Provision (Benefit) for Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Summary of income (Loss) from continuing operations before taxes

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


	Year Ended December 31, 2020		Year Ended December 31, 2019
Income (Loss) Before Income Taxes	$	(288,471)	$	93,074

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, 2020		Year Ended December 31, 2019
Current	$	(480)	$	519
Deferred	21,391		(22,101)
Total	$	20,911	$	(21,582)

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 of (21%) to the effective income tax rate are as follows:


	Year Ended December 31, 2020		Year Ended December 31, 2019
Federal Statutory Rate	21.0	%	21.0	%
State tax provisions (benefits), net of federal benefits	0.6	%	1.0	%


Executive compensation limitation	—	%	0.3	%
Other, net	(0.2)	%	0.1	%
Valuation allowance adjustments	(28.6)	%	(45.5)	%
Effective rate	(7.2)	%	(23.0)	%

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, 2020 and 2019 were as follows (in thousands):


	Year Ended December 31, 2020		Year Ended December 31, 2019
Deferred tax assets:
Federal net operating loss (“NOL”) carryovers	$	93,293	$	67,610
Other carryover items	610		552
Asset retirement obligations	1,074		960
Share-based compensation	959		1,210
Lease liability	929		1,999
Other	1,029		874
Valuation allowance	(82,618)		—
Total deferred tax assets	$	15,276	$	73,205
Deferred tax liabilities:
Oil and gas exploration and development costs	$	(13,008)	$	(48,329)
Derivative contracts	(1,653)		(1,820)
Leased assets	(917)		(1,968)
Other	(1)		(1)
Total deferred tax liabilities	(15,579)		(52,118)
Net deferred tax asset (liabilities)	$	(303)	$	21,087
State net deferred tax liabilities	$	(303)	$	(1,582)
Federal net deferred tax assets	—		22,669
Net deferred tax asset (liabilities)	$	(303)	$	21,087