Provision (Benefit) for Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of income (Loss) from continuing operations before taxes

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

	Year Ended December 31, 2023		Year Ended December 31, 2022		Year Ended December 31, 2021
Income (Loss) Before Income Taxes	$	381,329	$	350,037	$	93,157

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, 2023		Year Ended December 31, 2022		Year Ended December 31, 2021
Current:
Federal	$	—	$	—	$	—
State	527		(25)		186
Total current income tax provision (benefit)	527		(25)		186
Deferred:
Federal	80,634		7,188		5,500
State	2,452		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 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, 2023		Year Ended December 31, 2022		Year Ended December 31, 2021
Federal Statutory Rate	21.0	%	21.0	%	21.0	%
State tax provisions (benefits), net of federal benefits	0.8	%	0.7	%	1.0	%
Non-deductible expenses	0.2	%	0.4	%	0.6	%
Other, net	(0.1)	%	(0.1)	%	0.6	%
Valuation allowance adjustments	—	%	(19.3)	%	(16.2)	%
Effective rate	21.9	%	2.7	%	6.9	%

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, 2023 and 2022 were as follows (in thousands):

	December 31, 2023		December 31, 2022
Deferred tax assets:
Federal net operating loss (“NOL”) carryovers	$	142,694	$	130,296
Other carryover items	683		649
Asset retirement obligations	2,842		2,258
Share-based compensation	491		439
Lease liability	2,709		2,589
Interest	21,528		8,798
Other	1,253		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)