Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of components of provision for income taxes

The provision for income taxes consisted of the following:

	For the Years Ended December 31,
	2024			2023			2022
	(in thousands)
Current portion of income tax (expense) benefit
Federal	$	(18,168)		$	(8,461)		$	(9,230)
State	(2,776)			395			(5,531)
Deferred portion of income tax expense	(174,986)			(88,256)			(269,057)
Income tax expense	$	(195,930)		$	(96,322)		$	(283,818)
Effective tax rate	20.3		%	10.5		%	20.3		%

Schedule of components of net deferred income tax liabilities

The components of the net deferred tax liabilities are as follows:

	As of December 31,
	2024		2023
	(in thousands)
Deferred tax liabilities:
Oil and gas properties excluding asset retirement obligation liabilities	$	596,401	$	450,634
Derivative assets	8,336		12,319
Other	6,391		6,283
Total deferred tax liabilities	611,128		469,236
Deferred tax assets:
Asset retirement obligation liabilities	32,503		26,592
Credit carryover, net	19,079		56,097
Lease liabilities	4,042		4,454
Legal liabilities	3,168		2,838
Federal and state tax net operating loss carryovers	2,837		3,271
Equity compensation	2,387		725
Pension	1,089		2,453
Other	1,607		4,309
Total deferred tax assets	66,712		100,739
Valuation allowance	(879)		(1,406)
Net deferred tax assets	65,833		99,333
Net deferred tax liabilities	$	545,295	$	369,903
Current federal income tax refundable (payable)	$	2,362	$	(4,899)
Current state income tax refundable (payable)	$	(118)	$	1,253

Schedule of effective income tax rate reconciliation

Income tax expense or benefit differs from the amount that would be calculated by applying the statutory United States federal income tax rate to income or loss before income taxes. These differences primarily relate to the effect of federal tax credits, state income taxes, changes in valuation allowances, excess tax benefits and deficiencies from stock-based compensation awards, tax deduction limitations on compensation of covered individuals, the cumulative effect of other smaller permanent differences, and can also reflect the cumulative effect of an enacted tax rate change, in the period of enactment, on the Company’s net deferred tax asset and liability balances. These differences for the years ended December 31, 2024, 2023, and 2022, are presented below:

	For the Years Ended December 31,
	2024		2023		2022
	(in thousands)
Federal statutory tax expense	$	(202,907)	$	(191,983)	$	(293,112)
(Increase) decrease in tax resulting from:
Net federal R&D tax credit	16,909		92,420		—
Change in valuation allowance	527		210		16,845
State tax (expense) benefit, net of federal effect	(8,977)		5,166		(9,870)
Other	(1,482)		(2,135)		2,319
Income tax expense	$	(195,930)	$	(96,322)	$	(283,818)

Schedule of Unrecognized Tax Benefits Roll Forward

The total amount recorded for unrecognized tax benefits is presented below:

	For the Years Ended December 31,
	2024		2023		2022
	(in thousands)
Beginning balance	$	24,159	$	446	$	446
Additions based on tax positions related to current year	4,654		23,713		—
Ending balance	$	28,813	$	24,159	$	446