Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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



	Year Ended December 31,
thousands	2019		2018			2017
Current income tax expense (benefit)
Federal income tax expense (benefit)	$	5,550	$	(79,264	)	$	(9,207	)
State income tax expense (benefit)	313		(850		)	2,422
Total current income tax expense (benefit)	5,863		(80,114		)	(6,785		)
Deferred income tax expense (benefit)
Federal income tax expense (benefit)	2,782		133,044			(55,835		)
State income tax expense (benefit)	4,827		6,004			2,697
Total deferred income tax expense (benefit)	7,609		139,048			(53,138		)
Total income tax expense (benefit)	$	13,472	$	58,934		$	(59,923	)

The sources of these differences are as follows:



	Year Ended December 31,
thousands except percentages	2019			2018			2017
Income (loss) before income taxes	$	821,172		$	689,588		$	677,462
Statutory tax rate	—		%	—		%	—		%
Tax computed at statutory rate	$	—		$	—		$	—
Adjustments resulting from:
U.S. federal tax reform	—			—			(87,306		)
Federal taxes on pre-acquisition income attributable to assets acquired from Anadarko	8,332			54,243			22,353
State taxes on pre-acquisition income attributable to assets acquired from Anadarko (net of federal benefit)	—			1,745			164
Texas margin tax expense (benefit)	5,140			2,946			4,866
Income tax expense (benefit)	$	13,472		$	58,934		$	(59,923	)
Effective tax rate	2		%	9		%	(9		)%

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



	December 31,
thousands	2019			2018
Depreciable property	$	(18,642	)	$	(280,377	)
Credit carryforwards	—			497
Other intangible assets	(678		)	(299		)
Other	421			162
Net long-term deferred income tax liabilities	$	(18,899	)	$	(280,017	)