XML 28 R17.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes
6 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesThe COVID-19 pandemic and related economic repercussions, coupled with OPEC+ actions, created significant volatility, uncertainty, and turmoil in the oil and gas industry, which have negatively affected and are expected to continue to negatively affect our business. As a result, after evaluating the positive and negative evidence, we determined that it was more likely than not that a large portion of our interest deduction carryforwards and tax credits would not be realized. Accordingly, we recognized a valuation allowance on our deferred tax assets for the six months ended June 30, 2020 in the amount of $53 million. This was the key contributor in the decrease in our effective tax rate from 29% for the six months ended June 30, 2019 to (2)% for the six months ended June 30, 2020.