Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Summary of Provision for Income Taxes from Continuing Operations
The following table summarizes our provision for income taxes for the periods presented:
  Year Ended December 31,
  2022 2021 2020
Current income tax expense (benefit)  
Federal $ —  $ —  $ (1,236)
State 764  311  357 
Total current income tax expense (benefit) 764  311  (879)
Deferred income tax expense (benefit)  
Federal —  —  1,236 
State 3,422  1,249  (2,660)
Total deferred income tax expense (benefit) 3,422  1,249  (1,424)
Income tax expense (benefit) $ 4,186  $ 1,560  $ (2,303)
Income Taxes Reconciliation
The following table reconciles the difference between the income tax expense (benefit) computed by applying the statutory tax rate to our income (loss) before income taxes and our reported income tax expense (benefit) for the periods presented:
  Year Ended December 31,
  2022 2021 2020
Tax computed at federal statutory rate $ 98,428  21.0  % $ 21,100  21.0  % $ (65,701) 21.0  %
State income taxes, net of federal income tax benefit 4,186  0.9  % 1,560  1.6  % (1,856) 0.6  %
Change in valuation allowance (44,070) (9.4) % (9,348) (9.3) % 64,062  (20.5) %
Noncontrolling interest (52,299) (11.2) % (12,501) (12.4) % —  —  %
Other, net (2,059) (0.4) % 749  0.7  % 1,192  (0.4) %
Income tax expense (benefit) $ 4,186  0.9  % $ 1,560  1.6  % $ (2,303) 0.7  %
Summary of Principal Components of Net Deferred Income Tax Liability
The following table summarizes the principal components of our deferred income tax assets and liabilities as of the dates presented:
  December 31,
  2022 2021
Deferred tax assets:    
Net operating loss (“NOL”) carryforwards $ 194,819  $ 203,243 
Asset retirement obligations 66  63 
Property and equipment 27,530  24,585 
Fair value of derivative instruments 310  493 
Interest expense limitation 13,443  13,747 
Other —  18 
Total deferred tax assets 236,168  242,149 
Less: Valuation allowance (158,017) (205,617)
Total net deferred tax assets $ 78,151  $ 36,532 
Deferred tax liabilities:
Property and equipment $ 6,592  $ 3,357 
Investment in the Partnership 77,713  35,968 
Other 62  — 
Total deferred tax liabilities $ 84,367  $ 39,325 
Net deferred tax liabilities $ (6,216) $ (2,793)