Rendering
| Component: (Network and Table) |
|---|
| Network | 100370 - Disclosure - Income Taxes (Tables) (http://www.memorialpp.com/20161231/taxonomy/role/DisclosureIncomeTaxesTables) |
| Table | (Implied) |
Slicers (applies to each fact value in each table cell)
| Reporting Entity [Axis] | 0001521847 (http://www.sec.gov/CIK) |
| Income Tax Disclosure [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense (Benefit) |
The components of income tax benefit (expense) are as follows:
|
|
For the Year Ended December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
|
(In thousands) |
|
|
Current taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
$ |
6 |
|
|
$ |
(11 |
) |
|
$ |
— |
|
|
State |
|
8 |
|
|
|
(48 |
) |
|
|
(127 |
) |
|
Total current income tax benefit (expense) |
|
14 |
|
|
|
(59 |
) |
|
|
(127 |
) |
|
Deferred taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
8 |
|
|
|
1,193 |
|
|
|
2,057 |
|
|
State |
|
(195 |
) |
|
|
1,041 |
|
|
|
(509 |
) |
|
Total deferred income tax benefit (expense) |
|
(187 |
) |
|
|
2,234 |
|
|
|
1,548 |
|
|
Total income tax benefit (expense) |
$ |
(173 |
) |
|
$ |
2,175 |
|
|
$ |
1,421 |
|
|
Reconciliation of Income Tax Benefit (Provision) |
The actual income tax benefit (expense) differs from the expected amount computed by applying the federal statutory corporate tax rate of 35% as follows (in thousands):
|
|
For the Year Ended December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Expected tax benefit (expense) at federal statutory rate |
$ |
191,870 |
|
|
$ |
139,183 |
|
|
$ |
(39,966 |
) |
|
State income tax benefit (expense), net of federal benefit |
|
382 |
|
|
|
645 |
|
|
|
(1,907 |
) |
|
Pass-through entities (1) |
|
(191,921 |
) |
|
|
(137,704 |
) |
|
|
42,000 |
|
|
Other |
|
(504 |
) |
|
|
51 |
|
|
|
1,294 |
|
|
Total income tax benefit (expense) |
$ |
(173 |
) |
|
$ |
2,175 |
|
|
$ |
1,421 |
|
|
|
(1) |
MEMP, a publicly traded partnership with qualifying income, is a pass-through entity for federal income tax purposes. | |
Components of Net Deferred Income Tax Liabilities |
The components of net deferred income tax liabilities recognized were as follows:
|
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
|
(In thousands) |
|
|
Deferred income tax assets: |
|
|
|
|
|
|
|
|
Net operating loss carryforward |
$ |
9 |
|
|
$ |
56 |
|
|
Asset retirement obligation |
|
875 |
|
|
|
694 |
|
|
Other |
|
33 |
|
|
|
38 |
|
|
Total deferred income tax assets: |
|
917 |
|
|
|
788 |
|
|
Valuation allowance |
|
(865 |
) |
|
|
— |
|
|
Net deferred income tax assets |
|
52 |
|
|
|
788 |
|
|
|
|
|
|
|
|
|
|
|
Deferred income tax liabilities: |
|
|
|
|
|
|
|
|
Property, plant and equipment |
$ |
1,522 |
|
|
$ |
1,324 |
|
|
Derivatives |
|
770 |
|
|
|
1,514 |
|
|
Other |
|
40 |
|
|
|
44 |
|
|
Total deferred income tax liabilities |
|
2,332 |
|
|
|
2,882 |
|
|
|
|
|
|
|
|
|
|
|
Net deferred income tax liabilities |
$ |
2,280 |
|
|
$ |
2,094 |
|
|