Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

The following table summarizes the Company's income tax expense.

	Years Ended December 31,
	2024		2023		2022
	(Thousands)
Current:
Federal	$	1,222	$	(10,894)	$	651
State	6,125		(4,818)		18,457
Subtotal	7,347		(15,712)		19,108
Deferred:
Federal	(21,463)		450,091		527,539
State	36,195		(65,425)		7,073
Subtotal	14,732		384,666		534,612
Total income tax expense	$	22,079	$	368,954	$	553,720

Schedule of Reconciliation of Income Tax Expense (Benefit) to Amount Computed at the Federal Statutory Rate

The table below summarizes the reasons for income tax expense differences from amounts computed at the federal statutory rate of 21% on pre-tax income.

	Years Ended December 31,
	2024			2023			2022
	Amount		Rate	Amount		Rate	Amount		Rate
	(Thousands)			(Thousands)			(Thousands)
Income before income taxes	$	264,194		$	2,103,498		$	2,334,662
Tax at statutory rate	$	55,481	21.0%	$	441,735	21.0%	$	490,279	21.0%
State income taxes	5,440		2.1%	50,263		2.4%	48,970		2.1%
Valuation allowance	(9,601)		(3.6)%	(81,483)		(3.9)%	12,685		0.5%
Convertible Notes repurchase premium	—		—%	—		—%	35,957		1.5%
Uncertain tax positions	(16,977)		(6.4)%	(7,015)		(0.3)%	11,135		0.5%
State law change	(11,315)		(4.3)%	(21,670)		(1.0)%	(49,511)		(2.1)%
Federal and state tax credits	(6,537)		(2.5)%	(4,715)		(0.2)%	(4,319)		(0.2)%
Transaction costs	6,041		2.3%	—		—%	—		—%
Other	(453)		(0.2)%	(8,161)		(0.4)%	8,524		0.4%
Income tax expense	$	22,079	8.4%	$	368,954	17.5%	$	553,720	23.7%

Summary of Source and Tax Effects of Temporary Differences Between Financial Reporting and Tax Bases of Asset and Liabilities

The following table summarizes the source and tax effects of temporary differences between financial reporting and tax bases of assets and liabilities.

	December 31,
	2024		2023
	(Thousands)
Deferred tax assets:
NOL carryforwards	$	708,518	$	740,802
Interest disallowance limitation	106,622		59,668
Federal tax credits	89,644		92,730
Net unrealized losses	80,723		—
State capital loss carryforward	44,496		99,632
Incentive compensation and deferred compensation plans	18,032		16,854
Other	2,433		1,156
Deferred tax assets	1,050,468		1,010,842
Valuation allowance	(257,218)		(290,812)
Net deferred tax asset	793,250		720,030
Deferred tax liabilities:
Property, plant and equipment	(2,516,074)		(2,457,946)
Investment in partnerships	(1,128,279)		—
Net unrealized gains	—		(166,905)
Deferred tax liability	(3,644,353)		(2,624,851)
Net deferred tax liability	$	(2,851,103)	$	(1,904,821)

Schedule of Operating Loss Carryforwards

The following table presents the expiration periods of the NOL carryforward deferred tax assets and associated valuation allowance by jurisdiction.

	December 31,
	2024		2023
	(Thousands)
NOL carryforwards:
Federal (expires between 2032 and 2037)	$	14,644	$	67,958
Federal (indefinite expiration)	322,258		323,598
State (expires between 2025 and 2037)	347,279		332,153
State (indefinite expiration)	24,337		17,093
Total NOL carryforwards	$	708,518	$	740,802
Valuation allowance on NOL carryforwards:
Federal	$	(14,263)	$	(24,927)
State	(187,321)		(156,700)
Total valuation allowance on NOL carryforwards	$	(201,584)	$	(181,627)

Schedule of Reconciliation of the Beginning and Ending Amount of Reserve

The following table reconciles the beginning and ending amount of reserve for uncertain tax positions, excluding interest and penalties.

	2024		2023		2022
	(Thousands)
Balance at January 1	$	89,197	$	204,035	$	182,032
Additions for tax positions taken in current year	11,720		11,986		9,612
Additions (reductions) for tax positions taken in prior years	15,177		(883)		12,391
Reductions for tax positions settled with tax authorities	(29,645)		(125,941)		—
Reductions for lapse in statute of limitations	(13,706)		—		—
Balance at December 31	$	72,743	$	89,197	$	204,035

Schedule of Uncertain tax Positions

The following table presents specific line items that were included in the reserve for uncertain tax positions.

	December 31,
	2024		2023		2022
	(Thousands)
If recognized, effect to the effective tax rate	$	67,105	$	83,669	$	117,341
Reduction of related deferred tax asset for general business credit carryforwards and NOLs	$	60,415	$	77,013	$	110,744