Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of income tax expense (benefit)

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

	Year Ended December 31,
	2021		2022		2023
Current income tax expense	$	216		847		1,587
Deferred income tax expense (benefit)		(74,293)		447,845		74,407
Total income tax expense (benefit)	$	(74,077)		448,692		75,994

Schedule of reconciliation of income tax expense (benefit)

Income tax expense (benefit) differs from the amount that would be computed by applying the U.S. statutory federal income tax rate of 21% to income or loss before taxes as a result of the following (in thousands):

	Year Ended December 31,
	2021		2022		2023
Federal income tax expense (benefit)	$	(47,919)		519,679		87,746
State income tax expense (benefit), net of federal effect		(6,576)		12,461		3,512
Change in state tax rate, net of federal effect		(30,910)		(52,747)		11,417
Equity-based compensation		1,117		(9,717)		(772)
Dividends received deduction		(3,832)		(1,749)		(3,186)
Noncontrolling interests		(7,862)		(27,347)		(21,525)
Change in valuation allowance		4,606		7,070		(2,567)
Nondeductible loss on 2026 Convertible Notes equitizations and inducement		12,174		36		81
Other		5,125		1,006		1,288
Total income tax expense (benefit)	$	(74,077)		448,692		75,994

Schedule of net deferred tax assets and liabilities

	December 31,
	2022		2023
Deferred income tax assets:
NOL carryforwards	$	282,829		281,217
Interest expense carryforwards		—		25,258
Equity-based compensation		3,362		7,056
Investment in Antero Midstream		254,164		234,423
Unrealized losses on derivative instruments		83,269		51,025
Lease liabilities		740,254		644,622
Asset retirement obligations and other		15,859		17,093
Total deferred income tax assets		1,379,737		1,260,694
Valuation allowance		(57,375)		(54,805)
Deferred income tax assets, net		1,322,362		1,205,889
Deferred income tax liabilities:
Oil and gas properties		1,295,847		1,338,442
Lease right-of-use assets		740,254		644,870
Investment in Martica		45,507		55,759
2026 Convertible Notes and other		615		1,086
Total deferred income tax liabilities		2,082,223		2,040,157
Deferred tax liability, net	$	(759,861)		(834,268)