Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The table below presents the components of our provision for income tax (expense) benefit for the periods presented:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Current:
Federal	$	—	$	1,592	$	1,366
State	(200)		(220)		(300)
Total current income tax benefit	(200)		1,372		1,066
Deferred:
Federal	(23,790)		5,460		4,507
State	(2,593)		1,070		(2,251)
Total deferred income tax (expense) benefit	(26,383)		6,530		2,256
Income tax (expense) benefit	$	(26,583)	$	7,902	$	3,322

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The following table presents a reconciliation of the federal statutory rate to the effective tax rate related to our (expense) benefit for income taxes for the periods presented:


	Year Ended December 31,
	2021		2020		2019
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
State income tax, net	3.2		3.0		3.6
Federal tax credits	—		—		(3.3)
Effect of state income tax rate changes	—		0.2		(6.4)
Change in valuation allowance	(19.8)		(22.1)		(0.6)
Non-deductible compensation	0.3		(0.6)		(5.0)
Non-deductible acquisition costs	—		(0.1)		(2.3)
Non-deductible government relations	0.1		(0.1)		(1.0)
Other non-deductible items	—		—		(0.5)


Other	—		(0.2)		—
Effective tax rate	4.8	%	1.1	%	5.5	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of the dates indicated:


	December 31,
	2021		2020
	(in thousands)
Deferred tax assets:
Deferred compensation	$	9,949	$	10,472
Asset retirement obligations	38,274		39,371
Federal NOL carryforward	97,555		97,880
State NOL and tax credit carryforwards, net	20,266		21,034
Federal tax - credit carryforwards	3,059		3,059

Net change in fair value of unsettled commodity derivatives	88,053		18,351
Prepaid revenue	3,854		4,364
Other	4,454		5,741
Valuation allowance	(56,634)		(165,575)
Total gross deferred tax assets	208,830		34,697

Deferred tax liabilities:
Properties and equipment	235,213		33,183


Convertible debt	—		1,514
Total gross deferred tax liabilities	235,213		34,697
Net deferred tax liability	$	26,383	$	—