Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Summary of net deferred tax position

The Company’s net deferred tax position as of December 31, 2018 and 2017 is as follows (in thousands).

	December 31,
	2018			2017
Deferred tax assets
Unrealized loss on derivatives	$	—		$	3,200
Net operating loss carryforwards	116,374			118,134
Percentage depletion carryover	1,624			1,582
Basis increase related to the San Mateo transaction	—			18,382
Other	9,115			—
Total deferred tax assets	127,113			141,298
Valuation allowance on deferred tax assets	(6,519		)	(89,482		)
Total deferred tax assets, net of valuation allowance	120,594			51,816
Deferred tax liabilities
Unrealized gain on derivatives	(10,468		)	—
Property and equipment	(100,634		)	(40,568		)
Other	(2,256		)	(11,248		)
Total deferred tax liabilities	(113,358		)	(51,816		)
Net deferred tax assets	$	7,236		$	—

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

The current income tax (benefit) provision and the deferred income tax (benefit) provision for the years ended December 31, 2018, 2017 and 2016 were comprised of the following (in thousands).

	Year Ended December 31,
	2018			2017			2016
Current income tax (benefit) provision
Federal income tax	$	(455	)	$	(8,178	)	$	(1,144	)
State income tax	—			21			108
Net current income tax benefit	$	(455	)	$	(8,157	)	$	(1,036	)
Deferred income tax (benefit) provision
Federal income tax	$	(20,457	)	$	—		$	—
State income tax	13,221			—			—
Net deferred income tax benefit	$	(7,236	)	$	—		$	—

Reconciliations of the tax expense (benefit) computed at the statutory federal rate to the Company’s total income tax benefit for the years ended December 31, 2018, 2017 and 2016 is as follows (in thousands).

	Year Ended December 31,
	2018			2017			2016
Federal tax expense (benefit) at statutory rate (1)	$	61,543		$	45,447		$	(34,333	)
State income tax	16,181			368			539
Permanent differences	(2,488		)	(4,740		)	(499		)
Federal alternative minimum tax	—			—			1,144
AMT credit refundable	455			8,178			—
Tax Cuts and Jobs Act rate change	—			51,525			—
Change in federal valuation allowance	(80,003		)	(101,917		)	33,688
Change in state valuation allowance	(2,924		)	1,139			(539		)
Net deferred income tax benefit	(7,236		)	—			—
Net current income tax benefit	(455		)	(8,157		)	(1,036		)
Total income tax benefit	$	(7,691	)	$	(8,157	)	$	(1,036	)

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(1) The statutory federal tax rate was 21% for the year ended December 31, 2018 and 35% for the years ended December 31, 2017 and 2016.