v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
The provision for income taxes consists of the following (in thousands):
Year Ended December 31,
202420232022
Current tax expense (benefit)
Federal$4,669 $(25,537)$51,246 
State3,530 (4,460)16,950 
Total current tax expense (benefit)8,199 (29,997)68,196 
Deferred tax expense
Federal223,636 238,426 289,578 
State12,137 6,737 47,924 
Total deferred tax expense
235,773 245,163 337,502 
Total income tax expense
$243,972 $215,166 $405,698 
Schedule of Temporary Differences, Deferred Tax Assets and Liabilities
Temporary differences between the financial statement carrying amounts and tax basis of assets and liabilities that give rise to the net deferred tax liability and asset result from the following components (in thousands):
As of December 31,
20242023
Deferred tax liabilities:
Oil and gas properties$1,484,161 $1,200,521 
Right-of-use assets25,553 22,654 
Commodity derivative contracts6,429 — 
Total deferred tax liabilities1,516,143 1,223,175 
Deferred tax assets:
Federal and state tax net operating loss carryforward468,813 504,922 
Interest expense carryforward
97,234 33,564 
Asset retirement obligations107,380 79,718 
Commodity derivative contracts— 7,251 
Inventory211 213 
Stock-based compensation10,079 7,327 
Lease liability25,803 22,866 
Transaction costs6,450 6,078 
Other long-term assets25,023 21,859 
Total deferred tax assets740,993 683,798 
Less: Valuation allowance25,404 25,404 
Total deferred tax assets after valuation allowance715,589 658,394 
Deferred income tax liabilities, net
$(800,554)$(564,781)
Schedule of Amount of Effective Income Tax Rate Reconciliation
Recorded income tax expense or benefit differs from the amount that would be provided by applying the statutory United States federal income tax rate of 21% to income before income taxes due to state income taxes and other changes outlined as follows (in thousands):
Year Ended December 31,
202420232022
Federal statutory tax expense$227,366 $210,458 $347,293 
Increase (decrease) in tax resulting from:
State tax expense, net of federal benefit28,894 26,081 58,658 
State tax rate change (13,202)(23,002)— 
Return to provision(1,314)(1,866)19,975 
Compensation of covered individuals4,851 5,689 6,138 
Stock-based compensation(1,309)(2,996)(3,343)
Bargain purchase gain— — (2,852)
Tax credits(1,784)— (1,405)
Change in valuation allowance— — (19,302)
Other470 802 536 
Total income tax expense
$243,972 $215,166 $405,698