Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Summary of net deferred tax position

The Company’s net deferred tax position as of December 31, 2019 and 2018 is as follows (in thousands).

	December 31,
	2019			2018
Deferred tax assets
Net operating loss carryforwards	$	119,900		$	116,374
Percentage depletion carryover	1,467			1,624
Compensation	13,690			10,574
Lease liabilities	17,107			—
Other	9,099			7,207
Total deferred tax assets	161,263			135,779
Valuation allowance on deferred tax assets	(6,736		)	(6,519		)
Total deferred tax assets, net of valuation allowance	154,527			129,260
Deferred tax liabilities
Unrealized gain on derivatives	—			(12,326		)
Property and equipment	(151,504		)	(100,634		)
Less than wholly-owned subsidiaries	(20,604		)	(6,808		)
Lease right of use assets	(17,107		)	—
Other	(2,641		)	(2,256		)
Total deferred tax liabilities	(191,856		)	(122,024		)
Net deferred tax (liabilities) assets	$	(37,329	)	$	7,236

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

The current income tax provision and the deferred income tax provision for the years ended December 31, 2019, 2018 and 2017 were comprised of the following (in thousands). 

	Year Ended December 31,
	2019		2018			2017
Current income tax (benefit) provision
Federal income tax	$	—	$	(455	)	$	(8,178	)
State income tax	—		—			21
Net current income tax benefit	$	—	$	(455	)	$	(8,157	)
Deferred income tax provision (benefit)
Federal income tax	$	29,171	$	(20,457	)	$	—
State income tax	6,361		13,221			—
Net deferred income tax provision (benefit)	$	35,532	$	(7,236	)	$	—

Reconciliations of the tax expense (benefit) computed at the statutory federal rate to the Company’s total income tax provision (benefit) for the years ended December 31, 2019, 2018 and 2017 is as follows (in thousands). 

	Year Ended December 31,
	2019			2018			2017
Federal tax expense at statutory rate(1)	$	33,441		$	61,543		$	45,447
State income tax	6,141			16,181			368
Permanent differences	(4,267		)	(2,488		)	(4,740		)
AMT credit refundable	—			455			8,178
Tax Cuts and Jobs Act rate change	—			—			51,525
Change in federal valuation allowance	—			(80,003		)	(101,917		)
Change in state valuation allowance	217			(2,924		)	1,139
Net deferred income tax provision (benefit)	35,532			(7,236		)	—
Net current income tax benefit	—			(455		)	(8,157		)
Total income tax provision (benefit)	$	35,532		$	(7,691	)	$	(8,157	)

__________________    

(1)

The statutory federal tax rate was 21% for the years ended December 31, 2019 and 2018 and 35% for the year ended December 31, 2017.