Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Components of Income Tax Expense (Benefit)

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

	For the Year Ended
	December 31,
	2020			2019
	(In thousands)
Current taxes:
Federal	$	(5	)	$	—
State		(110	)		50
Total current income tax benefit (expense)		(115	)		50
Deferred taxes:
Federal		—			—
State		—			—
Total deferred income tax benefit (expense)		—			—
Total income tax benefit (expense)	$	(115	)	$	50

Reconciliation of Income Tax Benefit (Provision)

The actual income tax benefit (expense) differs from the expected amount computed by applying the federal statutory corporate tax rate of 21% in 2020 and in 2019 as follows:

	For the Year Ended
	December 31,
	2020			2019
	(In thousands)
Expected tax benefit (expense) at federal statutory rate	$	97,423		$	7,402
State income tax benefit (expense), net of federal benefit		6,189			946
Non-deductible expenses		(45	)		(3,659	)
Changes in valuation allowances		(110,445	)		(4,332	)
State rate change, net of federal benefit		6,100			—
Non-cash compensation		(137	)		(367	)
Other		800			60
Total income tax benefit (expense)	$	(115	)	$	50

Components of Net Deferred Income Tax Liabilities

The Company’s deferred 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,			December 31,
	2020			2019
Deferred income tax assets:
Property, Plant & Equipment	$	115,695		$	37,075
Net operating loss carryforward		174,479			141,534
Derivatives		2,448			—
Disallowed interest expense		5,388			10,627
Accrued liabilities		1,226			1,431
Other		1,717			4,234
Total deferred income tax assets:		300,953			194,901
Valuation allowance		(300,386	)		(189,941	)
Net deferred income tax assets		567			4,960

Deferred income tax liabilities:
Derivatives	$	—		$	2,767
Other		567			2,193
Total deferred income tax liabilities		567			4,960

Net deferred income tax liabilities	$	—		$	—