Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of income taxes attributable to continuing operations


	Year Ended		Year Ended		Year Ended
	December 31, 2014		December 31, 2013		December 31, 2012
	(In Thousands)		(In Thousands)		(In Thousands)
Current:
Federal	$	—	$	—	$	—
State		—		—		—
Total Current Tax Expense	$	—	$	—	$	—

Deferred:
Federal	$	33,499	$	—	$	—
State		1,488		—		—
Total Deferred Tax Expense	$	34,987	$	—	$	—

Total Income Tax Expense	$	34,987	$	—	$	—

Schedule of effective income tax rate reconciliation


	Year Ended			Year Ended			Year Ended
	December 31, 2014			December 31, 2013			December 31, 2012
	(In Thousands)			(In Thousands)			(In Thousands)
Federal income tax at 35% of earnings from continuing operations before income taxes	$	(102,107)		$	3,702			(240,374)
State income taxes, net of federal income tax benefits		(2,131)			—			—
Earnings not subject to tax		(40,509)			(3,702)			240,374
Change in non-tax deductible goodwill		16,767			—			—
Change in tax status		81,728			—			—
Other		8			—			—
Change in valuation allowance (current year activity only)		81,231			—			—

Total income tax	$	34,987		$	—		$	—
Effective Tax Rate		(11.99)	%		0.00	%		0.00	%

Schedule of components of net deferred tax assets and liabilities


	Year Ended		Year Ended
	December 31, 2014		December 31, 2013
	(In Thousands)		(In Thousands)
Deferred tax assets:
Property and equipment	$	277,558	$	—
Goodwill		38,570		—
Net operating loss carryforwards		39,487		—
Other		45,509		—
Total gross deferred tax assets	$	401,124	$	—
Less valuation allowance		(204,093)		—
Net deferred tax assets	$	197,031	$	—

Deferred tax liabilities:
Unrealized gains on derivative instruments, net	$	(54,638)	$	—
Long-term liabilities		(140,396)		—
Other		(1,997)		—
Total gross deferred tax liabilities	$	(197,031)	$	—

Net deferred tax assets	$	0	$	—

Current deferred tax assets (liabilities)	$	(46,084)	$	—
Non-current deferred tax assets (liabilities)		46,084		—
Net deferred tax assets (liabilities)	$	0	$	—

Schedule of unrecognized tax benefits


	Year Ended		Year Ended		Year Ended
	December 31, 2014		December 31, 2013		December 31, 2012
	(In Thousands)		(In Thousands)		(In Thousands)

Gross unrecognized tax benefits at beginning of period	$	—	$	—	$	—
Increases as a result of tax positions taken during a prior period		8,691		—		—
Decreases as a result of tax positions taken during a prior period		—		—		—
Gross unrecognized tax benefits at end of period	$	8,691	$	—	$	—

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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