Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of income tax provision
The income tax provision consists of the following:
 
2018
 
2017
 
2016
 
(In thousands)
Current:
 
 
 
 
 
State
$
(1,530
)
 
$
2,167

 
$
(1,330
)
Federal
253

 
3,362

 
(19,771
)
Deferred:
 
 
 
 
 
State
1,530

 
(118
)
 
(386
)
Federal
(322
)
 
(3,602
)
 
18,574

Total income tax (benefit) expense provision
$
(69
)
 
$
1,809

 
$
(2,913
)
Schedule of reconciliation to the statutory federal income tax
A reconciliation of the statutory federal income tax amount to the recorded expense follows:
 
2018
 
2017
 
2016
 
(In thousands)
Income (loss) before federal income taxes
$
430,491

 
$
436,961

 
$
(982,622
)
Expected income tax at statutory rate
90,403

 
152,936

 
(343,918
)
State income taxes
(511
)
 
2,299

 
(5,883
)
Other differences
1,078

 
5,731

 
4,293

Intraperiod tax allocation

 

 
(1,349
)
Remeasurement due to Tax Cut and Jobs Act

 
190,034

 

Change in valuation allowance due to current year activity
(91,039
)
 
(158,704
)
 
343,944

Change in valuation allowance due to Tax Cuts and Jobs Act

 
(190,487
)
 

Income tax (benefit) expense recorded
$
(69
)
 
$
1,809

 
$
(2,913
)
Schedule of deferred tax assets and liabilities
The tax effects of temporary differences and net operating loss carryforwards, which give rise to deferred tax assets and liabilities at December 31, 2018, 2017 and 2016 are estimated as follows: 
 
2018
 
2017
 
2016
 
(In thousands)
Deferred tax assets:
 
 
 
 
 
Net operating loss carryforward
$
164,363

 
$
120,626

 
$
162,073

Oil and gas property basis difference
3,595

 
151,260

 
386,302

Investment in pass through entities
8,620

 
12,343

 
27,469

Stock-based compensation expense
616

 
813

 
2,084

Business energy investment tax credit
369

 
369

 
369

AMT credit

 

 
3,842

Charitable contributions carryover
269

 
255

 
303

Change in fair value of derivative instruments
2,761

 

 
48,317

Foreign tax credit carryforwards
2,009

 
2,074

 
2,074

Accrued liabilities
834

 
285

 
397

ARO liability
16,923

 
15,897

 
12,107

Non-oil and gas property basis difference
104

 
171

 

State net operating loss carryover
11,526

 
6,954

 
5,351

Total deferred tax assets
211,989

 
311,047

 
650,688

Valuation allowance for deferred tax assets
(211,987
)
 
(298,830
)
 
(645,841
)
Deferred tax assets, net of valuation allowance
2

 
12,217

 
4,847

Deferred tax liabilities:
 
 
 
 
 
Non-oil and gas property basis difference

 

 
155

Change in fair value of derivative instruments
2

 
11,009

 

Total deferred tax liabilities
2

 
11,009

 
155

Net deferred tax asset
$

 
$
1,208

 
$
4,692