Provision (Benefit) for Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Summary of income (Loss) from continuing operations before taxes

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

	Successor					Predecessor
	Year Ended December 31, 2017		Period from April 23, 2016 through December 31, 2016			Period from January 1, 2016 through April 22, 2016		Year Ended December 31, 2015
Income (Loss) Before Income Taxes	$	70,017	$	(156,288	)	$	851,611	$	(1,734,514	)

Summary of consolidated income tax provision (benefit)

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

	Successor					Predecessor
	Year Ended December 31, 2017			Period from April 23, 2016 through December 31, 2016		Period from January 1, 2016 through April 22, 2016		Year Ended December 31, 2015
Current	$	(1,954	)	$	—	$	—	$	(410	)
Deferred	—			—		—		(80,133		)
Total	$	(1,954	)	$	—	$	—	$	(80,543	)

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
	Year Ended December 31, 2017		Period from April 23, 2016 through December 31, 2016		Period from January 1, 2016 through April 22, 2016		Year Ended December 31, 2015
Federal Statutory Rate	35.0	%	35.0	%	35.0	%	35.0	%
State tax provisions (benefits), net of federal benefits	1.6	%	0.9	%	0.9	%	1.0	%
Reorganization Adjustments	—	%	—	%	(1.8	)%	—	%
Expiration/Write-off of NOL Carryovers	13.9	%	(74.9	)%	—	%	—	%
Change in Enacted Tax Rates	55.6	%	—	%	—	%	—	%
Executive Compensation Limitation	0.6	%	—	%	—	%	—	%
Other, net	2.3	%	0.2	%	1.0	%	(0.1	)%
Valuation allowance adjustments	(111.8	)%	38.9	%	(35.1	)%	(31.3	)%
Effective rate	(2.8	)%	—	%	—	%	4.6	%

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, 2017 and 2016 were as follows (in thousands):

	Successor
	Year Ended December 31, 2017			Year Ended December 31, 2016
Deferred tax assets:
Federal net operating loss (“NOL”) carryovers	$	58,438		$	40,104
Oil and gas exploration and development costs	—			71,292
Alternative minimum tax credits	138			2,092
Other Carryover Items	619			1,107
Asset Retirement Obligations	2,329			11,447
Derivative Contracts	29			5,802
Unrealized share-based compensation	872			648
Other	2,190			4,164
Valuation allowance	(58,398		)	(136,656		)
Total deferred tax assets	$	6,217		$	—
Deferred tax liabilities:
Oil and gas exploration and development costs	$	(6,054	)	$	—
Other	(163		)	—
Total deferred tax liabilities	(6,217		)	—
Net deferred tax liabilities	$	—		$	—