Income Tax (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax

Schedule of components of income tax benefit (expense)

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

	For the Year Ended
	December 31,
	2024		2023
	(In thousands)
Current taxes:
Federal	$	43	$	(4,286)
State		(275)		(531)
Total current income tax benefit (expense)		(232)		(4,817)
Deferred taxes:
Federal		(2,433)		232,351
State		237		21,445
Total deferred income tax benefit (expense)		(2,196)		253,796
Total income tax benefit (expense)	$	(2,428)	$	248,979

Schedule of reconciliation of actual income tax benefit (expense)

The actual income tax benefit (expense) differs from the expected amount computed by applying the federal statutory corporate tax rate of 21% in 2024 and in 2023 as follows:

	For the Year Ended
	December 31,
	2024		2023
	(In thousands)
Expected tax benefit (expense) at federal statutory rate	$	(3,228)	$	(30,192)
Changes in valuation allowances		—		284,927
Non-cash compensation		189		696
Limit on executive compensation		(492)		(502)
State income tax benefit (expense), net of federal benefit		(578)		(2,430)
State rate change, net of federal benefit		293		(2,541)
State prior year adjustment		255		(380)
Marginal wells credits		1,137		—
Other		(4)		(599)
Total income tax benefit (expense)	$	(2,428)	$	248,979

Schedule of components of deferred tax assets and liabilities

The Company’s deferred income tax position reflects the net tax effects of the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting. Significant components of the deferred tax assets and liabilities are as follows (in thousands):

	December 31,
	2024		2023
Deferred income tax assets:
Property, plant & equipment	$	58,226	$	69,895
Net operating loss carryforward		180,902		179,627
Disallowed interest expense		7,494		5,580
Accrued liabilities		2,597		2,180
Other		4,993		4,093
Total deferred income tax assets:		254,212		261,375
Valuation allowance		—		—
Net deferred income tax assets		254,212		261,375
Deferred income tax liabilities:
Derivatives	$	1,603	$	6,319
Other		1,009		1,260
Total deferred income tax liabilities		2,612		7,579
Net deferred income taxes	$	251,600	$	253,796