Provision (Benefit) for Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Summary of income (Loss) from continuing operations before taxes

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

	Successor			Predecessor
	Period from April 23, 2016 through December 31, 2016			Period from January 1, 2016 through April 22, 2016		Year Ended December 31,
						2015			2014
Income (Loss) Before Income Taxes	$	(156,288	)	$	851,611	$	(1,734,514	)	$	(433,470	)

Summary of consolidated income tax provision (benefit)

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

	Successor		Predecessor
	Period from April 23, 2016 through December 31, 2016		Period from January 1, 2016 through April 22, 2016		Year Ended December 31,
					2015			2014
Current	$	—	$	—	$	(410	)	$	314
Deferred	—		—		(80,133		)	(150,357		)
Total	$	—	$	—	$	(80,543	)	$	(150,043	)

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):

	Successor		Predecessor
	Period from April 23, 2016 through December 31, 2016		Period from January 1, 2016 through April 22, 2016		Year Ended December 31,
					2015		2014
Federal Statutory Rate	35.0	%	35.0	%	35.0	%	35.0	%
State tax provisions (benefits), net of federal benefits	0.9	%	0.9	%	1.0	%	1.4	%
Reorganization Adjustments	—	%	(1.8	)%	—	%	—	%
Expiration/Write-off of NOL Carryovers	(74.9	)%	—	%	—	%	(0.1	)%
Valuation allowance adjustments	38.9	%	(35.1	)%	(31.3	)%	(1.1	)%
Other, net	0.2	%	1.0	%	(0.1	)%	(0.7	)%
Effective rate	—	%	—	%	4.6	%	34.5	%

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, 2016 and 2015 were as follows (in thousands):

	Successor			Predecessor
	Year Ended December 31, 2016			Year Ended December 31, 2015
Deferred tax assets:
Federal net operating loss (“NOL”) carryovers	$	40,104		$	287,720
NOLs for excess stock-based compensation	—			(9,571		)
Oil and gas exploration and development costs	71,292			214,413
State NOL carryovers	—			18,384
Alternative minimum tax credits	2,092			2,092
Other Carryover Items	1,107			1,215
Asset Retirement Obligations	11,447			22,884
Derivative Contracts	5,802			—
Unrealized share-based compensation	648			9,953
Valuation allowance	(136,656		)	(553,283		)
Other	4,164			6,193
Total deferred tax assets	$	—		$	—
Deferred tax liabilities:
Oil and gas exploration and development costs	$	—		$	—
Other	—			—
Total deferred tax liabilities	$	—		$	—
Net deferred tax liabilities	$	—		$	—
Net current deferred tax assets	—			—
Net non-current deferred tax liabilities	$	—		$	—