Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Summary of net deferred tax position

The Company’s net deferred tax position as of December 31, 2020 and 2019 is as follows (in thousands).

	December 31,
	2020		2019
Deferred tax assets
Net operating loss carryforwards	$	122,952	$	119,900
Unrealized loss on derivatives	8,997		960
Percentage depletion carryover	1,462		1,467
Compensation	10,405		13,690
Lease liabilities	9,380		17,107
Other	8,334		8,139
Total deferred tax assets	161,530		161,263
Valuation allowance on deferred tax assets	(110,681)		(6,736)
Total deferred tax assets, net of valuation allowance	50,849		154,527
Deferred tax liabilities
Property and equipment	(11,879)		(151,504)
Less than wholly-owned subsidiaries	(26,564)		(20,604)
Lease right of use assets	(9,380)		(17,107)
Other	(2,684)		(2,641)
Total deferred tax liabilities	(50,507)		(191,856)
Net deferred tax assets (liabilities)	$	342	$	(37,329)

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, 2020, 2019 and 2018 were comprised of the following (in thousands). 

	Year Ended December 31,
	2020		2019		2018
Current income tax (benefit) provision
Federal income tax	$	—	$	—	$	(455)
State income tax	—		—		—
Net current income tax benefit	$	—	$	—	$	(455)
Deferred income tax (benefit) provision
Federal income tax	$	(25,675)	$	29,171	$	(20,457)
State income tax	(19,924)		6,361		13,221
Net deferred income tax (benefit) provision	$	(45,599)	$	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, 2020, 2019 and 2018 is as follows (in thousands). 

	Year Ended December 31,
	2020		2019		2018
Federal tax (benefit) expense at statutory rate(1)	$	(125,823)	$	33,441	$	61,543
State income tax	(20,607)		6,141		16,181
Permanent differences	(3,114)		(4,267)		(2,488)
AMT credit refundable	—		—		455
Change in federal valuation allowance	103,262		—		(80,003)
Change in state valuation allowance	683		217		(2,924)
Net deferred income tax (benefit) provision	(45,599)		35,532		(7,236)
Net current income tax benefit	—		—		(455)
Total income tax (benefit) provision	$	(45,599)	$	35,532	$	(7,691)

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(1)The statutory federal tax rate was 21% for the years ended December 31, 2020, 2019 and 2018.