Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax

Reconciliation between the statutory federal income tax rate and our effective income tax rate is as follows:

	Year Ended December 31,
	2023				2022				2021
Federal statutory tax rate		21.0		%		21.0		%		21.0		%
State, net of federal benefit		(0.1	)			1.0				0.6
Equity compensation and executive compensation disallowance		(0.3	)			0.2				2.6
Valuation allowances		0.2				(5.5	)			(26.8	)
Permanent differences and other		—				(0.4	)			0.2
Consolidated effective tax rate		20.8		%		16.3		%		(2.4	)	%

Income Tax Expense (Benefit) Attributable to Income Before Income Taxes

Income tax expense (benefit) attributable to income before income taxes consists of the following (in thousands):

	Year Ended December 31,
	2023			2022			2021
Current
Federal	$	—		$	—		$	—
State		1,547			14,688			7,984
	$	1,547		$	14,688		$	7,984
Deferred
Federal	$	230,563		$	245,839		$	6,297
State		(2,909	)		(30,067	)		(24,024	)
		227,654			215,772			(17,727	)
Income tax expense (benefit)	$	229,201		$	230,460		$	(9,743	)

Significant Components of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities are as follows (in thousands):

	December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforward	$	538,340		$	581,349
Divestiture contract obligation		107,067			105,227
Deferred compensation		17,342			25,733
Equity compensation		6,767			4,813
Asset retirement obligations		25,614			24,113
Interest expense carryforward		19,861			16,118
Lease right-of-use liabilities		6,023			19,395
Unrealized mark-to-market loss		—			30,307
Other		16,396			16,922
Valuation allowances:
Federal		(23,396	)		(21,320	)
State, net of federal benefit		(172,001	)		(171,423	)
Total deferred tax assets		542,013			631,234
Deferred tax liabilities:
Depreciation and depletion		(998,886	)		(935,710	)
Unrealized mark-to-market gain		(96,545	)		—
Lease right-of-use assets		(5,184	)		(18,440	)
Other		(2,686	)		(10,655	)
Total deferred tax liabilities		(1,103,301	)		(964,805	)
Net deferred tax liability	$	(561,288	)	$	(333,571	)