INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

Components of the provision for income taxes

	Years Ended December 31,
(in thousands)	2015		2014		2013
Current Taxes:
Federal (benefit)	$	14,417	$	—	$	(381)
State (benefit)		293		404		(308)
		14,710		404		(689)
Deferred taxes:
Federal (benefit)		(1,294,194)		282,729		315,165
State (benefit)		(93,952)		15,564		14,535
		(1,388,146)		298,293		329,700
	$	(1,373,436)	$	298,697	$	329,011

Reconciliations of income tax (benefit) expense calculated at federal statutory rate of 35% to the total income tax (benefit) expense

	Years Ended December 31,
(in thousands)	2015		2014		2013
Provision at statutory rate	$	(1,323,834)	$	282,066	$	312,795
Effect of state taxes		(60,634)		15,826		14,226
Revision of previous balances		5,997		—		—
Other permanent differences		5,035		805		1,990
Income tax expense (benefit)	$	(1,373,436)	$	298,697	$	329,011

Components of net deferred tax liabilities

	December 31,
(in thousands)	2015		2014
Long-term:
Assets:
Stock compensation and other accrued amounts	$	32,084	$	26,527
Net operating loss carryforward, net of valuation allowance		305,506		218,584
Credit carryforward		6,016		4,068
		343,606		249,179
Liabilities:
Property, plant and equipment		(696,311)		(2,003,885)
Net, long-term deferred tax liability		(352,705)		(1,754,706)
Current:
Assets:
Other accrued amounts		—		13,475
		—		13,475
Net deferred tax liabilities	$	(352,705)	$	(1,741,231)