Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Tax Provision (Benefit)

Our income tax provision (benefit) is as follows:

	Year Ended December 31,
In thousands	2019		2018			2017
Current income tax expense (benefit)
Federal	$	2,645	$	(17,885	)	$	(19,485	)
State	1,236		1,884			(1,388		)
Total current income tax expense (benefit)	3,881		(16,001		)	(20,873		)
Deferred income tax expense (benefit)
Federal	89,950		93,395			(113,863		)
State	10,521		9,839			18,084
Total deferred income tax expense (benefit)	100,471		103,234			(95,779		)
Total income tax expense (benefit)	$	104,352	$	87,233		$	(116,652	)

Valuation Allowance Rollforward

The changes in our valuation allowance established for our state net operating losses and business interest expense carryforward for 2019, 2018, and 2017 are detailed below:

	Year Ended December 31,
In thousands	2019		2018			2017
Balance at beginning of year	$	51,093	$	51,134		$	36,510
Federal	23,124		—			—
State	2,998		(41		)	14,624
Balance at end of year	$	77,215	$	51,093		$	51,134

Deferred Tax Assets And Liabilities

Significant components of our deferred tax assets and liabilities as of December 31, 2019 and 2018 are as follows:

	December 31,
In thousands	2019			2018
Deferred tax assets
Loss and tax credit carryforwards – state	$	52,917		$	52,366
Business interest expense carryforward	24,513			9,049
Business credit carryforwards	71,555			79,528
Unrecognized gain and original issue discount on debt exchange	41,556			73,937
Accrued liabilities and other reserves	29,788			25,231
Other	18,725			23,208
Valuation allowances	(77,215		)	(51,093		)
Total deferred tax assets	161,839			212,226
Deferred tax liabilities
Property and equipment	(569,254		)	(492,214		)
Derivative contracts	(1,120		)	(23,127		)
Other	(1,695		)	(6,643		)
Total deferred tax liabilities	(572,069		)	(521,984		)
Total net deferred tax liability	$	(410,230	)	$	(309,758	)

Income Tax Provision (Benefit) Rate 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	2019		2018			2017
Income tax provision calculated using the federal statutory income tax rate	$	67,475	$	86,086		$	16,275
State income taxes, net of federal income tax benefit	7,435		11,968			2,764
Tax shortfall (windfall) on stock-based compensation deduction	1,912		(1,565		)	5,567
Valuation allowance	26,122		(42		)	5,562
Enhanced oil recovery tax credits generated	—		(10,818		)	(11,307		)
Re-measurement of deferreds related to federal tax rate change	—		—			(132,224		)
Other	1,408		1,604			(3,289		)
Total income tax expense (benefit)	$	104,352	$	87,233		$	(116,652	)