Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Our income tax provision (benefit) is as follows:



	Year Ended December 31,
In thousands	2014			2013			2012
Current income tax expense (benefit)
Federal	$	(42,500	)	$	393		$	57,720
State	(407		)	9,864			18,034
Total current income tax expense (benefit)	(42,907		)	10,257			75,754

Deferred income tax expense (benefit)
Federal	400,544			222,559			239,862
State	29,429			(33		)	15,881
Total deferred income tax expense	429,973			222,526			255,743
Total income tax expense	$	387,066		$	232,783		$	331,497

Deferred Tax Assets And Liabilities

Significant components of our deferred tax assets and liabilities as of December 31, 2014 and 2013 are as follows:



	December 31,
In thousands	2014			2013
Deferred tax assets
Loss carryforwards – federal	$	44,076		$	20,247
Loss carryforwards – state	43,270			41,379
Tax credit carryover	34,837			34,837
Derivative contracts	—			21,341
Enhanced oil recovery credit carryforwards	42,817			14,974
Stock-based compensation	29,994			34,635
Other	32,656			37,679
Total deferred tax assets	227,650			205,092

Deferred tax liabilities
Property and equipment	(2,806,850		)	(2,541,426		)
Derivative contracts	(185,385		)	—
Other	(11,984		)	(10,206		)
Total deferred tax liabilities	(3,004,219		)	(2,551,632		)
Total net deferred tax liability	$	(2,776,569	)	$	(2,346,540	)

Income Tax Provision (Benefit) Continuing Operations Income Tax Reconciliation

Our reconciliation of income tax expense computed by applying the U.S. federal statutory rate and the reported effective tax rate on income from continuing operations is as follows:



	Year Ended December 31,
In thousands	2014			2013			2012
Income tax provision calculated using the federal statutory income tax rate	$	357,895		$	224,833		$	299,900
State income taxes, net of federal income tax benefit	25,368			13,518			30,955
Effect of statutory rate change	4,225			(4,178		)	(429		)
Other	(422		)	(1,390		)	1,071
Total income tax expense	$	387,066		$	232,783		$	331,497