Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Consolidated Income Tax Provision (Benefit)

The following is an analysis of the consolidated income tax provision (benefit):

	Year Ended December 31,
	2023			2022			2021
	(In thousands)
Current - Federal	$	(4,570	)	$	40,445		$	—
Current - State		(4,636	)		(7,701	)		14,968
Deferred - Federal		52,520			209,705			(16,721	)
Deferred - State		(8,219	)		18,612			13,156
	$	35,095		$	261,061		$	11,403

Tax Effects of Significant Temporary Differences Representing Net Deferred Tax Asset and Liability

The tax effects of significant temporary differences representing the net deferred tax liabilities were as follows:

	As of December 31,
	2023			2022
	(In thousands)
Deferred tax assets:
Interest expense limitation	$	168,604		$	101,104
Net operating loss carryforwards		37,946			49,740
Unrealized hedging losses		—			—
Asset retirement obligation		6,610			5,714
Other		3,784			4,932
		216,944			161,490
Valuation allowance on deferred tax assets		(1,169	)		(2,145	)
Deferred tax assets		215,775			159,345
Deferred tax liabilities:
Property and equipment		(653,369	)		(570,833	)
Unrealized hedging gains		(26,623	)		(4,087	)
Amortization of debt issuance costs and bond discount		—			—
Other		(5,818	)		(10,162	)
Deferred tax liabilities		(685,810	)		(585,082	)
Net deferred tax liability	$	(470,035	)	$	(425,737	)

Difference Between Customary Rate and Effective Tax Rate on Income Before Income Taxes Due

The difference between the customary rate of 21.0% and the effective tax rate on income (losses) is due to the following:

	Year Ended December 31,
	2023			2022			2021
	(In thousands)
Tax at statutory rate	$	51,868		$	294,408		$	(48,368	)
Tax effect of:
Valuation allowance on deferred tax assets		(2,307	)		(47,077	)		30,504
State income taxes, net of federal benefit		(10,542	)		14,680			28,117
Other		(3,924	)		(950	)		1,150
Total	$	35,095		$	261,061		$	11,403

	Year Ended December 31,
	2023			2022			2021
Tax at statutory rate		21.0	%		21.0	%		21.0	%
Tax effect of:
Valuation allowance on deferred tax assets		(0.9	)		(3.4	)		(13.3	)
State income taxes, net of federal benefit		(4.3	)		1.1			(12.2	)
Other		(1.6	)		(0.1	)		(0.5	)
Effective tax rate		14.2	%		18.6	%		(5.0	)%

Carryforwards Available to Reduce Future Income Taxes

At December 31, 2023, Comstock had the following carryforwards available to reduce future income taxes:

Types of Carryforward	Years of Expiration Carryforward	Amount
		(In thousands)
Net operating loss – U.S. federal	2024-2037	$	740,631
Net operating loss – U.S. federal	Unlimited	$	13,467
Net operating loss – state taxes	Unlimited	$	1,745,991
Interest expense – U.S. federal	Unlimited	$	629,212
Interest expense – state taxes	Unlimited	$	615,527