Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAXES (Tables)

v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision (Benefit)
The components of income tax benefits were as follows (in thousands):
Year Ended December 31, 2024 Year Ended December 31, 2023 Year Ended December 31, 2022
Current:
State $ —  $ —  $ — 
Federal —  —  — 
Deferred:
State 11,747  (26,704) — 
Federal (67,824) (498,452) — 
Total income tax benefit provision $ (56,077) $ (525,156) $ — 
Schedule of Reconciliation to the Statutory Federal Income Tax
A reconciliation of the statutory federal income tax amount to the recorded benefit follows (in thousands):
Year Ended December 31, 2024 Year Ended December 31, 2023 Year Ended December 31, 2022
Income (loss) before federal income taxes $ (317,463) $ 945,760  $ 494,701 
Expected income tax at statutory rate (66,668) 198,610  103,887 
State income taxes 4,765  (2,581) 2,227 
Remeasurement of state deferred tax asset 54  —  13,869 
Return to provision 5,800  (5,592) (17,075)
Other differences 1,857  1,982  1,117 
Change in valuation allowance due to current year activity (1,885) (717,575) (104,025)
Income tax benefit recorded $ (56,077) $ (525,156) $ — 
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences and net operating loss carryforwards, which give rise to deferred tax assets and liabilities at December 31, 2024 and December 31, 2023 are estimated as follows (in thousands): 
Year Ended December 31, 2024 Year Ended December 31, 2023
Deferred tax assets:
Net operating loss carryforward and tax credits $ 345,770  $ 399,017 
Oil and gas property basis difference 194,412  143,769 
Investment in pass through entities 65,210  68,114 
Stock-based compensation expense 1,821  1,262 
Change in fair value of derivative instruments 6,106  — 
Other assets 56,849  52,730 
Total deferred tax assets 670,168  664,892 
Valuation allowance for deferred tax assets (83,695) (85,757)
Deferred tax assets, net of valuation allowance 586,473  579,135 
Deferred tax liabilities:
Change in fair value of derivative instruments 3,401  50,448 
Right of use asset 1,281  3,003 
Other 558  528 
Total deferred tax liabilities 5,240  53,979 
Net deferred tax asset $ 581,233  $ 525,156