Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

(Expense) Benefit for Income Taxes

The (expense) benefit for income taxes consisted of the following for the periods indicated:

	Year Ended December 31,
	2018			2017		2016
	(in thousands)
Current:
Federal	$	—		$	1,402	$	—
State	—			—		—
Deferred:
Federal	(1,777		)	—		—
State	(50		)	—		—
Total	$	(1,827	)	$	1,402	$	—

Reconciliation of Actual Income Tax (Expense) Benefit

Income tax (expense) benefit differed from the amounts computed by applying the U.S. federal income tax rate of 21% to pretax income for the year ended December 31, 2018 and 35% to pretax income for the years ended December 31, 2017 and 2016 from continuing operations as a result of the following:

	Year Ended December 31,
	2018			2017			2016
	(in thousands)
Income tax (expense) benefit at the federal statutory rate	$	(25,840	)	$	48,869		$	59,632
State income taxes, net of federal tax effect	(5,144		)	4,030			4,971
Change in federal tax rate	—			(64,949		)	—
Refundable AMT credits	—			1,402			—
Nondeductible equity-based compensation	(3,101		)	(13,655		)	(64		)
Nondeductible costs in connection with Merger	(2,545		)	—			—
Other permanent items	(418		)	(37		)	(62		)
Change in valuation allowance	36,321			(35,684		)	(64,477		)
Change in valuation allowance due to TCJA	—			64,949			—
Change in valuation allowance - Section 382	64,994			—			—
Change in apportioned state tax rates	(723		)	(1,086		)	—
Eliminate UT jurisdiction NOL's and credits	—			(2,647		)	—
Change in ownership - Section 382	(64,994		)	—			—
Other, net	(377		)	210			—
Income tax (expense) benefit	$	(1,827	)	$	1,402		$	—

Components of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant components of the deferred tax assets and deferred tax liabilities as of December 31, 2018 and 2017 are presented below:

	As of December 31,
	2018			2017
	(in thousands)
Long-term:
Deferred tax assets:
Net operating loss carryforward	$	112,898		$	170,536
Stock-based compensation	1,962			3,826
Deferred rent	628			163
Deferred compensation	—			1,824
State tax credit carryforwards	—			6,499
Financing obligation	1,174			705
Accrued expenses	250			248
Derivative instruments	—			6,158
Other assets	2,409			228
Capital loss carryforward	1,028			—
Less: Valuation allowance	(13,215		)	(114,530		)
Total long-term deferred tax assets	107,134			75,657
Deferred tax liabilities:
Oil and gas properties	(219,390		)	(75,409		)
Long-term derivative instruments	(26,700		)	—
Prepaid expenses	(374		)	(248		)
Deferred compensation	(204		)	—
Total long-term deferred tax assets (liabilities)	(246,668		)	(75,657		)
Net long-term deferred tax assets (liabilities)	$	(139,534	)	$	—