Our deferred income tax assets and liabilities at December 31, 2011 and 2010 consist of the tax
effect of income tax carryforwards and differences related to the timing of recognition of certain types
of costs as follows (in thousands):
December 31,
2011
2010
Deferred tax assets
Net operating loss . . . . . . . . . . . . . . . . . . . . . . $
372,300 $
70,746
Tax credits . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52,497
53,265
Stock-based compensation, commodity
derivative contracts and other . . . . . . . . . . .
56,431
82,005
Oil and gas acquisition, exploration and
development operations . . . . . . . . . . . . . . . .
-
223,909
481,228
429,925
Deferred tax liabilities
Commodity derivative contracts . . . . . . . . . . .
(24,091)
-
Net oil and gas acquisition, exploration and
development operations and other . . . . . . .
(1,898,311)
(1,710,889)
Net deferred tax liability
. . . . . . . . . . . . . . . . . . $
(1,441,174) $
(1,280,964)
Current asset
. . . . . . . . . . . . . . . . . . . . . . . . . . . $
20,723 $
74,086
Long-term liability
. . . . . . . . . . . . . . . . . . . . . . .
(1,461,897)
(1,355,050)
Net deferred tax liability
. . . . . . . . . . . . . . . . . . $
(1,441,174) $
(1,280,964)
Tax carryforwards at December 31, 2011, which are available for future utilization on income tax
returns, are as follows (in thousands):
FEDERAL - PXP and Consolidated
Subsidiaries
Amount Expiration
Alternative minimum tax (AMT) credit . . . . $ 2,242
-
Enhanced oil recovery credit . . . . . . . . . . . .
35,424
2025
Net operating loss – regular tax . . . . . . . . .
753,469 2027 - 2031
Net operating loss – AMT tax
385,318
2031
FEDERAL – Plains Offshore
Net operating loss – regular tax . . . . . . . . . $ 3,549
2031
Net operating loss – AMT tax . . . . . . . . . . .
908
2031
STATE – PXP and Combined
Subsidiaries
AMT credit . . . . . . . . . . . . . . . . . . . . . . . . . . $
521
-
Enhanced oil recovery credit . . . . . . . . . . . .
22,296 2016 - 2020
Net operating loss – regular tax . . . . . . . . . 2,014,626 2021 - 2031
Net operating loss – AMT tax . . . . . . . . . . .
318,813
2031
F-36