Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Tax Provision (Benefit)

Our income tax provision (benefit) is as follows:

	Successor		Predecessor
	Period from Sept. 19, 2020 through Dec. 31, 2020		Period from Jan. 1, 2020 through Sept. 18, 2020		Year Ended December 31,
In thousands					2019		2018
Current income tax expense (benefit)
Federal	$	—	$	(6,407)	$	2,645	$	(17,885)
State	30		(853)		1,236		1,884
Total current income tax expense (benefit)	30		(7,260)		3,881		(16,001)
Deferred income tax expense (benefit)
Federal	—		(319,011)		89,950		93,395
State	(2,556)		(89,858)		10,521		9,839
Total deferred income tax expense (benefit)	(2,556)		(408,869)		100,471		103,234
Total income tax expense (benefit)	$	(2,526)	$	(416,129)	$	104,352	$	87,233

Deferred Tax Assets And Liabilities

Significant components of our deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows:

	Successor		Predecessor
In thousands	December 31, 2020		December 31, 2019
Deferred tax assets
Property and equipment	$	59,207	$	—
Loss and tax credit carryforwards – state	55,979		52,917
Accrued liabilities and other reserves	15,632		29,788
Derivative contracts	13,090		—
Lease liabilities	6,354		10,841
Business interest expense carryforward	—		24,513
Business credit carryforwards	—		71,555
Unrecognized gain and original issue discount on debt exchange	—		41,556
Other	4,092		15,664
Valuation allowances	(129,408)		(77,215)
Total deferred tax assets	24,946		169,619
Deferred tax liabilities
CO2 and other contracts	(20,030)		—
Operating lease right-of-use assets	(6,190)		(7,780)
Property and equipment	—		(569,254)
Derivative contracts	—		(1,120)
Other	—		(1,695)
Total deferred tax liabilities	(26,220)		(579,849)
Total net deferred tax liability	$	(1,274)	$	(410,230)

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:

	Successor		Predecessor
	Period from Sept. 19, 2020 through Dec. 31, 2020		Period from Jan. 1, 2020 through Sept. 18, 2020		Year Ended December 31,
In thousands					2019		2018
Income tax provision calculated using the federal statutory income tax rate	$	(11,169)	$	(388,228)	$	67,475	$	86,086
State income taxes, net of federal income tax benefit	(2,532)		(86,937)		7,435		11,968
Tax shortfall (windfall) on stock-based compensation deduction	—		(1,502)		1,912		(1,565)
Valuation allowance	9,653		19,344		26,122		(42)
Tax attributes reduction – net of CODI exclusion	—		31,667		—		—
Enhanced oil recovery tax credits generated	—		—		—		(10,818)
Other	1,522		9,527		1,408		1,604
Total income tax expense (benefit)	$	(2,526)	$	(416,129)	$	104,352	$	87,233

Tax Valuation Allowance

Valuation Allowance [Line Items]

Changes in Valuation Allowance

The changes in our valuation allowance are detailed below:

	Successor		Predecessor
	Period from Sept. 19, 2020 through Dec. 31, 2020		Period from Jan. 1, 2020 through Sept. 18, 2020		Year Ended
In thousands					Dec. 31, 2019		Dec. 31, 2018
Beginning balance	$	129,840	$	77,215	$	51,093	$	51,134
Charges	2,269		77,138		26,122		—
Deductions	(2,701)		(24,513)		—		(41)
Ending balance	$	129,408	$	129,840	$	77,215	$	51,093