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Provision (Benefit) for Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Provision (Benefit) for Income Taxes Provision (Benefit) for Income Taxes
Income (Loss) before taxes is as follows (in thousands):
Year Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021
Income (Loss) Before Income Taxes$381,329 $350,037 $93,157 

The following is an analysis of the consolidated income tax provision (benefit) (in thousands):
Year Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021
Current:
Federal$— $— $— 
State527 (25)186 
Total current income tax provision (benefit)527 (25)186 
Deferred:
Federal80,634 7,188 5,500 
State2,452 2,437 712 
Total deferred income tax provision (benefit)83,086 9,625 6,212 
Total tax provision (benefit)$83,613 $9,600 $6,398 

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, 2023Year Ended December 31, 2022Year Ended December 31, 2021
Federal Statutory Rate21.0 %21.0 %21.0 %
State tax provisions (benefits), net of federal benefits0.8 %0.7 %1.0 %
Non-deductible expenses0.2 %0.4 %0.6 %
Other, net(0.1)%(0.1)%0.6 %
Valuation allowance adjustments— %(19.3)%(16.2)%
Effective rate21.9 %2.7 %6.9 %
The tax effects of temporary differences representing the net deferred tax asset (liability) at December 31, 2023 and 2022 were as follows (in thousands):
December 31, 2023December 31, 2022
Deferred tax assets:
Federal net operating loss (“NOL”) carryovers$142,694 $130,296 
Other carryover items683 649 
Asset retirement obligations2,842 2,258 
Share-based compensation491 439 
Lease liability2,709 2,589 
Interest21,528 8,798 
Other1,253 963 
Total deferred tax assets$172,200 $145,992 
Deferred tax liabilities:
Oil and gas exploration and development costs$(232,902)$(141,771)
Derivative contracts(35,336)(16,943)
Leased assets(2,707)(2,536)
Other(482)(883)
Total deferred tax liabilities(271,427)(162,133)
Net deferred tax asset (liabilities)$(99,227)$(16,141)
State net deferred tax liabilities$(5,905)$(3,453)
Federal net deferred tax liabilities(93,322)(12,688)
Net deferred tax asset (liabilities)$(99,227)$(16,141)

The Company’s NOL carryforward asset is attributable to Federal tax losses of $274.2 million generated from 2013 through 2017 and $405.3 million generated from 2018 through 2023. The losses generated before 2018 will expire between 2033 and 2037 if not utilized. The losses generated from 2018 through 2023 will not expire under the current tax code, but their usage will be limited to 80% of taxable income. In addition, the Company has a net interest expense carryforward of $102.5 million under Section 163(j) of the Code, which will not expire but the usage of which may be limited. We experienced an ownership change within the meaning of Section 382 during 2022 and our annual usage of losses up to the change date in 2022 may be limited; however, at this time, we do not expect any of the losses to expire unused. Should we experience another ownership change within the meaning of Section 382, our NOLs could be further limited.

Our U.S. federal and most state income tax returns from 2020 forward are subject to examination. For years prior to 2020 our U.S. federal returns are subject to examination to the extent of our net operating loss (NOL) carryforwards. Our Texas tax returns from 2018 forward are subject to examination. There are no material unresolved items related to periods previously audited by the taxing authorities. On August 15, 2022, President Biden signed the Inflation Reduction Act into law. Management has reviewed the tax provisions of this legislation and has determined that there are no provisions that would have a material impact on the Company.