tax provision (benefit)	$	64,375		$	9,697		$	(1,430	)

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(1) The statutory federal tax rate was 35% for the years ended December 31, 2014 and 2013 and 34% for the year ended December 31, 2012.