Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of net deferred tax position

The Company’s net deferred tax position as of December 31, 2022 and 2021 is as follows (in thousands).

	December 31,
	2022		2021
Deferred tax assets
Net operating loss carryforwards	$	12,874	$	129,651
Unrealized loss on derivatives	—		3,729
Percentage depletion carryover	8		1,770
Compensation	14,184		9,838
Lease liabilities	12,585		4,866
Other	1,926		9,410
Total deferred tax assets	41,577		159,264
Valuation allowance on deferred tax assets	(11,322)		(10,599)
Total deferred tax assets, net of valuation allowance	30,255		148,665
Deferred tax liabilities
Unrealized gain on derivatives	(995)		—
Property and equipment	(368,283)		(179,153)
Less than wholly-owned subsidiaries	(63,388)		(39,900)
Lease right of use assets	(12,585)		(4,866)
Other	(13,355)		(2,684)
Total deferred tax liabilities	(458,606)		(226,603)
Net deferred tax liabilities	$	(428,351)	$	(77,938)

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, 2022, 2021 and 2020 were comprised of the following (in thousands). 

	Year Ended December 31,
	2022		2021		2020
Current income tax provision
Federal income tax	$	31,335	$	—	$	—
State income tax	23,542		—		—
Net current income tax provision	$	54,877	$	—	$	—
Deferred income tax provision (benefit)
Federal income tax	$	302,486	$	44,883	$	(25,675)
State income tax	41,994		29,827		(19,924)
Net deferred income tax provision (benefit)	$	344,480	$	74,710	$	(45,599)

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, 2022, 2021 and 2020 is as follows (in thousands). 

	Year Ended December 31,
	2022		2021		2020
Federal tax expense (benefit) at statutory rate(1)	$	353,992	$	150,223	$	(125,823)
State income tax expense (benefit)	59,870		26,646		(20,607)
Permanent differences	(15,227)		(2,078)		(3,114)
Change in federal valuation allowance	—		(103,262)		103,262
Change in state valuation allowance	722		3,181		683
Total income tax provision (benefit)	$	399,357	$	74,710	$	(45,599)

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(1)The statutory federal tax rate was 21% for the years ended December 31, 2022, 2021 and 2020.