Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
Income tax expenses and benefits included in the consolidated statements of operations are detailed below:
Year Ended December 31,
(in thousands)202020192018
Current taxes
Federal$— $— $— 
State— — — 
— — — 
Deferred taxes
Federal80,091 (5,396)(56,365)
State5,033 (401)(3,075)
85,124 (5,797)(59,440)
Income tax (expense) benefit$85,124 $(5,797)$(59,440)
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the statutory federal income tax expense, which is calculated at the federal statutory rate of 21%, to the income tax expense from continuing operations provided for the periods presented, is as follows:
Year Ended December 31,
(in thousands)202020192018
Income tax (expense) benefit at the federal statutory rate$161,768 $(4,664)$(57,157)
State income tax (expense) benefit - net of federal benefit9,046 (383)(3,075)
Noncontrolling interest in partnership(496)129 2,696 
Stock-based compensation(8,047)(780)(1,825)
Nondeductible expenses(151)(99)(79)
Change in valuation allowance(76,996)— — 
Income tax (expense) benefit$85,124 $(5,797)$(59,440)
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to significant positions of the deferred income tax assets and liabilities are presented below:
(in thousands)December 31, 2020December 31, 2019
Deferred tax assets:  
Net operating loss carryforwards$107,897 $88,043 
Capitalized intangible drilling cost110,590 100,307 
Stock-based compensation4,871 8,284 
Derivative assets3,985 — 
Asset retirement obligations3,722 — 
Interest expense— 18,722 
Other assets637 295 
Total deferred tax assets231,702 215,651 
Deferred tax liabilities:
Investment in CRP— (301,155)
Oil and gas properties(155,748)— 
Other liabilities(1,547)— 
Total deferred tax liabilities(157,295)(301,155)
Valuation Allowance(76,996)— 
Net deferred tax asset (liability)$(2,589)$(85,504)