Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of income tax provision
The income tax provision consists of the following:
2020 2019 2018
(In thousands)
Current:
State $ —  $ —  $ (1,530)
Federal (273) (7) 253 
Deferred:
State 7,563  (7,556) 1,530 
Federal —  —  (322)
Total income tax expense (benefit) provision $ 7,290  $ (7,563) $ (69)
Schedule of reconciliation to the statutory federal income tax
A reconciliation of the statutory federal income tax amount to the recorded expense follows:
2020 2019 2018
(In thousands)
(Loss) income before federal income taxes $ (1,617,843) $ (2,009,921) $ 430,491 
Expected income tax at statutory rate (339,747) (422,083) 90,403 
State income taxes (14,696) (28,316) (511)
Other differences 10,800  3,372  1,078 
Change in valuation allowance due to current year activity 350,933  439,464  (91,039)
Income tax expense (benefit) recorded $ 7,290  $ (7,563) $ (69)
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, 2020, 2019 and 2018 are estimated as follows: 
2020 2019 2018
(In thousands)
Deferred tax assets:
Net operating loss carryforward $ 392,318  $ 269,851  $ 164,363 
Oil and gas property basis difference 463,705  289,850  3,595 
Investment in pass through entities 61,078  58,951  8,620 
Stock-based compensation expense 1,223  1,440  616 
Business energy investment tax credit 370  370  369 
Charitable contributions carryover 318  297  269 
Change in fair value of derivative instruments 7,656  11,219  2,761 
Foreign tax credit carryforwards 523  943  2,009 
Accrued liabilities 868  669  834 
ARO liability 13,414  12,744  16,923 
Non-oil and gas property basis difference —  —  104 
Lease liability 72  12,128  — 
Reorganization items 25,714  —  — 
State net operating loss carryover 22,191  13,258  11,526 
Interest expense carryforward —  23,818  — 
Total deferred tax assets 989,450  695,538  211,989 
Valuation allowance for deferred tax assets (985,528) (647,575) (211,987)
Deferred tax assets, net of valuation allowance 3,922  47,963 
Deferred tax liabilities:
Non-oil and gas property basis difference 575  1,859  — 
Change in fair value of derivative instruments 3,272  26,410 
Right of use asset 72  12,128  — 
Other — 
Total deferred tax liabilities 3,922  40,400 
Net deferred tax asset $ —  $ 7,563  $ —