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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Provision for Income Taxes
The provision (benefit) for income taxes from continuing operations consisted of the following:
Year ended December 31,
202020192018
(thousands of dollars)
Current federal benefit$(19,190)$— $(74)
Current state expense86 91 31 
Deferred federal expense (benefit)15,140 (3,564)(813)
Deferred state expense (benefit)1 (93)210 
Income tax expense (benefit)$(3,963)$(3,566)$(646)
Schedule of Effective Income Tax Expense (Benefit)
The difference between the year ended effective tax rate in income tax expense (benefit) and the Federal statutory rate of 21% is as follows:
202020192018
(thousands of dollars)
Income taxes at U.S. statutory rate$211 $(3,455)$(661)
State taxes, net of federal benefit71 256 234 
Net operating loss carryback(4,655)— — 
Research and development credits(518)(203)(263)
Permanent and other items928 (164)44 
Total tax expense (benefit)$(3,963)$(3,566)$(646)
Tax Effects of Temporary Differences Tax effects of temporary differences that give rise to significant portions of federal and state deferred tax assets and deferred tax liabilities were as follows:
December 31,
20202019
(thousands of dollars)
Deferred tax liabilities:
Plant, pipeline and equipment$(31,119)$(29,227)
Other assets(31)(32)
Operating lease asset(2,211)(2,838)
Total deferred tax liabilities$(33,361)$(32,097)
Deferred tax assets:
Net operating loss carryforward— 11,685 
Intangible assets3,396 3,699 
Operating lease liability2,211 2,838 
Stock-based compensation956 1,093 
Investment in AMAK— 589 
Accounts receivable65 240 
Mineral interests226 226 
Interest expense carryforward— 211 
General business credit— 140 
Inventory146 111 
Post-retirement benefits70 71 
Charitable contributions— 45 
Gross deferred tax assets7,070 20,948 
Valuation allowance(226)(226)
Total net deferred tax assets$6,844 $20,722 
Net deferred tax liabilities$(26,517)$(11,375)