Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 15, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-14901 | |
Entity Registration Name | CNX Resources Corporation | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 51-0337383 | |
Entity Address, Address Line One | CNX Center | |
Entity Address, Address Line Two | 1000 CONSOL Energy Drive Suite 400 | |
Entity Address, City or Town | Canonsburg | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15317-6506 | |
City Area Code | 724 | |
Local Phone Number | 485-4000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 224,528,583 | |
Entity Central Index Key | 0001070412 | |
Current Fiscal Year End | --12-31 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Common Stock ($.01 par value) | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock ($.01 par value) | |
Trading Symbol | CNX | |
Security Exchange Name | NYSE | |
Preferred Share Purchase Rights | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Preferred Share Purchase Rights | |
Security Exchange Name | NYSE | |
No Trading Symbol Flag | true |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue and Other Operating Income: | ||||
(Loss) Gain on Commodity Derivative Instruments | $ (168,834) | $ 213,913 | $ (116,995) | $ 240,118 |
Other Revenue and Operating Income | 21,155 | 21,841 | 60,463 | 65,299 |
Total Revenue and Other Operating Income | 66,075 | 529,997 | 631,275 | 1,413,460 |
Operating Expense | ||||
Lease Operating Expense | 10,377 | 14,202 | 30,654 | 52,706 |
Production, Ad Valorem, and Other Fees | 5,994 | 6,127 | 17,540 | 20,103 |
Depreciation, Depletion and Amortization | 114,464 | 120,459 | 357,174 | 374,619 |
Purchased Gas Costs | 31,721 | 27,490 | 76,709 | 62,476 |
Impairment of Exploration and Production Properties | 0 | 0 | 61,849 | 0 |
Impairment of Goodwill | 0 | 0 | 473,045 | 0 |
Selling, General, and Administrative Costs | 22,714 | 24,307 | 76,350 | 109,016 |
Other Operating Expense | 23,284 | 19,746 | 70,561 | 61,197 |
Total Operating Expense | 279,505 | 298,599 | 1,385,298 | 939,234 |
Other Expense | ||||
Other Expense | 2,180 | 3,439 | 12,184 | 2,757 |
Gain on Asset Sales and Abandonments | (3,567) | (3,308) | (21,559) | (610) |
Loss (Gain) on Debt Extinguishment | 108 | 0 | (10,812) | 7,614 |
Interest Expense | 37,921 | 38,405 | 133,173 | 114,328 |
Total Other Expense | 36,642 | 38,536 | 112,986 | 124,089 |
Total Costs and Expenses | 316,147 | 337,135 | 1,498,284 | 1,063,323 |
(Loss) Earnings Before Income Tax | (250,072) | 192,862 | (867,009) | 350,137 |
Income Tax (Benefit) Expense | (61,279) | 48,902 | (242,507) | 78,133 |
Net (Loss) Income | (188,793) | 143,960 | (624,502) | 272,004 |
Less: Net Income Attributable to Noncontrolling Interest | 15,905 | 28,422 | 55,031 | 81,325 |
Net (Loss) Income Attributable to CNX Resources Shareholders | $ (204,698) | $ 115,538 | $ (679,533) | $ 190,679 |
(Loss) Earnings per Share | ||||
Basic (in usd per share) | $ (1.03) | $ 0.62 | $ (3.56) | $ 1.01 |
Diluted (in usd per share) | (1.03) | 0.61 | (3.56) | 1.01 |
Dividends Declared (in usd per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Natural Gas, NGL and Oil Revenue | ||||
Revenue and Other Operating Income: | ||||
Revenues | $ 182,213 | $ 265,051 | $ 609,483 | $ 1,043,862 |
Purchased Gas Revenue | ||||
Revenue and Other Operating Income: | ||||
Revenues | 31,541 | 29,192 | 78,324 | 64,181 |
Transportation, Gathering and Compression | ||||
Operating Expense | ||||
Cost of Goods Sold | 68,810 | 80,193 | 212,077 | 244,217 |
Exploration and Production Related Other Costs | ||||
Operating Expense | ||||
Cost of Goods Sold | $ 2,141 | $ 6,075 | $ 9,339 | $ 14,900 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (Loss) Income | $ (188,793) | $ 143,960 | $ (624,502) | $ 272,004 |
Other Comprehensive Income: | ||||
Actuarially Determined Long-Term Liability Adjustments (Net of tax: ($40), ($15), ($119), ($44)) | 112 | 41 | 335 | 126 |
Comprehensive (Loss) Income | (188,681) | 144,001 | (624,167) | 272,130 |
Less: Comprehensive Income Attributable to Noncontrolling Interest | 15,905 | 28,422 | 55,031 | 81,325 |
Comprehensive (Loss) Income Attributable to CNX Resources Shareholders | $ (204,586) | $ 115,579 | $ (679,198) | $ 190,805 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Adjustment For Actuarially Determined Liabilities | ||||
Other comprehensive income, tax expense | $ (40) | $ (15) | $ (119) | $ (44) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and Cash Equivalents | $ 150,132 | $ 16,283 |
Restricted Cash | 733 | 0 |
Accounts and Notes Receivable: | ||
Trade, net | 75,929 | 133,480 |
Other Receivables, net | 4,653 | 13,679 |
Supplies Inventories | 10,090 | 6,984 |
Recoverable Income Taxes | 644 | 62,425 |
Derivative Instruments | 77,608 | 247,794 |
Prepaid Expenses | 12,450 | 17,456 |
Total Current Assets | 332,239 | 498,101 |
Property, Plant and Equipment: | ||
Property, Plant and Equipment | 10,904,837 | 10,572,006 |
Less—Accumulated Depreciation, Depletion and Amortization | 3,841,699 | 3,435,431 |
Total Property, Plant and Equipment—Net | 7,063,138 | 7,136,575 |
Other Non-Current Assets: | ||
Operating Lease Right-of-Use Asset | 124,329 | 187,097 |
Investment in Affiliates | 15,685 | 16,710 |
Derivative Instruments | 160,098 | 314,096 |
Goodwill | 323,314 | 796,359 |
Other Intangible Assets | 91,733 | 96,647 |
Restricted Cash | 5,456 | 0 |
Other | 13,182 | 15,221 |
Total Other Non-Current Assets | 733,797 | 1,426,130 |
TOTAL ASSETS | 8,129,174 | 9,060,806 |
Current Liabilities: | ||
Accounts Payable | 117,004 | 202,553 |
Derivative Instruments | 144,545 | 41,466 |
Current Portion of Finance Lease Obligations | 7,419 | 7,164 |
Current Portion of Long-Term Debt | 22,488 | 0 |
Current Portion of Operating Lease Obligations | 52,032 | 61,670 |
Other Accrued Liabilities | 164,473 | 216,086 |
Total Current Liabilities | 507,961 | 528,939 |
Non-Current Liabilities: | ||
Long-Term Debt | 2,577,974 | 2,754,443 |
Finance Lease Obligations | 2,322 | 7,706 |
Operating Lease Obligations | 66,180 | 110,466 |
Derivative Instruments | 203,709 | 115,862 |
Deferred Income Taxes | 398,878 | 476,108 |
Asset Retirement Obligations | 61,761 | 63,377 |
Other | 40,213 | 41,596 |
Total Non-Current Liabilities | 3,351,037 | 3,569,558 |
TOTAL LIABILITIES | 3,858,998 | 4,098,497 |
Stockholders’ Equity: | ||
Common Stock, $.01 Par Value; 500,000,000 Shares Authorized, 224,528,583 Issued and Outstanding at September 30, 2020; 186,642,962 Issued and Outstanding at December 31, 2019 | 2,249 | 1,870 |
Capital in Excess of Par Value | 2,989,699 | 2,199,605 |
Preferred Stock, 15,000,000 shares authorized, None issued and outstanding | 0 | 0 |
Retained Earnings | 1,290,498 | 1,971,676 |
Accumulated Other Comprehensive Loss | (12,270) | (12,605) |
Total CNX Resources Stockholders’ Equity | 4,270,176 | 4,160,546 |
Noncontrolling Interest | 0 | 801,763 |
TOTAL STOCKHOLDERS' EQUITY | 4,270,176 | 4,962,309 |
TOTAL LIABILITIES AND EQUITY | $ 8,129,174 | $ 9,060,806 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Common Stock | ||
Common Stock, Par Value (in usd per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized (in shares) | 500,000,000 | 500,000,000 |
Common Stock, Issued (in shares) | 224,528,583 | 186,642,962 |
Common Stock, Outstanding (in shares) | 224,528,583 | 186,642,962 |
Preferred Stock | ||
Preferred Stock, Authorized (in shares) | 15,000,000 | 15,000,000 |
Preferred Stock, Issued (in shares) | 0 | 0 |
Preferred Stock, Outstanding (in shares) | 0 | 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings (Deficit) | Accumulated Other Comprehensive Income (Loss) | Total CNX Resources Stockholders’ Equity | Non- Controlling Interest |
Beginning Balance at Dec. 31, 2018 | $ 5,081,743 | $ 1,990 | $ 2,264,063 | $ 2,071,809 | $ (7,904) | $ 4,329,958 | $ 751,785 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (Loss) Income | 272,004 | 190,679 | 190,679 | 81,325 | |||
Issuance of Common Stock | 211 | 9 | 202 | 211 | |||
Purchase and Retirement of Common Stock | (115,477) | (129) | (101,558) | (13,790) | (115,477) | ||
Shares Withheld for Taxes | (6,284) | (5,594) | (5,594) | (690) | |||
Amortization of Stock-Based Compensation Awards | 36,557 | 35,076 | 35,076 | 1,481 | |||
Other Comprehensive Income | 126 | 126 | 126 | ||||
Distributions to CNXM Noncontrolling Interest Holders | (47,062) | (47,062) | |||||
Ending Balance at Sep. 30, 2019 | 5,221,818 | 1,870 | 2,197,783 | 2,243,104 | (7,778) | 4,434,979 | 786,839 |
Beginning Balance at Jun. 30, 2019 | 5,099,995 | 1,879 | 2,203,969 | 2,127,627 | (7,819) | 4,325,656 | 774,339 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (Loss) Income | 143,960 | 115,538 | 115,538 | 28,422 | |||
Issuance of Common Stock | 49 | 1 | 48 | 49 | |||
Purchase and Retirement of Common Stock | (7,697) | (10) | (7,687) | (7,697) | |||
Shares Withheld for Taxes | (61) | (61) | (61) | ||||
Amortization of Stock-Based Compensation Awards | 1,781 | 1,453 | 1,453 | 328 | |||
Other Comprehensive Income | 41 | 41 | 41 | ||||
Distributions to CNXM Noncontrolling Interest Holders | (16,250) | (16,250) | |||||
Ending Balance at Sep. 30, 2019 | 5,221,818 | 1,870 | 2,197,783 | 2,243,104 | (7,778) | 4,434,979 | 786,839 |
Beginning Balance at Dec. 31, 2019 | 4,962,309 | 1,870 | 2,199,605 | 1,971,676 | (12,605) | 4,160,546 | 801,763 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (Loss) Income | (624,502) | (679,533) | (679,533) | 55,031 | |||
Issuance of Common Stock | 1,805 | 8 | 1,797 | 1,805 | |||
Shares Withheld for Taxes | (1,954) | (1,645) | (1,645) | (309) | |||
Amortization of Stock-Based Compensation Awards | 11,909 | 10,424 | 10,424 | 1,485 | |||
Equity Component of Convertible Senior Notes, net of Issuance Costs | 78,317 | 78,317 | 78,317 | ||||
Purchase of Capped Call | (26,351) | (26,351) | (26,351) | ||||
Other Comprehensive Income | 335 | 335 | 335 | ||||
Distributions to CNXM Noncontrolling Interest Holders | (41,987) | (41,987) | |||||
CNXM Merger | (89,705) | 371 | 725,907 | 726,278 | (815,983) | ||
Ending Balance at Sep. 30, 2020 | 4,270,176 | 2,249 | 2,989,699 | 1,290,498 | (12,270) | 4,270,176 | 0 |
Beginning Balance at Jun. 30, 2020 | 4,566,954 | 1,878 | 2,261,729 | 1,495,197 | (12,382) | 3,746,422 | 820,532 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (Loss) Income | (188,793) | (204,698) | (204,698) | 15,905 | |||
Issuance of Common Stock | 151 | 151 | 151 | ||||
Shares Withheld for Taxes | (1) | (1) | (1) | ||||
Amortization of Stock-Based Compensation Awards | 2,503 | 1,902 | 1,902 | 601 | |||
Equity Component of Convertible Senior Notes, net of Issuance Costs | 10 | 10 | 10 | ||||
Other Comprehensive Income | 112 | 112 | 112 | ||||
Distributions to CNXM Noncontrolling Interest Holders | (21,055) | (21,055) | |||||
CNXM Merger | (89,705) | 371 | 725,907 | 726,278 | (815,983) | ||
Ending Balance at Sep. 30, 2020 | $ 4,270,176 | $ 2,249 | $ 2,989,699 | $ 1,290,498 | $ (12,270) | $ 4,270,176 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flows from Operating Activities: | ||
Net (Loss) Income | $ (624,502) | $ 272,004 |
Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities: | ||
Depreciation, Depletion and Amortization | 357,174 | 374,619 |
Amortization of Deferred Financing Costs | 14,602 | 6,057 |
Impairment of Exploration and Production Properties | 61,849 | 0 |
Impairment of Goodwill | 473,045 | 0 |
Stock-Based Compensation | 11,909 | 36,557 |
Gain on Asset Sales and Abandonments | (21,559) | (610) |
(Gain) Loss on Debt Extinguishment | (10,812) | 7,614 |
Loss (Gain) on Commodity Derivative Instruments | 116,995 | (240,118) |
Loss on Other Derivative Instruments | 14,389 | 0 |
Net Cash Received in Settlement of Commodity Derivative Instruments | 383,727 | 26,331 |
Deferred Income Taxes | (186,707) | 78,133 |
Equity in Loss (Earnings) of Affiliates | 1,025 | (1,703) |
Return on Equity Investment | 0 | 3,256 |
Changes in Operating Assets: | ||
Accounts and Notes Receivable | 64,843 | 154,715 |
Recoverable Income Taxes | 61,781 | 138,406 |
Supplies Inventories | (3,106) | 2,188 |
Prepaid Expenses | 4,700 | 5,725 |
Changes in Other Assets | 267 | 9 |
Changes in Operating Liabilities: | ||
Accounts Payable | (29,641) | 55,280 |
Accrued Interest | (13,967) | 2,359 |
Other Operating Liabilities | (40,479) | (31,689) |
Changes in Other Liabilities | (1,186) | (23,041) |
Net Cash Provided by Operating Activities | 634,347 | 866,092 |
Cash Flows from Investing Activities: | ||
Capital Expenditures | (395,236) | (964,502) |
Proceeds from Asset Sales | 31,981 | 15,276 |
Net Cash Used in Investing Activities | (363,255) | (949,226) |
Cash Flows from Financing Activities: | ||
Payments on Miscellaneous Borrowings | (5,348) | (5,322) |
Payments on Long-Term Notes | (518,865) | (405,876) |
Net Proceeds from CNXM Revolving Credit Facility | 31,250 | 162,000 |
Net (Payments on) Proceeds from CNX Revolving Credit Facility | (251,000) | |
Net (Payments on) Proceeds from CNX Revolving Credit Facility | 1,200 | |
Proceeds from Issuance of CNX Senior Notes | 207,000 | 500,000 |
Net Proceeds from CSG Non-Revolving Credit Facilities | 164,381 | 0 |
Proceeds from Issuance of Convertible Senior Notes | 334,650 | 0 |
Purchase of Capped Call Related to Convertible Senior Notes | (35,673) | 0 |
Distributions to CNXM Noncontrolling Interest Holders | (41,987) | (47,062) |
Proceeds from Issuance of Common Stock | 1,805 | 210 |
Shares Withheld for Taxes | (1,954) | (6,284) |
Purchases of Common Stock | 0 | (117,477) |
Debt Issuance and Financing Fees | (15,313) | (9,969) |
Net Cash (Used in) Provided by Financing Activities | (131,054) | 71,420 |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 140,038 | (11,714) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 16,283 | 17,198 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ 156,321 | $ 5,484 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION: The accompanying Unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for future periods. The Consolidated Balance Sheet at December 31, 2019 has been derived from the Audited Consolidated Financial Statements at that date but does not include all the notes required by generally accepted accounting principles for complete financial statements. For further information, refer to the Consolidated Financial Statements and related notes for the year ended December 31, 2019 included in CNX Resources Corporation's ("CNX," "CNX Resources," the "Company," "we," "us," or "our") Annual Report on Form 10-K as filed with the Securities and Exchange Commission (SEC) on February 10, 2020. On September 28, 2020, the Merger (as defined in Note 13 – Acquisitions and Dispositions) of CNX Midstream Partners LP (CNXM) was completed. Prior to the Merger, public unitholders held a 46.9% equity interest in CNXM and CNX owned the remaining 53.1% equity interest. The earnings of CNXM that were attributed to its common units held by the public prior to the Merger are reflected in net income attributable to noncontrolling interest in the Consolidated Statements of Income. There were no changes in our ownership interest in CNXM during the three and nine months ended September 30, 2019. Certain amounts in prior periods have been reclassified to conform to the current period presentation. Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the statement of cash flows: September 30, 2020 2019 Cash and Cash Equivalents $ 150,132 $ 5,484 Restricted Cash, Current Portion 733 — Restricted Cash, Less Current Portion 5,456 — Total Cash, Cash Equivalents, and Restricted Cash $ 156,321 $ 5,484 Restricted Cash Restricted cash consists of cash that the Company is contractually obligated to maintain in accordance with the terms of the Cardinal States Gathering LLC and CSG Holdings II LLC Credit Agreement, each dated March 13, 2020 (See Note 9 - Long-Term Debt for more information). Receivables On January 1, 2020, CNX adopted Accounting Standards Update (ASU) 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. CNX adopted Topic 326 using the prospective transition method. Prior to adopting Topic 326, CNX reserved for specific accounts receivable when it was probable that all or a part of an outstanding balance would not be collected, such as customer bankruptcies. Collectability was determined based on terms of sale, credit status of customers and various other circumstances. CNX regularly reviewed collectability and established or adjusted the allowance as necessary using the specific identification method. Account balances were charged off against the allowance after all means of collection had been exhausted and the potential for recovery was considered remote. Reserves for uncollectable amounts were not material in the periods presented. Under Topic 326, management records an allowance for credit losses related to the collectability of third-party customers' receivables using the historical aging of the customer receivable balance. The collectability is determined based on past events, including historical experience, customer credit rating, as well as current market conditions. CNX monitors customer ratings and collectability on an on-going basis. Account balances will be charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of September 30, 2020 and December 31, 2019, Accounts Receivable - Trade were $76,007 and $133,480, respectively, and Other Receivables were $9,167 and $16,142, respectively. The following represents the rollforward of the allowance for credit losses for the nine months ended: September 30, 2020 2019 Allowance for Credit Losses - Trade, Beginning of Year $ — $ — Provision for Expected Credit Losses 78 — Allowance for Credit Losses - Trade, End of Period $ 78 $ — Allowance for Credit Losses - Other Receivables, Beginning of Year $ 2,463 $ 2,038 Provision for Expected Credit Losses 2,974 389 Write-off of Uncollectible Accounts (923) (77) Allowance for Credit Losses - Other Receivables, End of Period $ 4,514 $ 2,350 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE: Basic earnings per share is computed by dividing net income attributable to CNX shareholders by the weighted average shares outstanding during the reporting period. Diluted earnings per share is computed similarly to basic earnings per share, except that the weighted average shares outstanding are increased to include, if dilutive, additional shares from stock options, performance stock options, restricted stock units, performance share units, and shares issuable upon conversion of CNX's outstanding Convertible Notes (See Note 9 - Long-Term Debt). The number of additional shares is calculated by assuming that outstanding stock options and performance share options were exercised, that outstanding restricted stock units and performance share units were released, and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period. Pursuant to the Merger (See Note 13 - Acquisitions and Dispositions for more information), all outstanding phantom units previously granted under the CNXM long-term incentive plan were converted into the right to receive 0.88 shares of common stock of CNX. As such, all outstanding phantom units were converted, effective as of the closing of the Merger, into CNX restricted stock units. Each CNX restricted stock unit will be subject to the same vesting, forfeiture and other terms and conditions applicable to the converted CNXM phantom units. Under Accounting Standards Codification Topic 718, Compensation - Stock Compensation, it was determined that there was no additional compensation cost to record as the conversion of awards did not result in incremental fair value. The table below sets forth the share-based awards that have been excluded from the computation of diluted earnings per share because their effect would be antidilutive: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Anti-Dilutive Options 4,237,319 2,035,273 4,237,319 2,035,273 Anti-Dilutive Restricted Stock Units 2,180,548 814,183 2,180,548 813,266 Anti-Dilutive Performance Share Units 780,335 — 780,335 — Anti-Dilutive Performance Stock Options — 927,268 — 927,268 7,198,202 3,776,724 7,198,202 3,775,807 Additionally, the 32,242,975 shares underlying the Convertible Notes are not considered in the calculation of diluted net loss per share for the three and nine months ended September 30, 2020 as these Convertible Notes were not convertible as of September 30, 2020. The Company will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election, and therefore will use the treasury stock method for calculating any potential dilutive effect of the conversion spread on diluted net income per share, if applicable. The table below sets forth the share-based awards that have been exercised or released: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Options 21,864 6,953 261,703 27,794 Restricted Stock Units 21,186 28,769 525,226 1,002,003 Performance Share Units — — 274,716 342,882 43,050 35,722 1,061,645 1,372,679 Pursuant to the terms of the change in control severance agreements of certain CNX employees and CNX officers, outstanding equity awards held by such employees and officers vest upon a stockholder (or stockholder group) becoming the beneficial owner of more than 25% of the Company's outstanding common stock. During the nine months ended September 30, 2019, Southeastern Asset Management, Inc. and its affiliates ("SEAM") acquired shares of CNX's common stock in the open market which resulted in SEAM's aggregate share ownership exceeding more the 25% of CNX's common stock outstanding. This transaction, as such, constituted a change in control event under the severance agreements, resulting in the accelerated vesting of 473,126 restricted stock units and 903,100 performance share units held by the aforementioned employees and officers that were issued prior to 2019. Those affected employees and officers each consented to waive the change in control vesting provision included in the change in control severance agreements with respect to their restricted stock unit and performance share unit awards that were issued during 2019. The accelerated vesting resulted in $19,654 of additional long-term equity-based compensation expense for the nine months ended September 30, 2019, and is included in Selling, General and Administrative Costs in the Consolidated Statements of Income. The performance share unit awards that vested continue to be subject to the attainment of performance goals as determined by the Compensation Committee of CNX's Board of Directors after the end of the applicable performance period. The computations for basic and diluted (loss) earnings per share are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Net (Loss) Income $ (188,793) $ 143,960 $ (624,502) $ 272,004 Less: Net Income Attributable to Non-Controlling Interest 15,905 28,422 55,031 81,325 Net (Loss) Income Attributable to CNX Resources Shareholders $ (204,698) $ 115,538 $ (679,533) $ 190,679 Weighted-Average Shares of Common Stock Outstanding 198,727,472 187,448,749 191,015,680 188,012,044 Effect of Diluted Shares* — 982,210 — 1,548,899 Weighted-Average Diluted Shares of Common Stock Outstanding 198,727,472 188,430,959 191,015,680 189,560,943 (Loss) Earnings per Share: Basic $ (1.03) $ 0.62 $ (3.56) $ 1.01 Diluted $ (1.03) $ 0.61 $ (3.56) $ 1.01 |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue From Contracts With Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS: Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company has elected to exclude all taxes from the measurement of transaction price. For natural gas, NGL and oil, and purchased gas revenue, the Company generally considers the delivery of each unit (MMBtu or Bbl) to be a separate performance obligation that is satisfied upon delivery. Payment terms for these contracts typically require payment within 25 days of the end of the calendar month in which the hydrocarbons are delivered. A significant number of these contracts contain variable consideration because the payment terms refer to market prices at future delivery dates. In these situations, the Company has not identified a standalone selling price because the terms of the variable payments relate specifically to the Company’s efforts to satisfy the performance obligations. A portion of the contracts contain fixed consideration (i.e. fixed price contracts or contracts with a fixed differential to NYMEX or index prices). The fixed consideration is allocated to each performance obligation on a relative standalone selling price basis, which requires judgment from management. For these contracts, the Company generally concludes that the fixed price or fixed differentials in the contracts are representative of the standalone selling price. Revenue associated with natural gas, NGL and oil as presented on the accompanying Consolidated Statements of Income represent the Company’s share of revenues net of royalties and excluding revenue interests owned by others. When selling natural gas, NGL and oil on behalf of royalty owners or working interest owners, the Company is acting as an agent and thus reports the revenue on a net basis. Included in Other Revenue and Operating Income in the Consolidated Statements of Income and in the below table, are revenues generated from natural gas gathering services provided to third-parties. The gas gathering services are interruptible in nature and include charges for the volume of gas actually gathered and do not guarantee access to the system. Volumetric based fees are based on actual volumes gathered. The Company generally considers the interruptible gathering of each unit (MMBtu) of natural gas as a separate performance obligation. Payment terms for these contracts typically require payment within 25 days of the end of the calendar month in which the hydrocarbons are gathered. Disaggregation of Revenue The following table is a disaggregation of revenue by major source: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Revenue from Contracts with Customers Natural Gas Revenue $ 163,054 $ 245,815 $ 561,162 $ 966,574 NGL Revenue 15,053 18,305 40,691 72,095 Oil/Condensate Revenue 4,106 931 7,630 5,193 Total Natural Gas, NGL and Oil Revenue 182,213 265,051 609,483 1,043,862 Purchased Gas Revenue 31,541 29,192 78,324 64,181 Other Sources of Revenue and Other Operating Income (Loss) Gain on Commodity Derivative Instruments (168,834) 213,913 (116,995) 240,118 Other Revenue and Operating Income 21,155 21,841 60,463 65,299 Total Revenue and Other Operating Income $ 66,075 $ 529,997 $ 631,275 $ 1,413,460 The disaggregated revenue corresponds with the Company’s segment reporting found in Note 14 - Segment Information. Contract Balances CNX invoices its customers once a performance obligation has been satisfied, at which point payment is unconditional. Accordingly, CNX's contracts with customers do not give rise to contract assets or liabilities under ASC 606. The Company has no contract assets recognized from the costs to obtain or fulfill a contract with a customer. The opening and closing balances of the Company’s receivables related to contracts with customers were $133,480 and $75,929, respectively, as of September 30, 2020. Transaction Price Allocated to Remaining Performance Obligations ASC 606 requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied. However, the guidance provides certain practical expedients that limit this requirement, including when variable consideration is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a series. A significant portion of CNX's natural gas, NGL and oil and purchased gas revenue is short-term in nature with a contract term of one year or less. For those contracts, CNX has utilized the practical expedient in ASC 606-10-50-14 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. For revenue associated with contract terms greater than one year, a significant portion of the consideration in those contracts is variable in nature and the Company allocates the variable consideration in its contract entirely to each specific performance obligation to which it relates. Therefore, any remaining variable consideration in the transaction price is allocated entirely to wholly unsatisfied performance obligations. As such, the Company has not disclosed the value of unsatisfied performance obligations pursuant to the practical expedient. For revenue associated with contract terms greater than one year with a fixed price component, the aggregate amount of the transaction price allocated to remaining performance obligations was $127,887 as of September 30, 2020. The Company expects to recognize net revenue of $50,125 in the next 12 months and $41,379 over the following 12 months, with the remainder recognized thereafter. For revenue associated with CNX's midstream contracts, which also have terms greater than one year, the interruptible gathering of each unit of natural gas represents a separate performance obligation; therefore, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required. Prior-Period Performance Obligations CNX records revenue in the month production is delivered to the purchaser. However, settlement statements for certain natural gas and NGL revenue may not be received for 30 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. CNX records the differences between the estimate and the actual amounts received in the month that payment is received from the purchaser. The Company has existing internal controls for its revenue estimation process and the related accruals, and any identified differences between its revenue estimates and the actual revenue received historically have not been significant. For the three and nine months ended September 30, 2020 and 2019, revenue recognized in the current reporting period related to performance obligations satisfied in a prior reporting period was not material. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES: The effective tax rates for the three and nine months ended September 30, 2020 were 24.5% and 28.0%, respectively. The effective tax rates for the three and nine months ended September 30, 2019 were 25.4% and 22.3%, respectively. The effective tax rates for the three and nine months ended September 30, 2020 and 2019 differ from the U.S. federal statutory rate of 21% primarily due to the impact of noncontrolling interest, equity compensation and state taxes. Effective September 28, 2020, CNXM merged with a wholly-owned subsidiary of CNX with CNXM surviving as a wholly-owned subsidiary (See Note 13 - Acquisitions and Dispositions for more information). The tax effects of the Merger were reported as an adjustment to deferred income taxes and capital in excess of par value . On March 27, 2020, the United States enacted the Coronavirus Aid, Relief, and Economic Security Act (the "Act") which, among other things, removed the 80% taxable income limitation for utilization of net operating losses generated in tax years 2018 through 2020, allowing for 5-year net operating loss carrybacks, increased the adjusted taxable income limitation for the disallowance of interest expense from 30% to 50%, and provided for refunds of any remaining alternative minimum tax (“AMT”) credits. As a result of the Act, the Company recorded AMT refunds of $102,482 in Recoverable Income Taxes in the Consolidated Balance Sheets in anticipation of the AMT refund being received in 2020. The Company received the AMT tax refund in the third quarter of 2020. The impact of other tax implications of the Act on the financial statements and related disclosures are immaterial. In December 2019, the FASB issued Accounting Standards Update (ASU) 2019-12 - Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740), which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. This ASU removes the following exceptions: (1) exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items; (2) exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment; (3) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary; and (4) exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in this ASU also improve consistency and simplify other areas of Topic 740 by clarifying and amending existing guidance. The amendments in this ASU will be applied using different approaches depending on what the specific amendment relates to and, for public entities, are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company early adopted ASU 2019-12 as of January 1, 2020. The total amount of uncertain tax positions at September 30, 2020 and December 31, 2019 was $33,243 and $31,516, respectively. If these uncertain tax positions were recognized, approximately $33,243 would affect CNX's effective tax rate at September 30, 2020 and December 31, 2019. The increase in the unrecognized tax benefits during the nine months ended September 30, 2020 was due to additional tax credits claimed on the 2019 federal income tax return. CNX recognizes accrued interest and penalties related to uncertain tax positions in interest expense and income tax expense, respectively. As of September 30, 2020 and December 31, 2019, CNX had no accrued liabilities for interest and penalties related to uncertain tax positions. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT: September 30, December 31, Intangible Drilling Cost $ 4,900,667 $ 4,688,497 Gas Gathering Equipment 2,505,267 2,463,866 Proved Gas Properties 1,214,416 1,208,046 Gas Wells and Related Equipment 1,102,366 1,042,000 Unproved Gas Properties 765,008 755,590 Surface Land and Other Equipment 222,732 226,285 Other 194,381 187,722 Total Property, Plant and Equipment 10,904,837 10,572,006 Less: Accumulated Depreciation, Depletion and Amortization 3,841,699 3,435,431 Total Property, Plant and Equipment - Net $ 7,063,138 $ 7,136,575 Impairment of Proved Property CNX performs a quantitative impairment test whenever events or changes in circumstances indicate that an asset group's carrying amount may not be recoverable, over proved properties using the published forward prices, timing, methods and other assumptions consistent with historical periods. When indicators of impairment are present, tests require that the Company first compare expected future undiscounted cash flows by asset group to their respective carrying values. If the carrying amount exceeds the estimated undiscounted future cash flows, a reduction of the carrying amount of the natural gas properties to their estimated fair values is required, which is determined based on discounted cash flow techniques using significant assumptions including projected revenues, future commodity prices, and a market-specific weighted average cost of capital which are affected by expectations about future market and economic conditions. During the nine months ended September 30, 2020, CNX recognized certain indicators of impairment specific to our Southwest Pennsylvania (SWPA) coalbed methane (CBM) asset group and determined that the carrying value of that asset group was not recoverable. The fair value of the asset group was estimated by using level 3 inputs which consisted of discounting the estimated future cash flows using discount rates and other assumptions that market participants would use in their estimates of fair value. As a result, an impairment of $61,849 was recognized and is included in Impairment of |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS: In December 2017, CNX Gas entered into a purchase agreement with Noble Energy, pursuant to which CNX Gas acquired Noble’s 50% membership interest in CNX Gathering (then named "CONE Gathering LLC"), for a cash purchase price of $305,000 (the "Midstream Acquisition"). Prior to the Midstream Acquisition, the Company accounted for its 50% interest in CNX Gathering as an equity method investment as the Company had the ability to exercise significant influence, but not control, over the operating and financial policies of the midstream operations. In conjunction with the Midstream Acquisition, the Company obtained a controlling interest in CNX Gathering and control over the Partnership. Accordingly, the Midstream Acquisition was accounted for as a business combination using the acquisition method of accounting pursuant to ASC Topic 805, Business Combinations, or ASC 805. ASC 805 requires that, in circumstances where a business combination is achieved in stages (or step acquisition), previously held equity interests are remeasured at fair value. The fair value assigned to the previously held equity interest in CNX Gathering and CNXM was $799,033 and was determined using the income approach, based on a discounted cash flow methodology. As part of the allocation of purchase price and in connection with the fair value of consideration transferred at closing on January 3, 2018, CNX recorded $796,359 of goodwill and $128,781 of other intangible assets which are comprised of customer relationships. Impairment of Goodwill All goodwill is attributed to the Midstream reporting unit within the Shale segment. Goodwill is evaluated for impairment at least annually and whenever events or changes in circumstance indicate that the fair value of a reporting unit is less than its carrying amount. In connection with the evaluation of goodwill for impairment, CNX may first consider qualitative factors to assess whether there are indicators that it is more likely than not that the fair value of a reporting unit may not exceed its carrying amount. If after assessing such factors or circumstances, CNX determines it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then a quantitative assessment is not required. If CNX chooses to bypass the qualitative assessment, or if it chooses to perform a qualitative assessment but is unable to qualitatively conclude that no impairment has occurred, then CNX will perform a quantitative assessment. If the estimated fair value of a reporting unit is less than its carrying value, an impairment charge is recognized for the excess of the reporting unit's carrying value over its fair value. The Company uses a combination of the income approach (generally a discounted cash flow method) and market approach (which may include the guideline public company method and/or the guideline transaction method) to estimate the fair value of a reporting unit. During the first quarter of 2020, the Company identified indicators of impairment in the form of deteriorating macroeconomic conditions, and the decline in the observable market value of CNXM securities both in relation to the COVID-19 pandemic and the overall decline in the MLP market space. Management concluded that these factors presented indications that the fair value of the Midstream reporting unit was more likely than not below the reporting unit’s carrying value. CNX bypassed the qualitative assessment and performed a quantitative test that utilized a combination of the income and market approaches as described above to estimate the fair value of the Midstream reporting unit. As a result of this assessment, CNX concluded that the carrying value exceeded its estimated fair value, and a corresponding impairment of $473,045 was recorded, which was included in Impairment of Goodwill in the accompanying Consolidated Statements of Income. Any additional adverse changes in the future could reduce the underlying cash flows used to estimate fair values and could result in a decline in fair value that could trigger future impairment charges. In estimating the fair value of the Midstream reporting unit, the Company used the income approach’s discounted cash flow method, which applies significant inputs not observable in the public market (Level 3), including estimates and assumptions related to the use of an appropriate discount rate, future throughput volumes, operating costs and capital spending, discounted to present value using an industry rate adjusted for company-specific risk, which management feels reflects the overall level of inherent risk of the reporting unit. These assumptions are affected by expectations about future market, industry and economic conditions. Cash flow projections were derived from board approved budgeted amounts, a five-year operating forecast and an estimate of future cash flows. Subsequent cash flows were developed using growth or contraction rates that management believes are reasonably likely to occur. The Company used the market approach’s comparable company method. The comparable company method evaluates the value of a company using metrics of other businesses of similar size and industry. The estimates of future cash flows are subjective in nature and are subject to impacts from business risks as described in “Item 1A. Risk Factors” in CNX's 2019 Annual Report on Form 10-K as filed with the SEC on February 10, 2020 ("2019 Form 10-K"). The fair value estimation process requires considerable judgment and determining the fair value is sensitive to changes in assumptions impacting management’s estimates of future financial results. Although CNX believes the estimates and assumptions used in estimating the fair value are reasonable and appropriate, different assumptions and estimates could materially impact the estimated fair value. Future results could differ from our current estimates and assumptions. Changes in the carrying amount of goodwill consist of the following activity: Amount December 31, 2019 $ 796,359 Impairment 473,045 September 30, 2020 $ 323,314 Other Intangible Assets The carrying amount and accumulated amortization of other intangible assets consist of the following: September 30, December 31, Other Intangible Assets Gross Amortizable Asset - Customer Relationships $ 109,752 $ 109,752 Less: Accumulated Amortization - Customer Relationships 18,019 13,105 Total Other Intangible Assets, net $ 91,733 $ 96,647 The customer relationship intangible asset is being amortized on a straight-line basis over approximately 17 years. Amortization expense related to other intangible assets was $1,638 for the three months ended September 30, 2020 and 2019, and $4,914 for the nine months ended September 30, 2020 and 2019. The estimated annual amortization expense is expected to approximate $6,552 per year for each of the next five years. |
Revolving Credit Facilities
Revolving Credit Facilities | 9 Months Ended |
Sep. 30, 2020 | |
Short-term Debt, Other Disclosures [Abstract] | |
Revolving Credit Facilities | REVOLVING CREDIT FACILITIES: CNX In April 2019, CNX amended its senior secured revolving credit facility ("Credit Facility") and extended its maturity to April 2024. The lenders' commitments remained unchanged at $2,100,000, with an accordion feature that allows the Company to increase commitments to $3,000,000. In addition, the cumulative credit basket for dividends and distributions was replaced with a basket for dividends and distributions subject to a pro forma net leverage ratio of at least 3.00 to 1.00 and availability under the Credit Facility of at least 15% of the aggregate commitments. In April 2020, as part of the semi-annual borrowing base redetermination, both the lenders' commitments and borrowing base decreased to $1,900,000, and the $650,000 letters of credit aggregate sub-limit remained unchanged. The amount of balance sheet cash that CNX may have on hand is also limited to $150,000 when loans under the credit agreement are outstanding, subject to certain exceptions. If the aggregate principal amount of the existing 5.875% Senior Notes due in April 2022 and certain other publicly traded debt securities outstanding 91 days prior to the earliest maturity of such debt (the "Springing Maturity Date") is greater than $500,000, then the Credit Facility will mature on the Springing Maturity Date. In October 2020, as part of the semi-annual borrowing base redetermination, the lenders' reaffirmed CNX's $1,900,000 borrowing base. Under the terms of the agreement, borrowings under the revolving credit facility will bear interest at CNX's option at either: • the base rate, which is the highest of (i) the federal funds open rate plus 0.50%, (ii) PNC Bank, N.A.’s prime rate, or (iii) the one-month LIBOR rate plus 1.0%, in each case, plus a margin ranging from 0.75% to 1.75%; or • the LIBOR rate, which is the LIBOR rate plus a margin ranging from 1.75% to 2.75%. The CNX Credit Facility is secured by substantially all of the assets of CNX and certain of its subsidiaries (excluding the certain excluded subsidiaries, which includes Cardinal States Gathering LLC, CNX Midstream GP LLC and CNXM, and their respective subsidiaries). Fees and interest rate spreads are based on the percentage of facility utilization, measured quarterly. Availability under the Credit Facility is limited to a borrowing base, which is determined by the lenders' syndication agent and approved by the required number of lenders in good faith by calculating a value of CNX's proved natural gas reserves. The CNX Credit Facility contains a number of affirmative and negative covenants including those that, except in certain circumstances, limit the Company and the subsidiary guarantors' ability to create, incur, assume or suffer to exist indebtedness, create or permit to exist liens on properties, dispose of assets, make investments, purchase or redeem CNX common stock, pay dividends, merge with another corporation or amend the senior unsecured notes. The Company must also mortgage 85% of the value of its proved reserves and 85% of the value of its proved developed producing reserves, in each case, which are included in the borrowing base, maintain applicable deposit, securities and commodities accounts with the lenders or affiliates thereof, and enter into control agreements with respect to such applicable accounts. The CNX Credit Facility contains customary events of default, including, but not limited to, a cross-default to certain other debt, breaches of representations and warranties, change of control events and breaches of covenants. The CNX Credit Facility also requires that CNX maintain a maximum net leverage ratio of no greater than 4.00 to 1.00, which is calculated as the ratio of debt less cash on hand to consolidated EBITDA, measured quarterly. CNX must also maintain a minimum current ratio of no less than 1.00 to 1.00, which is calculated as the ratio of current assets, plus revolver availability, to current liabilities, excluding borrowings under the revolver, measured quarterly. The calculation of all of the ratios exclude CNXM. CNX was in compliance with all financial covenants as of September 30, 2020. At September 30, 2020, the CNX Credit Facility had $410,000 of borrowings outstanding and $185,272 of letters of credit outstanding, leaving $1,304,728 of unused capacity. At December 31, 2019, the CNX Credit Facility had $661,000 of borrowings outstanding and $204,726 of letters of credit outstanding, leaving $1,234,274 of unused capacity. CNX Midstream Partners LP (CNXM) CNXM’s revolving credit facility was not impacted by the Merger (See Note 13- Acquisitions and Dispositions). In April 2019, CNXM amended its senior secured revolving credit facility and extended its maturity to April 2024. The lenders’ commitments remained unchanged at $600,000, with an accordion feature that allows CNXM to increase the available borrowings by up to an additional $250,000 under certain terms and conditions. Among other things, the revolving credit facility now includes (i) the addition of a restricted payment basket permitting cash repurchases of Incentive Distribution Rights (IDRs) subject to a pro forma secured leverage ratio of 3.00 to 1.00, a pro forma total leverage ratio of 4.00 to 1.00 and pro forma availability of 20% of commitments and (ii) a restricted payment basket for the repurchase of LP units not to exceed Available Cash (as defined in the partnership agreement) in any quarter, of up to $150,000 per year and up to $200,000 during the life of the facility. Under the terms of the amended agreement, borrowings under the revolving credit facility will bear interest at CNXM's option at either: • the base rate, which is the highest of (i) the federal funds open rate plus 0.50%, (ii) PNC Bank, N.A.’s prime rate, or (iii) the one-month LIBOR rate plus 1.0%, in each case, plus a margin ranging from 0.50% to 1.50%; or • the LIBOR rate, plus a margin ranging from 1.50% to 2.50%. Fees and interest rate spreads under the CNXM credit facility are based on the total leverage ratio, measured quarterly. The CNXM credit facility includes the ability to issue letters of credit up to $100,000 in the aggregate. The CNXM revolving credit facility contains a number of affirmative and negative covenants that include, among others, covenants that, except in certain circumstances, restrict the ability of CNXM, its subsidiary guarantors and certain of its non-guarantor, non-wholly-owned subsidiaries, except in certain circumstances, to: (i) create, incur, assume or suffer to exist indebtedness; (ii) create or permit to exist liens on their properties; (iii) prepay certain indebtedness unless there is no default or event of default under the revolving facility; (iv) make or pay any dividends or distributions in excess of certain amounts; (v) merge with or into another person, liquidate or dissolve; or acquire all or substantially all of the assets of any going concern or going line of business or acquire all or a substantial portion of another person’s assets; (vi) make particular investments and loans; (vii) sell, transfer, convey, assign or dispose of its assets or properties other than in the ordinary course of business and other select instances; (viii) deal with any affiliate except in the ordinary course of business on terms no less favorable to CNXM than it would otherwise receive in an arm’s length transaction; and (ix) amend in any material manner its certificate of incorporation, bylaws, or other organizational documents without giving prior notice to the lenders and, in some cases, obtaining the consent of the lenders. In addition, CNXM is obligated to maintain at the end of each fiscal quarter (w) for so long as at least $150,000 of the CNXM 6.50% Senior Notes due March 2026 (CNXM Senior Notes) are outstanding, a maximum total leverage ratio of no greater than 5.25 to 1.00 (which increases to no greater than 5.50 to 1.00 during qualifying acquisition periods); (x) if less than $150,000 of the CNXM Senior Notes are outstanding, a maximum total leverage ratio of no greater than 4.75 to 1.00 (which increases to no greater than 5.25 to 1.00 during qualifying acquisition periods); (y) a maximum secured leverage ratio of no greater than 3.50 to 1.00 and (z) a minimum interest coverage ratio of no less than 2.50 to 1.00. CNXM was in compliance with all financial covenants as of September 30, 2020. The CNXM revolving credit facility also contains customary events of default, including, but not limited to, a cross-default to certain other debt, breaches of representations and warranties, change of control events and breaches of covenants. The obligations under the revolving credit facility are secured by substantially all of the assets of CNXM and its wholly-owned subsidiaries. CNX is not a guarantor under the CNXM revolving credit facility. |
Other Accrued Liabilities
Other Accrued Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | OTHER ACCRUED LIABILITIES: September 30, December 31, Royalties $ 53,343 $ 74,061 Transportation Charges 19,556 16,533 Accrued Interest 16,896 30,862 Accrued Other Taxes 9,681 9,115 Deferred Revenue 8,934 13,964 Short-Term Incentive Compensation 7,785 21,030 Accrued Payroll & Benefits 6,082 6,248 Other 35,471 37,610 Current Portion of Long-Term Liabilities: Asset Retirement Obligations 5,076 5,076 Salary Retirement 1,649 1,587 Total Other Accrued Liabilities $ 164,473 $ 216,086 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2020 | |
Long-term Debt, Other Disclosures [Abstract] | |
Long-term Debt | LONG-TERM DEBT: September 30, December 31, Senior Notes due March 2027 at 7.25% (Principal of $700,000 and $500,000 plus Unamortized Premium of $6,955 at September 30, 2020) $ 706,955 $ 500,000 CNX Revolving Credit Facility 410,000 661,000 CNX Midstream Partners LP Senior Notes due March 2026 at 6.50% (Principal of $400,000 less Unamortized Discount of $4,062 and $4,625, respectively)* 395,938 395,375 Senior Notes due April 2022 at 5.875% (Principal of $363,348 and $894,307 363,624 895,308 CNX Midstream Partners LP Revolving Credit Facility* 343,000 311,750 Convertible Senior Notes due May 2026 at 2.25% (Principal of $345,000 less Unamortized Discount and Issuance Costs of $111,621) 233,379 — Cardinal States Gathering Company Credit Facility maturing in March 2028 (Principal of $118,776 less Unamortized Discount of $1,165) 117,611 — CSG Holdings II LLC Credit Facility maturing in December 2026 (Principal of $47,355 less Unamortized Discount of $460) 46,895 — Less: Unamortized Debt Issuance Costs 16,940 8,990 2,600,462 2,754,443 Less: Amounts Due in One Year 22,488 — Long-Term Debt $ 2,577,974 $ 2,754,443 *CNX is not a guarantor of CNXM's 6.50% senior notes due in March 2026 or CNXM's senior secured revolving credit facility. CNXM’s revolving credit facility and the CNXM Senior Notes were not impacted by the Merger (See Note 13 - Acquisitions and Dispositions). During the three and nine months ended September 30, 2020, CNX completed a private offering of $200,000 of 7.25% senior notes due in March 2027 plus $7,000 of unamortized bond premium. The notes are guaranteed by most of CNX's subsidiaries but do not include CNXM's general partner or CNXM. During the three and nine months ended September 30, 2020, CNX purchased and retired $50,000 and $530,959, respectively, of its outstanding 5.875% senior notes due in April 2022. As part of these transactions, a loss of $108 and a gain of $10,812 were included in Loss (Gain) on Debt Extinguishment in the Consolidated Statements of Income during the three and nine months ended September 30, 2020, respectively. During the nine months ended September 30, 2019, CNX purchased and retired $400,000 of its outstanding 5.875% senior notes due in April 2022. As part of this transaction, a loss of $7,614 was included in Loss (Gain) on Debt Extinguishment in the Consolidated Statements of Income. In April 2020, CNX issued $345,000 in aggregate principal amount of 2.25% convertible senior notes due May 2026 (the "Convertible Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, including $45,000 aggregate principal amount of Convertible Notes issued pursuant to the exercise in full of the initial purchasers’ option to purchase additional Convertible Notes. The Convertible Notes were issued pursuant to an indenture and are senior, unsecured obligations of the Company. The Convertible Notes bear interest at a fixed rate of 2.25% per annum, payable semi-annually in arrears on May 1 and November 1 of each year, commencing on November 1, 2020. Proceeds from the issuance of the Convertible Notes totaled $334,650, net of initial purchaser discounts and issuance costs. The initial conversion rate is 77.8816 shares of CNX's common stock per $1,000 principal amount of Convertible Notes, which represents an initial conversion price of approximately $12.84 per share, subject to adjustment upon the occurrence of specified events. The Convertible Notes will mature on May 1, 2026, unless earlier repurchased, redeemed or converted. Before February 1, 2026, note holders will have the right to convert their Convertible Notes only upon the occurrence of the following events: • during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on June 30, 2020, if the Last Reported Sale Price per share of Common Stock exceeds one hundred and thirty percent (130%) of the Conversion Price for each of at least twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter. • during the five (5) consecutive Business Days immediately after any ten (10) consecutive trading day period (such ten (10) consecutive Trading Day period, the “Measurement Period”) if the trading Price per $1,000 principal amount of Notes, as determined following a request by a Holder in accordance with the procedures set forth below, for each trading day of the Measurement Period was less than ninety eight percent (98%) of the product of the last reported sale price per share of common stock on such trading day and the conversion rate on such trading day. • if we call any or all of the Convertible Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or • upon the occurrence of certain specified corporate events as set forth in the indenture governing the Convertible Notes. From and after February 1, 2026, note holders may convert their Convertible Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Upon conversion, the Company may satisfy its conversion obligation by paying and/or delivering, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the indenture governing the Convertible Notes. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the indenture governing the Convertible Notes. In addition, following certain corporate events, as described in the indenture governing the Convertible Notes, that occur prior to the maturity date, the Company will increase the conversion rate, in certain circumstances, for a holder who elects to convert its Convertible Notes in connection with such a corporate event. The Company will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election. The Company’s current intent is to settle the principal amount of the Convertible Notes in cash upon conversion. If certain corporate events that constitute a “Fundamental Change” (as defined in the indenture governing the Convertible Notes) occur, then noteholders may require the Company to repurchase their Notes at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. The definition of Fundamental Change includes certain business combination transactions involving the Company and certain de-listing events with respect to the Company’s common stock. During the three and nine months ended September 30, 2020, the conditions allowing holders of the Convertible Notes to exercise their conversion right were not met and as of September 30, 2020, the notes were not convertible. The Convertible Notes are therefore classified as long-term debt at September 30, 2020. In accounting for the transaction, the Convertible Notes were separated into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated conversion feature. The fair value was based on market data available for publicly traded, senior, unsecured corporate bonds with similar maturity, which represent Level 2 observable inputs. The carrying amount of the equity component, representing the conversion option, was determined by deducting the fair value of the liability component from the principal value of the Convertible Notes and was recorded in Capital in Excess of Par Value in the Consolidated Statement of Stockholders Equity and is not remeasured as long as it continues to meet the conditions for equity classification. The equity component is not remeasured as long as it continues to meet the condition for equity classification. The excess of the principal amount of the Convertible Notes over the liability component and the debt issuance costs are amortized to interest expense over the contractual term of the Convertible Notes using the effective interest method. In accounting for the debt issuance costs of $10,350 related to the Convertible Notes, the Company allocated the total amount incurred to the liability and equity components using the same proportions as the proceeds of the Convertible Notes. Issuance costs attributable to the liability component were $7,024 and will be amortized to interest expense using the effective interest method over the contractual term of the Convertible Notes. Issuance costs attributable to the equity component were $3,326 and were netted with the equity component in Capital in Excess of Par Value in the Consolidated Statement of Stockholders Equity and are not subject to amortization. As of September 30, 2020, the if-converted value of the Convertible Notes did not exceed the outstanding principal amount. The net carrying amount of the liability and equity components of the Convertible Notes was as follows: September 30, 2020 Liability Component: Principal $ 345,000 Unamortized Discount (105,004) Unamortized Issuance Costs (6,617) Net Carrying Amount $ 233,379 Equity Component, net of Purchase Discounts and Issuance Costs $ 78,317 Interest expense related to the Convertible Notes is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2020 September 30, 2020 Contractual Interest Expense $ 1,941 $ 3,234 Amortization of Debt Discount 3,554 5,879 Amortization of Issuance Costs 245 407 Total Interest Expense $ 5,740 $ 9,520 In connection with the offering of the Convertible Notes, the Company entered into privately negotiated capped call transactions with certain counterparties, (the “Capped Calls”). The Capped Calls each have an initial strike price of $12.84 per share, subject to certain adjustments, which correspond to the initial conversion price of the Convertible Notes. The Capped Calls have an initial cap price of $18.19 per share, subject to certain adjustments. The Capped Calls cover, subject to anti-dilution adjustments, the aggregate number of shares of the Company’s common stock that initially underlie the Convertible Notes, and are expected generally to reduce potential dilution to the Company’s common stock upon any conversion of Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap, based on the cap price of the Capped Call Transactions. The conditions that cause adjustments to the initial strike price of the Capped Calls mirror the conditions that result in corresponding adjustments for the Convertible Notes. For accounting purposes, the Capped Calls are separate transactions, and not part of the terms of the Convertible Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders’ equity and are not accounted for as derivatives. The cost of $35,673 incurred in connection with the Capped Calls was recorded as a reduction to Capital in Excess of Par Value. The impact of the Capped Calls related to stockholders’ equity has been included in Capital in Excess of Par Value in the Consolidated Statement of Stockholders Equity and includes taxes in the amount of $9,322, for a net impact of $26,351. During the nine months ended September 30, 2020, CNX's wholly-owned subsidiary Cardinal States Gathering Company LLC ("Cardinal States") entered into a $125,000 non-revolving credit facility agreement (the "Cardinal States Facility"). The Cardinal States Facility matures in 2028, has an interest rate of 3-month LIBOR + 475 basis points and includes an excess cash flow sweep in an amount required to achieve a quarterly targeted debt balance. The facility is secured by substantially all of the Cardinal States assets, requires a minimum level of hedging of the variable interest rate exposure and is non-recourse to CNX. Additionally, during the nine months ended September 30, 2020, CNX's wholly-owned subsidiary CSG Holdings II LLC (CSG Holdings) entered into a $50,000 non-revolving credit facility agreement (the "CSG Holdings Facility"). The CSG Holdings Facility matures in 2026, has interest rate of 3-month LIBOR + 675 basis points and includes a full excess cash sweep. The facility is secured by substantially all of the CSG Holding assets, requires a minimum level of hedging of the variable interest rate exposure and is non-recourse to CNX. During the nine months ended September 30, 2019, CNX completed a private offering of $500,000 of 7.25% senior notes due in March 2027. The notes are guaranteed by most of CNX's subsidiaries but do not include CNXM's general partner or CNXM. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES: CNX and its subsidiaries are subject to various lawsuits and claims with respect to such matters as personal injury, royalty accounting, damage to property, climate change, governmental regulations including environmental violations and remediation, employment and contract disputes and other claims and actions arising out of the normal course of business. CNX accrues the estimated loss for these lawsuits and claims when the loss is probable and can be estimated. The Company's current estimated accruals related to these pending claims, individually and in the aggregate, are immaterial to the financial position, results of operations or cash flows of CNX. It is possible that the aggregate loss in the future with respect to these lawsuits and claims could ultimately be material to the financial position, results of operations or cash flows of CNX; however, such amounts cannot be reasonably estimated. The 1992 Coal Industry Retiree Health Benefit Act (“Coal Act”), in Section 9711, requires coal companies that were providing health benefits to United Mine Workers of America (“UMWA”) retirees as of February 1993 to continue providing health benefits to such individuals, in substantially the same coverages, for as long as the last signatory operator remains in business. Section 9711 also requires any “related person” to be joint and severally liable for the provision of these health benefits. On May 1, 2020, the court in the Murray Energy Corporation (“Murray”) bankruptcy proceedings approved a settlement agreement between Murray and the UMWA that transferred to the UMWA 1992 Benefit Plan the Coal Act liabilities for retirees in Murray’s Section 9711 plan. The retirees transferred by Murray to the 1992 Benefit Plan include approximately 2,159 retirees allegedly traced to the December 2013 sale by CONSOL Energy Inc. to Murray Energy of the following possible last signatory operators: Consolidation Coal Company, McElroy Coal Company, Southern Ohio Coal Company, Central Ohio Coal Company, Keystone Coal Mining Corp., and Eight-Four Coal Mining Company (the “Sold Subsidiaries”). On May 2, 2020, the Trustees of the UMWA 1992 Benefit Plan sued CNX and CONSOL Energy Inc. (“CONSOL”) in federal court contending that the Sold Subsidiaries were last signatory operators and that CNX and CONSOL are related persons to the Sold Subsidiaries and, as such, CNX and CONSOL are jointly and severally liable for the Coal Act health benefits allegedly owed to the eligible retirees traced to the Sold Subsidiaries. The 1992 Plan seeks, among other relief, a declaration that CNX and CONSOL are obligated to enroll the eligible retirees attributed to the Sold Subsidiaries in a Section 9711 Plan; that CNX and CONSOL are liable to post the security required by Section 9712; and, that CNX and CONSOL are liable to pay per beneficiary premiums until the eligible retirees are enrolled in a Section 9711 plan, and other fees, costs and disbursements under the Coal Act. We disagree with the suit filed by the UMWA 1992 Plan, have filed a Motion to Dismiss and intend to defend this action. Further, under the Separation and Distribution Agreement that was entered into at the time we spun-out our coal business in 2017, CONSOL agreed to indemnify CNX for all coal-related liabilities, including this lawsuit. With respect to this matter although a loss is possible, it is not probable, and accordingly no accrual has been recognized. At September 30, 2020, CNX has provided the following financial guarantees, unconditional purchase obligations, and letters of credit to certain third-parties as described by major category in the following tables. These amounts represent the maximum potential of total future payments that the Company could be required to make under these instruments. These amounts have not been reduced for potential recoveries under recourse or collateralization provisions. Generally, recoveries under reclamation bonds would be limited to the extent of the work performed at the time of the default. No amounts related to these unconditional purchase obligations and letters of credit are recorded as liabilities in the financial statements. CNX management believes that the commitments in the following table will expire without being funded, and therefore will not have a material adverse effect on financial condition. Amount of Commitment Expiration Per Period Total Less Than 1-3 Years 3-5 Years Beyond Letters of Credit: Firm Transportation $ 178,352 $ 178,352 $ — $ — $ — Other 6,950 6,950 — — — Total Letters of Credit 185,302 185,302 — — — Surety Bonds: Employee-Related 2,600 1,500 1,100 — — Environmental 12,312 10,717 1,595 — — Financial Guarantees 81,670 26,400 55,270 — — Other 9,285 8,594 691 — — Total Surety Bonds 105,867 47,211 58,656 — — Total Commitments $ 291,169 $ 232,513 $ 58,656 $ — $ — Excluded from the above table are commitments and guarantees entered into in conjunction with the spin-off of the Company's coal business in November 2017. Although CONSOL has agreed to indemnify CNX to the extent that CNX would be called upon to pay any of these liabilities, there is no assurance that CONSOL will satisfy its obligations to indemnify CNX in the event that CNX is so called upon (See “Item 1A. Risk Factors” in CNX's 2019 Annual Report on Form 10-K as filed with the SEC on February 10, 2020 ("2019 Form 10-K") and in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020 for additional information). CNX enters into long-term unconditional purchase obligations to procure major equipment purchases, natural gas firm transportation, gas drilling services and other operating goods and services. These purchase obligations are not recorded in the Consolidated Balance Sheets. As of September 30, 2020, the purchase obligations for each of the next five years and beyond are as follows: Obligations Due Amount Less than 1 year $ 242,786 1 - 3 years 429,062 3 - 5 years 369,444 More than 5 years 930,189 Total Purchase Obligations $ 1,971,481 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS: CNX enters into interest rate swap agreements to manage its exposure to interest rate volatility. These swaps change the variable-rate cash flow exposure on the debt obligations to fixed cash flows. The change in fair value of the interest rate swap agreements are accounted for on a mark-to-market basis with the changes in fair value recorded in current period earnings. In March 2020, CNX entered into interest rate swaps related to $175,000 of borrowings under the Cardinal States Facility and CSG Holdings Facility (See Note 9 - Long-Term Debt). In order to manage exposure to interest rate volatility, each respective entity entered into an interest rate swap for the full outstanding principal amounts inclusive of a put option at 25 basis points. The underlying notional for each swap and put option reduces over time based upon an expected amortization profile for each respective credit facility. In addition, CSG Holdings entered into a call option commencing March 31, 2023. In June 2019, CNX entered into an interest rate swap agreement related to $160,000 of borrowings under CNX’s Credit Facility (See Note 7 - Revolving Credit Facilities) which has the economic effect of modifying the variable-interest obligation into a fixed-interest obligation over a three four four CNX enters into financial derivative instruments (over-the-counter swaps) to manage its exposure to commodity price volatility. Typically, CNX “sells” swaps under which it receives a fixed price from counterparties and pays a floating market price. During the second quarter of 2020, CNX purchased, rather than sold, financial swaps for the period May through November of 2020 under which CNX will pay a fixed price to and receive a floating price from its hedge counterparties. Swaps purchased have the effect of reducing total hedged volumes for the period of the swap. Natural gas commodity hedges are accounted for on a mark-to-market basis with changes in fair value recorded in current period earnings. CNX is exposed to credit risk in the event of non-performance by counterparties. The creditworthiness of counterparties is subject to continuing review. The Company has not experienced any issues of non-performance by derivative counterparties. None of the Company's counterparty master agreements currently require CNX to post collateral for any of its positions. However, as stated in the counterparty master agreements, if CNX's obligations with one of its counterparties cease to be secured on the same basis as similar obligations with the other lenders under the credit facility, CNX would have to post collateral for instruments in a liability position in excess of defined thresholds. All of the Company's derivative instruments are subject to master netting arrangements with our counterparties. CNX recognizes all financial derivative instruments as either assets or liabilities at fair value in the Consolidated Balance Sheets on a gross basis. Each of the Company's counterparty master agreements allows, in the event of default, the ability to elect early termination of outstanding contracts. If early termination is elected, CNX and the applicable counterparty would net settle all open hedge positions. The total notional amounts of CNX's derivative instruments were as follows: September 30, December 31, Forecasted to 2020 2019 Settle Through Natural Gas Commodity Swaps (Bcf) 1,280.9 * 1,460.6 2025 Natural Gas Basis Swaps (Bcf) 1,311.8 * 1,290.4 2025 Interest Rate Swaps $ 575,625 $ 160,000 2028 *Net of purchased natural gas commodity swaps and natural gas basis swaps of 5.7 Bcf and 3.8 Bcf, respectively. The gross fair value of CNX's derivative instruments was as follows: September 30, December 31, 2020 2019 Current Assets: Commodity Derivative Instruments: Commodity Swaps $ 39,263 $ 234,238 Basis Only Swaps 38,201 13,556 Interest Rate Swaps 144 — Total Current Assets $ 77,608 $ 247,794 Other Non-Current Assets: Commodity Derivative Instruments: Commodity Swaps $ 118,210 $ 288,543 Basis Only Swaps 41,060 25,553 Interest Rate Swaps 828 — Total Other Non-Current Assets $ 160,098 $ 314,096 Current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 103,297 $ 345 Basis Only Swaps 36,878 40,626 Interest Rate Swaps 4,370 495 Total Current Liabilities $ 144,545 $ 41,466 Non-Current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 92,125 $ 9,693 Basis Only Swaps 99,373 105,445 Interest Rate Swaps 12,211 724 Total Non-Current Liabilities $ 203,709 $ 115,862 The effect of commodity derivative instruments on the Company's Consolidated Statements of Income was as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Cash Received (Paid) in Settlement of Commodity Derivative Instruments: Natural Gas: Commodity Swaps $ 72,062 $ 61,441 $ 382,891 $ 53,058 Basis Swaps 18,248 (4,400) 836 (26,727) Total Cash Received in Settlement of Commodity Derivative Instruments 90,310 57,041 383,727 26,331 Unrealized (Loss) Gain on Commodity Derivative Instruments: Natural Gas: Commodity Swaps (369,121) 126,617 (550,694) 302,701 Basis Swaps 109,977 30,255 49,972 (88,914) Total Unrealized (Loss) Gain on Commodity Derivative Instruments (259,144) 156,872 (500,722) 213,787 (Loss) Gain on Commodity Derivative Instruments: Natural Gas: Commodity Swaps (297,059) 188,058 (167,803) 355,759 Basis Swaps 128,225 25,855 50,808 (115,641) Total (Loss) Gain on Commodity Derivative Instruments $ (168,834) $ 213,913 $ (116,995) $ 240,118 The effect of interest rate swaps on Interest Expense in the Company's Consolidated Statements of Income was as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Cash (Paid) Received in Settlement of Interest Rate Swaps $ (1,257) $ 195 $ (1,850) $ 195 Unrealized Loss on Interest Rate Swaps (152) (713) (14,389) (1,774) Loss on Interest Rate Swaps $ (1,409) $ (518) $ (16,239) $ (1,579) Cash (Paid) Received in Settlement of Commodity Derivative Instruments for the nine months ended September 30, 2020 includes $54,982 related to the monetization of certain NYMEX commodity swaps. The monetization resulted from reducing the contract swap prices of certain 2022, 2023 and 2024 NYMEX natural gas swap contracts. The notional quantities of the contracts were not changed by this monetization. In addition, Cash (Paid) Received in Settlement of Commodity Derivative Instruments for the nine months ended September 30, 2020 includes $5,851 related to the monetization and termination of approximately 8 million MMBtus of NYMEX natural gas hedges and a similar quantity of financial basis hedges that were to settle at various times from October through November of 2020. Net proceeds received from the monetizations are classified as operating cash flows in the Consolidated Statements of Cash Flows. The Company also enters into fixed price natural gas sales agreements that are satisfied by physical delivery. These physical commodity contracts qualify for the normal purchases and normal sales exception and are not subject to derivative instrument accounting. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS: CNX determines the fair value of assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. The fair value hierarchy is based on whether the inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources (including NYMEX forward curves, LIBOR-based discount rates and basis forward curves), while unobservable inputs reflect the Company's own assumptions of what market participants would use. The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below: Level 1 - Quoted prices for identical instruments in active markets. Level 2 - The fair value of the assets and liabilities included in Level 2 are based on standard industry income approach models that use significant observable inputs, including NYMEX forward curves, LIBOR-based discount rates and basis forward curves. Level 3 - Unobservable inputs significant to the fair value measurement supported by little or no market activity. In those cases when the inputs used to measure fair value meet the definition of more than one level of the fair value hierarchy, the lowest level input that is significant to the fair value measurement in its totality determines the applicable level in the fair value hierarchy. The financial instrument measured at fair value on a recurring basis is summarized below: Fair Value Measurements at September 30, 2020 Fair Value Measurements at December 31, 2019 Description Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Gas Derivatives $ — $ (94,939) $ — $ — $ 405,781 $ — Interest Rate Swaps $ — $ (15,609) $ — $ — $ (1,219) $ — The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: September 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Cash and Cash Equivalents $ 150,132 $ 150,132 $ 16,283 $ 16,283 Long-Term Debt (Excluding Debt Issuance Costs) $ 2,617,402 $ 2,723,756 $ 2,763,433 $ 2,619,676 Cash and cash equivalents represent highly-liquid instruments and constitute Level 1 fair value measurements. Certain of the Company’s debt is actively traded on a public market and, as a result, constitute Level 1 fair value measurements. The portion of the Company’s debt obligations that is not actively traded is valued through reference to the applicable underlying benchmark rate and, as a result, constitute Level 2 fair value measurements. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisitions And Dispositions | ACQUISITIONS AND DISPOSITIONS: On July 26, 2020, CNX entered into an Agreement and Plan of Merger (the “Merger Agreement”) with CNXM, CNX Midstream GP LLC (the “General Partner”) and CNX Resources Holding LLC., a wholly owned subsidiary of CNX (“Merger Sub”), pursuant to which Merger Sub merged with and into CNXM with CNXM surviving as an indirect wholly owned subsidiary of CNX (the “Merger”). On September 28, 2020, the Merger was completed and CNX issued 37,054,223 shares of common stock to acquire the 42,107,071 common units of CNXM not owned by CNX prior to the Merger at a fixed exchange ratio of 0.88 shares of CNX common stock for each CNXM common unit, for total implied consideration of $384,623. As a result of the Merger, CNXM’s common units are no longer publicly traded. Except for the Class B units of CNXM, which were automatically canceled immediately prior to the effective time of the Merger for no consideration in accordance with CNXM’s partnership agreement, the interests in CNXM owned by CNX and its subsidiaries remain outstanding as limited partner interests in the surviving entity. The General Partner will continue to own the non-economic general partner interest in the surviving entity. As CNX controlled CNXM prior to the Merger and continues to control CNXM after the Merger, CNX accounted for the change in our ownership interest in CNXM as an equity transaction which was reflected as a reduction of noncontrolling interest with corresponding increases to common stock and capital in excess of par value. No gain or loss was recognized in our condensed consolidated statements of operations as a result of the Merger. The tax effects of the Merger were reported as adjustments to deferred income taxes and capital in excess of par value. Prior to the effective time of the Merger on September 28, 2020, public unitholders held a 46.9% equity interest in CNXM and CNX owned the remaining 53.1% equity interest. The earnings of CNXM that were attributed to its common units held by the public prior to the Merger are reflected in Net Income Attributable to Noncontrolling Interest in the Consolidated Statements of Income. There were no changes in our ownership interest in CNXM during the three and nine months ended September 30, 2019. CNXM’s revolving credit facility (See Note 7 - Revolving Credit Facility) and the CNXM Senior Notes (See Note 9 - Long-Term Debt) were not impacted by the Merger. We incurred $4,717 and $4,737 of transaction costs directly attributable to the Merger during the three and nine months ended September 30, 2020, respectively, including financial advisory, legal service and other professional fees, which were recorded to Other Expense in the Consolidated Statements of Income. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION: The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments. The Company evaluates the performance of its reportable segments based on total revenue and other operating income, and operating expenses directly attributable to that segment. Certain expenses are managed outside the reportable segments and therefore are not allocated. These expenses include, but are not limited to, interest expense, impairment of exploration and production properties, impairment of goodwill and other corporate expenses such as selling, general and administrative costs. CNX's principal activity is to produce pipeline quality natural gas for sale primarily to gas wholesalers and the Company has two reportable segments that conducts those operations: Shale and Coalbed Methane. The Other Segment includes nominal shallow oil and gas production which is not significant to the Company. It also includes the Company's purchased gas activities, unrealized gain or loss on commodity derivative instruments, realized gain on commodity derivative instruments that were monetized prior to their settlement dates, exploration and production related other costs, impairments of exploration and production properties, as well as various other expenses that are managed outside the reportable segments as discussed above. Operating profit for each segment is based on sales less identifiable operating and non-operating expenses. Prior to the Merger of CNXM that occurred in September 2020 (See Note 13 - Acquisitions and Dispositions), CNX consisted of two principal business divisions: Exploration and Production (E&P) and Midstream. The E&P Division included four reportable segments, Marcellus Shale, Utica Shale, Coalbed Methane, and Other Gas. Certain reclassifications of 2019 segment information have been made to conform to the 2020 presentation. Industry segment results for the three months ended September 30, 2020: Shale Coalbed Methane Other Consolidated Natural Gas, NGL and Oil Revenue $ 155,792 $ 25,667 $ 754 $ 182,213 (A) Purchased Gas Revenue — — 31,541 31,541 Gain (Loss) on Commodity Derivative Instruments 79,773 10,518 (259,125) (168,834) Other Revenue and Operating Income 16,689 — 4,466 21,155 (B) Total Revenue and Other Operating Income $ 252,254 $ 36,185 $ (222,364) $ 66,075 Total Operating Expense $ 165,587 $ 30,439 $ 83,479 $ 279,505 Earnings (Loss) Before Income Tax $ 86,667 $ 5,746 $ (342,485) $ (250,072) Segment Assets $ 6,070,356 $ 1,125,312 $ 933,506 $ 8,129,174 (C) Depreciation, Depletion and Amortization $ 94,617 $ 15,763 $ 4,084 $ 114,464 Capital Expenditures $ 105,988 $ 2,310 $ 37 $ 108,335 (A) Included in Total Natural Gas, NGL and Oil Revenue are sales of $35,645 to Direct Energy Business Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period. (B) Includes equity in earnings of unconsolidated affiliates of $396 for Other. (C) Includes investments in unconsolidated equity affiliates of $15,685. Industry segment results for the three months ended September 30, 2019: Shale Coalbed Methane Other Consolidated Natural Gas, NGL and Oil Revenue $ 229,183 $ 35,621 $ 247 $ 265,051 (D) Purchased Gas Revenue — — 29,192 29,192 Gain on Commodity Derivative Instruments 50,982 6,036 156,895 213,913 Other Revenue and Operating Income 18,525 — 3,316 21,841 (E) Total Revenue and Other Operating Income $ 298,690 $ 41,657 $ 189,650 $ 529,997 Total Operating Expense $ 185,452 $ 32,940 $ 80,207 $ 298,599 Earnings Before Income Tax $ 113,238 $ 8,717 $ 70,907 $ 192,862 Segment Assets $ 6,911,677 $ 1,231,509 $ 1,143,072 $ 9,286,258 (F) Depreciation, Depletion and Amortization $ 100,545 $ 17,400 $ 2,514 $ 120,459 Capital Expenditures $ 332,640 $ 2,196 $ 1,301 $ 336,137 (D) Included in Total Natural Gas, NGL and Oil Revenue are sales of $39,092 to Direct Energy Business Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period. (E) Includes equity in earnings of unconsolidated affiliates of $673 for Other. (F) Includes investments in unconsolidated equity affiliates of $17,110. Industry segment results for the nine months ended September 30, 2020: Shale Coalbed Methane Other Consolidated Natural Gas, NGL and Oil Revenue $ 528,913 $ 79,319 $ 1,251 $ 609,483 (A) Purchased Gas Revenue — — 78,324 78,324 Gain (Loss) on Commodity Derivative Instruments 266,488 33,210 (416,693) (116,995) (B) Other Revenue and Operating Income 47,286 — 13,177 60,463 (C) Total Revenue and Other Operating Income $ 842,687 $ 112,529 $ (323,941) $ 631,275 Total Operating Expense $ 511,653 $ 94,113 $ 779,532 $ 1,385,298 Earnings (Loss) Before Income Tax $ 331,034 $ 18,416 $ (1,216,459) $ (867,009) Segment Assets $ 6,070,356 $ 1,125,312 $ 933,506 $ 8,129,174 (D) Depreciation, Depletion and Amortization $ 295,648 $ 49,903 $ 11,623 $ 357,174 Capital Expenditures $ 385,763 $ 6,796 $ 2,677 $ 395,236 (A) Included in Total Natural Gas, NGL and Oil Revenue are sales of $115,011 to Direct Energy Business Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period. (B) Included in Other is a realized gain on commodity derivative instruments of $83,997 related to the monetization of hedges (see Note 11 - Derivative Instruments for more information). (C) Includes equity in loss of unconsolidated affiliates of $1,025 for Other. (D) Includes investments in unconsolidated equity affiliates of 15,685. Industry segment results for the nine months ended September 30, 2019: Shale Coalbed Methane Other Consolidated Natural Gas, NGL and Oil Revenue $ 917,862 $ 125,094 $ 906 $ 1,043,862 (E) Purchased Gas Revenue — — 64,181 64,181 Gain on Commodity Derivative Instruments 23,501 2,819 213,798 240,118 Other Revenue and Operating Income 55,863 — 9,436 65,299 (F) Total Revenue and Other Operating Income $ 997,226 $ 127,913 $ 288,321 $ 1,413,460 Total Operating Expense $ 586,030 $ 98,694 $ 254,510 $ 939,234 Earnings (Loss) Before Income Tax $ 411,196 $ 29,219 $ (90,278) $ 350,137 Segment Assets $ 6,911,677 $ 1,231,509 $ 1,143,072 $ 9,286,258 (G) Depreciation, Depletion and Amortization $ 316,596 $ 51,669 $ 6,354 $ 374,619 Capital Expenditures $ 951,427 $ 7,752 $ 5,323 $ 964,502 (E) Included in Total Natural Gas, NGL and Oil Revenue are sales of $155,337 to Direct Energy Business Marketing LLC and $114,440 to NJR Energy Services Company, each of which comprises over 10% of revenue from contracts with external customers for the period. (F) Includes equity in earnings of unconsolidated affiliates of $1,703 for Other. (G) Includes investments in unconsolidated equity affiliates of $17,110. Reconciliation of Segment Information to Consolidated Amounts: Revenue and Other Operating Income For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Total Segment Revenue from Contracts with External Customers $ 230,443 $ 312,767 $ 735,093 $ 1,163,906 (Loss) Gain on Commodity Derivative Instruments (168,834) 213,913 (116,995) 240,118 Other Operating Income 4,466 3,317 13,177 9,436 Total Consolidated Revenue and Other Operating Income $ 66,075 $ 529,997 $ 631,275 $ 1,413,460 Total Assets: September 30, 2020 2019 Segment Assets for Reportable Business Segments $ 7,195,668 $ 8,143,186 Segment Assets for Other 782,730 1,126,404 Items Excluded from Segment Assets: Cash and Cash Equivalents 150,132 5,484 Recoverable Income Taxes 644 11,184 Total Consolidated Assets $ 8,129,174 $ 9,286,258 |
Stock Repurchase
Stock Repurchase | 9 Months Ended |
Sep. 30, 2020 | |
Stock Repurchase [Abstract] | |
Stock Repurchase | STOCK REPURCHASE:Since the October 30, 2017 inception of the current stock repurchase program, CNX's Board of Directors has approved in total a $750,000 stock repurchase program, which is not subject to an expiration date. The repurchases may be affected from time-to-time through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, accelerated stock repurchases, block trades, derivative contracts or otherwise in compliance with Rule 10b-18. The timing of any repurchases will be based on a number of factors, including available liquidity, the Company's stock price, the Company's financial outlook, and alternative investment options. The stock repurchase program does not obligate the Company to repurchase any dollar amount or number of shares and the Board may modify, suspend, or discontinue its authorization of the program at any time. The Board of Directors will continue to evaluate the size of the stock repurchase program based on CNX's free cash flow position, leverage ratio, and capital plans. During the nine months ended September 30, 2019, 12,929,487 shares were repurchased and retired at an average price of $8.91 per share for a total cost of $115,477. There were no shares repurchased and retired during the nine months ended September 30, 2020. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS: In August 2020, the FASB issued ASU 2020-06 - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. This ASU simplifies an entity's accounting for convertible instruments by eliminating two of the three models in ASC 470-20 that require separate accounting for embedded conversion features, simplifies the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification, requires entities to use the if-converted method for all convertible instruments in the diluted EPS calculation and include the effect of potential share settlement (if the effect is more dilutive) for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards, requires new disclosures about events that occur during the reporting period and cause conversion contingencies to be met and about the fair value of an entity's convertible debt at the instrument level, among other things. The amendments in this ASU are effective for public entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, and can be adopted through either a modified retrospective method of transition or a fully retrospective method of transition. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is still evaluating the effect of adopting this guidance. In March 2020, the FASB issued ASU 2020-04 - Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). This ASU provides optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates (IBORs) and, particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is still evaluating the effect of adopting this guidance. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENT:On October 8, 2020, CNX repurchased the remaining $363,348 of its outstanding 5.875% senior notes due in April 2022 at an average price equal to 100% of the principal amount. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | In March 2020, the FASB issued ASU 2020-04 - Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). This ASU provides optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates (IBORs) and, particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is still evaluating the effect of adopting this guidance.In March 2020, the FASB issued ASU 2020-03 - Codification Improvements to Financial Instruments. This ASU improves and clarifies various financial instruments topics, including the CECL standard (see Note 1 - Basis of Presentation for more information). The ASU includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The amendments in this ASU have different effective dates. The adoption of this guidance is not expected to have a material impact on the Company's financial statements. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the statement of cash flows: September 30, 2020 2019 Cash and Cash Equivalents $ 150,132 $ 5,484 Restricted Cash, Current Portion 733 — Restricted Cash, Less Current Portion 5,456 — Total Cash, Cash Equivalents, and Restricted Cash $ 156,321 $ 5,484 |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the statement of cash flows: September 30, 2020 2019 Cash and Cash Equivalents $ 150,132 $ 5,484 Restricted Cash, Current Portion 733 — Restricted Cash, Less Current Portion 5,456 — Total Cash, Cash Equivalents, and Restricted Cash $ 156,321 $ 5,484 |
Schedule of Allowance for Credit Loss | The following represents the rollforward of the allowance for credit losses for the nine months ended: September 30, 2020 2019 Allowance for Credit Losses - Trade, Beginning of Year $ — $ — Provision for Expected Credit Losses 78 — Allowance for Credit Losses - Trade, End of Period $ 78 $ — Allowance for Credit Losses - Other Receivables, Beginning of Year $ 2,463 $ 2,038 Provision for Expected Credit Losses 2,974 389 Write-off of Uncollectible Accounts (923) (77) Allowance for Credit Losses - Other Receivables, End of Period $ 4,514 $ 2,350 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The table below sets forth the share-based awards that have been excluded from the computation of diluted earnings per share because their effect would be antidilutive: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Anti-Dilutive Options 4,237,319 2,035,273 4,237,319 2,035,273 Anti-Dilutive Restricted Stock Units 2,180,548 814,183 2,180,548 813,266 Anti-Dilutive Performance Share Units 780,335 — 780,335 — Anti-Dilutive Performance Stock Options — 927,268 — 927,268 7,198,202 3,776,724 7,198,202 3,775,807 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The table below sets forth the share-based awards that have been exercised or released: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Options 21,864 6,953 261,703 27,794 Restricted Stock Units 21,186 28,769 525,226 1,002,003 Performance Share Units — — 274,716 342,882 43,050 35,722 1,061,645 1,372,679 |
Schedule of Earnings Per Share, Basic and Diluted | The computations for basic and diluted (loss) earnings per share are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Net (Loss) Income $ (188,793) $ 143,960 $ (624,502) $ 272,004 Less: Net Income Attributable to Non-Controlling Interest 15,905 28,422 55,031 81,325 Net (Loss) Income Attributable to CNX Resources Shareholders $ (204,698) $ 115,538 $ (679,533) $ 190,679 Weighted-Average Shares of Common Stock Outstanding 198,727,472 187,448,749 191,015,680 188,012,044 Effect of Diluted Shares* — 982,210 — 1,548,899 Weighted-Average Diluted Shares of Common Stock Outstanding 198,727,472 188,430,959 191,015,680 189,560,943 (Loss) Earnings per Share: Basic $ (1.03) $ 0.62 $ (3.56) $ 1.01 Diluted $ (1.03) $ 0.61 $ (3.56) $ 1.01 |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table is a disaggregation of revenue by major source: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Revenue from Contracts with Customers Natural Gas Revenue $ 163,054 $ 245,815 $ 561,162 $ 966,574 NGL Revenue 15,053 18,305 40,691 72,095 Oil/Condensate Revenue 4,106 931 7,630 5,193 Total Natural Gas, NGL and Oil Revenue 182,213 265,051 609,483 1,043,862 Purchased Gas Revenue 31,541 29,192 78,324 64,181 Other Sources of Revenue and Other Operating Income (Loss) Gain on Commodity Derivative Instruments (168,834) 213,913 (116,995) 240,118 Other Revenue and Operating Income 21,155 21,841 60,463 65,299 Total Revenue and Other Operating Income $ 66,075 $ 529,997 $ 631,275 $ 1,413,460 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | September 30, December 31, Intangible Drilling Cost $ 4,900,667 $ 4,688,497 Gas Gathering Equipment 2,505,267 2,463,866 Proved Gas Properties 1,214,416 1,208,046 Gas Wells and Related Equipment 1,102,366 1,042,000 Unproved Gas Properties 765,008 755,590 Surface Land and Other Equipment 222,732 226,285 Other 194,381 187,722 Total Property, Plant and Equipment 10,904,837 10,572,006 Less: Accumulated Depreciation, Depletion and Amortization 3,841,699 3,435,431 Total Property, Plant and Equipment - Net $ 7,063,138 $ 7,136,575 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill consist of the following activity: Amount December 31, 2019 $ 796,359 Impairment 473,045 September 30, 2020 $ 323,314 |
Schedule of Finite-Lived Intangible Assets | The carrying amount and accumulated amortization of other intangible assets consist of the following: September 30, December 31, Other Intangible Assets Gross Amortizable Asset - Customer Relationships $ 109,752 $ 109,752 Less: Accumulated Amortization - Customer Relationships 18,019 13,105 Total Other Intangible Assets, net $ 91,733 $ 96,647 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | September 30, December 31, Royalties $ 53,343 $ 74,061 Transportation Charges 19,556 16,533 Accrued Interest 16,896 30,862 Accrued Other Taxes 9,681 9,115 Deferred Revenue 8,934 13,964 Short-Term Incentive Compensation 7,785 21,030 Accrued Payroll & Benefits 6,082 6,248 Other 35,471 37,610 Current Portion of Long-Term Liabilities: Asset Retirement Obligations 5,076 5,076 Salary Retirement 1,649 1,587 Total Other Accrued Liabilities $ 164,473 $ 216,086 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Long-term Debt, Other Disclosures [Abstract] | |
Schedule of Long-term Debt | September 30, December 31, Senior Notes due March 2027 at 7.25% (Principal of $700,000 and $500,000 plus Unamortized Premium of $6,955 at September 30, 2020) $ 706,955 $ 500,000 CNX Revolving Credit Facility 410,000 661,000 CNX Midstream Partners LP Senior Notes due March 2026 at 6.50% (Principal of $400,000 less Unamortized Discount of $4,062 and $4,625, respectively)* 395,938 395,375 Senior Notes due April 2022 at 5.875% (Principal of $363,348 and $894,307 363,624 895,308 CNX Midstream Partners LP Revolving Credit Facility* 343,000 311,750 Convertible Senior Notes due May 2026 at 2.25% (Principal of $345,000 less Unamortized Discount and Issuance Costs of $111,621) 233,379 — Cardinal States Gathering Company Credit Facility maturing in March 2028 (Principal of $118,776 less Unamortized Discount of $1,165) 117,611 — CSG Holdings II LLC Credit Facility maturing in December 2026 (Principal of $47,355 less Unamortized Discount of $460) 46,895 — Less: Unamortized Debt Issuance Costs 16,940 8,990 2,600,462 2,754,443 Less: Amounts Due in One Year 22,488 — Long-Term Debt $ 2,577,974 $ 2,754,443 *CNX is not a guarantor of CNXM's 6.50% senior notes due in March 2026 or CNXM's senior secured revolving credit facility. |
Convertible Debt | The net carrying amount of the liability and equity components of the Convertible Notes was as follows: September 30, 2020 Liability Component: Principal $ 345,000 Unamortized Discount (105,004) Unamortized Issuance Costs (6,617) Net Carrying Amount $ 233,379 Equity Component, net of Purchase Discounts and Issuance Costs $ 78,317 Interest expense related to the Convertible Notes is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2020 September 30, 2020 Contractual Interest Expense $ 1,941 $ 3,234 Amortization of Debt Discount 3,554 5,879 Amortization of Issuance Costs 245 407 Total Interest Expense $ 5,740 $ 9,520 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Long-term Purchase Commitment | At September 30, 2020, CNX has provided the following financial guarantees, unconditional purchase obligations, and letters of credit to certain third-parties as described by major category in the following tables. These amounts represent the maximum potential of total future payments that the Company could be required to make under these instruments. These amounts have not been reduced for potential recoveries under recourse or collateralization provisions. Generally, recoveries under reclamation bonds would be limited to the extent of the work performed at the time of the default. No amounts related to these unconditional purchase obligations and letters of credit are recorded as liabilities in the financial statements. CNX management believes that the commitments in the following table will expire without being funded, and therefore will not have a material adverse effect on financial condition. Amount of Commitment Expiration Per Period Total Less Than 1-3 Years 3-5 Years Beyond Letters of Credit: Firm Transportation $ 178,352 $ 178,352 $ — $ — $ — Other 6,950 6,950 — — — Total Letters of Credit 185,302 185,302 — — — Surety Bonds: Employee-Related 2,600 1,500 1,100 — — Environmental 12,312 10,717 1,595 — — Financial Guarantees 81,670 26,400 55,270 — — Other 9,285 8,594 691 — — Total Surety Bonds 105,867 47,211 58,656 — — Total Commitments $ 291,169 $ 232,513 $ 58,656 $ — $ — |
Unrecorded Unconditional Purchase Obligations Disclosure | As of September 30, 2020, the purchase obligations for each of the next five years and beyond are as follows: Obligations Due Amount Less than 1 year $ 242,786 1 - 3 years 429,062 3 - 5 years 369,444 More than 5 years 930,189 Total Purchase Obligations $ 1,971,481 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Derivative Instruments | The total notional amounts of CNX's derivative instruments were as follows: September 30, December 31, Forecasted to 2020 2019 Settle Through Natural Gas Commodity Swaps (Bcf) 1,280.9 * 1,460.6 2025 Natural Gas Basis Swaps (Bcf) 1,311.8 * 1,290.4 2025 Interest Rate Swaps $ 575,625 $ 160,000 2028 *Net of purchased natural gas commodity swaps and natural gas basis swaps of 5.7 Bcf and 3.8 Bcf, respectively. |
Schedule of Derivative Assets at Fair Value | The gross fair value of CNX's derivative instruments was as follows: September 30, December 31, 2020 2019 Current Assets: Commodity Derivative Instruments: Commodity Swaps $ 39,263 $ 234,238 Basis Only Swaps 38,201 13,556 Interest Rate Swaps 144 — Total Current Assets $ 77,608 $ 247,794 Other Non-Current Assets: Commodity Derivative Instruments: Commodity Swaps $ 118,210 $ 288,543 Basis Only Swaps 41,060 25,553 Interest Rate Swaps 828 — Total Other Non-Current Assets $ 160,098 $ 314,096 Current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 103,297 $ 345 Basis Only Swaps 36,878 40,626 Interest Rate Swaps 4,370 495 Total Current Liabilities $ 144,545 $ 41,466 Non-Current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 92,125 $ 9,693 Basis Only Swaps 99,373 105,445 Interest Rate Swaps 12,211 724 Total Non-Current Liabilities $ 203,709 $ 115,862 |
Schedule of Derivative Liabilities at Fair Value | The gross fair value of CNX's derivative instruments was as follows: September 30, December 31, 2020 2019 Current Assets: Commodity Derivative Instruments: Commodity Swaps $ 39,263 $ 234,238 Basis Only Swaps 38,201 13,556 Interest Rate Swaps 144 — Total Current Assets $ 77,608 $ 247,794 Other Non-Current Assets: Commodity Derivative Instruments: Commodity Swaps $ 118,210 $ 288,543 Basis Only Swaps 41,060 25,553 Interest Rate Swaps 828 — Total Other Non-Current Assets $ 160,098 $ 314,096 Current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 103,297 $ 345 Basis Only Swaps 36,878 40,626 Interest Rate Swaps 4,370 495 Total Current Liabilities $ 144,545 $ 41,466 Non-Current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 92,125 $ 9,693 Basis Only Swaps 99,373 105,445 Interest Rate Swaps 12,211 724 Total Non-Current Liabilities $ 203,709 $ 115,862 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position | The effect of commodity derivative instruments on the Company's Consolidated Statements of Income was as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Cash Received (Paid) in Settlement of Commodity Derivative Instruments: Natural Gas: Commodity Swaps $ 72,062 $ 61,441 $ 382,891 $ 53,058 Basis Swaps 18,248 (4,400) 836 (26,727) Total Cash Received in Settlement of Commodity Derivative Instruments 90,310 57,041 383,727 26,331 Unrealized (Loss) Gain on Commodity Derivative Instruments: Natural Gas: Commodity Swaps (369,121) 126,617 (550,694) 302,701 Basis Swaps 109,977 30,255 49,972 (88,914) Total Unrealized (Loss) Gain on Commodity Derivative Instruments (259,144) 156,872 (500,722) 213,787 (Loss) Gain on Commodity Derivative Instruments: Natural Gas: Commodity Swaps (297,059) 188,058 (167,803) 355,759 Basis Swaps 128,225 25,855 50,808 (115,641) Total (Loss) Gain on Commodity Derivative Instruments $ (168,834) $ 213,913 $ (116,995) $ 240,118 The effect of interest rate swaps on Interest Expense in the Company's Consolidated Statements of Income was as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Cash (Paid) Received in Settlement of Interest Rate Swaps $ (1,257) $ 195 $ (1,850) $ 195 Unrealized Loss on Interest Rate Swaps (152) (713) (14,389) (1,774) Loss on Interest Rate Swaps $ (1,409) $ (518) $ (16,239) $ (1,579) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The financial instrument measured at fair value on a recurring basis is summarized below: Fair Value Measurements at September 30, 2020 Fair Value Measurements at December 31, 2019 Description Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Gas Derivatives $ — $ (94,939) $ — $ — $ 405,781 $ — Interest Rate Swaps $ — $ (15,609) $ — $ — $ (1,219) $ — |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: September 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Cash and Cash Equivalents $ 150,132 $ 150,132 $ 16,283 $ 16,283 Long-Term Debt (Excluding Debt Issuance Costs) $ 2,617,402 $ 2,723,756 $ 2,763,433 $ 2,619,676 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Industry Segment Results | Industry segment results for the three months ended September 30, 2020: Shale Coalbed Methane Other Consolidated Natural Gas, NGL and Oil Revenue $ 155,792 $ 25,667 $ 754 $ 182,213 (A) Purchased Gas Revenue — — 31,541 31,541 Gain (Loss) on Commodity Derivative Instruments 79,773 10,518 (259,125) (168,834) Other Revenue and Operating Income 16,689 — 4,466 21,155 (B) Total Revenue and Other Operating Income $ 252,254 $ 36,185 $ (222,364) $ 66,075 Total Operating Expense $ 165,587 $ 30,439 $ 83,479 $ 279,505 Earnings (Loss) Before Income Tax $ 86,667 $ 5,746 $ (342,485) $ (250,072) Segment Assets $ 6,070,356 $ 1,125,312 $ 933,506 $ 8,129,174 (C) Depreciation, Depletion and Amortization $ 94,617 $ 15,763 $ 4,084 $ 114,464 Capital Expenditures $ 105,988 $ 2,310 $ 37 $ 108,335 (A) Included in Total Natural Gas, NGL and Oil Revenue are sales of $35,645 to Direct Energy Business Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period. (B) Includes equity in earnings of unconsolidated affiliates of $396 for Other. (C) Includes investments in unconsolidated equity affiliates of $15,685. Industry segment results for the three months ended September 30, 2019: Shale Coalbed Methane Other Consolidated Natural Gas, NGL and Oil Revenue $ 229,183 $ 35,621 $ 247 $ 265,051 (D) Purchased Gas Revenue — — 29,192 29,192 Gain on Commodity Derivative Instruments 50,982 6,036 156,895 213,913 Other Revenue and Operating Income 18,525 — 3,316 21,841 (E) Total Revenue and Other Operating Income $ 298,690 $ 41,657 $ 189,650 $ 529,997 Total Operating Expense $ 185,452 $ 32,940 $ 80,207 $ 298,599 Earnings Before Income Tax $ 113,238 $ 8,717 $ 70,907 $ 192,862 Segment Assets $ 6,911,677 $ 1,231,509 $ 1,143,072 $ 9,286,258 (F) Depreciation, Depletion and Amortization $ 100,545 $ 17,400 $ 2,514 $ 120,459 Capital Expenditures $ 332,640 $ 2,196 $ 1,301 $ 336,137 (D) Included in Total Natural Gas, NGL and Oil Revenue are sales of $39,092 to Direct Energy Business Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period. (E) Includes equity in earnings of unconsolidated affiliates of $673 for Other. (F) Includes investments in unconsolidated equity affiliates of $17,110. Industry segment results for the nine months ended September 30, 2020: Shale Coalbed Methane Other Consolidated Natural Gas, NGL and Oil Revenue $ 528,913 $ 79,319 $ 1,251 $ 609,483 (A) Purchased Gas Revenue — — 78,324 78,324 Gain (Loss) on Commodity Derivative Instruments 266,488 33,210 (416,693) (116,995) (B) Other Revenue and Operating Income 47,286 — 13,177 60,463 (C) Total Revenue and Other Operating Income $ 842,687 $ 112,529 $ (323,941) $ 631,275 Total Operating Expense $ 511,653 $ 94,113 $ 779,532 $ 1,385,298 Earnings (Loss) Before Income Tax $ 331,034 $ 18,416 $ (1,216,459) $ (867,009) Segment Assets $ 6,070,356 $ 1,125,312 $ 933,506 $ 8,129,174 (D) Depreciation, Depletion and Amortization $ 295,648 $ 49,903 $ 11,623 $ 357,174 Capital Expenditures $ 385,763 $ 6,796 $ 2,677 $ 395,236 (A) Included in Total Natural Gas, NGL and Oil Revenue are sales of $115,011 to Direct Energy Business Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period. (B) Included in Other is a realized gain on commodity derivative instruments of $83,997 related to the monetization of hedges (see Note 11 - Derivative Instruments for more information). (C) Includes equity in loss of unconsolidated affiliates of $1,025 for Other. (D) Includes investments in unconsolidated equity affiliates of 15,685. Industry segment results for the nine months ended September 30, 2019: Shale Coalbed Methane Other Consolidated Natural Gas, NGL and Oil Revenue $ 917,862 $ 125,094 $ 906 $ 1,043,862 (E) Purchased Gas Revenue — — 64,181 64,181 Gain on Commodity Derivative Instruments 23,501 2,819 213,798 240,118 Other Revenue and Operating Income 55,863 — 9,436 65,299 (F) Total Revenue and Other Operating Income $ 997,226 $ 127,913 $ 288,321 $ 1,413,460 Total Operating Expense $ 586,030 $ 98,694 $ 254,510 $ 939,234 Earnings (Loss) Before Income Tax $ 411,196 $ 29,219 $ (90,278) $ 350,137 Segment Assets $ 6,911,677 $ 1,231,509 $ 1,143,072 $ 9,286,258 (G) Depreciation, Depletion and Amortization $ 316,596 $ 51,669 $ 6,354 $ 374,619 Capital Expenditures $ 951,427 $ 7,752 $ 5,323 $ 964,502 (E) Included in Total Natural Gas, NGL and Oil Revenue are sales of $155,337 to Direct Energy Business Marketing LLC and $114,440 to NJR Energy Services Company, each of which comprises over 10% of revenue from contracts with external customers for the period. (F) Includes equity in earnings of unconsolidated affiliates of $1,703 for Other. (G) Includes investments in unconsolidated equity affiliates of $17,110. |
Reconciliation of Revenue and Other Operating Income from Segments to Consolidated | Revenue and Other Operating Income For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Total Segment Revenue from Contracts with External Customers $ 230,443 $ 312,767 $ 735,093 $ 1,163,906 (Loss) Gain on Commodity Derivative Instruments (168,834) 213,913 (116,995) 240,118 Other Operating Income 4,466 3,317 13,177 9,436 Total Consolidated Revenue and Other Operating Income $ 66,075 $ 529,997 $ 631,275 $ 1,413,460 |
Reconciliation of Assets and Liabilities from Segment to Consolidated | Total Assets: September 30, 2020 2019 Segment Assets for Reportable Business Segments $ 7,195,668 $ 8,143,186 Segment Assets for Other 782,730 1,126,404 Items Excluded from Segment Assets: Cash and Cash Equivalents 150,132 5,484 Recoverable Income Taxes 644 11,184 Total Consolidated Assets $ 8,129,174 $ 9,286,258 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 27, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||
Accounts Receivable - Trade | $ 76,007 | $ 133,480 | |
Other Receivables | $ 9,167 | $ 16,142 | |
CNXM | Public Unitholders | |||
Business Acquisition [Line Items] | |||
Ownership percentage of public unitholders | 46.90% | ||
CNXM | CNX | |||
Business Acquisition [Line Items] | |||
Ownership percentage by parent | 53.10% |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Cash and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and Cash Equivalents | $ 150,132 | $ 16,283 | $ 5,484 | |
Restricted Cash, Current Portion | 733 | 0 | 0 | |
Restricted Cash, Less Current Portion | 5,456 | 0 | 0 | |
Total Cash, Cash Equivalents, and Restricted Cash | $ 156,321 | $ 16,283 | $ 5,484 | $ 17,198 |
Basis of Presentation - Sched_2
Basis of Presentation - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Trade Receivables | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for Credit Losses, Beginning of Year | $ 0 | $ 0 |
Provision for Expected Credit Losses | 78 | 0 |
Allowance for Credit Losses, End of Period | 78 | 0 |
Other Receivables | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for Credit Losses, Beginning of Year | 2,463 | 2,038 |
Provision for Expected Credit Losses | 2,974 | 389 |
Write-off of Uncollectible Accounts | (923) | (77) |
Allowance for Credit Losses, End of Period | $ 4,514 | $ 2,350 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - USD ($) $ in Thousands | Sep. 28, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 7,198,202 | 3,776,724 | 7,198,202 | 3,775,807 | |
Long-term equity-based compensation expense | $ 19,654 | $ 19,654 | |||
Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Accelerated vesting of equity instruments (in shares) | 473,126 | ||||
Performance Share Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Accelerated vesting of equity instruments (in shares) | 903,100 | ||||
SEAM | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Ownership percentage in equity method investment | 25.00% | 25.00% | |||
Convertible Debt Securities | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 32,242,975 | 32,242,975 | |||
CNXM, CNX Midstream GP LLC, CNX Resources Holding LLC Merger Agreement | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Entity shares issued per acquiree share (in shares) | 0.88 |
Earnings Per Share - Anti-Dilut
Earnings Per Share - Anti-Dilutive Options and Units Excluded from Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 7,198,202 | 3,776,724 | 7,198,202 | 3,775,807 |
Anti-Dilutive Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 4,237,319 | 2,035,273 | 4,237,319 | 2,035,273 |
Anti-Dilutive Restricted Stock Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 2,180,548 | 814,183 | 2,180,548 | 813,266 |
Anti-Dilutive Performance Share Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 780,335 | 0 | 780,335 | 0 |
Anti-Dilutive Performance Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 0 | 927,268 | 0 | 927,268 |
Earnings Per Share - Share-base
Earnings Per Share - Share-based Compensation (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total exercised or released (in shares) | 43,050 | 35,722 | 1,061,645 | 1,372,679 |
Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options exercised (in shares) | 21,864 | 6,953 | 261,703 | 27,794 |
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options exercised (in shares) | 21,186 | 28,769 | 525,226 | 1,002,003 |
Performance Share Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options exercised (in shares) | 0 | 0 | 274,716 | 342,882 |
Earnings Per Share - Earnings P
Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Numerator: | ||||
Net (Loss) Income | $ (188,793) | $ 143,960 | $ (624,502) | $ 272,004 |
Less: Net Income Attributable to Noncontrolling Interest | 15,905 | 28,422 | 55,031 | 81,325 |
Net (Loss) Income Attributable to CNX Resources Shareholders | $ (204,698) | $ 115,538 | $ (679,533) | $ 190,679 |
Denominator: | ||||
Weighted-Average Shares of Common Stock Outstanding (in shares) | 198,727,472 | 187,448,749 | 191,015,680 | 188,012,044 |
Effect of Diluted Shares (in shares) | 0 | 982,210 | 0 | 1,548,899 |
Weighted-Average Diluted Shares of Common Stock Outstanding (in shares) | 198,727,472 | 188,430,959 | 191,015,680 | 189,560,943 |
(Loss) Earnings per Share | ||||
Basic (in usd per share) | $ (1.03) | $ 0.62 | $ (3.56) | $ 1.01 |
Diluted (in usd per share) | $ (1.03) | $ 0.61 | $ (3.56) | $ 1.01 |
Revenue From Contracts With C_3
Revenue From Contracts With Customers - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Payment terms for contract with customers | 25 days | |
Receivables related to contracts with customers | $ 75,929 | $ 133,480 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
(Loss) Gain on Commodity Derivative Instruments | $ (168,834) | $ 213,913 | $ (116,995) | $ 240,118 |
Other Revenue and Operating Income | 21,155 | 21,841 | 60,463 | 65,299 |
Total Revenue and Other Operating Income | 66,075 | 529,997 | 631,275 | 1,413,460 |
Natural Gas Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 163,054 | 245,815 | 561,162 | 966,574 |
NGL Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 15,053 | 18,305 | 40,691 | 72,095 |
Oil/Condensate Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 4,106 | 931 | 7,630 | 5,193 |
Total Natural Gas, NGL and Oil Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 182,213 | 265,051 | 609,483 | 1,043,862 |
Purchased Gas Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | $ 31,541 | $ 29,192 | $ 78,324 | $ 64,181 |
Revenue From Contracts With C_5
Revenue From Contracts With Customers - Performance Obligation (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 127,887 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 50,125 |
Remaining performance obligations, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 41,379 |
Remaining performance obligations, expected timing of satisfaction | 1 year |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||||
Effective tax rate, percentage | 24.50% | 25.40% | 28.00% | 22.30% | |
AMT tax credit refund | $ 102,482,000 | $ 102,482,000 | |||
Total amount of uncertain tax positions | 33,243,000 | 33,243,000 | $ 31,516,000 | ||
Unrecognized tax benefits that would impact effective tax rate | 33,243,000 | 33,243,000 | 33,243,000 | ||
Accrued interest liability | $ 0 | $ 0 | $ 0 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Abstract] | ||
Intangible Drilling Cost | $ 4,900,667 | $ 4,688,497 |
Gas Gathering Equipment | 2,505,267 | 2,463,866 |
Proved Gas Properties | 1,214,416 | 1,208,046 |
Gas Wells and Related Equipment | 1,102,366 | 1,042,000 |
Unproved Gas Properties | 765,008 | 755,590 |
Surface Land and Other Equipment | 222,732 | 226,285 |
Other | 194,381 | 187,722 |
Total Property, Plant and Equipment | 10,904,837 | 10,572,006 |
Less: Accumulated Depreciation, Depletion and Amortization | 3,841,699 | 3,435,431 |
Total Property, Plant and Equipment—Net | $ 7,063,138 | $ 7,136,575 |
Property, Plant, and Equipment
Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Property, Plant and Equipment [Line Items] | ||||
Impairment of Exploration and Production Properties | $ 0 | $ 0 | $ 61,849 | $ 0 |
Southwest Pennsylvania CBM Asset Group | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment of Exploration and Production Properties | $ 61,849 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2017 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Jan. 03, 2018 | |
Goodwill [Line Items] | |||||||
Goodwill | $ 323,314 | $ 323,314 | $ 796,359 | ||||
Impairment of goodwill | 0 | $ 0 | $ 473,045 | $ 0 | |||
Useful life, customer relationship intangible assets | 17 years | ||||||
Amortization expense | 1,638 | $ 1,638 | $ 4,914 | $ 4,914 | |||
Estimated annual amortization expense, Year 2021 | 6,552 | 6,552 | |||||
Estimated annual amortization expense, Year 2022 | 6,552 | 6,552 | |||||
Estimated annual amortization expense, Year 2023 | 6,552 | 6,552 | |||||
Estimated annual amortization expense, Year 2024 | 6,552 | 6,552 | |||||
Estimated annual amortization expense, Year 2025 | 6,552 | 6,552 | |||||
Midstream Acquisition | |||||||
Goodwill [Line Items] | |||||||
Cash consideration transferred | $ 305,000 | ||||||
Fair value of previously held equity interest | $ 799,033 | ||||||
Goodwill | $ 323,314 | $ 323,314 | $ 796,359 | ||||
Other intangible assets | $ 128,781 | ||||||
CNX Gathering LLC | |||||||
Goodwill [Line Items] | |||||||
Ownership percentage in equity method investment | 50.00% |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Goodwill [Roll Forward] | ||||
December 31, 2019 | $ 796,359 | |||
Impairment of Goodwill | $ 0 | $ 0 | 473,045 | $ 0 |
June 30, 2020 | $ 323,314 | $ 323,314 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Gross Amortizable Asset - Customer Relationships | $ 109,752 | $ 109,752 |
Less: Accumulated Amortization - Customer Relationships | 18,019 | 13,105 |
Total Other Intangible Assets, net | $ 91,733 | $ 96,647 |
Revolving Credit Facilities (De
Revolving Credit Facilities (Details) | 1 Months Ended | 9 Months Ended | ||||
Apr. 30, 2020USD ($) | Apr. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Oct. 29, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | |
Short-term Debt [Line Items] | ||||||
Number of days outstanding, prior to springing maturity date | 91 days | |||||
Value of proved reserves, percentage to mortgage | 85.00% | |||||
Value of proved developing producing reserves, percentage to mortgage | 85.00% | |||||
Federal Funds Open Rate | ||||||
Short-term Debt [Line Items] | ||||||
Basis spread on variable rate | 0.50% | |||||
Federal Funds Open Rate | Midstream | ||||||
Short-term Debt [Line Items] | ||||||
Basis spread on variable rate | 0.50% | |||||
One-Month LIBOR | ||||||
Short-term Debt [Line Items] | ||||||
Basis spread on variable rate | 1.00% | |||||
One-Month LIBOR | Midstream | ||||||
Short-term Debt [Line Items] | ||||||
Basis spread on variable rate | 1.00% | |||||
One-Month LIBOR | Minimum | ||||||
Short-term Debt [Line Items] | ||||||
Basis spread on variable rate | 0.75% | |||||
One-Month LIBOR | Minimum | Midstream | ||||||
Short-term Debt [Line Items] | ||||||
Basis spread on variable rate | 0.50% | |||||
One-Month LIBOR | Maximum | ||||||
Short-term Debt [Line Items] | ||||||
Basis spread on variable rate | 1.75% | |||||
One-Month LIBOR | Maximum | Midstream | ||||||
Short-term Debt [Line Items] | ||||||
Basis spread on variable rate | 1.50% | |||||
LIBOR | Minimum | ||||||
Short-term Debt [Line Items] | ||||||
Basis spread on variable rate | 1.75% | |||||
LIBOR | Minimum | Midstream | ||||||
Short-term Debt [Line Items] | ||||||
Basis spread on variable rate | 1.50% | |||||
LIBOR | Maximum | ||||||
Short-term Debt [Line Items] | ||||||
Basis spread on variable rate | 2.75% | |||||
LIBOR | Maximum | Midstream | ||||||
Short-term Debt [Line Items] | ||||||
Basis spread on variable rate | 2.50% | |||||
6.50% Senior Notes due March 2026 | ||||||
Short-term Debt [Line Items] | ||||||
Debt instrument, face amount | $ 400,000,000 | $ 400,000,000 | ||||
Stated rate, debt instrument | 6.50% | |||||
6.50% Senior Notes due March 2026 | Midstream | ||||||
Short-term Debt [Line Items] | ||||||
Stated rate, debt instrument | 6.50% | |||||
6.50% Senior Notes due March 2026 | Minimum | Midstream | ||||||
Short-term Debt [Line Items] | ||||||
Debt instrument, face amount | $ 150,000,000 | |||||
6.50% Senior Notes due March 2026 | Maximum | Midstream | ||||||
Short-term Debt [Line Items] | ||||||
Debt instrument, face amount | 150,000,000 | |||||
Revolving Credit Facility | ||||||
Short-term Debt [Line Items] | ||||||
Debt instrument, face amount | $ 2,100,000,000 | $ 160,000,000 | ||||
Accordion feature, increased commitment | $ 3,000,000,000 | |||||
Net leverage ratio | 3 | |||||
Percentage of aggregate commitments available under credit facility | 15.00% | |||||
Initial borrowing base | $ 1,900,000,000 | |||||
Letters of credit aggregate sub-limit | $ 650,000,000 | |||||
Basket for dividends and distributions, annual limit of available cash | $ 150,000,000 | |||||
Minimum threshold to activate springing maturity date | $ 500,000,000 | |||||
Minimum current ratio | 1 | |||||
Borrowings outstanding | $ 410,000,000 | 661,000,000 | ||||
Letters of credit outstanding | 185,272,000 | 204,726,000 | ||||
Borrowings and issuance of letters of credit remaining capacity | 1,304,728,000 | 1,234,274,000 | ||||
Revolving Credit Facility | Subsequent Event | ||||||
Short-term Debt [Line Items] | ||||||
Initial borrowing base | $ 1,900,000,000 | |||||
Revolving Credit Facility | Midstream | ||||||
Short-term Debt [Line Items] | ||||||
Letters of credit aggregate sub-limit | 600,000,000 | |||||
Borrowings outstanding | 343,000,000 | 311,750,000 | ||||
Letters of credit outstanding | 30,000 | |||||
Borrowings and issuance of letters of credit remaining capacity | $ 256,970,000 | |||||
Increase in available borrowings | $ 250,000,000 | |||||
Secured leverage ratio | 3 | |||||
Total leverage ratio | 4 | |||||
Pro forma availability of commitments, percentage | 20.00% | |||||
Basket for repurchase of LP units tied to Available Cash, annual limit | $ 150,000,000 | |||||
Basket for repurchase of LP units tied to Available Cash, lifetime limit | 200,000,000 | |||||
Maximum borrowing capacity, letters of credit | $ 100,000,000 | |||||
Interest coverage ratio | 2.50 | |||||
Revolving credit available for borrowing | $ 288,250,000 | |||||
Revolving Credit Facility | Minimum | Midstream | ||||||
Short-term Debt [Line Items] | ||||||
Total leverage ratio | 4.75 | |||||
Maximum net leverage ratio | 5.25 | |||||
Revolving Credit Facility | Maximum | ||||||
Short-term Debt [Line Items] | ||||||
Net leverage ratio | 4 | |||||
Revolving Credit Facility | Maximum | Midstream | ||||||
Short-term Debt [Line Items] | ||||||
Secured leverage ratio | 3.50 | |||||
Total leverage ratio | 5.25 | |||||
Maximum net leverage ratio | 5.50 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Royalties | $ 53,343 | $ 74,061 |
Transportation Charges | 19,556 | 16,533 |
Accrued Interest | 16,896 | 30,862 |
Accrued Other Taxes | 9,681 | 9,115 |
Deferred Revenue | 8,934 | 13,964 |
Short-Term Incentive Compensation | 7,785 | 21,030 |
Accrued Payroll & Benefits | 6,082 | 6,248 |
Other | 35,471 | 37,610 |
Current Portion of Long-Term Liabilities: | ||
Asset Retirement Obligations | 5,076 | 5,076 |
Salary Retirement | 1,649 | 1,587 |
Total Other Accrued Liabilities | $ 164,473 | $ 216,086 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Apr. 30, 2019 |
Debt Instrument [Line Items] | ||||||
Long-term debt, net of issuance costs | $ 2,600,462,000 | $ 2,754,443,000 | ||||
Less: Unamortized Debt Issuance Costs | 16,940,000 | 8,990,000 | ||||
Less: Amounts Due in One Year | 22,488,000 | 0 | ||||
Long-Term Debt | $ 2,577,974,000 | 2,754,443,000 | ||||
Senior Notes Due March 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Stated rate, debt instrument | 7.25% | |||||
Debt instrument, face amount | $ 700,000,000 | 500,000,000 | ||||
Debt instrument, unamortized premium | 6,955,000 | |||||
Long-term debt, net of issuance costs | $ 706,955,000 | 500,000,000 | ||||
Senior Notes Due March 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Stated rate, debt instrument | 6.50% | |||||
Debt instrument, face amount | $ 400,000,000 | 400,000,000 | ||||
Debt instrument, unamortized discount | 4,062,000 | 4,625,000 | ||||
Long-term debt, net of issuance costs | $ 395,938,000 | 395,375,000 | ||||
Senior Notes Due April 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Stated rate, debt instrument | 5.875% | 5.875% | ||||
Debt instrument, face amount | $ 363,348,000 | 894,307,000 | ||||
Debt instrument, unamortized premium | 276,000 | 1,001,000 | ||||
Long-term debt, net of issuance costs | $ 363,624,000 | 895,308,000 | ||||
Convertible Senior Notes Due May 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Stated rate, debt instrument | 2.25% | |||||
Debt instrument, face amount | $ 345,000,000 | |||||
Debt instrument, unamortized discount | 111,621,000 | |||||
Long-term debt, net of issuance costs | 233,379,000 | 0 | ||||
Cardinal States Gathering Company Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, unamortized discount | 1,165,000 | |||||
CSG Holdings II LLC Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, unamortized discount | 460,000 | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 160,000,000 | $ 2,100,000,000 | ||||
Borrowings outstanding | 410,000,000 | 661,000,000 | ||||
Revolving Credit Facility | CNX Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, net of issuance costs | 410,000,000 | 661,000,000 | ||||
Revolving Credit Facility | CNX Midstream Partners LP Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, net of issuance costs | 343,000,000 | 311,750,000 | ||||
Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 175,000,000 | |||||
Line of Credit | Cardinal States Gathering Company Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Borrowings outstanding | 118,776,000 | |||||
Long-term debt, net of issuance costs | 117,611,000 | 0 | ||||
Line of Credit | CSG Holdings II LLC Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Borrowings outstanding | 47,355,000 | |||||
Long-term debt, net of issuance costs | $ 46,895,000 | $ 0 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Apr. 30, 2020USD ($)day$ / shares | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |||||||
Gain (loss) on extinguishment of debt | $ (108,000) | $ 0 | $ 10,812,000 | $ (7,614,000) | |||
Proceeds from issuance of convertible senior notes | 334,650,000 | 0 | |||||
Cost incurred for capped calls, gross | 35,673,000 | 0 | |||||
Income tax benefit capped call | $ 9,322,000 | ||||||
Purchase of capped call | $ 26,351,000 | ||||||
Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 175,000,000 | ||||||
Minimum | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.75% | ||||||
Maximum | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2.75% | ||||||
Capped Call Transaction | |||||||
Debt Instrument [Line Items] | |||||||
Cost incurred for capped calls, gross | 35,673,000 | ||||||
Purchase of capped call | $ 26,351,000 | ||||||
Capped Call Transaction | Call Option | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Strike price (in dollars per share) | $ / shares | $ 12.84 | ||||||
Capped Call Transaction | Call Option | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Strike price (in dollars per share) | $ / shares | $ 18.19 | ||||||
Senior Notes Due March 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 700,000,000 | $ 700,000,000 | $ 500,000,000 | ||||
Stated rate, debt instrument | 7.25% | 7.25% | |||||
Senior Notes Due March 2027 | Debt Instrument, Issuance, Period Two | |||||||
Debt Instrument [Line Items] | |||||||
Stated rate, debt instrument | 7.25% | 7.25% | |||||
Senior Notes Due March 2027 | Debt Instrument, Issuance, Period One | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 500,000,000 | $ 500,000,000 | |||||
Stated rate, debt instrument | 7.25% | 7.25% | |||||
Senior Notes Due March 2027 | Private Offering | Debt Instrument, Issuance, Period Two | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 200,000,000 | $ 200,000,000 | |||||
Unamortized bond premium | 7,000,000 | 7,000,000 | |||||
Senior Notes Due April 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 363,348,000 | $ 363,348,000 | $ 894,307,000 | ||||
Stated rate, debt instrument | 5.875% | 5.875% | 5.875% | 5.875% | |||
Purchase of outstanding debt | $ 50,000,000 | $ 530,959,000 | $ 400,000,000 | ||||
Gain (loss) on extinguishment of debt | (108,000) | 10,812,000 | $ (7,614,000) | ||||
Convertible Senior Notes Due 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 345,000,000 | $ 345,000,000 | |||||
Stated rate, debt instrument | 2.25% | 2.25% | |||||
Convertible Senior Notes Due 2026 | Convertible Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 345,000,000 | ||||||
Stated rate, debt instrument | 2.25% | ||||||
Conversion ratio (in shares) | 77.8816 | ||||||
Conversion price (in dollars per share) | $ / shares | $ 12.84 | ||||||
Debt issuance costs gross | $ 10,350,000 | ||||||
Convertible Senior Notes Due 2026 | Debt Instrument, Redemption, Period One | Convertible Debt | |||||||
Debt Instrument [Line Items] | |||||||
Threshold percentage of stock price trigger | 130.00% | ||||||
Threshold trading days | day | 20 | ||||||
Threshold consecutive trading days | day | 30 | ||||||
Convertible Senior Notes Due 2026 | Debt Instrument, Redemption, Period Two | Convertible Debt | |||||||
Debt Instrument [Line Items] | |||||||
Threshold percentage of stock price trigger | 98.00% | ||||||
Threshold trading days | day | 5 | ||||||
Threshold consecutive trading days | day | 10 | ||||||
Convertible 2.25% Senior Notes Due 2026, Additional Option To Initial Purchasers | Convertible Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 45,000,000 | ||||||
Convertible 2.25% Senior Notes Due 2026, Liability Component | Convertible Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance costs gross | 7,024,000 | ||||||
Convertible 2.25% Senior Notes Due 2026, Equity Component | Convertible Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance costs gross | $ 3,326,000 | ||||||
Cardinal States Gathering Company Credit Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 125,000,000 | $ 125,000,000 | |||||
Cardinal States Gathering Company Credit Facility | Line of Credit | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.75% | ||||||
CSG Holdings II LLC Credit Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 50,000,000 | $ 50,000,000 | |||||
CSG Holdings II LLC Credit Facility | Line of Credit | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 6.75% |
Long-Term Debt - Schedule of Co
Long-Term Debt - Schedule of Convertible Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Unamortized Issuance Costs | $ (16,940) | $ (16,940) | $ (8,990) |
Long-term debt, net of issuance costs | 2,600,462 | 2,600,462 | 2,754,443 |
Equity Component, net of Purchase Discounts and Issuance Costs | 10 | 78,317 | |
Convertible Senior Notes Due 2026 | |||
Debt Instrument [Line Items] | |||
Long-term debt, net of issuance costs | 233,379 | 233,379 | $ 0 |
Convertible Debt | Convertible Senior Notes Due 2026 | |||
Debt Instrument [Line Items] | |||
Principal | 345,000 | 345,000 | |
Unamortized Discount | (105,004) | (105,004) | |
Unamortized Issuance Costs | (6,617) | (6,617) | |
Long-term debt, net of issuance costs | $ 233,379 | $ 233,379 |
Long-Term Debt - Schedule of In
Long-Term Debt - Schedule of Interest (Details) - Convertible Debt - Convertible Senior Notes Due 2026 - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Debt Instrument [Line Items] | ||
Contractual Interest Expense | $ 1,941 | $ 3,234 |
Amortization of Debt Discount | 3,554 | 5,879 |
Amortization of Issuance Costs | 245 | 407 |
Total Interest Expense | $ 5,740 | $ 9,520 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Narrative (Details) | May 01, 2020retiree |
Commitments and Contingencies Disclosure [Abstract] | |
Number of impacted retirees | 2,159 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Amount of Commitment Expiration Per Period (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | $ 291,169 |
Less Than 1 Year | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 232,513 |
1-3 Years | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 58,656 |
3-5 Years | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Beyond 5 Years | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Letters of Credit | Firm Transportation | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 178,352 |
Letters of Credit | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 6,950 |
Letters of Credit | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 185,302 |
Letters of Credit | Less Than 1 Year | Firm Transportation | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 178,352 |
Letters of Credit | Less Than 1 Year | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 6,950 |
Letters of Credit | Less Than 1 Year | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 185,302 |
Letters of Credit | 1-3 Years | Firm Transportation | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Letters of Credit | 1-3 Years | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Letters of Credit | 1-3 Years | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Letters of Credit | 3-5 Years | Firm Transportation | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Letters of Credit | 3-5 Years | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Letters of Credit | 3-5 Years | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Letters of Credit | Beyond 5 Years | Firm Transportation | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Letters of Credit | Beyond 5 Years | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Letters of Credit | Beyond 5 Years | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 9,285 |
Surety Bond | Employee-Related | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 2,600 |
Surety Bond | Environmental | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 12,312 |
Surety Bond | Financial Guarantees | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 81,670 |
Surety Bond | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 105,867 |
Surety Bond | Less Than 1 Year | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 8,594 |
Surety Bond | Less Than 1 Year | Employee-Related | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 1,500 |
Surety Bond | Less Than 1 Year | Environmental | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 10,717 |
Surety Bond | Less Than 1 Year | Financial Guarantees | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 26,400 |
Surety Bond | Less Than 1 Year | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 47,211 |
Surety Bond | 1-3 Years | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 691 |
Surety Bond | 1-3 Years | Employee-Related | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 1,100 |
Surety Bond | 1-3 Years | Environmental | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 1,595 |
Surety Bond | 1-3 Years | Financial Guarantees | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 55,270 |
Surety Bond | 1-3 Years | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 58,656 |
Surety Bond | 3-5 Years | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | 3-5 Years | Employee-Related | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | 3-5 Years | Environmental | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | 3-5 Years | Financial Guarantees | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | 3-5 Years | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | Beyond 5 Years | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | Beyond 5 Years | Employee-Related | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | Beyond 5 Years | Environmental | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | Beyond 5 Years | Financial Guarantees | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | Beyond 5 Years | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | $ 0 |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities - Unrecorded Unconditional Purchase Obligation (Details) - Purchase Commitment $ in Thousands | Sep. 30, 2020USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Less than 1 year | $ 242,786 |
1 - 3 years | 429,062 |
3 - 5 years | 369,444 |
More than 5 years | 930,189 |
Total Purchase Obligations | $ 1,971,481 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) MMBTU in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Mar. 31, 2020USD ($) | Jun. 30, 2019USD ($) | Sep. 30, 2020USD ($)MMBTU | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)MMBTU | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Apr. 30, 2019USD ($) | |
Derivative [Line Items] | ||||||||
Cash received (paid) in settlement of commodity derivative instruments | $ 90,310,000 | $ 57,041,000 | $ 383,727,000 | $ 26,331,000 | ||||
Interest Rate Swap | ||||||||
Derivative [Line Items] | ||||||||
Derivative notional amount | $ 575,625,000 | 575,625,000 | $ 160,000,000 | |||||
Interest Rate Swap on Revolving Credit Facility | Long | ||||||||
Derivative [Line Items] | ||||||||
Term of derivative contract | 4 years | |||||||
Put option | 0.00% | |||||||
Derivative notional amount | $ 250,000,000 | |||||||
Interest Rate Swap on Line of Credit | Long | ||||||||
Derivative [Line Items] | ||||||||
Put option | 0.25% | |||||||
NYMEX Natural Gas Hedges | Natural Gas | ||||||||
Derivative [Line Items] | ||||||||
Cash received (paid) in settlement of commodity derivative instruments | $ 5,851,000 | |||||||
Nonmonetary notional amount | MMBTU | 8 | 8 | ||||||
NYMEX Commodity Swaps | Natural Gas | ||||||||
Derivative [Line Items] | ||||||||
Cash received (paid) in settlement of commodity derivative instruments | $ 54,982,000 | |||||||
Line of Credit | ||||||||
Derivative [Line Items] | ||||||||
Credit facility, face amount | $ 175,000,000 | |||||||
Revolving Credit Facility | ||||||||
Derivative [Line Items] | ||||||||
Credit facility, face amount | $ 160,000,000 | $ 2,100,000,000 | ||||||
Credit facility, modification period | 3 years |
Derivative Instruments - Notion
Derivative Instruments - Notional Amounts of Derivative Instruments (Details) $ in Thousands, Mcf in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($)Mcf | Dec. 31, 2019USD ($)Mcf | |
Commodity Member | ||
Derivative [Line Items] | ||
Notional amount | 1,280.9 | 1,460.6 |
Basis Swap | ||
Derivative [Line Items] | ||
Notional amount | 1,311.8 | 1,290.4 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative notional amount | $ | $ 575,625 | $ 160,000 |
Commodity Swap Purchased | ||
Derivative [Line Items] | ||
Notional amount | 5.7 | |
Basis Swap Purchased | ||
Derivative [Line Items] | ||
Notional amount | 3.8 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Total Current Assets | $ 77,608 | $ 247,794 |
Total Other Non-Current Assets | 160,098 | 314,096 |
Total Current Liabilities | 144,545 | 41,466 |
Total Non-Current Liabilities | 203,709 | 115,862 |
Commodity Swap | ||
Derivative [Line Items] | ||
Total Current Assets | 39,263 | 234,238 |
Total Other Non-Current Assets | 118,210 | 288,543 |
Total Current Liabilities | 103,297 | 345 |
Total Non-Current Liabilities | 92,125 | 9,693 |
Basis Swap | ||
Derivative [Line Items] | ||
Total Current Assets | 38,201 | 13,556 |
Total Other Non-Current Assets | 41,060 | 25,553 |
Total Current Liabilities | 36,878 | 40,626 |
Total Non-Current Liabilities | 99,373 | 105,445 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Total Current Assets | 144 | 0 |
Total Other Non-Current Assets | 828 | 0 |
Total Current Liabilities | 4,370 | 495 |
Total Non-Current Liabilities | $ 12,211 | $ 724 |
Derivative Instruments - The Ef
Derivative Instruments - The Effect of Derivative Instruments on the Consolidated Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative [Line Items] | ||||
Cash Received (Paid) in Settlement of Commodity Derivative Instruments | $ 90,310 | $ 57,041 | $ 383,727 | $ 26,331 |
Unrealized (Loss) Gain on Commodity Derivative Instruments | (259,144) | 156,872 | (500,722) | 213,787 |
(Loss) Gain on Derivative Instruments | (168,834) | 213,913 | (116,995) | 240,118 |
Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Cash (Paid) Received in Settlement of Interest Rate Swaps | (1,257) | 195 | (1,850) | 195 |
Unrealized Loss on Interest Rate Swaps | (152) | (713) | (14,389) | (1,774) |
(Loss) Gain on Derivative Instruments | (1,409) | (518) | (16,239) | (1,579) |
Natural Gas | Commodity Swap | ||||
Derivative [Line Items] | ||||
Cash Received (Paid) in Settlement of Commodity Derivative Instruments | 72,062 | 61,441 | 382,891 | 53,058 |
Unrealized (Loss) Gain on Commodity Derivative Instruments | (369,121) | 126,617 | (550,694) | 302,701 |
(Loss) Gain on Derivative Instruments | (297,059) | 188,058 | (167,803) | 355,759 |
Natural Gas | Basis Swap | ||||
Derivative [Line Items] | ||||
Cash Received (Paid) in Settlement of Commodity Derivative Instruments | 18,248 | (4,400) | 836 | (26,727) |
Unrealized (Loss) Gain on Commodity Derivative Instruments | 109,977 | 30,255 | 49,972 | (88,914) |
(Loss) Gain on Derivative Instruments | $ 128,225 | $ 25,855 | $ 50,808 | $ (115,641) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Inputs, Level 1 | Gas Derivatives | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Derivative assets | $ 0 | $ 0 |
Fair Value, Inputs, Level 1 | Interest Rate Swaps | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Derivative assets | 0 | 0 |
Fair Value, Inputs, Level 2 | Gas Derivatives | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Derivative assets | (94,939) | 405,781 |
Fair Value, Inputs, Level 2 | Interest Rate Swaps | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Derivative assets | (15,609) | (1,219) |
Fair Value, Inputs, Level 3 | Gas Derivatives | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Derivative assets | 0 | 0 |
Fair Value, Inputs, Level 3 | Interest Rate Swaps | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Derivative assets | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Fair Value Disclosures (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and Cash Equivalents | $ 150,132 | $ 16,283 | $ 5,484 |
Long-Term Debt (Excluding Debt Issuance Costs) | 2,600,462 | 2,754,443 | |
Long-term Debt, Fair Value | 2,723,756 | 2,619,676 | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and Cash Equivalents | 150,132 | 16,283 | |
Long-Term Debt (Excluding Debt Issuance Costs) | $ 2,617,402 | $ 2,763,433 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Details) - USD ($) $ in Thousands | Sep. 28, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 27, 2020 |
CNXM | ||||
Business Acquisition [Line Items] | ||||
Common units (in shares) | 42,107,071 | |||
CNXM | Public Unitholders | ||||
Business Acquisition [Line Items] | ||||
Ownership percentage of public unitholders | 46.90% | |||
CNXM | CNX | ||||
Business Acquisition [Line Items] | ||||
Ownership percentage by parent | 53.10% | |||
CNXM, CNX Midstream GP LLC, CNX Resources Holding LLC Merger Agreement | ||||
Business Acquisition [Line Items] | ||||
Number of shares issued in acquisition | 37,054,223 | |||
Consideration | $ 384,623 | |||
Entity shares issued per acquiree share (in shares) | 0.88 | |||
Merger costs | $ 4,717 | $ 4,737 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 9 Months Ended |
Sep. 30, 2020segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information - Industry
Segment Information - Industry Segment Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Gain (Loss) on Commodity Derivative Instruments | $ (168,834) | $ 213,913 | $ (116,995) | $ 240,118 | |
Other Revenue and Operating Income | 21,155 | 21,841 | 60,463 | 65,299 | |
Total Revenue and Other Operating Income | 66,075 | 529,997 | 631,275 | 1,413,460 | |
Total Operating Expense | 279,505 | 298,599 | 1,385,298 | 939,234 | |
(Loss) Earnings Before Income Tax | (250,072) | 192,862 | (867,009) | 350,137 | |
Segment Assets | 8,129,174 | 9,286,258 | 8,129,174 | 9,286,258 | $ 9,060,806 |
Depreciation, Depletion and Amortization | 114,464 | 120,459 | 357,174 | 374,619 | |
Capital Expenditures | 108,335 | 336,137 | 395,236 | 964,502 | |
Equity in earnings (loss) of unconsolidated affiliates | (1,025) | 1,703 | |||
Investments in unconsolidated equity affiliates | 15,685 | 17,110 | 15,685 | 17,110 | |
Natural Gas | Commodity Swap | |||||
Segment Reporting Information [Line Items] | |||||
Gain (Loss) on Commodity Derivative Instruments | (297,059) | 188,058 | (167,803) | 355,759 | |
Natural Gas, NGL and Oil Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contracts with Customers | 182,213 | 265,051 | 609,483 | 1,043,862 | |
Natural Gas, NGL and Oil Revenue | Direct Energy Business Marketing LLC | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue and Other Operating Income | 35,645 | 39,092 | 115,011 | 155,337 | |
Natural Gas, NGL and Oil Revenue | NJR Energy Services Company | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue and Other Operating Income | 114,440 | ||||
Purchased Gas Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contracts with Customers | 31,541 | 29,192 | 78,324 | 64,181 | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contracts with Customers | 230,443 | 312,767 | 735,093 | 1,163,906 | |
Segment Assets | 7,195,668 | 8,143,186 | 7,195,668 | 8,143,186 | |
Operating Segments | Shale | |||||
Segment Reporting Information [Line Items] | |||||
Gain (Loss) on Commodity Derivative Instruments | 79,773 | 50,982 | 266,488 | 23,501 | |
Other Revenue and Operating Income | 16,689 | 18,525 | 47,286 | 55,863 | |
Total Revenue and Other Operating Income | 252,254 | 298,690 | 842,687 | 997,226 | |
Total Operating Expense | 165,587 | 185,452 | 511,653 | 586,030 | |
(Loss) Earnings Before Income Tax | 86,667 | 113,238 | 331,034 | 411,196 | |
Segment Assets | 6,070,356 | 6,911,677 | 6,070,356 | 6,911,677 | |
Depreciation, Depletion and Amortization | 94,617 | 100,545 | 295,648 | 316,596 | |
Capital Expenditures | 105,988 | 332,640 | 385,763 | 951,427 | |
Operating Segments | Shale | Natural Gas, NGL and Oil Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contracts with Customers | 155,792 | 229,183 | 528,913 | 917,862 | |
Operating Segments | Shale | Purchased Gas Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 | |
Operating Segments | Coalbed Methane | |||||
Segment Reporting Information [Line Items] | |||||
Gain (Loss) on Commodity Derivative Instruments | 10,518 | 6,036 | 33,210 | 2,819 | |
Other Revenue and Operating Income | 0 | 0 | 0 | 0 | |
Total Revenue and Other Operating Income | 36,185 | 41,657 | 112,529 | 127,913 | |
Total Operating Expense | 30,439 | 32,940 | 94,113 | 98,694 | |
(Loss) Earnings Before Income Tax | 5,746 | 8,717 | 18,416 | 29,219 | |
Segment Assets | 1,125,312 | 1,231,509 | 1,125,312 | 1,231,509 | |
Depreciation, Depletion and Amortization | 15,763 | 17,400 | 49,903 | 51,669 | |
Capital Expenditures | 2,310 | 2,196 | 6,796 | 7,752 | |
Operating Segments | Coalbed Methane | Natural Gas, NGL and Oil Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contracts with Customers | 25,667 | 35,621 | 79,319 | 125,094 | |
Operating Segments | Coalbed Methane | Purchased Gas Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contracts with Customers | 0 | 0 | 0 | 0 | |
Other | |||||
Segment Reporting Information [Line Items] | |||||
Gain (Loss) on Commodity Derivative Instruments | (259,125) | 156,895 | (416,693) | 213,798 | |
Other Revenue and Operating Income | 4,466 | 3,316 | 13,177 | 9,436 | |
Total Revenue and Other Operating Income | (222,364) | 189,650 | (323,941) | 288,321 | |
Total Operating Expense | 83,479 | 80,207 | 779,532 | 254,510 | |
(Loss) Earnings Before Income Tax | (342,485) | 70,907 | (1,216,459) | (90,278) | |
Segment Assets | 933,506 | 1,143,072 | 933,506 | 1,143,072 | |
Depreciation, Depletion and Amortization | 4,084 | 2,514 | 11,623 | 6,354 | |
Capital Expenditures | 37 | 1,301 | 2,677 | 5,323 | |
Equity in earnings (loss) of unconsolidated affiliates | 396 | 673 | (1,025) | 1,703 | |
Other | Natural Gas | Commodity Swap | |||||
Segment Reporting Information [Line Items] | |||||
Gain (Loss) on Commodity Derivative Instruments | 83,997 | ||||
Other | Natural Gas, NGL and Oil Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contracts with Customers | 754 | 247 | 1,251 | 906 | |
Other | Purchased Gas Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contracts with Customers | $ 31,541 | $ 29,192 | $ 78,324 | $ 64,181 |
Segment Information - Reconcili
Segment Information - Reconciliation of Segment Information, Revenue and Other Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue, Major Customer [Line Items] | ||||
(Loss) Gain on Commodity Derivative Instruments | $ (168,834) | $ 213,913 | $ (116,995) | $ 240,118 |
Other Operating Income | 4,466 | 3,317 | 13,177 | 9,436 |
Total Revenue and Other Operating Income | 66,075 | 529,997 | 631,275 | 1,413,460 |
Operating Segments | ||||
Revenue, Major Customer [Line Items] | ||||
Total Segment Revenue from Contracts with External Customers | $ 230,443 | $ 312,767 | $ 735,093 | $ 1,163,906 |
Segment Information - Reconci_2
Segment Information - Reconciliation of Segment Information, Total Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | $ 8,129,174 | $ 9,060,806 | $ 9,286,258 |
Items Excluded from Segment Assets: | |||
Recoverable Income Taxes | 644 | $ 62,425 | |
Operating Segments | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | 7,195,668 | 8,143,186 | |
Segment Reconciling Items | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | 782,730 | 1,126,404 | |
Items Excluded from Segment Assets: | |||
Cash and Cash Equivalents | 150,132 | 5,484 | |
Recoverable Income Taxes | $ 644 | $ 11,184 |
Stock Repurchase (Details)
Stock Repurchase (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Oct. 30, 2017 | |
Stock Repurchase [Abstract] | ||||
Stock repurchase program, additional authorized amount | $ 750,000,000 | |||
Shares repurchased during period (in shares) | 0 | 12,929,487 | ||
Shares repurchased, average price (in usd per share) | $ 8.91 | |||
Total value of shares repurchased | $ 7,697,000 | $ 115,477,000 |
Subsequent Events (Details)
Subsequent Events (Details) - Senior Notes Due April 2022 - USD ($) $ in Thousands | Oct. 08, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 |
Subsequent Event [Line Items] | ||||
Purchase of outstanding debt | $ 50,000 | $ 530,959 | $ 400,000 | |
Stated rate, debt instrument | 5.875% | 5.875% | 5.875% | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Purchase of outstanding debt | $ 363,348 | |||
Stated rate, debt instrument | 5.875% | |||
Redemption price | 100.00% |