INCOME TAXES |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2025 | |||
| INCOME TAXES | |||
| INCOME TAXES |
For the six months ended June 30, 2025 and 2024, we recorded income taxes using an estimated annual effective tax rate based upon projected annual income (loss), forecasted permanent tax differences, discrete items, and statutory rates in states in which we operate. The effective tax rate for the six months ended June 30, 2025 and 2024, was ~ 0% due to recording of a full valuation allowance and ~23%, respectively. Historically, our actual effective tax rates have differed from the statutory effective rate primarily due to the benefit received from statutory percentage depletion in excess of tax basis. The deduction for statutory percentage depletion does not necessarily change proportionately to changes in income (loss) before income taxes. |