Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes

Schedule of income tax expense from continuing operations

For the years ended December 31, 2012,  2013, and 2014, income tax expense from continuing operations consisted of the following (in thousands):

	2012		2013		2014
Current income tax expense (benefit)	$	15,000		(4,000)		—
Deferred income tax expense		106,229		190,210		445,672
Total income tax expense from continuing operations	$	121,229		186,210		445,672

Schedule of reconciliation of income tax expense from continuing operations

Income tax expense from continuing operations differs from the amount that would be computed by applying the U.S. statutory federal income tax rate of 35% to consolidated income for the years ended December 31, 2012,  2013, and 2014 as a result of the following (in thousands):

	2012		2013		2014
Federal income tax expense	$	121,276		56,708		391,754
State income tax expense, net of federal benefit		4,761		21,429		25,545
Nondeductible equity-based compensation		—		127,736		29,141
Noncontrolling interest in Antero Midstream Partners LP		—		—		(787)
Change in valuation allowance		(4,872)		(20,919)		(120)
Other		64		1,256		139
Total income tax expense from continuing operations	$	121,229		186,210		445,672

Schedule of income tax expense (benefit) allocated to continuing and discontinued operations

For the years ended December 31, 2012,  2013, and 2014, income tax expense (benefit) was allocated to continuing and discontinued operations as follows (in thousands):

	2012		2013		2014
Continuing operations	$	121,229		186,210		445,672
Discontinued operations and sale of discontinued operations		(272,553)		3,249		1,354
Total income tax expense (benefit)	$	(151,324)		189,459		447,026

Schedule of net deferred tax assets and liabilities

The tax effect of the temporary differences giving rise to net deferred tax assets and liabilities at December 31, 2013 and 2014 is as follows (in thousands):

	2013		2014
Deferred tax assets:
Net operating loss carryforwards	$	449,961		431,681
Minimum tax credit carryforward		11,000		11,000
Equity-based compensation		—		10,032
Other		5,373		12,785
Total deferred tax assets		466,334		465,498
Valuation allowance		(26,759)		(26,639)
Net deferred tax assets		439,575		438,859
Deferred tax liabilities:
Unrealized gains on derivative instruments		328,534		601,859
Oil and gas properties		458,812		600,050
Investment in Antero Midstream Partners LP		—		31,746
Total deferred tax liabilities		787,346		1,233,655
Net deferred tax liabilities	$	(347,771)		(794,796)

Schedule of reconciliation of beginning and ending amount of unrecognized tax benefits

	2014
Balance at beginning of year	$	11,000
Revised estimate of unrecognized tax position		—
Balance at end of year	$	11,000