INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense Provision (Benefit)

The income tax provision (benefit) for the years ended December 31, 2024, 2023, and 2022 consists of the following:

(In thousands)	2024		2023		2022
Current
Federal	$	—	$	—	$	—
State	959		915		3,101
Deferred
Federal	145,224		209,168		164,453
State	14,402		22,035		20,627
Valuation Allowance	(76)		(154,345)		(185,080)
Total Tax Expense	$	160,509	$	77,773	$	3,101

Schedule of Reconciliation of Reported Amount of Income Tax Expense (Benefit)

The following is a reconciliation of the reported amount of income tax expense for the years ended December 31, 2024, 2023, and 2022 to the amount of income tax expenses that would result from applying the statutory rate to pretax income (loss).

(In thousands)	2024			2023			2022
Income Before Taxes and NOL	$	680,817		$	1,000,742		$	776,338
Federal Statutory Rate	21.00		%	21.00		%	21.00		%
Taxes Computed at Federal Statutory Rates	143,026			210,156			163,031
State Tax, Net of Federal Taxes	14,985			24,769			20,270
Other True-Up Adjustments	6,998			(3,527)			3,532
Perm Differences	(4,424)			720			1,347
Valuation Allowance	(76)			(154,345)			(185,080)
Reported Tax Expense	$	160,509		$	77,773		$	3,101

Schedule of Components of Deferred Tax Asset (Liability)

The significant components of the Company’s deferred tax assets (liabilities) were as follows:

	Year Ended December 31,
(in thousands)	2024		2023
Net Operating Loss (NOLs) and Tax Credit Carryforwards	$	117,035	$	146,039
Share Based Compensation	477		864
Accrued Interest	1,005		1,006
Allowance for Doubtful Accounts	2,293		927
Crude Oil and Natural Gas Properties and Other Properties	(434,486)		(278,993)
Interest Carryforwards	68,926		43,328
Derivative Instruments	13,181		8,386
Other	5,337		11,836
Total Net Deferred Tax Liabilities Before Valuation Allowance	(226,232)		(66,607)
Valuation Allowance	(1,806)		(1,881)
Total Net Deferred Tax Liabilities	$	(228,038)	$	(68,488)