Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.20.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Income tax expense provision (benefit)
The income tax provision (benefit) for the years ended December 31, 2020, 2019, and 2018 consists of the following:

 (In thousands) 2020 2019 2018
Current
Federal $ (376) $ (210) $ (420)
State —  —  — 
Deferred      
Federal (175,309) (16,676) 91,958 
State (17,778) (3,578) 11,636 
Valuation Allowance 193,297  20,464  (103,229)
Total Tax Benefit $ (166) $ —  $ (55)
Reconciliation of reported amount of income tax expense (benefit)
The following is a reconciliation of the reported amount of income tax benefit for the years ended December 31, 2020, 2019, and 2018 to the amount of income tax expenses that would result from applying the statutory rate to pretax income (loss).

 (In thousands) 2020 2019 2018
Income (Loss) Before Taxes and NOL $ (906,207) $ (76,318) $ 143,634 
Federal Statutory Rate 21.00  % 21.00  % 21.00  %
Taxes Computed at Federal Statutory Rates (190,303) (16,027) 30,163 
State Taxes, Net of Federal Taxes (20,881) (2,630) 9,143 
Deferred Tax Adjustment 3,686  (1,891) — 
Share Based Compensation Tax Deficiency —  33  316 
Net Operating Loss Adjustment 12,494  —  — 
Section 382 Limitation —  —  63,573 
Other 1,541  51  (21)
Valuation Allowance 193,297  20,464  (103,229)
Reported Tax Benefit $ (166) $ —  $ (55)
Components of deferred tax asset (liability)
The significant components of the Company’s deferred tax assets (liabilities) were as follows:

  Year Ended December 31,
(in thousands) 2020 2019
Net Operating Loss (NOLs) and Tax Credit Carryforwards $ 123,121  $ 91,392 
Share Based Compensation 93  190 
Accrued Interest 1,012  1,061 
Allowance for Doubtful Accounts 902  1,117 
Crude Oil and Natural Gas Properties and Other Properties 222,668  (11,447)
Interest Carryforwards —  49,011 
Derivative Instruments (10,104) 13,196 
Other (198) (112)
Total Net Deferred Tax Assets (Liabilities) Before Valuation Allowance 337,494  144,408 
Valuation Allowance (337,494) (144,198)
Total Net Deferred Tax Assets $ —  $ 210