Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| 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,
|
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
Current
|
$
|
(12,786
|
)
|
|
$
|
(71,768
|
)
|
|
$
|
288
|
|
|
Deferred
|
|
217
|
|
|
|
28,392
|
|
|
|
(203,272
|
)
|
|
Total income tax (benefit)
|
$
|
(12,569
|
)
|
|
$
|
(43,376
|
)
|
|
$
|
(202,984
|
)
|
|
| Reconciliation of Income Taxes Computed to Income Tax Benefit |
The reconciliation of income taxes computed at the U.S. federal statutory tax rate to our income tax benefit is as follows (in thousands, except percentages):
|
|
Year Ended December 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
Income tax (benefit) at the federal statutory rate
|
$
|
23,490
|
|
|
|
35.0
|
%
|
|
$
|
(102,339
|
)
|
|
|
35.0
|
%
|
|
$
|
(436,696
|
)
|
|
|
35.0
|
%
|
|
Share-based compensation
|
|
664
|
|
|
|
1.0
|
|
|
|
4,920
|
|
|
|
(1.7
|
)
|
|
|
2,940
|
|
|
|
(0.2
|
)
|
|
State income taxes
|
|
63
|
|
|
|
0.1
|
|
|
|
(755
|
)
|
|
|
0.2
|
|
|
|
(2,343
|
)
|
|
|
0.2
|
|
|
Debt restructuring cost
|
|
18
|
|
|
|
—
|
|
|
|
1,463
|
|
|
|
(0.5
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Change in statutory federal tax rate
|
|
105,933
|
|
|
|
157.8
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Gain on exchange of debt
|
|
(24,981
|
)
|
|
|
(37.2
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Valuation allowance
|
|
(118,643
|
)
|
|
|
(176.8
|
)
|
|
|
52,915
|
|
|
|
(18.1
|
)
|
|
|
232,925
|
|
|
|
(18.7
|
)
|
|
Other
|
|
887
|
|
|
|
1.4
|
|
|
|
420
|
|
|
|
(0.1
|
)
|
|
|
190
|
|
|
|
—
|
|
|
Total income tax (benefit)
|
$
|
(12,569
|
)
|
|
|
(18.7
|
%)
|
|
$
|
(43,376
|
)
|
|
|
14.8
|
%
|
|
$
|
(202,984
|
)
|
|
|
16.3
|
%
|
|
| 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,
|
|
|
|
2017
|
|
|
2016
|
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
Other
|
$
|
695
|
|
|
$
|
1,423
|
|
|
Total deferred tax liabilities
|
|
695
|
|
|
|
1,423
|
|
|
Deferred tax assets:
|
|
|
|
|
|
|
|
|
Property and equipment
|
|
18,234
|
|
|
|
42,385
|
|
|
Asset retirement obligations
|
|
63,755
|
|
|
|
117,588
|
|
|
Federal net operating losses
|
|
18,988
|
|
|
|
—
|
|
|
State net operating losses
|
|
7,126
|
|
|
|
5,615
|
|
|
Exchange transaction
|
|
55,807
|
|
|
|
118,467
|
|
|
Share-based compensation
|
|
1,335
|
|
|
|
2,353
|
|
|
Valuation allowance
|
|
(171,547
|
)
|
|
|
(290,190
|
)
|
|
Other
|
|
6,805
|
|
|
|
4,798
|
|
|
Total deferred tax assets
|
|
503
|
|
|
|
1,016
|
|
|
Net deferred tax assets (liabilities)
|
$
|
(192
|
)
|
|
$
|
(407
|
)
|
|
| Net Operating Loss and Tax Credit Carryovers |
The table below presents the details of our net operating loss and tax credit carryovers as of December 31, 2017 (in thousands):
|
|
Amount
|
|
|
Expiration Year
|
|
Federal net operating loss
|
$
|
18,988
|
|
|
2037
|
|
State net operating losses
|
|
118,027
|
|
|
2025-2036
|
|
| Balances in Uncertain Tax Positions |
Balances in the uncertain tax positions are as follows (in thousands):
|
|
December 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
Balance, beginning and end of period
|
$
|
9,482
|
|
|
$
|
9,482
|
|
|