Income Taxes (tables)

12 Months Ended

Dec. 31, 2014

Components of Income Tax Expense (Benefit) Table

The components of income tax expense (benefit) are as follows:



	Year Ended December 31,
thousands	2014			2013			2012
Current income tax expense (benefit)
Federal income tax expense (benefit)	$	(625	)	$	(30,222	)	$	48,223
State income tax expense (benefit)	69			636			2,924
Total current income tax expense (benefit)	(556		)	(29,586		)	51,147
Deferred income tax expense (benefit)
Federal income tax expense (benefit)	171			32,930			(9,144		)
State income tax expense (benefit)	2,412			(1,039		)	6,881
Total deferred income tax expense (benefit)	2,583			31,891			(2,263		)
Total income tax expense	$	2,027		$	2,305		$	48,884

Tax Rate Reconciliation Table

Total income taxes differed from the amounts computed by applying the statutory income tax rate to income before income taxes. The sources of these differences are as follows:



	Year Ended December 31,
thousands except percentages	2014			2013			2012
Income before income taxes	$	389,406		$	284,183		$	169,441
Statutory tax rate	—		%	—		%	—		%
Tax computed at statutory rate	$	—		$	—		$	—
Adjustments resulting from:
Federal taxes on income attributable to Anadarko’s investment in WES	(454		)	3,043			41,557
State taxes on income attributable to Anadarko’s investment in WES (net of federal benefit)	—			621			6,069
Texas margin tax expense (benefit)	2,481			(1,359		)	1,258
Income tax expense	$	2,027		$	2,305		$	48,884
Effective tax rate	1		%	1		%	29		%

Income Tax Temporary Differences Table

The tax effects of temporary differences that give rise to significant portions of deferred tax assets (liabilities) are as follows:



	December 31,
thousands	2014			2013
Credit carryforwards	$	14		$	14
Net current deferred income tax assets	14			14
Depreciable property	(3,240		)	(38,528		)
Credit carryforwards	512			527
Other intangible assets	(1,450		)	—
Other	7			3
Net long-term deferred income tax liabilities	(4,171		)	(37,998		)
Total net deferred income tax liabilities	$	(4,157	)	$	(37,984	)