Provision (Benefit) for Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Summary of income (Loss) from continuing operations before taxes

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



	Year Ended December 31, 2019		Year Ended December 31, 2018
Income (Loss) Before Income Taxes	$	93,074	$	75,543

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, 2019			Year Ended December 31, 2018
Current	$	519		$	(86	)
Deferred	(22,101		)	1,014
Total	$	(21,582	)	$	928

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 rates of (21%) to the effective income tax rates are as follows (in thousands):



	Year Ended December 31, 2019		Year Ended December 31, 2018
Federal Statutory Rate	21.0	%	21.0	%
State tax provisions (benefits), net of federal benefits	1.0	%	1.2	%
Executive compensation limitation	0.3	%	0.3	%
Other, net	0.1	%	0.2	%
Valuation allowance adjustments	(45.5	)%	(21.4	)%
Effective rate	(23.0	)%	1.2	%

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, 2019 and 2018 were as follows (in thousands):



	Year Ended December 31, 2019			Year Ended December 31, 2018
Deferred tax assets:
Federal net operating loss (“NOL”) carryovers	$	67,610		$	71,736
Other carryover items	552			583
Asset retirement obligations	960			920
Share-based compensation	1,210			906
Lease liability	1,999			—
Other	874			956
Valuation allowance	—			(42,335		)
Total deferred tax assets	$	73,205		$	32,766

Deferred tax liabilities:
Oil and gas exploration and development costs	$	(48,329	)	$	(30,935	)
Derivative contracts	(1,820		)	(2,817		)
Leased assets	(1,968		)	—
Other	(1		)	(28		)
Total deferred tax liabilities	(52,118		)	(33,780		)

Net deferred tax asset (liabilities)	$	21,087		$	(1,014	)

State net deferred tax liabilities	$	(1,582	)	$	(1,014	)
Federal net deferred tax assets	22,669			—
Net deferred tax asset (liabilities)	$	21,087		$	(1,014	)