Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The income tax provision for continuing operations consists of the following:
 
 
2014
 
2013
 
2012
 
(In thousands)
Current:
 
 
 
 
 
State
$
14,384

 
$
6,860

 
$
84

Federal
16,039

 
6,325

 
646

Deferred:
 
 
 
 
 
State
4,314

 
7,385

 
2,214

Federal
118,604

 
77,566

 
23,419

Total income tax expense provision from continuing operations
$
153,341

 
$
98,136

 
$
26,363

Reconciliation of Statutory Federal Income Tax Amount
A reconciliation of the statutory federal income tax amount to the recorded expense follows:
 
 
2014
 
2013
 
2012
 
(In thousands)
Income from continuing operations before federal income taxes
$
400,744

 
$
251,328

 
$
98,199

Expected income tax at statutory rate
140,259

 
87,965

 
34,370

State income taxes
11,570

 
9,297

 
1,493

Other differences
1,512

 
874

 
292

Changes in valuation allowance

 

 
(9,792
)
Income tax expense recorded for continuing operations
$
153,341

 
$
98,136

 
$
26,363

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, 2014, 2013 and 2012 are estimated as follows: 
 
2014
 
2013
 
2012
 
(In thousands)
Deferred tax assets:
 
 
 
 
 
Net operating loss carryforward
$
1,091

 
$
1,462

 
$
1,513

FASB ASC 718 compensation expense
1,562

 
634

 
762

AMT credit
24,053

 
7,968

 
1,643

Charitable contributions carryover
150

 
25

 
5

Unrealized loss on hedging activities

 
8,540

 
3,836

Foreign tax credit carryforwards
2,074

 
2,074

 
2,074

Accrued liabilities
1,260

 

 

State net operating loss carryover
2,627

 
4,408

 
4,315

Total deferred tax assets
32,817

 
25,111

 
14,148

Valuation allowance for deferred tax assets
(3,145
)
 
(4,743
)
 
(4,629
)
Deferred tax assets, net of valuation allowance
29,672

 
20,368

 
9,519

Deferred tax liabilities:
 
 
 
 
 
Oil and gas property basis difference
183,767

 
72,173

 
15,049

Investment in pass through entities
38,315

 
8,799

 
3,618

Non-oil and gas property basis difference
849

 
249

 
227

Investment in nonconsolidated affiliates

 
46,495

 
9,232

Unrealized gain on hedging activities
37,006

 

 

Total deferred tax liabilities
259,937

 
127,716

 
28,126

Net deferred tax liability
$
(230,265
)
 
$
(107,348
)
 
$
(18,607
)