Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income (loss) before income tax benefit is as follows:

	Year Ended December 31,
	2016			2015			2014
United States	$	134,959		$	(3,249,590	)	$	505,689
Foreign		(79,462	)		37,966			31,338
Total	$	55,497		$	(3,211,624	)	$	537,027

The consolidated income tax (benefit) provision is comprised of the following:

	Year Ended December 31,
	2016			2015			2014
Current tax:
U.S. federal, state and local	$	(72	)	$	—		$	(110	)
Foreign		(583	)		(3,414	)		(6,709	)
Total current tax (benefit)		(655	)		(3,414	)		(6,819	)
Deferred tax:
Foreign		1			(990	)		995
Total deferred tax (benefit) expense		1			(990	)		995
Total income tax (benefit)	$	(654	)	$	(4,404	)	$	(5,824	)

Income tax expense reconciliation table

The income tax provision (benefit) from continuing operations differs from the amount that would be computed by applying the U.S. federal income tax rate of 35% to pretax income as a result of the following:

	Year Ended December 31,
	2016			2015			2014
Income tax provision (benefit) computed at the U.S. statutory rate	$	19,424		$	(1,124,069	)	$	187,959
State income tax (benefit) provision net of federal effect		(2,335	)		(12,998	)		8,023
Valuation allowance		(31,083	)		1,147,619			(199,038	)
Tax effect of rate change		—			12,898			15,457
Foreign rate differential		17,388			(26,740	)		(16,314	)
Other, net		(4,048	)		(1,114	)		(1,911	)
Total income tax (benefit)	$	(654	)	$	(4,404	)	$	(5,824	)

Consolidated deferred tax assets and liabilities

The tax effects of temporary differences that give rise to significant components of the Company’s deferred tax assets and liabilities are as follows:

	December 31,
	2016			2015
Deferred tax assets :
Property and equipment		603,045			776,504
Deferred gain		40,867			44,593
U.S. federal tax credit carryforwards		15,967			16,144
U.S. net operating loss carryforwards		428,212			319,673
U.S. state net operating loss carryforwards		71,323			61,919
Non-U.S. net operating loss carryforwards		30,211			9,142
Asset retirement obligations		55,700			51,815
Liabilities subject to compromise-contract settlement		59,166			—
Incentive compensation/other, net		16,088			28,711
		1,320,579			1,308,501
Valuation allowance		(1,270,935	)		(1,307,076	)
Net deferred tax assets	$	49,644		$	1,425
Deferred tax liabilities :
Liabilities subject to compromise-interest		35,498			—
Liabilities subject to compromise-interest (non-U.S.)		14,146			—
Other — non-US		—			1,424
Net tax liabilities	$	49,644		$	1,424
Net tax asset	$	—		$	1