Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of components of provision for income taxes [Table Text Block]

The provision for income taxes consists of the following:


	For the Years Ended December 31,
	2021			2020			2019
	(in thousands)
Current portion of income tax (expense) benefit
Federal	$	—		$	—		$	3,826
State	(373)			(449)			(1,618)
Deferred portion of income tax (expense) benefit	(9,565)			192,540			41,835
Income tax (expense) benefit	$	(9,938)		$	192,091		$	44,043

Effective tax rate	21.5		%	20.1		%	19.1		%

Schedule of components of net deferred income tax liabilities [Table Text Block]

The components of the net deferred tax liabilities are as follows:


	As of December 31,
	2021		2020
	(in thousands)
Deferred tax liabilities
Oil and gas properties excluding asset retirement obligation liabilities	$	117,085	$	83,816


Other	4,835		10,054
Total deferred tax liabilities	121,920		93,870
Deferred tax assets
Derivative liabilities	69,283		36,311
Asset retirement obligation liabilities	21,899		18,424
Debt discount and deferred financing costs	20,551		23,925
Pension	7,413		7,183
Federal and state tax net operating loss carryovers	3,299		3,898
Stock compensation	2,246		2,701
Credit carryover	897		7,543

Other liabilities	5,024		7,273
Total deferred tax assets	130,612		107,258
Valuation allowance	(18,461)		(13,388)
Net deferred tax assets	112,151		93,870
Total net deferred tax liabilities	$	9,769	$	—



Current state income tax payable	$	362	$	853

Schedule of effective income tax rate reconciliation [Table Text Block]

Recorded income tax expense or benefit differs from the amount that would be provided by applying the statutory United States federal income tax rate to income or loss before income taxes. These differences primarily relate to the effect of state income taxes, excess tax benefits and deficiencies from stock-based compensation awards, tax limitations on compensation of covered individuals, changes in valuation allowances, the cumulative impact of other smaller permanent differences, and can also reflect the

cumulative effect of an enacted tax rate change, in the period of enactment, on the Company’s net deferred tax asset and liability balance. These differences are reported as follows:


	For the Years Ended December 31,
	2021		2020		2019
	(in thousands)
Federal statutory tax (expense) benefit	$	(9,695)	$	200,908	$	48,519
(Increase) decrease in tax resulting from:
Employee share-based compensation	3,080		(2,578)		(3,346)
Acquisition basis, expired statute of limitation	1,658		—		—
Return to provision	1,230		(857)		(152)
State tax (expense) benefit (net of federal benefit)	(211)		5,722		(260)
Compensation of covered individuals	(1,216)		(719)		(471)
Change in valuation allowance	(5,073)		(10,318)		13
Other	289		(67)		(260)
Income tax (expense) benefit	$	(9,938)	$	192,091	$	44,043