Income Taxes

6 Months Ended

Jun. 30, 2023

Income Taxes

Income Taxes

9. Income Taxes

The Company has estimated that its effective income tax rate for 2023 will be 19.9%. The primary reason for the effective income tax rate being below the federal statutory rate is due to statutory depletion, which is allowed for income tax purposes and is a permanent difference between net income for financial reporting purposes and taxable income.