Provision (Benefit) for Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Summary of income (Loss) from continuing operations before taxes

Income (Loss) before taxes is as follows (in thousands):

	Year Ended December 31,
	2015			2014			2013
Income (Loss) Before Income Taxes	$	(1,734,514	)	$	(433,470	)	$	198

Summary of consolidated income tax provision (benefit)

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

	Year Ended December 31,
	2015			2014			2013
Current	$	(410	)	$	314		$	(12	)
Deferred	(80,133		)	(150,357		)	2,652
Total	$	(80,543	)	$	(150,043	)	$	2,640

Reconciliations of income taxes computed using the U.S. Federal statutory rate to the effective income tax rates

Reconciliations of income taxes computed using the U.S. Federal statutory rate (35%) to the effective income tax rates are as follows (in thousands):

	Year Ended December 31,
	2015			2014			2013
Income taxes (benefit) computed at U.S. statutory rate	$	(607,080	)	$	(151,714	)	$	69
State tax provisions (benefits), net of federal benefits	(18,064		)	(5,935		)	(184		)
Non-deductible equity compensation	252			666			1,127
Stock-based compensation tax shortfall	1,703			2,409			558
Valuation allowances	542,289			4,635			385
Expiration of carryover items	333			288			400
Other, net	24			(392		)	285
Provision (benefit) for income taxes	$	(80,543	)	$	(150,043	)	$	2,640
Effective rate	4.6		%	34.6		%	1,333.4		%

Tax effects of temporary differences representing the net deferred tax asset (liability)

The tax effects of temporary differences representing the net deferred tax asset (liability) at December 31, 2015 and 2014 were as follows (in thousands):

	Year Ended December 31,
	2015			2014
Deferred tax assets:
Federal net operating loss (“NOL”) carryovers	$	287,720		$	141,896
NOLs for excess stock-based compensation	(9,571		)	(9,606		)
Oil and gas exploration and development costs	214,413			—
State NOL carryovers	18,384			15,525
Alternative minimum tax credits	2,092			2,092
Other Carryover Items	1,215			1,294
Asset Retirement Obligations	22,884			26,388
Unrealized share-based compensation	9,953			9,471
Valuation allowance	(553,283		)	(11,327		)
Other	6,193			4,056
Total deferred tax assets	$	—		$	179,789
Deferred tax liabilities:
Oil and gas exploration and development costs	$	—		$	(258,326	)
Other	—			(1,596		)
Total deferred tax liabilities	$	—		$	(259,922	)
Net deferred tax liabilities	$	—		$	(80,133	)
Net current deferred tax assets	—			6,243
Net non-current deferred tax liabilities	$	—		$	(86,376	)