Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

The Company’s income tax (benefit) provision consisted of the following components (in thousands):


	Year Ended December 31,
	2020		2019
Current
Federal	$	(646)	$	—
State	—		—
	(646)		—
Deferred
Federal	—		—
State	—		—
	—		—
Total (benefit) provision	$	(646)	$	—

Reconciliation of Provision (Benefit) for Income Taxes at Statutory Federal Tax Rate

A reconciliation of the (benefit) provision for income taxes at the statutory federal tax rate to the Company’s actual income tax (benefit) provision is as follows (in thousands):


	Year Ended December 31,
	2020		2019
Computed at federal statutory rate	$	(58,574)	$	(94,354)
State taxes, net of federal benefit	(10,898)		(20,500)
Non-deductible expenses	18		137
Stock-based compensation	643		602


Return to provision adjustments	(945)		(6,096)
Refund of AMT Sequestration	(646)		—

Change in valuation allowance	69,285		120,211
Other	471		—
Total (benefit) provision	$	(646)	$	—

Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):


	December 31, 2020		December 31, 2019
Deferred tax liabilities
Investments (1)	$	34,816	$	109,289
Derivative contracts	—		29
Total deferred tax liabilities	34,816		109,318
Deferred tax assets
Property, plant and equipment	317,063		300,704

Net operating loss carryforwards	365,772		383,418

Tax credits and other carryforwards	33,538		34,148
Asset retirement obligations	15,216		18,747
Other	2,500		2,290
Total deferred tax assets	734,089		739,307
Valuation allowance	(699,273)		(629,989)
Net deferred tax liability	$	—	$	—

____________________

(1) Includes the Company’s deferred tax liability resulting from its investment in the Royalty Trusts.