Income Tax (Tables)

12 Months Ended

Dec. 31, 2019

Components of Income Tax Expense From Continuing Operations

The components of the Company’s income tax expense from continuing operations are as follows (in thousands):

	For the Year Ended December 31,
	2019		2018		2017
Current
Federal	$	—	$	—	$	—
State		—		—		—
Total current		—		—		—
Deferred
Federal		—		—		—
State		—		—		—
Total deferred		—		—		—
Total income tax expense (benefit)	$	—	$	—	$	—

Schedule of Effective Income Tax Rate Reconciliation

The Company’s income tax expense from continuing operations differs from the amount derived by applying the statutory federal rate to pretax loss principally due the effect of the following items (in thousands):

	For the Year Ended December 31,
	2019			2018			2017
Income from continuing operations	$	30,446		$	18,826		$	8,525
Statutory rate		21	%		21	%		35	%
Income tax benefit computed at statutory rate		6,394			3,953			2,984
Reconciling items:
State income taxes		200			—			—
Deferred true-up		(6,686	)		—			—
Share-based compensation		—			1,201			(576	)
Other permanent differences		2,376			54			50
Executive compensation limitation		1,263			268			496
Change in valuation allowance		7,959			(5,476	)		(145,449	)
Change in State tax rate		(11,506	)		—			142,495
Income tax expense (benefit)	$	—		$	—		$	—

Components of Deferred Tax Assets and Liabilities

The components of the Company’s deferred taxes are detailed in the table below (in thousands):

	For the Year Ended December 31,
	2019			2018			2017
Deferred tax asset:
Oil and gas properties and equipment	$	11,613		$	62,616		$	93,854
Federal tax loss carryforwards		306,743			140,059			114,652
Derivative instruments and other		—			—			1,064
Interest expense limitation carryforward		25,932			—			—
Operating lease right-of-use liabilities		8,278			—			—
Other, net		5,240			7,398			4,639
Deferred tax asset		357,806			210,073			214,209
Valuation allowance		(343,577	)		(208,324	)		(213,800	)
Net deferred tax assets	$	14,229		$	1,749		$	409
Deferred tax liability:
Derivative instruments and other	$	6,009		$	1,197		$	—
Other, net		—			552			409
Operating lease right-of-use assets		8,220			—			—
Net deferred tax liability	$	14,229		$	1,749		$	409
Reflected in the accompanying Consolidated Balance Sheets as:
Net deferred tax asset	$	—		$	—		$	—
Net deferred tax liability	$	—		$	—		$	—