INCOME TAXES |
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAXES | The Company recorded no current tax provision and a deferred income tax benefit of $0.7 million for the three months ended March 31, 2026. The Company recorded a current income tax provision of $23.0 million and a deferred income tax provision of $59.9 million for the three months ended March 31, 2025. The decrease in the current and deferred income tax provision for the three months ended March 31, 2026 compared to the respective period of 2025 was primarily the result of both lower book earnings and the One Big Beautiful Bill Act of 2025 (the “OBBBA”). See Note 8, Income Taxes, of the Company’s Annual Report for further details of the provisions of the OBBBA that most significantly affect its income taxes. The Company’s effective income tax rate of 2% for the three months ended March 31, 2026 differed from the U.S. federal statutory rate primarily due to the impact of permanent differences between book and tax income recognized discretely in the current period relative to the loss before income taxes. The Company’s effective tax rate of 26% for the three months ended March 31, 2025 differed from the U.S. federal statutory rate primarily due to state taxes in New Mexico. The Company did not make any payments for income taxes during the three months ended March 31, 2026 and 2025. The Company’s cash refunds received for income taxes during the three months ended March 31, 2026 and 2025 are as follows (in thousands).
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