Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Components of Income Tax Expense (Benefit) |
Components of income tax expense (benefit) were as follows (in thousands):
|
|
Year Ended December 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
Current
|
$
|
35
|
|
|
$
|
(12,786
|
)
|
|
$
|
(71,768
|
)
|
|
Deferred
|
|
500
|
|
|
|
217
|
|
|
|
28,392
|
|
|
Total income tax expense (benefit)
|
$
|
535
|
|
|
$
|
(12,569
|
)
|
|
$
|
(43,376
|
)
|
|
| Reconciliation of Income Taxes Computed to Income Tax Expense (Benefit) |
The reconciliation of income taxes computed at the U.S. federal statutory tax rate to our income tax expense (benefit) is as follows (in thousands, except percentages):
|
|
Year Ended December 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
Income tax expense (benefit) at the federal
statutory rate
|
$
|
52,366
|
|
|
|
21.0
|
%
|
|
$
|
23,490
|
|
|
|
35.0
|
%
|
|
$
|
(102,339
|
)
|
|
|
35.0
|
%
|
|
Compensation adjustments
|
|
457
|
|
|
|
0.2
|
|
|
|
664
|
|
|
|
1.0
|
|
|
|
4,920
|
|
|
|
(1.7
|
)
|
|
State income taxes
|
|
560
|
|
|
|
0.2
|
|
|
|
63
|
|
|
|
0.1
|
|
|
|
(755
|
)
|
|
|
0.2
|
|
|
Debt restructuring cost
|
|
—
|
|
|
|
—
|
|
|
|
18
|
|
|
|
—
|
|
|
|
1,463
|
|
|
|
(0.5
|
)
|
|
Impact of U.S. tax reform
|
|
487
|
|
|
|
0.2
|
|
|
|
105,933
|
|
|
|
157.8
|
|
|
|
—
|
|
|
|
—
|
|
|
Gain on exchange of debt
|
|
—
|
|
|
|
—
|
|
|
|
(24,981
|
)
|
|
|
(37.2
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Valuation allowance
|
|
(53,980
|
)
|
|
|
(21.7
|
)
|
|
|
(118,643
|
)
|
|
|
(176.8
|
)
|
|
|
52,915
|
|
|
|
(18.1
|
)
|
|
Other
|
|
645
|
|
|
|
0.3
|
|
|
|
887
|
|
|
|
1.4
|
|
|
|
420
|
|
|
|
(0.1
|
)
|
|
Total income tax expense (benefit)
|
$
|
535
|
|
|
|
0.2
|
%
|
|
$
|
(12,569
|
)
|
|
(18.7
|
%)
|
|
$
|
(43,376
|
)
|
|
|
14.8
|
%
|
|
| Significant Components of Deferred Tax Assets and Liabilities |
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities were as follows (in thousands):
|
|
December 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
Derivatives
|
$
|
11,139
|
|
|
$
|
—
|
|
|
Investment in non-consolidated entity
|
|
6,875
|
|
|
|
—
|
|
|
Other
|
|
812
|
|
|
|
695
|
|
|
Total deferred tax liabilities
|
|
18,826
|
|
|
|
695
|
|
|
Deferred tax assets:
|
|
|
|
|
|
|
|
|
Property and equipment
|
|
3,934
|
|
|
|
18,234
|
|
|
Asset retirement obligations
|
|
65,811
|
|
|
|
63,755
|
|
|
Federal net operating losses
|
|
10,039
|
|
|
|
18,988
|
|
|
State net operating losses
|
|
7,133
|
|
|
|
7,126
|
|
|
Interest expense carryover
|
|
41,814
|
|
|
|
—
|
|
|
Exchange transaction
|
|
—
|
|
|
|
55,807
|
|
|
Share-based compensation
|
|
583
|
|
|
|
1,335
|
|
|
Valuation allowance
|
|
(117,764
|
)
|
|
|
(171,547
|
)
|
|
Other
|
|
7,091
|
|
|
|
6,805
|
|
|
Total deferred tax assets
|
|
18,641
|
|
|
|
503
|
|
|
Net deferred tax liabilities
|
$
|
(185
|
)
|
|
$
|
(192
|
)
|
|
| Net Operating Loss, Interest and Tax Credit Carryovers |
The table below presents the details of our net operating loss and tax credit carryovers as of December 31, 2018 (in thousands):
|
|
Amount
|
|
|
Expiration Year
|
|
Federal net operating loss
|
$
|
47,804
|
|
|
N/A
|
|
State net operating losses
|
|
117,835
|
|
|
2025-2036
|
|
Interest limitation carryover
|
|
197,049
|
|
|
N/A
|
|
| Balances in Uncertain Tax Positions |
Balances in the uncertain tax positions are as follows (in thousands):
|
|
December 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
Balance, beginning and end of period
|
$
|
9,482
|
|
|
$
|
9,482
|
|
|