Provision For Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Provision For Income Taxes

Summary of Federal, State and Foreign Income Tax Provision (Benefit)

Our federal, state and foreign income tax provision (benefit) is summarized below (in thousands):

	For the Years Ended December 31,
	2016		2015
Current:
Federal	$	—	$	2
State		—		53
Total current		—		55
Deferred:
Federal		—		—
State		—		—
Total deferred		—		—
Total provision for income taxes	$	—	$	55

Reconciliation of Provision for (Benefit from) Income Taxes

A reconciliation of the provision for (benefit from) income taxes with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes is as follows (in thousands):

	For the Years Ended December 31,
	2016			2015
Pre-tax net book income (loss)	$	19,231		$	(137,001)
Texas Margin Tax (a)		255			(780)
Return to accrual		—			55
Valuation allowance		(255)			780
Provision for income taxes	$	—		$	55
Effective income tax rate		0.00	%		(0.04)	%

(a) Although the Texas Margin Tax is not considered a state income tax, it has the characteristics of an income tax since it is determined by applying a tax rate to a base that considers our Texas-sourced revenues and expenses.

Significant Components of Deferred Tax Assets and Deferred Tax Liabilities

The following table presents the significant components of deferred tax assets and deferred tax liabilities at the dates indicated (in thousands):

	December 31,
	2016		2015
Deferred tax assets (liabilities):
Derivative assets	$	(230)	$	(63)
Depreciable, depletable property, plant and equipment		753		843
Other		2		—
Deferred tax assets:		525		780
Valuation allowance		(525)		(780)
Total Deferred tax assets	$	—	$	—