Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Our income tax provision (benefit) is as follows:



	Year Ended December 31,
In thousands	2018			2017			2016
Current income tax expense (benefit)
Federal	$	(17,885	)	$	(19,485	)	$	—
State	1,884			(1,388		)	(785		)
Total current income tax benefit	(16,001		)	(20,873		)	(785		)

Deferred income tax expense (benefit)
Federal	93,395			(113,863		)	(521,519		)
State	9,839			18,084			(21,866		)
Total deferred income tax expense (benefit)	103,234			(95,779		)	(543,385		)
Total income tax expense (benefit)	$	87,233		$	(116,652	)	$	(544,170	)

Deferred Tax Assets And Liabilities

Significant components of our deferred tax assets and liabilities as of December 31, 2018 and 2017 are as follows:



	December 31,
In thousands	2018			2017
Deferred tax assets
Loss carryforwards – federal	$	—		$	18,581
Loss and tax credit carryforwards – state	52,366			53,367
Tax credit carryover	—			20,270
Business credit carryforwards	79,528			73,057
Derivative contracts	—			23,024
Unrecognized gain and original issue discount on debt exchange	73,937			85,951
Accrued liabilities and other reserves	25,231			2,673
Other	32,257			29,681
Valuation allowance	(51,093		)	(51,134		)
Total deferred tax assets	212,226			255,470

Deferred tax liabilities
Property and equipment	(492,214		)	(450,629		)
Derivative contracts	(23,127		)	—
Other	(6,643		)	(2,940		)
Total deferred tax liabilities	(521,984		)	(453,569		)
Total net deferred tax liability	$	(309,758	)	$	(198,099	)

Income Tax Provision (Benefit) Continuing Operations Income Tax Reconciliation

Our reconciliation of income tax expense computed by applying the U.S. federal statutory rate and the reported effective tax rate on income from continuing operations is as follows:



	Year Ended December 31,
In thousands	2018			2017			2016
Income tax provision (benefit) calculated using the federal statutory income tax rate	$	86,086		$	16,275		$	(532,121	)
State income taxes, net of federal income tax benefit	11,968			2,764			(25,351		)
Tax shortfall (windfall) on stock-based compensation deduction	(1,565		)	5,567			9,557
Valuation allowance	(42		)	5,562			2,910
Enhanced oil recovery tax credits generated	(10,818		)	(11,307		)	—
Re-measurement of deferreds related to federal tax rate change	—			(132,224		)	—
Other	1,604			(3,289		)	835
Total income tax expense (benefit)	$	87,233		$	(116,652	)	$	(544,170	)