INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

Components of income tax expense

	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Current:
Federal	$	17,572	$	(1)	$	(78)
State		1,605		70		1
		19,177		69		(77)
Deferred:
Federal		33,038		356		(178)
State		1,763		(8)		290
		34,801		348		112
Income tax expense	$	53,978	$	417	$	35

Reconciliation from provision for income taxes at U.S. federal statutory rate to effective tax rate

	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Income taxes at statutory rate	$	132,956	$	37,626	$	(27,093)
Less: Income taxes at statutory rate on Partnership income not subject to income taxes		(112,032)		(36,577)		26,293
Increase (decrease) resulting from:
State taxes, net of federal income tax		1,492		275		(192)
Change in valuation allowance of deferred tax assets		(317)		(834)		1,151
Deferred taxes related to tax election		37,253		—		—
Tax effect of noncontrolling interest income not subject to income taxes		(5,399)		—		—
Other		25		(73)		(124)
Income tax expense	$	53,978	$	417	$	35

Components of deferred tax liabilities and deferred tax assets

	December 31,
	2022		2021
	(in thousands)
Deferred tax liabilities:
Property, plant and equipment	$	(38,349)	$	(2,169)
Total deferred tax liabilities		(38,349)		(2,169)
Deferred tax assets:
Federal loss carryovers and credits		2,139		1,328
Other		1,084		808
Total deferred tax assets		3,223		2,136
Less valuation allowance		—		(317)
Net deferred tax assets		3,223		1,819
Overall net deferred tax liabilities	$	(35,126)	$	(350)