Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of the Company’s income tax expense are as follows:

	Years Ended December 31,
	2023	2022*	2021*
	(In thousands)
Current
Federal	($2,271)	$2,977	$—
State	(266)	4,537	180
Total current income tax expense (benefit)	(2,537)	7,514	180
Deferred
Federal	(188,911)	—	—
State	1,640	6,308	—
Total deferred income tax expense (benefit)	(187,271)	6,308	—
Total income tax expense (benefit)	($189,808)	$13,822	$180

*Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the income tax expense calculated at the federal statutory rate of 21% to income tax expense is as follows:

	Years Ended December 31,
	2023	2022*	2021*
	(In thousands)
Income before income taxes	$211,393	$1,033,265	$133,741
Income tax expense computed at the statutory federal income tax rate	44,393	216,986	28,086
State income tax expense (benefit), net of federal benefit	1,430	11,393	2,905
Non-deductible expenses related to capital structure transactions	—	(2,896)	(11,875)
Equity based compensation	385	(1,496)	564
Other	2,364	(1,223)	10,247
Change in valuation allowance	(238,380)	(208,942)	(29,747)
Income tax expense (benefit)	($189,808)	$13,822	$180

*Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2023 and 2022, the net deferred income tax assets and liabilities are comprised of the following:

	As of December 31,
	2023	2022*
	(In thousands)
Deferred tax assets
Federal net operating loss carryforward and credits	$412,401	$359,784
Net interest expense limitation	84,202	74,628
Derivative instruments	6,507	12,758
Operating lease right-of-use assets	15,724	13,180
Asset retirement obligations	10,165	13,049
Unvested RSU equity awards	6,214	5,391
Other	4,260	11,675
Total deferred tax assets	$539,473	$490,465
Deferred income tax valuation allowance	—	(238,380)
Net deferred tax assets	$539,473	$252,085
Deferred tax liability
Oil and natural gas properties	($346,050)	($248,508)
Operating lease liabilities	(12,460)	(9,885)
Total deferred tax liability	($358,510)	($258,393)
Net deferred tax asset (liability)	$180,963	($6,308)

*Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.