Income Tax (Tables)

6 Months Ended

Jun. 30, 2026

The differences between the statutory U.S. federal income tax rate and the effective tax rates are summarized as follows:


Six Months Ended
June 30, 2026	June 30, 2025
U.S. federal statutory tax rate	21.0%	21.0%
State income taxes, net of federal tax benefit	4.5%	4.4%
Federal credits(a)	(43.8)%	(42.9)%
Other, net	0.6%	1.3%
Effective tax rate	(17.7)%	(16.2)%

(a)Federal tax credits consist primarily of the marginal well tax credit. Because the credit is a dollar amount determined

independently of pre-tax results, its impact, expressed as a percentage of pre-tax income (loss), can be positive or negative based

on the Company's forecasted annual pre-tax book income (loss) used in the estimated annual effective tax rate.