Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 23, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | RRC | |
Entity Registrant Name | RANGE RESOURCES CORP | |
Entity Central Index Key | 0000315852 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 251,378,410 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-12209 | |
Entity Tax Identification Number | 341312571 | |
Entity Address, Address Line One | 100 Throckmorton Street | |
Entity Address, Address Line Two | Suite 1200 | |
Entity Address, City or Town | Fort Worth | |
Entity Address, State or Province | Texas | |
Entity Address, Postal Zip Code | 76102 | |
City Area Code | 817 | |
Local Phone Number | 870-2601 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Current assets: | |||
Cash and cash equivalents | $ 507 | $ 545 | |
Accounts receivable, less allowance for doubtful accounts of $6,121 and $6,118 | 289,295 | 490,723 | |
Derivative assets | 142,591 | 87,953 | |
Inventory and other | 26,706 | 22,964 | |
Total current assets | 459,099 | 602,185 | |
Derivative assets | 20,545 | 4,842 | |
Natural gas and oil properties, successful efforts method | [1] | 13,032,323 | 13,085,206 |
Accumulated depletion and depreciation | [1] | (3,911,646) | (4,062,021) |
Natural gas and oil properties, successful efforts method, net | [1] | 9,120,677 | 9,023,185 |
Other property and equipment | 111,963 | 111,908 | |
Accumulated depreciation and amortization | (104,620) | (102,132) | |
Other Property and equipment, net | 7,343 | 9,776 | |
Operating lease right-of-use assets | 48,893 | ||
Other assets | 71,751 | 68,166 | |
Total assets | 9,728,308 | 9,708,154 | |
Current liabilities: | |||
Accounts payable | 193,190 | 227,344 | |
Asset retirement obligations | 5,485 | 5,485 | |
Accrued liabilities | 371,795 | 475,848 | |
Accrued interest | 41,864 | 41,990 | |
Derivative liabilities | 1,297 | 4,144 | |
Total current liabilities | 613,631 | 754,811 | |
Bank debt | 885,286 | 932,018 | |
Senior notes | 2,858,445 | 2,856,166 | |
Senior subordinated notes | 48,724 | 48,677 | |
Deferred tax liabilities | 712,495 | 666,668 | |
Derivative liabilities | 1,478 | 3,462 | |
Deferred compensation liabilities | 62,431 | 67,542 | |
Operating lease liabilities | 39,897 | ||
Asset retirement obligations and other liabilities | 323,668 | 319,379 | |
Total liabilities | 5,546,055 | 5,648,723 | |
Commitments and contingencies | |||
Stockholders’ Equity | |||
Preferred stock, $1 par, 10,000,000 shares authorized, none issued and outstanding | |||
Common stock, $0.01 par, 475,000,000 shares authorized, 251,353,635 issued at June 30, 2019 and 249,519,687 issued at December 31, 2018 | 2,514 | 2,495 | |
Common stock held in treasury, 9,665 shares at June 30, 2019 and 9,665 shares at December 31, 2018 | (391) | (391) | |
Additional paid-in capital | 5,644,580 | 5,628,447 | |
Accumulated other comprehensive loss | (538) | (658) | |
Retained deficit | (1,463,912) | (1,570,462) | |
Total stockholders’ equity | 4,182,253 | 4,059,431 | |
Total liabilities and stockholders’ equity | $ 9,728,308 | $ 9,708,154 | |
[1] |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts on accounts receivable | $ 6,121 | $ 6,118 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 475,000,000 | 475,000,000 |
Common stock, shares issued | 251,353,635 | 249,519,687 |
Common stock held in treasury, shares | 9,665 | 9,665 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues and other income: | ||||
Revenues and other income | $ 656,184,000 | $ 759,474,000 | $ 1,466,052,000 | $ 1,516,082,000 |
Derivative fair value income (loss) | 195,245,000 | (103,290,000) | 133,514,000 | (117,299,000) |
Total revenues and other income | 851,429,000 | 656,184,000 | 1,599,566,000 | 1,398,783,000 |
Costs and expenses: | ||||
Production and ad valorem taxes | 9,889,000 | 10,140,000 | 21,199,000 | 20,066,000 |
Brokered natural gas and marketing | 101,117,000 | 102,747,000 | 233,422,000 | 158,341,000 |
Exploration | 8,109,000 | 7,499,000 | 16,320,000 | 15,218,000 |
Abandonment and impairment of unproved properties | 12,770,000 | 54,922,000 | 25,429,000 | 66,695,000 |
General and administrative | 50,631,000 | 47,583,000 | 97,269,000 | 116,000,000 |
Termination costs | 2,206,000 | 0 | 2,206,000 | (37,000) |
Deferred compensation plan | (11,142,000) | 6,615,000 | (7,561,000) | (782,000) |
Interest | 51,727,000 | 53,862,000 | 103,264,000 | 106,247,000 |
Depletion, depreciation and amortization | 141,505,000 | 161,026,000 | 280,223,000 | 323,292,000 |
Impairment of proved properties | 0 | 15,302,000 | 0 | 22,614,000 |
Gain on the sale of assets | (5,867,000) | (156,000) | (5,678,000) | (179,000) |
Total costs and expenses | 696,145,000 | 764,538,000 | 1,437,175,000 | 1,415,223,000 |
Income (loss) before income taxes | 155,284,000 | (108,354,000) | 162,391,000 | (16,440,000) |
Income tax expense (benefit): | ||||
Current | 0 | 0 | 0 | 0 |
Deferred | 40,099,000 | (28,518,000) | 45,787,000 | 14,158,000 |
Total (benefit) expense for income taxes | 40,099,000 | (28,518,000) | 45,787,000 | 14,158,000 |
Net income (loss) | $ 115,185,000 | $ (79,836,000) | $ 116,604,000 | $ (30,598,000) |
Net income (loss) per common share: | ||||
Basic | $ 0.46 | $ (0.32) | $ 0.46 | $ (0.13) |
Diluted | 0.46 | (0.32) | 0.46 | (0.13) |
Dividends paid per common share | $ 0.02 | $ 0.02 | $ 0.04 | $ 0.04 |
Weighted average common shares outstanding: | ||||
Basic | 247,770 | 245,880 | 247,773 | 245,795 |
Diluted | 248,436 | 245,880 | 249,042 | 245,795 |
Natural Gas, NGLs and Oil Sales | ||||
Revenues and other income: | ||||
Revenues and other income | $ 563,579,000 | $ 661,390,000 | $ 1,235,233,000 | $ 1,358,019,000 |
Brokered Natural Gas, Marketing and Other | ||||
Revenues and other income: | ||||
Revenues and other income | 92,605,000 | 98,084,000 | 230,819,000 | 158,063,000 |
Direct Operating | ||||
Costs and expenses: | ||||
Costs and expenses | 33,981,000 | 35,088,000 | 67,208,000 | 73,210,000 |
Transportation, Gathering, Processing and Compression | ||||
Costs and expenses: | ||||
Costs and expenses | $ 301,219,000 | $ 269,910,000 | $ 603,874,000 | $ 514,538,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 115,185 | $ (79,836) | $ 116,604 | $ (30,598) |
Postretirement benefits: | ||||
Amortization of prior service cost | 92 | 93 | 184 | 185 |
Amortization of actuarial gain | (12) | (24) | ||
Income tax expense | (20) | (23) | (40) | (46) |
Total comprehensive income (loss) | $ 115,245 | $ (79,766) | $ 116,724 | $ (30,459) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities: | ||
Net income (loss) | $ 116,604,000 | $ (30,598,000) |
Adjustments to reconcile net income (loss) to net cash provided from operating activities: | ||
Deferred income tax expense | 45,787,000 | 14,158,000 |
Depletion, depreciation and amortization and impairment | 280,223,000 | 345,906,000 |
Exploration dry hole costs | 0 | 2,000 |
Abandonment and impairment of unproved properties | 25,429,000 | 66,695,000 |
Derivative fair value (income) loss | (133,514,000) | 117,299,000 |
Cash settlements on derivative financial instruments | 58,341,000 | (5,350,000) |
Allowance for doubtful accounts | 0 | (1,500,000) |
Amortization of deferred financing costs and other | 3,243,000 | 2,376,000 |
Deferred and stock-based compensation | 13,727,000 | 34,167,000 |
Gain on the sale of assets | (5,678,000) | (179,000) |
Changes in working capital: | ||
Accounts receivable | 201,428,000 | (14,425,000) |
Inventory and other | (5,035,000) | 796,000 |
Accounts payable | (29,132,000) | 14,615,000 |
Accrued liabilities and other | (125,907,000) | 1,553,000 |
Net cash provided from operating activities | 445,516,000 | 545,515,000 |
Investing activities: | ||
Additions to natural gas and oil properties | (380,718,000) | (584,432,000) |
Additions to field service assets | (697,000) | (1,863,000) |
Acreage purchases | (31,920,000) | (37,900,000) |
Proceeds from disposal of assets | 34,366,000 | 366,000 |
Purchases of marketable securities held by the deferred compensation plan | (15,170,000) | (27,271,000) |
Proceeds from the sales of marketable securities held by the deferred compensation plan | 18,226,000 | 25,459,000 |
Net cash used in investing activities | (375,913,000) | (625,641,000) |
Financing activities: | ||
Borrowings on credit facilities | 1,151,000,000 | 1,114,000,000 |
Repayments on credit facilities | (1,199,000,000) | (1,011,000,000) |
Dividends paid | (10,049,000) | (9,960,000) |
Taxes paid for shares withheld | (3,343,000) | (3,021,000) |
Debt issuance costs | 0 | (8,257,000) |
Change in cash overdrafts | (8,762,000) | (7,318,000) |
Proceeds from the sales of common stock held by the deferred compensation plan | 513,000 | 5,649,000 |
Net cash (used in) provided from financing activities | (69,641,000) | 80,093,000 |
Decrease in cash and cash equivalents | (38,000) | (33,000) |
Cash and cash equivalents at beginning of period | 545,000 | 448,000 |
Cash and cash equivalents at end of period | $ 507,000 | $ 415,000 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Common stock held in treasury | Additional Paid-in Capital | Retained (deficit)/earnings | Accumulated other comprehensive (loss) income |
Beginning balance at Dec. 31, 2017 | $ 5,774,272 | $ 2,481 | $ (599) | $ 5,577,732 | $ 195,990 | $ (1,332) |
Beginning balance Shares at Dec. 31, 2017 | 248,144,000 | |||||
Issuance of common stock | (1,217) | $ 11 | (1,228) | |||
Issuance of common stock, shares | 1,092,000 | |||||
Stock-based compensation expense | 17,201 | 17,201 | ||||
Cash dividends paid ($0.02 per share) | (4,971) | (4,971) | ||||
Treasury stock issuance | 30 | (30) | ||||
Other comprehensive income | 69 | 69 | ||||
Net income (loss) | 49,238 | 49,238 | ||||
Ending balance at Mar. 31, 2018 | 5,834,592 | $ 2,492 | (569) | 5,593,675 | 240,257 | (1,263) |
Ending balance Shares at Mar. 31, 2018 | 249,236,000 | |||||
Beginning balance at Dec. 31, 2017 | 5,774,272 | $ 2,481 | (599) | 5,577,732 | 195,990 | (1,332) |
Beginning balance Shares at Dec. 31, 2017 | 248,144,000 | |||||
Net income (loss) | (30,598) | |||||
Ending balance at Jun. 30, 2018 | 5,764,035 | $ 2,494 | (404) | 5,607,707 | 155,432 | (1,194) |
Ending balance Shares at Jun. 30, 2018 | 249,437,000 | |||||
Beginning balance at Dec. 31, 2017 | 5,774,272 | $ 2,481 | (599) | 5,577,732 | 195,990 | (1,332) |
Beginning balance Shares at Dec. 31, 2017 | 248,144,000 | |||||
Ending balance at Dec. 31, 2018 | $ 4,059,431 | $ 2,495 | (391) | 5,628,447 | (1,570,462) | (658) |
Ending balance Shares at Dec. 31, 2018 | 249,519,687 | 249,520,000 | ||||
Beginning balance at Mar. 31, 2018 | $ 5,834,592 | $ 2,492 | (569) | 5,593,675 | 240,257 | (1,263) |
Beginning balance Shares at Mar. 31, 2018 | 249,236,000 | |||||
Issuance of common stock | 6,545 | $ 2 | 6,543 | |||
Issuance of common stock, shares | 201,000 | |||||
Stock-based compensation expense | 7,654 | 7,654 | ||||
Cash dividends paid ($0.02 per share) | (4,989) | (4,989) | ||||
Treasury stock issuance | 165 | (165) | ||||
Other comprehensive income | 69 | 69 | ||||
Net income (loss) | (79,836) | (79,836) | ||||
Ending balance at Jun. 30, 2018 | 5,764,035 | $ 2,494 | (404) | 5,607,707 | 155,432 | (1,194) |
Ending balance Shares at Jun. 30, 2018 | 249,437,000 | |||||
Beginning balance at Dec. 31, 2018 | $ 4,059,431 | $ 2,495 | (391) | 5,628,447 | (1,570,462) | (658) |
Beginning balance Shares at Dec. 31, 2018 | 249,519,687 | 249,520,000 | ||||
Issuance of common stock | $ (2,379) | $ 17 | (2,396) | |||
Issuance of common stock, shares | 1,628,000 | |||||
Issuance of common stock upon vesting of PSUs | 4 | (4) | ||||
Stock-based compensation expense | 9,155 | 9,155 | ||||
Cash dividends paid ($0.02 per share) | (5,023) | (5,023) | ||||
Other comprehensive income | 60 | 60 | ||||
Net income (loss) | 1,419 | 1,419 | ||||
Ending balance at Mar. 31, 2019 | 4,062,663 | $ 2,512 | (391) | 5,635,210 | (1,574,070) | (598) |
Ending balance Shares at Mar. 31, 2019 | 251,148,000 | |||||
Beginning balance at Dec. 31, 2018 | $ 4,059,431 | $ 2,495 | (391) | 5,628,447 | (1,570,462) | (658) |
Beginning balance Shares at Dec. 31, 2018 | 249,519,687 | 249,520,000 | ||||
Net income (loss) | $ 116,604 | |||||
Ending balance at Jun. 30, 2019 | $ 4,182,253 | $ 2,514 | (391) | 5,644,580 | (1,463,912) | (538) |
Ending balance Shares at Jun. 30, 2019 | 251,353,635 | 251,354,000 | ||||
Beginning balance at Mar. 31, 2019 | $ 4,062,663 | $ 2,512 | (391) | 5,635,210 | (1,574,070) | (598) |
Beginning balance Shares at Mar. 31, 2019 | 251,148,000 | |||||
Issuance of common stock | 1,549 | $ 2 | 1,547 | |||
Issuance of common stock, shares | 206,000 | |||||
Issuance of common stock upon vesting of PSUs | 1 | (1) | ||||
Stock-based compensation expense | 7,822 | 7,822 | ||||
Cash dividends paid ($0.02 per share) | (5,026) | (5,026) | ||||
Other comprehensive income | 60 | 60 | ||||
Net income (loss) | 115,185 | 115,185 | ||||
Ending balance at Jun. 30, 2019 | $ 4,182,253 | $ 2,514 | $ (391) | $ 5,644,580 | $ (1,463,912) | $ (538) |
Ending balance Shares at Jun. 30, 2019 | 251,353,635 | 251,354,000 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||||||
Cash dividends paid per share | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.04 | $ 0.04 |
Summary of Organization and Nat
Summary of Organization and Nature of Business | 6 Months Ended |
Jun. 30, 2019 | |
Industry Specific Policies [Abstract] | |
Summary of Organization and Nature of Business | (1) SUMMARY OF ORGANIZATION AND NATURE OF BUSINESS Range Resources Corporation is a Fort Worth, Texas-based independent natural gas, natural gas liquids (“NGLs”) and oil company primarily engaged in the exploration, development and acquisition of natural gas and oil properties in the Appalachian and the North Louisiana regions of the United States. Our objective is to build stockholder value through consistent returns focused development, on a per share debt-adjusted basis, of both reserves and production on a cost-efficient basis. Range is a Delaware corporation with our common stock listed and traded on the New York Stock Exchange under the symbol “RRC”. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | (2) BASIS OF PRESENTATION These consolidated financial statements are unaudited but, in the opinion of management, reflect all adjustments necessary for fair presentation of the results for the periods presented. All adjustments are of a normal recurring nature unless otherwise disclosed. These consolidated financial statements, including selected notes, have been prepared in accordance with the applicable rules of the SEC and do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Range Resources Corporation 2018 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2019. The results of operations for the second quarter and the six months ended June 30, 2019 are not necessarily indicative of the results to be expected for the full year. Inventory. As of June 30, 2019, we had $8.9 million of material and supplies inventory compared to $8.0 million at December 31, 2018. Material and supplies inventory consists of primarily tubular goods and equipment used in our operations and is stated at lower of specific cost of each inventory item or net realized value, on a first-in, first-out basis. At June 30, 2019, we also had commodity inventory of $1.4 million compared to $965,000 at December 31, 2018. Commodity inventory as of June 30, 2019 consists of NGLs held in storage or as line fill in pipelines. |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2019 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Standards | (3) NEW ACCOUNTING STANDARDS Not Yet Adopted Financial Instruments – Credit Losses In June 2016, an accounting standards update was issued that changes the impairment model for trade receivables, net investments in leases, debt securities, loans and certain other instruments. The standards update requires the use of a forward-looking “expected loss” model as opposed to the current “incurred loss” model. This standards update is effective for us in first quarter 2020 and will be adopted on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the adoption period. Early adoption is permitted starting January 2019. We are evaluating the provisions of this accounting standards update and assessing the impact, if any, it may have on our consolidated results of operations, financial position and financial disclosures. Fair Value Measurement In August 2018, an accounting standards update was issued which provides additional disclosure requirements for fair value measurements. This new standards update eliminates the requirement to disclose transfers between Level 1 and Level 2 of the fair value hierarchy and provides for additional disclosures for Level 3 fair value measurements. This new standards update is effective for us in first quarter 2020 and will be adopted on a prospective or retrospective basis depending on the changes that apply. We are evaluating the provisions of this standards update and assessing the impact, if any, it may have on our financial disclosures. Recently Adopted Lease Accounting Standard In February 2016, an accounting standards update was issued that requires an entity to recognize a right-of-use (“ROU”) asset and lease liability for all leases. Classification of leases as either a finance or operating lease determines the recognition, measurement and presentation of expenses. This accounting standards update also requires certain quantitative and qualitative disclosures about leasing arrangements. The new standard was effective for us in first quarter 2019 and we adopted the new standard using a modified retrospective approach, with the date of initial application effective on January 1, 2019. Consequently, upon transition, we recognized a ROU asset (or operating lease right-of-use asset) and a lease liability with no retained earnings impact. We are applying the following practical expedients as provided in the standards update which provide elections to: • not apply the recognition requirements to short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option); • not reassess whether a contract contains a lease, lease classification and initial direct costs; and • not reassess certain land easements in existence prior to January 1, 2019. Through our implementation process, we evaluated each of our lease arrangements and enhanced our systems to track and calculate additional information required upon adoption of this standards update. Our adoption did not have a material impact on our consolidated balance sheet as of January 1, 2019, with the primary impact relating to the recognition of ROU assets and operating lease liabilities for operating leases which represents approximately a 1% change to total assets and total liabilities. The impact of adoption of this new standards update was as follows (in thousands): January 1, 2019 Adoption Reclassification (1) Total Adjustment Balance Sheet: Operating lease right-of-use assets $ 59,300 $ (7,925 ) $ 51,375 Accrued liabilities – current $ (14,811 ) $ — $ (14,811 ) Operating lease liabilities – long-term $ (44,489 ) $ — $ (44,489 ) Asset retirement obligations and other liabilities $ — $ 7,925 $ 7,925 (1) Adoption of the new standard did not impact our consolidated statements of operations, cash flows or stockholders’ equity. Leases acquired to explore for or use minerals, oil or natural gas resources, including the right to explore for those natural resources and rights to use the land in which those natural resources are contained, are not within the scope of the standards update. Revenue Recognition Standard In May 2014, an accounting standards update was issued that superseded the existing revenue recognition requirements. This standard included a five-step revenue recognition model to depict the transfer of goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Among other things, the standard also eliminated industry-specific revenue guidance, required enhanced disclosures about revenue, provided guidance for transactions that were not previously addressed comprehensively and improved guidance for multiple-element arrangements. This standard was effective for us in first quarter 2018 and we adopted the new standards update using the modified retrospective method to all open contracts as of January 1, 2018. Our implementation of this standard did not result in a cumulative-effect adjustment on date of adoption; however, our financial statement presentation related to revenue received from certain gas processing contracts changed. Based on previous accounting guidance, certain of our gas processing contracts were reported in revenue at the net price (net of processing costs) we receive. Upon adoption of this accounting standards update, these contracts are now reported as a gross price received at a delivery point and separate transportation, marketing and processing expense. Pension Accounting Standard In March 2017, an accounting standards update was issued which provides additional guidance on the presentation of net benefit cost in the statement of operations. Employers will present the service cost component of net periodic benefit cost in the same consolidated results of operations line item as other employee compensation costs arising from services rendered during the period. This new standards update was effective for annual reporting periods in first quarter 2018 and must be applied retrospectively. We adopted this standards update in first quarter 2018. The adoption did not impact our consolidated results of operations, financial position, cash flows or disclosures. In 2018 and 2019, our service cost is recorded in general and administrative expense. Modification of Share – Based Awards In May 2017, an accounting standards update was issued which clarifies what constitutes a modification of a share-based award. This standards update is intended to provide clarity and reduce both diversity in practice and cost and complexity to a change to the terms or conditions of a share-based payment award. We adopted this standards update in first quarter 2018. The adoption of this standard did not have a material impact on our consolidated financial position or results of operations. |
Dispositions
Dispositions | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Dispositions | (4) DISPOSITIONS We recognized a pretax net gain of $5.9 million on the sale of assets in second quarter 2019 compared to a pretax net gain of $156,000 in second quarter 2018 and a pretax gain of $5.7 million in first six months 2019 compared to a pretax gain of $179,000 in first six months 2018. Also refer to Note 21 for information on asset disposition subsequent events. 2019 Dispositions Pennsylvania . In second quarter 2019, we sold natural gas and oil property, primarily representing over 20,000 unproved acres, for proceeds of $34.0 million and recognized a pretax gain of $5.9 million. Other . In second quarter 2019, we sold miscellaneous inventory and other assets for proceeds of $34,000, resulting in a pretax gain of $2,000. In first quarter 2019, we sold miscellaneous inventory and other assets for proceeds of $332,000, resulting in a pretax loss of $189,000. 2018 Dispositions Other . In second quarter 2018, we sold miscellaneous inventory and other assets for proceeds of $326,000 resulting in a pretax gain of $156,000. In first quarter 2018, we sold miscellaneous inventory and other assets for proceeds of $40,000, resulting in a pretax loss of $23,000. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenues from Contracts with Customers | (5) REVENUES FROM CONTRACTS WITH CUSTOMERS Revenue Recognition Natural gas, NGLs and oil sales revenues are generally recognized when control of the product is transferred to the customer and collectability is reasonably assured. Disaggregation of Revenue We have three material revenue streams in our business: natural gas sales, NGLs sales and oil sales. Revenues on sales of natural gas, NGLs, oil and purchased natural gas and NGLs are recognized when control of the product is transferred to the purchaser and payment can be reasonably assured. Sales prices are negotiated based on factors normally considered in the industry, such as index or spot price, distance from the well to the pipeline or market, commodity quality and prevailing supply and demand conditions. We enter into purchase transactions with third parties and separate sale transactions to satisfy unused gas pipeline capacity commitments. Revenues and expenses from these transactions are presented on a gross basis as we act as a principal in the transaction by assuming control of the commodities purchased and the responsibility to deliver the commodities sold. The majority of our product sale commitments are short-term in nature with a contract term of one year or less. Our product sales that have a contractual term greater than one year have no long-term fixed consideration. Accounts receivable attributable to our revenue contracts with customers was $241.0 million at June 30, 2019 and $438.3 million at December 31, 2018. Revenue attributable to each of our identified revenue streams is disaggregated below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Natural gas sales $ 343,623 $ 360,351 $ 778,343 $ 791,924 NGLs sales 167,027 224,703 364,840 427,230 Oil sales 52,929 76,336 92,050 138,865 Total natural gas, NGLs and oil sales 563,579 661,390 1,235,233 1,358,019 Sales of purchased natural gas 88,004 93,433 222,805 149,294 Sales of purchased NGLs 1,184 729 1,608 1,033 Other marketing revenue 3,417 3,922 6,406 7,736 Total $ 656,184 $ 759,474 $ 1,466,052 $ 1,516,082 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (6) INCOME TAXES We evaluate and update our annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Consequently, based upon the mix and timing of our actual earnings compared to annual projections, our effective tax rate may vary quarterly and may make comparisons not meaningful. Income tax expense (benefit) was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Income tax expense (benefit) $ 40,099 $ (28,518) $ 45,787 $ 14,158 Effective tax rate 25.8 % 26.3 % 28.2 % (86.1 %) Income taxes for discrete items are computed and recorded in the period that the specific transaction occurs. For three months and six months ended June 30, 201 9 and 201 8 , our overall effective tax rate was different than the federal statutory rate due primarily to state income taxes (including adjustments to state income tax valuation allowances), equity compensation and other tax items which are detailed below (in thousands). Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Total income (loss) before income taxes $ 155,284 $ (108,354 ) $ 162,391 $ (16,440 ) U.S. federal statutory rate 21 % 21 % 21 % 21 % Total tax expense (benefit) at statutory rate 32,610 (22,754 ) 34,102 (3,452 ) State and local income taxes, net of federal benefit 5,725 (3,745 ) 6,543 749 Equity compensation 497 1,476 3,888 2,140 Change in valuation allowances: Federal net operating loss carryforwards (916 ) — (916 ) — State net operating loss carryforwards and other 264 (2,042 ) 616 13,636 Other (532 ) 18 (301 ) 1,399 Permanent differences and other 2,451 (1,471 ) 1,855 (314 ) Total expense (benefit) for income taxes $ 40,099 $ (28,518 ) $ 45,787 $ 14,158 Effective tax rate 25.8 % 26.3 % 28.2 % (86.1 %) |
Income (Loss) Per Common Share
Income (Loss) Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Income (Loss) Per Common Share | (7) INCOME (LOSS) PER COMMON SHARE Basic income or loss per share attributable to common shareholders is computed as (1) income or loss attributable to common shareholders (2) less income allocable to participating securities (3) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common shareholders is computed as (1) basic income or loss attributable to common shareholders (2) plus diluted adjustments to income allocable to participating securities (3) divided by weighted average diluted shares outstanding. The following sets forth a reconciliation of income or loss attributable to common shareholders to basic income or loss attributable to common shareholders to diluted income or loss attributable to common shareholders (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income (loss), as reported $ 115,185 $ (79,836 ) $ 116,604 $ (30,598 ) Participating earnings (a) (1,592 ) (69 ) (1,400 ) (126 ) Basic net income (loss) attributed to common shareholders 113,593 (79,905 ) 115,204 (30,724 ) Reallocation of participating earnings (a) 4 — 6 — Diluted net income (loss) attributed to common shareholders $ 113,597 $ (79,905 ) $ 115,210 $ (30,724 ) Net loss per common share: Basic $ 0.46 $ (0.32 ) $ 0.46 $ (0.13 ) Diluted $ 0.46 $ (0.32 ) $ 0.46 $ (0.13 ) (a) Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses. The following provides a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Weighted average common shares outstanding – basic 247,770 245,880 247,773 245,795 Effect of dilutive securities: Director and employee restricted stock and performance based equity awards 666 — 1,269 — Weighted average common shares outstanding – diluted 248,436 245,880 249,042 245,795 Weighted average common shares outstanding-basic for second quarter 2019 excludes 3.5 million shares of restricted stock held in our deferred compensation plan compared to 3.4 million shares in second quarter 2018 (although all awards are issued and outstanding upon grant). Weighted average common shares outstanding-basic for first six months 2019 excludes 3.0 million shares of restricted stock compared to 3.2 million for first six months 2018. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | (8) LEASES We determine if an arrangement is a lease at inception of the arrangement. To the extent that we determine an arrangement represents a lease, we classify that lease as an operating lease or a finance lease. We currently do not have any finance leases. We capitalize our operating leases on our consolidated balance sheet through a ROU asset and a corresponding lease liability. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Short-term leases that have an initial term of one year or less are not capitalized but are disclosed below. Short-term lease costs exclude expenses related to leases with a lease term of one month or less. Our operating leases are reflected as operating lease ROU assets, accrued liabilities-current and operating lease liabilities on our consolidated balance sheet. Operating lease ROU assets and liabilities are recognized at the commencement date of an arrangement based on the present value of lease payments over the lease term. In addition to the present value of lease payments, the operating lease ROU asset also includes any lease payments made to the lessor prior to lease commencement less any lease incentives and initial direct costs incurred. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Nature of Leases We lease certain office space, field equipment, vehicles and other equipment under cancelable and non-cancelable leases to support our operations. A more detailed description of our significant lease types is included below. Office Agreements and Subleases We rent office space from third parties for our corporate and field locations. Our office agreements are typically structured with non-cancelable terms of one to fifteen years. We have concluded our office agreements represent operating leases with a lease term that equals the primary non-cancelable contract term. Upon completion of the primary term, both parties have substantive rights to terminate the lease. As a result, enforceable rights and obligations do not exist under the rental agreements subsequent to the primary term. We also sublease some of our office space to third parties. All of our subleases have terms that end in 2020 or 2022. The sublease agreements are non-cancelable through the end of the term and both parties have substantive rights to terminate the lease when the term is complete. Our sublease agreements are not capitalized and are recorded as sublease income (as a component of lease costs) in the period the rent is received. Field Equipment We rent compressors and coolers from third parties in order to facilitate the downstream movement of our production to market. Our compressor and cooler arrangements are typically structured with a non-cancelable primary term of one to two years and continue thereafter on a month-to-month basis subject to termination by either party with thirty days notice. We have concluded that our compressor and cooler rental agreements represent operating leases with a lease term that equals the primary non-cancelable contract term. Upon completion of the primary term, both parties have substantive rights to terminate the lease. As a result, enforceable rights and obligations do not exist under the rental agreement subsequent to the primary term. We enter into daywork contracts for drilling rigs with third parties to support our drilling activities. Our drilling rig arrangements are typically structured with a term that is in effect until drilling operations are completed on a contractually specified well or well pad. Upon mutual agreement with the contractor, we typically have the option to extend the contract term for additional wells or well pads by providing thirty days notice prior to the end of the original contract term. We have concluded that our drilling rig arrangements represent short-term operating leases. The accounting guidance requires us to make an assessment at contract commencement if we are reasonably certain that we will exercise the option to extend the term. Due to the continuously evolving nature of our drilling schedules and the potential volatility in commodity prices in an annual period, our strategy to enter into shorter term drilling rig arrangements allows us the flexibility to respond to changes in our operating and economic environment. We exercise our discretion in choosing to extend or not extend contracts on a rig by rig basis depending on the conditions present at the time the contract expir es . At the time of contract commencement, we have determined we cannot conclude with reasonable certainty if we will choose to extend the contract beyond its original term . Pursuant to the successful efforts method of accounting, t hese costs are capitalized as part of natural gas and oil properties on our balance sheet when paid . See also short-term lease costs below. Vehicles We rent our vehicle fleet from a third party for our drilling and operations personnel. Our vehicle agreements are non-cancelable for a minimum of one year and a maximum term of four to eight years depending on the type of vehicle. However, we have assumed a term of three years based on the period covered by options to terminate that we are reasonably certain to exercise. We have concluded our vehicle commitments are operating leases. Significant Judgments Transportation, Gathering and Processing Arrangements We engage in various types of transactions in which midstream entities transport, gather and/or process our product leveraging integrated systems and facilities wholly owned and operated by the midstream counterparty. Under most of these arrangements, we do not utilize substantially all of the underlying pipeline, gathering system or processing facilities, and thus, we have concluded that those underlying assets do not meet the definition of an identified asset. However, in limited circumstances, we do utilize substantially all of the capacity of a portion of the midstream system under our transportation gathering and/or processing service contract. These arrangements require judgment to determine whether our capacity of the underlying midstream asset represents a lease. Under all of these arrangements, we have concluded that (i) the midstream entity maintains control of and has the ability to optimize and/or expand the underlying system throughout the duration of the contract term and (ii) the portion of the system or facility we utilize is highly integrated and interconnected to a broader system servicing a diverse set of customers. Consequently, the transportation, gathering and/or processing contract does not represent a lease of the underlying portion of the midstream system or facilities. We currently have not identified any of these commitments as leases. Discount Rate Our leases typically do not provide an implicit rate. Accordingly, we are required to use our incremental borrowing rate in determining the present value of lease payments based on the information available at commencement date. Our incremental borrowing rate reflects the estimated rate of interest that we would pay to borrow on a collateralized basis over a similar term in an amount equal to the lease payments in a similar economic environment. We use the implicit rate in the limited circumstances in which that rate is readily determinable. Practical Expedients and Accounting Policy Elections Certain of our lease agreements include lease and non-lease components. For all existing asset classes with multiple component types, we have utilized the practical expedient that exempts us from separating lease components from non-lease components. Accordingly, we account for the lease and non-lease components in an arrangement as a single lease component. In addition, for all of our existing asset classes, we have made an accounting policy election not to apply the lease recognition requirements to our short-term leases (that is, a lease that, at commencement, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that we are reasonably certain to exercise). Accordingly, we recognize lease payments related to our short-term leases in our statement of operations on a straight-line basis over the lease term which has not changed from our prior recognition. To the extent that there are variable lease payments, we recognize those payments in our statement of operations in the period in which the obligation for those payments is incurred. Refer to “Nature of Leases” The components of our total lease expense for the three and six months ended June 30, 2019, the majority of which is included in general and administrative expense, are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Operating lease cost $ 3,208 $ 6,288 Variable lease expense (1) 1,203 2,354 Short-term lease expense (2) 687 1,170 Sublease income (873 ) (1,748 ) Total lease expense $ 4,225 $ 8,064 Short-term lease costs (3) $ 8,319 $ 17,093 (1) (2) (3) Supplemental cash flow information related to our operating leases is included in the table below (in thousands): Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 7,533 ROU assets added in exchange for lease obligations (since adoption) $ 2,096 Supplemental balance sheet information related to our operating leases is included in the table below (in thousands): June 30, 2019 Operating lease ROU assets $ 48,893 Accrued liabilities – current $ (15,671 ) Operating lease liabilities – long-term $ (39,897 ) Our weighted average remaining lease term and weighted average discount rate for our operating leases are as follows: June 30, 2019 Weighted average remaining lease term 6.2 years Weighted average discount rate 6.2% Our lease liabilities with enforceable contract terms that are greater than one year mature as follows (in thousands): Operating Leases Remainder of 2019 $ 7,831 2020 14,397 2021 10,906 2022 6,991 2023 6,500 Thereafter 21,730 Total lease payments 68,355 Less effects of discounting (12,787 ) Total lease liability $ 55,568 |
Capitalized Costs and Accumulat
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization | 6 Months Ended |
Jun. 30, 2019 | |
Extractive Industries [Abstract] | |
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization | (9) Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (a) June 30, December 31, (in thousands) Natural gas and oil properties: Properties subject to depletion $ 10,962,361 $ 10,974,929 Unproved properties 2,069,962 2,110,277 Total 13,032,323 13,085,206 Accumulated depreciation, depletion and amortization (3,911,646 ) (4,062,021 ) Net capitalized costs $ 9,120,677 $ 9,023,185 (a) |
Indebtedness
Indebtedness | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Indebtedness | (10) INDEBTEDNESS We had the following debt outstanding as of the dates shown below (bank debt interest rate at June 30, 2019 is shown parenthetically). No interest was capitalized during the three and six months ended June 30, 2019 or the year ended December 31, 2018 (in thousands). June 30, 2019 December 31, 2018 Bank debt ( 3.9% $ 895,000 $ 943,000 Senior notes: 4.875% senior notes due 2025 750,000 750,000 5.00% senior notes due 2023 741,531 741,531 5.00% senior notes due 2022 580,032 580,032 5.75% senior notes due 2021 475,952 475,952 5.875% senior notes due 2022 329,244 329,244 Other senior notes due 2022 590 590 Total senior notes 2,877,349 2,877,349 Senior subordinated notes: 5.00% senior subordinated notes due 2023 7,712 7,712 5.00% senior subordinated notes due 2022 19,054 19,054 5.75% senior subordinated notes due 2021 22,214 22,214 Total senior subordinated notes 48,980 48,980 Total debt 3,821,329 3,869,329 Unamortized premium 4,070 4,741 Unamortized debt issuance costs (32,944 ) (37,209 ) Total debt net of debt issuance costs $ 3,792,455 $ 3,836,861 Bank Debt In April 2018, we entered into an amended and restated revolving bank facility, which we refer to as our bank debt or our bank credit facility, which is secured by substantially all of our assets and has a maturity date of April 13, 2023. The bank credit facility provides for a maximum facility amount of $4.0 billion and an initial borrowing base of $3.0 billion. The bank credit facility also provides for a borrowing base subject to redeterminations annually by May and for event-driven unscheduled redeterminations. As part of our annual redetermination completed on March 27, 2019, our borrowing base was reaffirmed for $3.0 billion and our bank commitment was also reaffirmed at $2.0 billion. As of June 30, 2019, our bank group was composed of twenty-seven financial institutions with no one bank holding more than 5.8% of the total facility. The borrowing base may be increased or decreased based on our request and sufficient proved reserves, as determined by the bank group. The commitment amount may be increased to the borrowing base, subject to payment of a mutually acceptable commitment fee to those banks agreeing to participate in the facility increase. On June 30, 2019, bank commitments totaled $2.0 billion and the outstanding balance under our bank credit facility was $895.0 million, before deducting debt issuance costs. Additionally, we had $282.7 million of undrawn letters of credit leaving $822.3 million of committed borrowing capacity available under the facility. During a non-investment grade period, borrowings under the bank credit facility can either be at the alternate base rate (“ABR,” as defined in the bank credit facility agreement) plus a spread ranging from 0.25% to 1.25% or LIBOR borrowings at the LIBOR Rate (as defined in the bank credit facility agreement) plus a spread ranging from 1.25% to 2.25%. The applicable spread is dependent upon borrowings relative to the borrowing base. We may elect, from time to time, to convert all or any part of our LIBOR loans to base rate loans or to convert all or any of the base rate loans to LIBOR loans. The weighted average interest rate was 4.0 % for second quarter 2019 compared to % for second quarter 2018. The weighted average interest rate was 4.0 % for first six months 2019 compared to 3.5 % for first six months 2018. A commitment fee is paid on the undrawn balance based on an annual rate of 0.30 % to 0.375 %. At June 30, 201 9 , the commitment fee was % and the interest rate margin was 1.50 % on our LIBOR loans and % on our base rate loans. At any time during which we have an investment grade debt rating from Moody’s Investors Service, Inc. or Standard & Poor’s Ratings Services and we have elected, at our discretion, to effect the investment grade rating period, certain collateral security requirements, including the borrowing base requirement and restrictive covenants, will cease to apply and an additional financial covenant (as defined in the bank credit facility) will be imposed. During the investment grade period, borrowings under the credit facility can either be at the ABR plus a spread ranging from 0.125% to 0.75% or at the LIBOR Rate plus a spread ranging from 1.125% to 1.75% depending on our debt rating. The commitment fee paid on the undrawn balance would range from 0.15% to 0.30%. We currently do not have an investment grade debt rating. Senior Notes and Senior Subordinated Notes If we experience a change of control, noteholders may require us to repurchase all or a portion of our senior notes and senior subordinated notes at 101% of the aggregate principal amount plus accrued and unpaid interest, if any. All of the senior subordinated notes and the guarantees by our subsidiary guarantors are general, unsecured obligations and are subordinated to our bank debt and to existing and future senior debt that we or our subsidiary guarantors are permitted to incur. Guarantees Range is a holding company which owns no operating assets and has no significant operations independent of its subsidiaries. The guarantees by our subsidiaries, which are directly or indirectly owned by Range, of our senior notes, senior subordinated notes and our bank credit facility are full and unconditional and joint and several, subject to certain customary release provisions. A subsidiary guarantor may be released from its obligations under the guarantee: • in the event of a sale or other disposition of all or substantially all of the assets of the subsidiary guarantor or a sale or other disposition of all the capital stock of the subsidiary guarantor, to any corporation or other person (including an unrestricted subsidiary of Range) by way of merger, consolidation, or otherwise; or • if Range designates any restricted subsidiary that is a guarantor to be an unrestricted subsidiary in accordance with the terms of the indenture. Debt Covenants Our bank credit facility contains negative covenants that limit our ability, among other things, to pay cash dividends, incur additional indebtedness, sell assets, enter into certain hedging contracts, change the nature of our business or operations, merge, consolidate or make certain investments. In addition, we are required to maintain a ratio of EBITDAX (as defined in the bank credit facility agreement) to cash interest expense of equal to or greater than 2.5 and a current ratio (as defined in the bank credit facility agreement) of no less than 1.0. In addition, the ratio of the present value of proved reserves (as defined in the credit agreement) to total debt must be equal to or greater than 1.5 until Range has two investment grade ratings. We were in compliance with applicable covenants under the bank credit facility at June 30, 2019. |
Asset Retirement Obligations
Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | (11) ASSET RETIREMENT OBLIGATIONS Our asset retirement obligations primarily represent the estimated present value of the amounts we will incur to plug, abandon and remediate our producing properties at the end of their productive lives. Significant inputs used in determining such obligations include estimates of plugging and abandonment costs, estimated future inflation rates and well lives. The inputs are calculated based on historical data as well as current estimated costs. A reconciliation of our liability for plugging and abandonment costs for the six months ended June 30, 2019 and the year ended December 31, 2018 is as follows (in thousands): Six Months Ended June 30, 2019 Year Ended December 31, 2018 Beginning of period $ 312,754 $ 276,855 Liabilities incurred 2,529 3,376 Acquisitions — 13,438 Liabilities settled (2,582 ) (5,052 ) Disposition of wells — (13,332 ) Accretion expense 8,487 25,456 Change in estimate (203 ) 12,013 End of period 320,985 312,754 Less current portion (5,485 ) (5,485 ) Long-term asset retirement obligations $ 315,500 $ 307,269 Accretion expense is recognized as a component of depreciation, depletion and amortization expense in the accompanying consolidated statements of operations. |
Derivative Activities
Derivative Activities | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Activities | (12) DERIVATIVE ACTIVITIES We use commodity-based derivative contracts to manage exposure to commodity price fluctuations. We do not enter into these arrangements for speculative or trading purposes. We utilize commodity swaps, collars, calls or swaptions to (1) reduce the effect of price volatility of the commodities we produce and sell and (2) support our annual capital budget and expenditure plans. The fair value of our derivative contracts, represented by the estimated amount that would be realized upon termination, based on a comparison of the contract price and a reference price, generally the New York Mercantile Exchange (“NYMEX”) for natural gas and crude oil or Mont Belvieu for NGLs, approximated a net gain of $162.7 million at June 30, 2019. These contracts expire monthly through December 2020. The following table sets forth our commodity-based derivative volumes by year as of June 30, 2019, excluding our basis and freight swaps which are discussed separately below: Period Contract Type Volume Hedged Weighted Natural Gas 2019 Swaps 1,262,473 Mmbtu/day $ 2.81 2020 Swaps 305,000 Mmbtu/day $ 2.76 2019 Swaptions 150,000 Mmbtu/day $ 2.81 ( 1 ) 2020 Swaptions 177,568 Mmbtu/day $ 2.78 ( 1 ) November – December 2019 Swaptions 20,000 Mmbtu/day $ 3.20 (1) January – March 2020 Swaptions 20,000 Mmbtu/day $ 3.20 (1) Crude Oil 2019 Swaps 8,750 bbls/day $ 55.89 2020 Swaps 4,617 bbls/day $ 60.48 2019 Collars 1,000 bbls/day $ 63.00 − $ 73.00 NGLs (C5-Natural Gasoline) 2019 Swaps 4,500 bbls/day $ 1.36/gallon ( 1 ) Contains a combined derivative instrument consisting of a fixed price swap and a sold option to extend or double the volumes. We have swaps in place for 2019 for 150,000 Mmbtu/day on which the counterparty can elect to extend the contract through December 2020 at a weighted average price of $2.81. In addition, we have swaps in place for November and December 2019 where, if the counterparty elects to double the volume, we would have additional swaps in place for 20,000 Mmbtu/day at a weighted average price of $3.20. In 2020, if the counterparty elects to double the volume, we would have additional swaps in place for 140,000 Mmbtu/day at a weighted average price of $2.78. We also have swaps in place for 2020 for 50,000 Mmbtu/day on which the counterparty can elect to extend the contract through December 2021 at a weighted average price of $2.75. In addition, for January through March 2020, we have additional swaps in place where if the counterparty elects to double the volume, we would have an additional 20,000 Mmbtu/day at a weighted average price of $3.20. Every derivative instrument is required to be recorded on the balance sheet as either an asset or a liability measured at its fair value. We recognize all changes in fair value of these derivatives as earnings in derivative fair value income or loss in the periods in which they occur. Basis Swap Contracts In addition to the swaps, collars and swaptions described above, at June 30, 2019, we had natural gas basis swap contracts which lock in the differential between NYMEX Henry Hub and certain of our physical pricing indices. These contracts settle monthly through October 2021 and include a total volume of 107,960,000 Mmbtu. The fair value of these contracts was a loss of $2.0 million at June 30, 2019. At June 30, 2019, we also had propane spread swap contracts which lock in the differential between Mont Belvieu and international propane indices. The contracts settle monthly in October through December of 2019 and monthly in 2020 and include a total volume of 1,875,000 barrels. The fair value of these contracts was a loss of $1.8 million at June 30, 2019. Freight Swap Contracts In connection with our international propane sales, we utilize propane swaps. To further hedge our propane price, at June 30, 2019, we had freight swap contracts on the Baltic Exchange which lock in the freight rate for a specific trade route. These contracts settle monthly through December 2019 and cover 10,000 metric tons per month with a fair value gain of $1.5 million at June 30, 2019. Derivative Assets and Liabilities The combined fair value of derivatives included in the accompanying consolidated balance sheets as of June 30, 2019 and December 31, 2018 is summarized below. The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty and we have master netting arrangements. The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands): June 30, 2019 Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance Sheet Derivative assets: Natural gas –swaps $ 128,392 $ (2,132 ) $ 126,260 –swaptions 29,982 (6,070 ) 23,912 –basis swaps 1,220 (1,305 ) (85 ) Crude oil –swaps 8,459 (4,932 ) 3,527 −collars 1,116 — 1,116 NGLs –C3 propane spread swaps 6,815 (7,767 ) (952 ) −C5 natural gasoline swaps 7,857 — 7,857 Freight −swaps 1,501 — 1,501 $ 185,342 $ (22,206 ) $ 163,136 June 30, 2019 Gross Amounts of Recognized (Liabilities) Gross Amounts Offset in the Balance Sheet Net Amounts of (Liabilities) Presented in the Balance Sheet Derivative (liabilities): Natural gas –swaps $ (2,132 ) $ 2,132 $ — –swaptions (6,070 ) 6,070 — –basis swaps (3,255 ) 1,305 (1,950 ) Crude oil –swaps (4,932 ) 4,932 — NGLs –C3 propane spread swaps (8,592 ) 7,767 (825 ) $ (24,981 ) $ 22,206 $ (2,775 ) December 31, 2018 Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance Sheet Derivative assets: Natural gas –swaps $ 20,834 $ (11,748 ) $ 9,086 –swaptions 5,200 (3,883 ) 1,317 –basis swaps 6,468 (2,822 ) 3,646 Crude oil –swaps 26,481 (651 ) 25,830 –collars 5,945 (707 ) 5,238 NGLs –C3 propane swaps 18,719 (589 ) 18,130 –C3 propane collars 8,538 — 8,538 –C3 propane spread swaps 8,984 (8,868 ) 116 –NC4 butane swaps 4,084 — 4,084 –C5 natural gasoline swaps 17,371 — 17,371 Freight –swaps — (561 ) (561 ) $ 122,624 $ (29,829 ) $ 92,795 December 31, 2018 Gross Amounts of Recognized (Liabilities) Gross Amounts Net Amounts of (Liabilities) Presented in the Balance Sheet Derivative (liabilities): Natural gas –swaps $ (18,332 ) $ 11,748 $ (6,584 ) –swaptions (7,972 ) 3,883 (4,089 ) –basis swaps (1,702 ) 2,822 1,120 Crude oil –swaps — 651 651 –collars — 707 707 NGLs –C3 propane swaps — 589 589 –C3 propane spread swaps (8,868 ) 8,868 — Freight –swaps (561 ) 561 — $ (37,435 ) $ 29,829 $ (7,606 ) The effects of our derivatives on our consolidated statements of operations are summarized below (in thousands): Derivative Fair Value Income (Loss) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Commodity swaps $ 159,128 $ (91,195 ) $ 101,710 $ (107,730 ) Swaptions 32,383 (6,592 ) 29,092 (2,993 ) Collars 578 11 (3,946 ) (66 ) Calls — 152 — 329 Basis swaps 938 (5,828 ) 4,353 (6,693 ) Freight swaps 2,218 162 2,305 (146 ) Total $ 195,245 $ (103,290 ) $ 133,514 $ (117,299 ) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (13) FAIR VALUE MEASUREMENTS Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three approaches for measuring the fair value of assets and liabilities: the market approach, the income approach and the cost approach, each of which includes multiple valuation techniques. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to measure fair value by converting future amounts, such as cash flows or earnings, into a single present value amount using current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace the service capacity of an asset. This is often referred to as current replacement cost. The cost approach assumes that the fair value would not exceed what it would cost a market participant to acquire or construct a substitute asset of comparable utility, adjusted for obsolescence. The fair value accounting standards do not prescribe which valuation technique should be used when measuring fair value and do not prioritize among the techniques. These standards establish a fair value hierarchy that prioritizes the inputs used in applying the various valuation techniques. Inputs broadly refer to the assumptions that market participants use to make pricing decisions, including assumptions about risk. Level 1 inputs are given the highest priority in the fair value hierarchy while Level 3 inputs are given the lowest priority. The three levels of the fair value hierarchy are as follows: • Level 1 – Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. • Level 3 – Unobservable inputs for which there is little, if any, market activity for the asset or liability being measured. These inputs reflect management’s best estimates of the assumptions market participants would use in determining fair value. Our Level 3 measurements consist of instruments using standard pricing models and other valuation methods that utilize unobservable pricing inputs that are significant to the overall fair value. Valuation techniques that maximize the use of observable inputs are favored. Assets and liabilities are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy. Significant uses of fair value measurements include: • impairment assessments of long-lived assets; and • recorded value of derivative instruments and trading securities. The need to test long-lived assets can be based on several indicators, including a significant reduction in prices of natural gas, oil and condensate, NGLs, unfavorable adjustments to reserves, significant changes in the expected timing of production, other changes to contracts or changes in the regulatory environment in which a property is located. Fair Values – Recurring We use a market approach for our recurring fair value measurements and endeavor to use the best information available. The following tables present the fair value hierarchy table for assets and liabilities measured at fair value, on a recurring basis (in thousands): Fair Value Measurements at June 30, 2019 using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Carrying Value as of June 30, 2019 Trading securities held in the deferred compensation plans $ 60,697 $ — $ — $ 60,697 Derivatives –swaps — 137,644 — 137,644 –collars — 1,116 — 1,116 –basis swaps — (3,812 ) — (3,812 ) –freight swaps — 1,501 — 1,501 –swaptions — — 23,912 23,912 Fair Value Measurements at December 31, 2018 using: Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable (Level 3) Total Carrying Value as of December 31, 2018 Trading securities held in the deferred compensation plans $ 57,293 $ — $ — $ 57,293 Derivatives –swaps — 69,156 — 69,156 –collars — 5,945 8,538 14,483 –basis swaps — 4,883 — 4,883 –freight swaps — (561 ) — (561 ) –swaptions — — (2,772 ) (2,772 ) Our trading securities in Level 1 are exchange-traded and measured at fair value with a market approach using end of period market values. Derivatives in Level 2 are measured at fair value with a market approach using third-party pricing services which have been corroborated with data from active markets or broker quotes. As of June 30, 2019, a portion of our natural gas derivative instruments contains swaptions where the counterparty has the right, but not the obligation, to enter into a fixed price swap on a pre-determined date. Derivatives in Level 3 are measured at fair value with a market approach using third-party pricing services which have been corroborated with data from active markets or broker quotes. Subjectivity in the volatility factors utilized can cause a significant change in the fair value measurement of our swaptions. The following is a reconciliation of the beginning and ending balances for derivative instruments classified as Level 3 in the fair value hierarchy (in thousands): As of June 30, 2019 Balance at December 31, 2018 $ 5,766 Total gains: Included in earnings 28,338 Settlements, net (10,192 ) Balance at June 30, 2019 $ 23,912 Our trading securities held in the deferred compensation plan are accounted for using the mark-to-market accounting method and are included in other assets in the accompanying consolidated balance sheets. We elected to adopt the fair value option to simplify our accounting for the investments in our deferred compensation plan. Interest, dividends, and mark-to-market gains or losses are included in deferred compensation plan expense in the accompanying consolidated sta tements of operations. For second quarter 201 9 , interest and dividends were $ and the mark-to-market adjustment was a gain of $ million compared to interest and dividends of $ and a mark-to-market gain of $ 324,000 in second quarter 201 8 . For first six months 2019, interest and dividends were $363,000 and the mark-to-market adjustment was a gain of $ 6.6 million compared to interest and dividends of $ 381,000 and a mark-to-market loss of $ 798,000 in the same period of the prior year . Fair Values – Non-recurring Our proved natural gas and oil properties are reviewed for impairment periodically as events or changes in circumstances indicate the carrying amount may not be recoverable. In first quarter 2018, there were indicators that the carrying value of certain of our oil and natural gas properties in Oklahoma may be impaired and undiscounted future cash flows attributed to these assets indicated their carrying amounts were not expected to be recovered. Their remaining fair value was measured using a market approach based upon the potential sale of these Oklahoma properties, which is a Level 3 input. We recorded non-cash charges in first quarter 2018 of $7.3 million related to these properties of which the fair value was determined to be $32.5 million. In second quarter 2018, we recorded impairment of $15.3 million related to certain shallow legacy oil and natural gas assets in Northwest Pennsylvania where we had increased our working interest during the quarter. The fair value of these assets had previously been determined to be zero. There were no impairment charges in first or second quarter 2019. Fair Values – Reported The following presents the carrying amounts and the fair values of our financial instruments as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Carrying Fair Carrying Fair Assets: Commodity swaps, options and basis swaps $ 163,136 $ 163,136 $ 92,795 $ 92,795 Marketable securities (a) 60,697 60,697 57,293 57,293 (Liabilities): Commodity swaps, options and basis swaps (2,775 ) (2,775 ) (7,606 ) (7,606 ) Bank credit facility (b) (895,000 ) (895,000 ) (943,000 ) (943,000 ) 5.75% senior notes due 2021 (b) (475,952 ) (480,336 ) (475,952 ) (455,972 ) 5.00% senior notes due 2022 (b) (580,032 ) (553,948 ) (580,032 ) (519,343 ) 5.875% senior notes due 2022 (b) (329,244 ) (328,819 ) (329,244 ) (305,989 ) Other senior notes due 2022 (b) (590 ) (590 ) (590 ) (581 ) 5.00% senior notes due 2023 (b) (741,531 ) (698,826 ) (741,531 ) (654,683 ) 4.875% senior notes due 2025 (b) (750,000 ) (658,020 ) (750,000 ) (616,313 ) 5.75% senior subordinated notes due 2021 (b) (22,214 ) (22,381 ) (22,214 ) (21,638 ) 5.00% senior subordinated notes due 2022 (b) (19,054 ) (18,379 ) (19,054 ) (17,072 ) 5.00% senior subordinated notes due 2023 (b) (7,712 ) (7,158 ) (7,712 ) (6,690 ) Deferred compensation plan (c) (76,238 ) (76,238 ) (80,092 ) (80,092 ) (a) Marketable securities, which are held in our deferred compensation plans, are actively traded on major exchanges. (b) The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior notes and our senior subordinated notes is based on end of period market quotes which are Level 2 inputs. (c) The fair value of our deferred compensation plan is updated at the closing price on the balance sheet date which is a Level 1 input. Our current assets and liabilities include financial instruments, the most significant of which are trade accounts receivable and payable. We believe the carrying values of our current assets and liabilities approximate fair value. Our fair value assessment incorporates a variety of considerations, including (1) the short-term duration of the instruments and (2) our historical and expected incurrence of bad debt expense. Non-financial liabilities initially measured at fair value include asset retirement obligations and operating lease liabilities. For additional information, see Note 11. Concentrations of Credit Risk As of June 30, 2019, our primary concentrations of credit risk are the risks of not collecting accounts receivable and the risk of a counterparty’s failure to perform under derivative obligations. Most of our receivables are from a diverse group of companies, including major energy companies, pipeline companies, local distribution companies, financial institutions and end-users in various industries. Letters of credit or other appropriate securities are obtained as deemed necessary to limit our risk of loss. Our allowance for uncollectable receivables was $6.1 million at both June 30, 2019 and December 31, 2018. Our derivative exposure to credit risk is diversified primarily among major investment grade financial institutions, where we have master netting agreements which provide for offsetting payables against receivables from separate derivative contracts. To manage counterparty risk associated with our derivatives, we select and monitor our counterparties based on our assessment of their financial strength and/or credit ratings. We may also limit the level of exposure with any single counterparty. At June |
Stock-based Compensation Plans
Stock-based Compensation Plans | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation Plans | (14) STOCK-BASED COMPENSATION PLANS Stock-Based Awards We have two active equity-based stock plans, our Amended and Restated 2005 Equity-Based Incentive Compensation Plan, which we refer to as the 2005 Plan and the new 2019 Equity-Based Compensation Plan, which was approved by our stockholders in May, 2019. Under these plans, various awards may be issued to non-employee directors and employees pursuant to decisions of the Compensation Committee, which is composed of only non-employee, independent directors. Total Stock-Based Compensation Expense Stock-based compensation represents amortization of restricted stock and performance units. Unlike the other forms of stock-based compensation, the mark-to-market adjustment of the liability related to the vested restricted stock held in our deferred compensation plan is directly tied to the change in our stock price and not directly related to the functional expenses and therefore, is not allocated to the functional categories. The following details the allocation of stock-based compensation to functional expense categories (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Direct operating expense $ 549 $ 539 $ 1,140 $ 1,130 Brokered natural gas and marketing expense 553 313 1,001 598 Exploration expense 388 371 876 1,122 General and administrative expense 9,500 8,814 19,138 32,725 Termination costs 26 — 26 — Total stock-based compensation $ 11,016 $ 10,037 $ 22,181 $ 35,575 Stock-Based Awards Restricted Stock Awards . We grant restricted stock units under our equity-based stock compensation plans. These restricted stock units, which we refer to as restricted stock Equity Awards, generally vest over a three-year period, contingent on the recipient’s continued employment. The grant date fair value of the Equity Awards is based on the fair market value of our common stock on the date of grant. The Compensation Committee also grants restricted stock to certain employees and non-employee directors of the board of directors as part of their compensation. We also grant restricted stock to certain employees for retention purposes. Compensation expense is recognized over the balance of the vesting period, which is typically three years for employee grants and immediate vesting for non-employee directors. All restricted stock awards are issued at prevailing market prices at the time of the grant and the vesting is based upon an employee’s continued employment with us. Prior to vesting, all restricted stock awards have the right to vote such stock and receive dividends thereon. Upon grant of these restricted shares, which we refer to as restricted stock Liability Awards, the majority of these shares are generally placed in our deferred compensation plan and, upon vesting, withdrawals are allowed in either cash or in stock. These Liability Awards are classified as a liability and are remeasured at fair value each reporting period. This mark-to-market amount is reported in deferred compensation plan expense in the accompanying consolidated statements of operations. Historically, we have used authorized but unissued shares of stock when restricted stock is granted. However, we also utilize treasury shares when available. Stock-Based Performance Units . We grant three types of performance share awards: two based on performance conditions measured against internal performance metrics (Production Growth Awards or “PG-PSUs” and Reserve Growth Awards or “RG-PSUs”) and one based on market conditions measured based on Range’s performance relative to a predetermined peer group (TSR Awards or “TSR-PSUs”). Each unit granted represents one share of our common stock. These units are settled in stock and the amount of the payout is based on (1) the vesting percentage, which can be from zero to 200% based on performance achieved and (2) the value of our common stock on the vesting date which is determined by the Compensation Committee. Dividend equivalents may accrue during the performance period and are paid in stock at the end of the performance period. The performance period for the TSR-PSUs is three years. The performance period for the PG/RG-PSUs is based on annual performance targets earned over a three-year period. SARs . At June 30, 2019, there were no SARs outstanding. Restricted Stock – Equity Awards In first six months 2019, we granted 2.8 million restricted stock Equity Awards to employees at an average price of $10.59 which generally vest over a three-year period compared to 1.8 million at an average price of $17.00 in first six months 2018. We recorded compensation expense for these awards of $13.6 million in first six months 2019 compared to $12.4 million in the same period of 2018. Restricted stock Equity Awards are not issued to employees until such time as they are vested and the employees do not have the option to receive cash. Restricted Stock – Liability Awards In first six months 2019, we granted 1.0 million shares of restricted stock Liability Awards as compensation to employees at an average price of $10.45 which vests generally over a three-year period and 157,000 shares were granted to non-employee directors at an average price of $9.50 with immediate vesting. In first six months 2018, we granted 675,000 shares of restricted stock Liability Awards as compensation to employees at an average price of $15.22 with vesting generally over a three-year period and 131,000 shares were granted to non-employee directors at an average price of $15.46 with immediate vesting. We recorded compensation expense for these Liability Awards of $4.6 million in first six months 2019 compared to $10.5 million in first six months 2018. The majority of these awards are held in our deferred compensation plan, are classified as a liability and are remeasured at fair value each reporting period. This mark-to-market amount is reported as deferred compensation expense in our consolidated statements of operations (see additional discussion below). The following is a summary of the status of our non-vested restricted stock outstanding at June 30, 2019: Restricted Stock Equity Awards Restricted Stock Liability Awards Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2018 1,386,088 $ 20.04 184,579 $ 15.65 Granted 2,792,438 10.59 1,171,513 10.32 Vested (869,674 ) 15.77 (499,913 ) 10.82 Forfeited (275,991 ) 13.39 — — Outstanding at June 30, 2019 3,032,861 $ 13.17 856,179 $ 11.17 Stock-Based Performance Units Production Growth and Reserve Growth Awards. The PG-PSUs and RG-PSUs vest at the end of the three-year performance period. The performance metrics for each year are set by the Compensation Committee no later than March 31 of such year. If the performance metric for the applicable period is not met, that portion is considered forfeited and there is an adjustment to the expense recorded. The following is a summary of our non-vested PG/RG-PSUs awards outstanding at June 30, 2019: Number of Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2018 536,798 $ 15.61 Units granted (a) 345,202 10.32 Forfeited (427 ) 15.65 Outstanding at June 30, 2019 881,573 $ 11.70 (a) We recorded PG/RG-PSUs compensation expense of $1.7 million in first six months 2019 compared to $5.6 million in first six months 2018. TSR Awards. TSR-PSUs granted are earned, or not earned, based on the comparative performance of Range’s common stock measured against a predetermined group of companies in the peer group over a three-year performance period. The fair value of the TSR-PSUs is estimated on the date of grant using a Monte Carlo simulation model which utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award. The fair value is recognized as stock-based compensation expense over the three-year performance period. Expected volatilities utilized in the model were estimated using a combination of a historical period consistent with the remaining performance period of three years and option implied volatilities. The risk-free interest rate was based on the United States Treasury rate for a term commensurate with the life of the grant. The following assumptions were used to estimate the fair value of PSUs granted during first six months 2019 and 2018: Six Months Ended June 30, 2019 2018 Risk-free interest rate 2.4 % 2.4 % Expected annual volatility 46 % 47 % Grant date fair value per unit $ 11.34 $ 18.51 The following is a summary of our non-vested TSR – Units Weighted Average Fair Value Outstanding at December 31, 2018 1,067,886 $ 27.81 Units granted (a) 314,152 11.34 Vested and issued (b) (12,283 ) 30.47 Forfeited (376,303 ) 37.25 Outstanding at June 30, 2019 993,452 $ 19.00 (a) These (b) Includes 12,283 TSR-PSUs awards issued related to the 2016 performance period where the return on our common stock was in the 20 th We recorded TSR-PSUs compensation expense of $1.3 million in first six months 2019 compared to $5.7 million in the same period of 2018. Fair value is amortized over the performance period with no adjustment to the expense recorded for actual targets achieved. SARs Information with respect to our SARs activity is summarized below. Shares Weighted Average Exercise Price Outstanding at December 31, 2018 1,104 $ 81.74 Expired (1,104 ) 81.74 Outstanding at June 30, 2019 — $ — Other Post Retirement Benefits Effective fourth quarter 2017, as part of our officer succession plan, we implemented a post retirement benefit plan to assist in providing health care to officers who are active employees (including their spouses) and have met certain age and service requirements. These benefits are not funded in advance and are provided up to age 65 or at the date they become eligible for Medicare, subject to various cost-sharing features. There was approximately $92,000 of estimated prior service costs amortized from accumulated other comprehensive income into general and administrative expense in both the three months ended June 30, 2019 and 2018 and approximately $185,000 amortized in both the six months ended June 30, 2019 and 2018. Those employees that qualified for the new post retirement health care plan were also fully vested in all equity grants. Effective October 2018, officers who qualified for the plan are required to provide reasonable notice of retirement and beginning in 2019 are fully vested after providing one year of service after the grant date. Deferred Compensation Plan Our deferred compensation plan gives non-employee directors and officers the ability to defer all or a portion of their salaries, bonuses or director fees and invest in Range common stock or make other investments at the individual’s discretion. Range provides a partial matching contribution to officers which vests over three years. The assets of the plan are held in a grantor trust, which we refer to as the Rabbi Trust, and are therefore available to satisfy the claims of our general creditors in the event of bankruptcy or insolvency. Our stock held in the Rabbi Trust is treated as a liability award as employees are allowed to take withdrawals from the Rabbi Trust either in cash or in Range stock. The liability for the vested portion of the stock held in the Rabbi Trust is reflected as deferred compensation liability in the accompanying consolidated balance sheets and is adjusted to fair value each reporting period by a charge or credit to deferred compensation plan expense on our consolidated statements of operations. The assets of the Rabbi Trust, other than our common stock, are invested in marketable securities and reported at their market value as other assets in the accompanying consolidated balance sheets. The deferred compensation liability reflects the vested market value of the marketable securities and Range stock held in the Rabbi Trust. Changes in the market value of the marketable securities and changes in the fair value of the deferred compensation plan liability are charged or credited to deferred compensation plan expense each quarter. We recorded mark-to-market gain of $11.1 |
Termination Costs
Termination Costs | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring And Related Activities [Abstract] | |
Termination Costs | (15) TERMINATION COSTS In second quarter 2019, we announced a reduction in our work force. For the three months and the six months ended June 30, 2019, we recorded $2.2 million of severance costs and $26,000 of stock-based compensation related to this work force reduction. The following details the accrued liability as of June 30, 2019: June 30, 2019 Beginning balance $ — Accrued severance costs 2,181 Payments (97 ) Ending balance $ 2,084 |
Capital Stock
Capital Stock | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Capital Stock | (16) CAPITAL STOCK We have authorized capital stock of 485.0 million shares which includes 475.0 million shares of common stock and 10.0 million shares of preferred stock. We currently have no preferred stock issued or outstanding. The following is a schedule of changes in the number of common shares outstanding since the beginning of 2018: Six Months Year Beginning balance 249,510,022 248,129,430 Restricted stock grants 1,143,765 865,095 Restricted stock units vested 677,436 434,046 Performance stock units issued 12,283 73,985 Performance stock dividends 464 2,164 Treasury shares issued — 5,302 Ending balance 251,343,970 249,510,022 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | (17) SUPPLEMENTAL CASH FLOW INFORMATION Six Months Ended June 30, 2019 2018 (in thousands) Net cash provided from operating activities included: Income taxes refunded from taxing authorities $ — $ 7,521 Interest paid (99,675 ) (103,439 ) Non-cash investing and financing activities included: Increase in asset retirement costs capitalized 2,326 19,561 Increase (decrease) in accrued capital expenditures 6,346 (102,809 ) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (18) COMMITMENTS AND CONTINGENCIES Litigation We are the subject of, or party to, a number of pending or threatened legal actions, administrative proceedings and claims arising in the ordinary course of our business. While many of these matters involve inherent uncertainty, we believe that the amount of the liability, if any, ultimately incurred with respect to these actions, proceedings or claims will not have a material adverse effect on our consolidated financial position as a whole or on our liquidity, capital resources or future annual results of operations. We estimate and provide for potential losses that may arise out of litigation and regulatory proceedings to the extent that such losses are probable and can be reasonably estimated. We will continue to evaluate our litigation and regulatory proceedings quarterly and will establish and adjust any estimated liability as appropriate to reflect our assessment of the then current status of litigation and regulatory proceedings. Significant judgment is required in making these estimates and our final liabilities may ultimately be materially different. |
Suspended Exploratory Well Cost
Suspended Exploratory Well Costs | 6 Months Ended |
Jun. 30, 2019 | |
Extractive Industries [Abstract] | |
Suspended Exploratory Well Costs | (19) SUSPENDED EXPLORATORY WELL COSTS We capitalize exploratory well costs until a determination is made that the well has either found proved reserves or that it is impaired. Capitalized exploratory well costs are included in natural gas and oil properties in the accompanying consolidated balance sheets. If an exploratory well is determined to be impaired, the well costs are charged to exploration expense in the accompanying consolidated statements of operations. We do not have any suspended exploratory well costs as of June 30, 2019. |
Costs Incurred for Property Acq
Costs Incurred for Property Acquisition, Exploration and Development | 6 Months Ended |
Jun. 30, 2019 | |
Extractive Industries [Abstract] | |
Costs Incurred for Property Acquisition, Exploration and Development | (20) Costs Incurred for Property Acquisition, Exploration and Development (a) Six Months Ended June 30, 2019 Year Ended December 31, 2018 (in thousands) Acquisitions: Acreage purchases $ 22,577 $ 62,390 Oil and gas properties — 1,683 Development 392,972 834,552 Exploration: Drilling — 1,380 Expense 15,444 32,196 Stock-based compensation expense 876 1,921 Gas gathering facilities: Development 2,085 10,218 Subtotal 433,954 944,340 Asset retirement obligations 2,326 28,826 Total costs incurred $ 436,280 $ 973,166 (a) Includes costs incurred whether capitalized or expensed. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | (21) SUBSEQUENT EVENTS In mid July, we closed on two agreements to sell a proportionately reduced 2% overriding royalty in certain Pennsylvania leases for gross proceeds of $600.0 million. The properties encompass approximately 350,000 net surface acreage. We do not expect a gain or loss will be recorded on these two transactions. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Inventory | Inventory. As of June 30, 2019, we had $8.9 million of material and supplies inventory compared to $8.0 million at December 31, 2018. Material and supplies inventory consists of primarily tubular goods and equipment used in our operations and is stated at lower of specific cost of each inventory item or net realized value, on a first-in, first-out basis. At June 30, 2019, we also had commodity inventory of $1.4 million compared to $965,000 at December 31, 2018. Commodity inventory as of June 30, 2019 consists of NGLs held in storage or as line fill in pipelines. |
New Accounting Standards | Not Yet Adopted Financial Instruments – Credit Losses In June 2016, an accounting standards update was issued that changes the impairment model for trade receivables, net investments in leases, debt securities, loans and certain other instruments. The standards update requires the use of a forward-looking “expected loss” model as opposed to the current “incurred loss” model. This standards update is effective for us in first quarter 2020 and will be adopted on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the adoption period. Early adoption is permitted starting January 2019. We are evaluating the provisions of this accounting standards update and assessing the impact, if any, it may have on our consolidated results of operations, financial position and financial disclosures. Fair Value Measurement In August 2018, an accounting standards update was issued which provides additional disclosure requirements for fair value measurements. This new standards update eliminates the requirement to disclose transfers between Level 1 and Level 2 of the fair value hierarchy and provides for additional disclosures for Level 3 fair value measurements. This new standards update is effective for us in first quarter 2020 and will be adopted on a prospective or retrospective basis depending on the changes that apply. We are evaluating the provisions of this standards update and assessing the impact, if any, it may have on our financial disclosures. Recently Adopted Lease Accounting Standard In February 2016, an accounting standards update was issued that requires an entity to recognize a right-of-use (“ROU”) asset and lease liability for all leases. Classification of leases as either a finance or operating lease determines the recognition, measurement and presentation of expenses. This accounting standards update also requires certain quantitative and qualitative disclosures about leasing arrangements. The new standard was effective for us in first quarter 2019 and we adopted the new standard using a modified retrospective approach, with the date of initial application effective on January 1, 2019. Consequently, upon transition, we recognized a ROU asset (or operating lease right-of-use asset) and a lease liability with no retained earnings impact. We are applying the following practical expedients as provided in the standards update which provide elections to: • not apply the recognition requirements to short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option); • not reassess whether a contract contains a lease, lease classification and initial direct costs; and • not reassess certain land easements in existence prior to January 1, 2019. Through our implementation process, we evaluated each of our lease arrangements and enhanced our systems to track and calculate additional information required upon adoption of this standards update. Our adoption did not have a material impact on our consolidated balance sheet as of January 1, 2019, with the primary impact relating to the recognition of ROU assets and operating lease liabilities for operating leases which represents approximately a 1% change to total assets and total liabilities. The impact of adoption of this new standards update was as follows (in thousands): January 1, 2019 Adoption Reclassification (1) Total Adjustment Balance Sheet: Operating lease right-of-use assets $ 59,300 $ (7,925 ) $ 51,375 Accrued liabilities – current $ (14,811 ) $ — $ (14,811 ) Operating lease liabilities – long-term $ (44,489 ) $ — $ (44,489 ) Asset retirement obligations and other liabilities $ — $ 7,925 $ 7,925 (1) Adoption of the new standard did not impact our consolidated statements of operations, cash flows or stockholders’ equity. Leases acquired to explore for or use minerals, oil or natural gas resources, including the right to explore for those natural resources and rights to use the land in which those natural resources are contained, are not within the scope of the standards update. Revenue Recognition Standard In May 2014, an accounting standards update was issued that superseded the existing revenue recognition requirements. This standard included a five-step revenue recognition model to depict the transfer of goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Among other things, the standard also eliminated industry-specific revenue guidance, required enhanced disclosures about revenue, provided guidance for transactions that were not previously addressed comprehensively and improved guidance for multiple-element arrangements. This standard was effective for us in first quarter 2018 and we adopted the new standards update using the modified retrospective method to all open contracts as of January 1, 2018. Our implementation of this standard did not result in a cumulative-effect adjustment on date of adoption; however, our financial statement presentation related to revenue received from certain gas processing contracts changed. Based on previous accounting guidance, certain of our gas processing contracts were reported in revenue at the net price (net of processing costs) we receive. Upon adoption of this accounting standards update, these contracts are now reported as a gross price received at a delivery point and separate transportation, marketing and processing expense. Pension Accounting Standard In March 2017, an accounting standards update was issued which provides additional guidance on the presentation of net benefit cost in the statement of operations. Employers will present the service cost component of net periodic benefit cost in the same consolidated results of operations line item as other employee compensation costs arising from services rendered during the period. This new standards update was effective for annual reporting periods in first quarter 2018 and must be applied retrospectively. We adopted this standards update in first quarter 2018. The adoption did not impact our consolidated results of operations, financial position, cash flows or disclosures. In 2018 and 2019, our service cost is recorded in general and administrative expense. Modification of Share – Based Awards In May 2017, an accounting standards update was issued which clarifies what constitutes a modification of a share-based award. This standards update is intended to provide clarity and reduce both diversity in practice and cost and complexity to a change to the terms or conditions of a share-based payment award. We adopted this standards update in first quarter 2018. The adoption of this standard did not have a material impact on our consolidated financial position or results of operations. |
New Accounting Standards (Table
New Accounting Standards (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Schedule of Impact of Adoption of New Lease Accounting Standard | The impact of adoption of this new standards update was as follows (in thousands): January 1, 2019 Adoption Reclassification (1) Total Adjustment Balance Sheet: Operating lease right-of-use assets $ 59,300 $ (7,925 ) $ 51,375 Accrued liabilities – current $ (14,811 ) $ — $ (14,811 ) Operating lease liabilities – long-term $ (44,489 ) $ — $ (44,489 ) Asset retirement obligations and other liabilities $ — $ 7,925 $ 7,925 (1) |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of Revenue by Identified Revenue Stream | Revenue attributable to each of our identified revenue streams is disaggregated below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Natural gas sales $ 343,623 $ 360,351 $ 778,343 $ 791,924 NGLs sales 167,027 224,703 364,840 427,230 Oil sales 52,929 76,336 92,050 138,865 Total natural gas, NGLs and oil sales 563,579 661,390 1,235,233 1,358,019 Sales of purchased natural gas 88,004 93,433 222,805 149,294 Sales of purchased NGLs 1,184 729 1,608 1,033 Other marketing revenue 3,417 3,922 6,406 7,736 Total $ 656,184 $ 759,474 $ 1,466,052 $ 1,516,082 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense (Benefit) | We evaluate and update our annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Consequently, based upon the mix and timing of our actual earnings compared to annual projections, our effective tax rate may vary quarterly and may make comparisons not meaningful. Income tax expense (benefit) was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Income tax expense (benefit) $ 40,099 $ (28,518) $ 45,787 $ 14,158 Effective tax rate 25.8 % 26.3 % 28.2 % (86.1 %) |
Summary of Differences In Effective Tax Rate and Federal Statutory Rate Due to State Income Taxes, Equity Compensation and Other Tax Items | For three months and six months ended June 30, 201 9 and 201 8 , our overall effective tax rate was different than the federal statutory rate due primarily to state income taxes (including adjustments to state income tax valuation allowances), equity compensation and other tax items which are detailed below (in thousands). Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Total income (loss) before income taxes $ 155,284 $ (108,354 ) $ 162,391 $ (16,440 ) U.S. federal statutory rate 21 % 21 % 21 % 21 % Total tax expense (benefit) at statutory rate 32,610 (22,754 ) 34,102 (3,452 ) State and local income taxes, net of federal benefit 5,725 (3,745 ) 6,543 749 Equity compensation 497 1,476 3,888 2,140 Change in valuation allowances: Federal net operating loss carryforwards (916 ) — (916 ) — State net operating loss carryforwards and other 264 (2,042 ) 616 13,636 Other (532 ) 18 (301 ) 1,399 Permanent differences and other 2,451 (1,471 ) 1,855 (314 ) Total expense (benefit) for income taxes $ 40,099 $ (28,518 ) $ 45,787 $ 14,158 Effective tax rate 25.8 % 26.3 % 28.2 % (86.1 %) |
Income (Loss) Per Common Share
Income (Loss) Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computations of Basic and Diluted Income (Loss) Per Common Share | Basic income or loss per share attributable to common shareholders is computed as (1) income or loss attributable to common shareholders (2) less income allocable to participating securities (3) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common shareholders is computed as (1) basic income or loss attributable to common shareholders (2) plus diluted adjustments to income allocable to participating securities (3) divided by weighted average diluted shares outstanding. The following sets forth a reconciliation of income or loss attributable to common shareholders to basic income or loss attributable to common shareholders to diluted income or loss attributable to common shareholders (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income (loss), as reported $ 115,185 $ (79,836 ) $ 116,604 $ (30,598 ) Participating earnings (a) (1,592 ) (69 ) (1,400 ) (126 ) Basic net income (loss) attributed to common shareholders 113,593 (79,905 ) 115,204 (30,724 ) Reallocation of participating earnings (a) 4 — 6 — Diluted net income (loss) attributed to common shareholders $ 113,597 $ (79,905 ) $ 115,210 $ (30,724 ) Net loss per common share: Basic $ 0.46 $ (0.32 ) $ 0.46 $ (0.13 ) Diluted $ 0.46 $ (0.32 ) $ 0.46 $ (0.13 ) (a) Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses. |
Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Common Shares Outstanding | The following provides a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Weighted average common shares outstanding – basic 247,770 245,880 247,773 245,795 Effect of dilutive securities: Director and employee restricted stock and performance based equity awards 666 — 1,269 — Weighted average common shares outstanding – diluted 248,436 245,880 249,042 245,795 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | The components of our total lease expense for the three and six months ended June 30, 2019, the majority of which is included in general and administrative expense, are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Operating lease cost $ 3,208 $ 6,288 Variable lease expense (1) 1,203 2,354 Short-term lease expense (2) 687 1,170 Sublease income (873 ) (1,748 ) Total lease expense $ 4,225 $ 8,064 Short-term lease costs (3) $ 8,319 $ 17,093 (1) (2) (3) |
Supplemental Cash Flow Information Related to Operating Leases | Supplemental cash flow information related to our operating leases is included in the table below (in thousands): Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 7,533 ROU assets added in exchange for lease obligations (since adoption) $ 2,096 |
Supplemental Balance Sheet Information Related to Operating Leases | Supplemental balance sheet information related to our operating leases is included in the table below (in thousands): June 30, 2019 Operating lease ROU assets $ 48,893 Accrued liabilities – current $ (15,671 ) Operating lease liabilities – long-term $ (39,897 ) |
Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Operating Leases | Our weighted average remaining lease term and weighted average discount rate for our operating leases are as follows: June 30, 2019 Weighted average remaining lease term 6.2 years Weighted average discount rate 6.2% |
Schedule of Lease Liabilities with Enforceable Contract Terms are Greater Than One year Mature | Our lease liabilities with enforceable contract terms that are greater than one year mature as follows (in thousands): Operating Leases Remainder of 2019 $ 7,831 2020 14,397 2021 10,906 2022 6,991 2023 6,500 Thereafter 21,730 Total lease payments 68,355 Less effects of discounting (12,787 ) Total lease liability $ 55,568 |
Capitalized Costs and Accumul_2
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Extractive Industries [Abstract] | |
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization | June 30, December 31, (in thousands) Natural gas and oil properties: Properties subject to depletion $ 10,962,361 $ 10,974,929 Unproved properties 2,069,962 2,110,277 Total 13,032,323 13,085,206 Accumulated depreciation, depletion and amortization (3,911,646 ) (4,062,021 ) Net capitalized costs $ 9,120,677 $ 9,023,185 (a) |
Indebtedness (Tables)
Indebtedness (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt Outstanding | We had the following debt outstanding as of the dates shown below (bank debt interest rate at June 30, 2019 is shown parenthetically). No interest was capitalized during the three and six months ended June 30, 2019 or the year ended December 31, 2018 (in thousands). June 30, 2019 December 31, 2018 Bank debt ( 3.9% $ 895,000 $ 943,000 Senior notes: 4.875% senior notes due 2025 750,000 750,000 5.00% senior notes due 2023 741,531 741,531 5.00% senior notes due 2022 580,032 580,032 5.75% senior notes due 2021 475,952 475,952 5.875% senior notes due 2022 329,244 329,244 Other senior notes due 2022 590 590 Total senior notes 2,877,349 2,877,349 Senior subordinated notes: 5.00% senior subordinated notes due 2023 7,712 7,712 5.00% senior subordinated notes due 2022 19,054 19,054 5.75% senior subordinated notes due 2021 22,214 22,214 Total senior subordinated notes 48,980 48,980 Total debt 3,821,329 3,869,329 Unamortized premium 4,070 4,741 Unamortized debt issuance costs (32,944 ) (37,209 ) Total debt net of debt issuance costs $ 3,792,455 $ 3,836,861 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | A reconciliation of our liability for plugging and abandonment costs for the six months ended June 30, 2019 and the year ended December 31, 2018 is as follows (in thousands): Six Months Ended June 30, 2019 Year Ended December 31, 2018 Beginning of period $ 312,754 $ 276,855 Liabilities incurred 2,529 3,376 Acquisitions — 13,438 Liabilities settled (2,582 ) (5,052 ) Disposition of wells — (13,332 ) Accretion expense 8,487 25,456 Change in estimate (203 ) 12,013 End of period 320,985 312,754 Less current portion (5,485 ) (5,485 ) Long-term asset retirement obligations $ 315,500 $ 307,269 |
Derivative Activities (Tables)
Derivative Activities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Volumes Hedged and Average Hedge Prices | The following table sets forth our commodity-based derivative volumes by year as of June 30, 2019, excluding our basis and freight swaps which are discussed separately below: Period Contract Type Volume Hedged Weighted Natural Gas 2019 Swaps 1,262,473 Mmbtu/day $ 2.81 2020 Swaps 305,000 Mmbtu/day $ 2.76 2019 Swaptions 150,000 Mmbtu/day $ 2.81 ( 1 ) 2020 Swaptions 177,568 Mmbtu/day $ 2.78 ( 1 ) November – December 2019 Swaptions 20,000 Mmbtu/day $ 3.20 (1) January – March 2020 Swaptions 20,000 Mmbtu/day $ 3.20 (1) Crude Oil 2019 Swaps 8,750 bbls/day $ 55.89 2020 Swaps 4,617 bbls/day $ 60.48 2019 Collars 1,000 bbls/day $ 63.00 − $ 73.00 NGLs (C5-Natural Gasoline) 2019 Swaps 4,500 bbls/day $ 1.36/gallon ( 1 ) Contains a combined derivative instrument consisting of a fixed price swap and a sold option to extend or double the volumes. We have swaps in place for 2019 for 150,000 Mmbtu/day on which the counterparty can elect to extend the contract through December 2020 at a weighted average price of $2.81. In addition, we have swaps in place for November and December 2019 where, if the counterparty elects to double the volume, we would have additional swaps in place for 20,000 Mmbtu/day at a weighted average price of $3.20. In 2020, if the counterparty elects to double the volume, we would have additional swaps in place for 140,000 Mmbtu/day at a weighted average price of $2.78. We also have swaps in place for 2020 for 50,000 Mmbtu/day on which the counterparty can elect to extend the contract through December 2021 at a weighted average price of $2.75. In addition, for January through March 2020, we have additional swaps in place where if the counterparty elects to double the volume, we would have an additional 20,000 Mmbtu/day at a weighted average price of $3.20. |
Combined Fair Value of Derivatives, by Consolidated Balance Sheets | The combined fair value of derivatives included in the accompanying consolidated balance sheets as of June 30, 2019 and December 31, 2018 is summarized below. The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty and we have master netting arrangements. The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands): June 30, 2019 Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance Sheet Derivative assets: Natural gas –swaps $ 128,392 $ (2,132 ) $ 126,260 –swaptions 29,982 (6,070 ) 23,912 –basis swaps 1,220 (1,305 ) (85 ) Crude oil –swaps 8,459 (4,932 ) 3,527 −collars 1,116 — 1,116 NGLs –C3 propane spread swaps 6,815 (7,767 ) (952 ) −C5 natural gasoline swaps 7,857 — 7,857 Freight −swaps 1,501 — 1,501 $ 185,342 $ (22,206 ) $ 163,136 June 30, 2019 Gross Amounts of Recognized (Liabilities) Gross Amounts Offset in the Balance Sheet Net Amounts of (Liabilities) Presented in the Balance Sheet Derivative (liabilities): Natural gas –swaps $ (2,132 ) $ 2,132 $ — –swaptions (6,070 ) 6,070 — –basis swaps (3,255 ) 1,305 (1,950 ) Crude oil –swaps (4,932 ) 4,932 — NGLs –C3 propane spread swaps (8,592 ) 7,767 (825 ) $ (24,981 ) $ 22,206 $ (2,775 ) December 31, 2018 Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance Sheet Derivative assets: Natural gas –swaps $ 20,834 $ (11,748 ) $ 9,086 –swaptions 5,200 (3,883 ) 1,317 –basis swaps 6,468 (2,822 ) 3,646 Crude oil –swaps 26,481 (651 ) 25,830 –collars 5,945 (707 ) 5,238 NGLs –C3 propane swaps 18,719 (589 ) 18,130 –C3 propane collars 8,538 — 8,538 –C3 propane spread swaps 8,984 (8,868 ) 116 –NC4 butane swaps 4,084 — 4,084 –C5 natural gasoline swaps 17,371 — 17,371 Freight –swaps — (561 ) (561 ) $ 122,624 $ (29,829 ) $ 92,795 December 31, 2018 Gross Amounts of Recognized (Liabilities) Gross Amounts Net Amounts of (Liabilities) Presented in the Balance Sheet Derivative (liabilities): Natural gas –swaps $ (18,332 ) $ 11,748 $ (6,584 ) –swaptions (7,972 ) 3,883 (4,089 ) –basis swaps (1,702 ) 2,822 1,120 Crude oil –swaps — 651 651 –collars — 707 707 NGLs –C3 propane swaps — 589 589 –C3 propane spread swaps (8,868 ) 8,868 — Freight –swaps (561 ) 561 — $ (37,435 ) $ 29,829 $ (7,606 ) |
Effects of Derivatives on Consolidated Statements of Operations | The effects of our derivatives on our consolidated statements of operations are summarized below (in thousands): Derivative Fair Value Income (Loss) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Commodity swaps $ 159,128 $ (91,195 ) $ 101,710 $ (107,730 ) Swaptions 32,383 (6,592 ) 29,092 (2,993 ) Collars 578 11 (3,946 ) (66 ) Calls — 152 — 329 Basis swaps 938 (5,828 ) 4,353 (6,693 ) Freight swaps 2,218 162 2,305 (146 ) Total $ 195,245 $ (103,290 ) $ 133,514 $ (117,299 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value | We use a market approach for our recurring fair value measurements and endeavor to use the best information available. The following tables present the fair value hierarchy table for assets and liabilities measured at fair value, on a recurring basis (in thousands): Fair Value Measurements at June 30, 2019 using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Carrying Value as of June 30, 2019 Trading securities held in the deferred compensation plans $ 60,697 $ — $ — $ 60,697 Derivatives –swaps — 137,644 — 137,644 –collars — 1,116 — 1,116 –basis swaps — (3,812 ) — (3,812 ) –freight swaps — 1,501 — 1,501 –swaptions — — 23,912 23,912 Fair Value Measurements at December 31, 2018 using: Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable (Level 3) Total Carrying Value as of December 31, 2018 Trading securities held in the deferred compensation plans $ 57,293 $ — $ — $ 57,293 Derivatives –swaps — 69,156 — 69,156 –collars — 5,945 8,538 14,483 –basis swaps — 4,883 — 4,883 –freight swaps — (561 ) — (561 ) –swaptions — — (2,772 ) (2,772 ) |
Reconciliation of the Beginning and Ending Balances for Derivative Instruments Classified as Level 3 in the Fair Value Hierarchy | The following is a reconciliation of the beginning and ending balances for derivative instruments classified as Level 3 in the fair value hierarchy (in thousands): As of June 30, 2019 Balance at December 31, 2018 $ 5,766 Total gains: Included in earnings 28,338 Settlements, net (10,192 ) Balance at June 30, 2019 $ 23,912 |
Carrying Amounts and Fair Values of Financial Instruments | The following presents the carrying amounts and the fair values of our financial instruments as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Carrying Fair Carrying Fair Assets: Commodity swaps, options and basis swaps $ 163,136 $ 163,136 $ 92,795 $ 92,795 Marketable securities (a) 60,697 60,697 57,293 57,293 (Liabilities): Commodity swaps, options and basis swaps (2,775 ) (2,775 ) (7,606 ) (7,606 ) Bank credit facility (b) (895,000 ) (895,000 ) (943,000 ) (943,000 ) 5.75% senior notes due 2021 (b) (475,952 ) (480,336 ) (475,952 ) (455,972 ) 5.00% senior notes due 2022 (b) (580,032 ) (553,948 ) (580,032 ) (519,343 ) 5.875% senior notes due 2022 (b) (329,244 ) (328,819 ) (329,244 ) (305,989 ) Other senior notes due 2022 (b) (590 ) (590 ) (590 ) (581 ) 5.00% senior notes due 2023 (b) (741,531 ) (698,826 ) (741,531 ) (654,683 ) 4.875% senior notes due 2025 (b) (750,000 ) (658,020 ) (750,000 ) (616,313 ) 5.75% senior subordinated notes due 2021 (b) (22,214 ) (22,381 ) (22,214 ) (21,638 ) 5.00% senior subordinated notes due 2022 (b) (19,054 ) (18,379 ) (19,054 ) (17,072 ) 5.00% senior subordinated notes due 2023 (b) (7,712 ) (7,158 ) (7,712 ) (6,690 ) Deferred compensation plan (c) (76,238 ) (76,238 ) (80,092 ) (80,092 ) (a) Marketable securities, which are held in our deferred compensation plans, are actively traded on major exchanges. (b) The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior notes and our senior subordinated notes is based on end of period market quotes which are Level 2 inputs. (c) The fair value of our deferred compensation plan is updated at the closing price on the balance sheet date which is a Level 1 input. |
Stock-based Compensation Plans
Stock-based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Allocation of Stock-Based Compensation by Functional Category | The following details the allocation of stock-based compensation to functional expense categories (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Direct operating expense $ 549 $ 539 $ 1,140 $ 1,130 Brokered natural gas and marketing expense 553 313 1,001 598 Exploration expense 388 371 876 1,122 General and administrative expense 9,500 8,814 19,138 32,725 Termination costs 26 — 26 — Total stock-based compensation $ 11,016 $ 10,037 $ 22,181 $ 35,575 |
Restricted Stock and Restricted Stock Units Outstanding | The following is a summary of the status of our non-vested restricted stock outstanding at June 30, 2019: Restricted Stock Equity Awards Restricted Stock Liability Awards Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2018 1,386,088 $ 20.04 184,579 $ 15.65 Granted 2,792,438 10.59 1,171,513 10.32 Vested (869,674 ) 15.77 (499,913 ) 10.82 Forfeited (275,991 ) 13.39 — — Outstanding at June 30, 2019 3,032,861 $ 13.17 856,179 $ 11.17 |
Schedule of Share Based Payment Award Performance Stock Awards Valuation Assumptions | The following assumptions were used to estimate the fair value of PSUs granted during first six months 2019 and 2018: Six Months Ended June 30, 2019 2018 Risk-free interest rate 2.4 % 2.4 % Expected annual volatility 46 % 47 % Grant date fair value per unit $ 11.34 $ 18.51 |
Stock Option and SARs Activities | Information with respect to our SARs activity is summarized below. Shares Weighted Average Exercise Price Outstanding at December 31, 2018 1,104 $ 81.74 Expired (1,104 ) 81.74 Outstanding at June 30, 2019 — $ — |
Performance-based PG-PSUs and RG-PSUs | |
Summary of Non-Vested Awards Activities | The following is a summary of our non-vested PG/RG-PSUs awards outstanding at June 30, Number of Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2018 536,798 $ 15.61 Units granted (a) 345,202 10.32 Forfeited (427 ) 15.65 Outstanding at June 30, 2019 881,573 $ 11.70 (a) |
Performance Based TSR - PSUs | |
Summary of Non-Vested Awards Activities | The following is a summary of our non-vested TSR – Units Weighted Average Fair Value Outstanding at December 31, 2018 1,067,886 $ 27.81 Units granted (a) 314,152 11.34 Vested and issued (b) (12,283 ) 30.47 Forfeited (376,303 ) 37.25 Outstanding at June 30, 2019 993,452 $ 19.00 (a) These (b) Includes 12,283 TSR-PSUs awards issued related to the 2016 performance period where the return on our common stock was in the 20 th |
Termination Costs (Tables)
Termination Costs (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring And Related Activities [Abstract] | |
Termination Costs Included in Accrued Liabilities in Consolidated Balance Sheet | The following details the accrued liability as of June 30, 2019: June 30, 2019 Beginning balance $ — Accrued severance costs 2,181 Payments (97 ) Ending balance $ 2,084 |
Capital Stock (Tables)
Capital Stock (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Capital Stock | The following is a schedule of changes in the number of common shares outstanding since the beginning of 2018: Six Months Year Beginning balance 249,510,022 248,129,430 Restricted stock grants 1,143,765 865,095 Restricted stock units vested 677,436 434,046 Performance stock units issued 12,283 73,985 Performance stock dividends 464 2,164 Treasury shares issued — 5,302 Ending balance 251,343,970 249,510,022 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Six Months Ended June 30, 2019 2018 (in thousands) Net cash provided from operating activities included: Income taxes refunded from taxing authorities $ — $ 7,521 Interest paid (99,675 ) (103,439 ) Non-cash investing and financing activities included: Increase in asset retirement costs capitalized 2,326 19,561 Increase (decrease) in accrued capital expenditures 6,346 (102,809 ) |
Costs Incurred for Property A_2
Costs Incurred for Property Acquisition, Exploration and Development (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Extractive Industries [Abstract] | |
Costs Incurred for Property Acquisition, Exploration and Development | Six Months Ended June 30, 2019 Year Ended December 31, 2018 (in thousands) Acquisitions: Acreage purchases $ 22,577 $ 62,390 Oil and gas properties — 1,683 Development 392,972 834,552 Exploration: Drilling — 1,380 Expense 15,444 32,196 Stock-based compensation expense 876 1,921 Gas gathering facilities: Development 2,085 10,218 Subtotal 433,954 944,340 Asset retirement obligations 2,326 28,826 Total costs incurred $ 436,280 $ 973,166 (a) Includes costs incurred whether capitalized or expensed. |
Basis of Presentation - Invento
Basis of Presentation - Inventory - Additional Information (Detail) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory [Line Items] | ||
Inventory and other | $ 26,706,000 | $ 22,964,000 |
Materials and supplies inventory | ||
Inventory [Line Items] | ||
Inventory and other | 8,900,000 | 8,000,000 |
Commodity inventory | ||
Inventory [Line Items] | ||
Inventory and other | $ 1,400,000 | $ 965,000 |
New Accounting Standards - Addi
New Accounting Standards - Additional Information (Detail) | Jan. 01, 2019 |
Accounting Standards Update 2016-02 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Impact of lease accounting standard recognition to total assets and total liabilities | 1.00% |
New Accounting Standards - Sche
New Accounting Standards - Schedule of Impact of Adoption of New Lease Accounting Standard (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Operating lease right-of-use assets | $ 48,893 | |||
Accrued liabilities | 371,795 | $ 475,848 | ||
Operating lease liabilities – long-term | 39,897 | |||
Asset retirement obligations and other liabilities | $ 323,668 | $ 319,379 | ||
Accounting Standards Update 2016-02 | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Operating lease right-of-use assets | $ 51,375 | |||
Accrued liabilities | (14,811) | |||
Operating lease liabilities – long-term | (44,489) | |||
Asset retirement obligations and other liabilities | 7,925 | |||
Accounting Standards Update 2016-02 | Before Adoption | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Operating lease right-of-use assets | 59,300 | |||
Accrued liabilities | (14,811) | |||
Operating lease liabilities – long-term | (44,489) | |||
Accounting Standards Update 2016-02 | Reclassification | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Operating lease right-of-use assets | [1] | (7,925) | ||
Asset retirement obligations and other liabilities | [1] | $ 7,925 | ||
[1] | As of December 31, 2018, we had $7.9 million of operating lease liabilities recorded as part of purchase price accounting for building leases acquired because we did not expect to occupy the space or receive payments from our subleases. Lease incentives related to other buildings were also included. Upon adoption of the new standards update, these leases were included as part of our adoption. The ROU asset is reduced because we do not expect to use the asset. |
New Accounting Standards - Sc_2
New Accounting Standards - Schedule of Impact of Adoption of New Lease Accounting Standard (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating lease liabilities | $ 55,568 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating lease liabilities | $ 7,900 |
Dispositions - Additional Infor
Dispositions - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019USD ($)a | Mar. 31, 2019USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
(Loss) gain on the sale of assets | $ 5,867,000 | $ 156,000 | $ 5,678,000 | $ 179,000 | ||
Pennsylvania | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
(Loss) gain on the sale of assets | 5,900,000 | |||||
Proceeds from sale of oil and gas properties | $ 34,000,000 | |||||
Pennsylvania | Natural Gas and Oil Properties | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Number of acres sold | a | 20,000 | |||||
Miscellaneous Proved, Unproved Properties and Surface Acreage | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
(Loss) gain on the sale of assets | $ 2,000 | $ (189,000) | 156,000 | $ (23,000) | ||
Proceeds from sale of oil and gas properties | $ 34,000 | $ 332,000 | $ 326,000 | $ 40,000 |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Additional Information (Detail) $ in Millions | 6 Months Ended | |
Jun. 30, 2019USD ($)Stream | Dec. 31, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Number of revenue streams | Stream | 3 | |
Revenue Contract with Customer | ||
Disaggregation of Revenue [Line Items] | ||
Accounts receivable | $ | $ 241 | $ 438.3 |
Revenues from Contracts with _4
Revenues from Contracts with Customers - Disaggregation of Revenue by Identified Revenue Stream (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 656,184 | $ 759,474 | $ 1,466,052 | $ 1,516,082 |
Natural Gas, NGLs and Oil Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 563,579 | 661,390 | 1,235,233 | 1,358,019 |
Natural Gas, NGLs and Oil Sales | Natural gas sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 343,623 | 360,351 | 778,343 | 791,924 |
Natural Gas, NGLs and Oil Sales | NGLs sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 167,027 | 224,703 | 364,840 | 427,230 |
Natural Gas, NGLs and Oil Sales | Oil sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 52,929 | 76,336 | 92,050 | 138,865 |
Brokered Natural Gas, Marketing and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 92,605 | 98,084 | 230,819 | 158,063 |
Brokered Natural Gas, Marketing and Other | Natural gas sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 88,004 | 93,433 | 222,805 | 149,294 |
Brokered Natural Gas, Marketing and Other | NGLs sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 1,184 | 729 | 1,608 | 1,033 |
Brokered Natural Gas, Marketing and Other | Other marketing revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 3,417 | $ 3,922 | $ 6,406 | $ 7,736 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | ||||
Income tax expense (benefit) | $ 40,099 | $ (28,518) | $ 45,787 | $ 14,158 |
Effective tax rate | 25.80% | 26.30% | 28.20% | (86.10%) |
Income Taxes - Summary of Diffe
Income Taxes - Summary of Differences In Effective Tax Rate and Federal Statutory Rate Due to State Income Taxes, Equity Compensation and Other Tax Items (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Total income (loss) before income taxes | $ 155,284 | $ (108,354) | $ 162,391 | $ (16,440) |
U.S. federal statutory rate | 21.00% | 21.00% | 21.00% | 21.00% |
Total tax expense (benefit) at statutory rate | $ 32,610 | $ (22,754) | $ 34,102 | $ (3,452) |
State and local income taxes, net of federal benefit | 5,725 | (3,745) | 6,543 | 749 |
Equity compensation | 497 | 1,476 | 3,888 | 2,140 |
Change in valuation allowances: | ||||
Federal net operating loss carryforwards | (916) | 0 | (916) | 0 |
State net operating loss carryforwards & other | 264 | (2,042) | 616 | 13,636 |
Other | (532) | 18 | (301) | 1,399 |
Permanent differences and other | 2,451 | (1,471) | 1,855 | (314) |
Total (benefit) expense for income taxes | $ 40,099 | $ (28,518) | $ 45,787 | $ 14,158 |
Effective tax rate | 25.80% | 26.30% | 28.20% | (86.10%) |
Income (Loss) Per Common Shar_2
Income (Loss) Per Common Share - Computations of Basic and Diluted Income (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Earnings Per Share Reconciliation [Abstract] | |||||||
Net income (loss) | $ 115,185 | $ 1,419 | $ (79,836) | $ 49,238 | $ 116,604 | $ (30,598) | |
Participating earnings | [1] | (1,592) | (69) | (1,400) | (126) | ||
Basic net income (loss) attributed to common shareholders | 113,593 | (79,905) | 115,204 | (30,724) | |||
Reallocation of participating earnings | [1] | 4 | 6 | ||||
Diluted net income (loss) attributed to common shareholders | $ 113,597 | $ (79,905) | $ 115,210 | $ (30,724) | |||
Net loss per common share: | |||||||
Basic | $ 0.46 | $ (0.32) | $ 0.46 | $ (0.13) | |||
Diluted | $ 0.46 | $ (0.32) | $ 0.46 | $ (0.13) | |||
[1] | Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses. |
Income (Loss) Per Common Shar_3
Income (Loss) Per Common Share - Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Common Shares Outstanding (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Weighted Average Number Of Shares Outstanding [Abstract] | ||||
Weighted average common shares outstanding -basic | 247,770 | 245,880 | 247,773 | 245,795 |
Effect of dilutive securities: | ||||
Director and employee restricted stock and performance based equity awards | 666 | 1,269 | ||
Weighted average common shares outstanding – diluted | 248,436 | 245,880 | 249,042 | 245,795 |
Income (Loss) Per Common Shar_4
Income (Loss) Per Common Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Restricted Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Stock excluded from earning per share calculation | 3.5 | 3.4 | 3 | 3.2 |
Equity Grants | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Stock excluded from earning per share calculation | 1.7 | 1.6 |
Leases - Additional Information
Leases - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019 | |
Lessee Lease Description [Line Items] | |
Lease, practical expedients, package [true false] | true |
Office Space | |
Lessee Lease Description [Line Items] | |
Lessee, operating sublease, option to terminate | All of our subleases have terms that end in 2020 or 2022. The sublease agreements are non-cancelable through the end of the term and both parties have substantive rights to terminate the lease when the term is complete. |
Field Equipment | |
Lessee Lease Description [Line Items] | |
Lessee, operating lease, option to extend, description | Our compressor and cooler arrangements are typically structured with a non-cancelable primary term of one to two years and continue thereafter on a month-to-month basis subject to termination by either party with thirty days notice. |
Lessee operating lease notice period for renewal | 30 days |
Vehicle Fleet | |
Lessee Lease Description [Line Items] | |
Lessee operating lease notice period for renewal | 3 years |
Lessee operating lease contract of team description | Our vehicle agreements are non-cancelable for a minimum of one year and a maximum term of four to eight years depending on the type of vehicle. However, we have assumed a term of three years based on the period covered by options to terminate that we are reasonably certain to exercise. |
Maximum | |
Lessee Lease Description [Line Items] | |
Short-term leases initial term | 1 year |
Lessee, operating lease, contract term | 1 month |
Maximum | Office Space | |
Lessee Lease Description [Line Items] | |
Lessee, operating lease, contract term | 15 years |
Maximum | Field Equipment | |
Lessee Lease Description [Line Items] | |
Lessee, operating lease, contract term | 2 years |
Maximum | Vehicle Fleet | |
Lessee Lease Description [Line Items] | |
Lessee, operating lease, non-cancelable maximum contract term, depending on type of vehicle | 8 years |
Minimum | Office Space | |
Lessee Lease Description [Line Items] | |
Lessee, operating lease, contract term | 1 year |
Minimum | Field Equipment | |
Lessee Lease Description [Line Items] | |
Lessee, operating lease, contract term | 1 year |
Minimum | Vehicle Fleet | |
Lessee Lease Description [Line Items] | |
Lessee, operating lease, contract term | 1 year |
Lessee, operating lease, non-cancelable maximum contract term, depending on type of vehicle | 4 years |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | ||
Lessee Lease Description [Line Items] | |||
Operating lease cost | $ 3,208 | $ 6,288 | |
Variable lease expense | [1] | 1,203 | 2,354 |
Short-term lease expense / costs | [2] | 687 | 1,170 |
Sublease income | (873) | (1,748) | |
Total lease expense | 4,225 | 8,064 | |
Natural Gas and Oil Properties | |||
Lessee Lease Description [Line Items] | |||
Short-term lease expense / costs | [3] | $ 8,319 | $ 17,093 |
[1] | Variable lease payments that are not dependent on an index or rate are not included in the lease liability or ROU assets. | ||
[2] | Short-term lease expense represents expense related to leases with a contract term of one year or less. | ||
[3] | These short-term lease costs are related to leases with a contract term of one year or less and the majority of which are related to drilling rigs and are capitalized as part of natural gas and oil properties on our balance sheets |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Operating Leases (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of lease liabilities | $ 7,533 |
ROU assets added in exchange for lease obligations (since adoption) | $ 2,096 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Operating Leases (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Operating lease right-of-use assets | $ 48,893 |
Accrued liabilities – current | (15,671) |
Operating lease liabilities – long-term | $ (39,897) |
Leases - Schedule of Weighted A
Leases - Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Operating Leases (Detail) | Jun. 30, 2019 |
Leases [Abstract] | |
Weighted average remaining lease term | 6 years 2 months 12 days |
Weighted average discount rate | 6.20% |
Leases - Schedule of Lease Liab
Leases - Schedule of Lease Liabilities with Enforceable Contract Terms are Greater Than One year Mature (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Remainder of 2019 | $ 7,831 |
2020 | 14,397 |
2021 | 10,906 |
2022 | 6,991 |
2023 | 6,500 |
Thereafter | 21,730 |
Total lease payments | 68,355 |
Less effects of discounting | (12,787) |
Operating lease liabilities | $ 55,568 |
Capitalized Costs and Accumul_3
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Natural gas and oil properties: | |||
Properties subject to depletion | [1] | $ 10,962,361 | $ 10,974,929 |
Unproved properties | [1] | 2,069,962 | 2,110,277 |
Total | [1] | 13,032,323 | 13,085,206 |
Accumulated depletion and depreciation | [1] | (3,911,646) | (4,062,021) |
Natural gas and oil properties, successful efforts method, net | [1] | $ 9,120,677 | $ 9,023,185 |
[1] |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |||
Interest capitalized during the period | $ 0 | $ 0 | $ 0 |
Indebtedness - Debt Outstanding
Indebtedness - Debt Outstanding (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Senior notes | $ 2,877,349 | $ 2,877,349 |
Senior subordinated notes | 48,980 | 48,980 |
Total debt | 3,821,329 | 3,869,329 |
Unamortized premium | 4,070 | 4,741 |
Unamortized debt issuance costs | (32,944) | (37,209) |
Total debt net of debt issuance costs | 3,792,455 | 3,836,861 |
3.9% Bank Debt | Notes Payable to Banks | ||
Debt Instrument [Line Items] | ||
Bank debt (3.9%) | 895,000 | 943,000 |
4.875% Senior Notes Due 2025 | ||
Debt Instrument [Line Items] | ||
Senior notes | 750,000 | 750,000 |
5.00% Senior Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Senior notes | 741,531 | 741,531 |
5.00% Senior Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Senior notes | 580,032 | 580,032 |
5.75% Senior Notes Due 2021 | ||
Debt Instrument [Line Items] | ||
Senior notes | 475,952 | 475,952 |
5.875% Senior Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Senior notes | 329,244 | 329,244 |
Other Senior Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Senior notes | 590 | 590 |
5.00% Senior Subordinated Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Senior subordinated notes | 7,712 | 7,712 |
5.00% Senior Subordinated Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Senior subordinated notes | 19,054 | 19,054 |
5.75% Senior Subordinated Notes Due 2021 | ||
Debt Instrument [Line Items] | ||
Senior subordinated notes | $ 22,214 | $ 22,214 |
Indebtedness - Debt Outstandi_2
Indebtedness - Debt Outstanding (Parenthetical) (Detail) | Jun. 30, 2019 | Dec. 31, 2018 |
4.875% Senior Notes Due 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate on notes | 4.875% | 4.875% |
5.00% Senior Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Interest rate on notes | 5.00% | 5.00% |
5.00% Senior Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate on notes | 5.00% | 5.00% |
5.75% Senior Notes Due 2021 | ||
Debt Instrument [Line Items] | ||
Interest rate on notes | 5.75% | 5.75% |
5.875% Senior Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate on notes | 5.875% | 5.875% |
5.00% Senior Subordinated Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Interest rate on notes | 5.00% | 5.00% |
5.00% Senior Subordinated Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate on notes | 5.00% | 5.00% |
5.75% Senior Subordinated Notes Due 2021 | ||
Debt Instrument [Line Items] | ||
Interest rate on notes | 5.75% | 5.75% |
Notes Payable to Banks | 3.9% Bank Debt | ||
Debt Instrument [Line Items] | ||
Bank debt percentage | 3.90% | 3.90% |
Indebtedness - Bank Debt - Addi
Indebtedness - Bank Debt - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019USD ($)CommercialBank | Jun. 30, 2018 | Jun. 30, 2019USD ($)CommercialBank | Jun. 30, 2018 | Mar. 31, 2019 | Dec. 31, 2018USD ($) | Mar. 27, 2017USD ($) | |
Debt Instrument [Line Items] | |||||||
Bank debt | $ 885,286,000 | $ 885,286,000 | $ 932,018,000 | ||||
Bank Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Bank Credit facility, maximum amount | 4,000,000,000 | 4,000,000,000 | |||||
Bank Credit facility, borrowing base | $ 3,000,000,000 | $ 3,000,000,000 | $ 3,000,000,000 | ||||
Percentage holding of commercial banks, Maximum | 5.80% | 5.80% | |||||
Number of commercial banks included in current bank group | CommercialBank | 27 | 27 | |||||
Maturity date of loan | Apr. 13, 2023 | ||||||
Bank commitments | $ 2,000,000,000 | $ 2,000,000,000 | $ 2,000,000,000 | ||||
Bank debt | 895,000,000 | 895,000,000 | |||||
Undrawn letters of credit | 282,700,000 | 282,700,000 | |||||
Borrowing capacity available under the commitment amount | $ 822,300,000 | $ 822,300,000 | |||||
Weighted average interest rate on the bank credit facility | 4.00% | 3.70% | 4.00% | 3.50% | |||
Annual rate of commitment fee paid on the undrawn balance | 0.30% | ||||||
Bank Credit Facility | Alternate Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate margin | 0.50% | ||||||
Bank Credit Facility | LIBOR Rate | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate margin | 1.50% | ||||||
Bank Credit Facility | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Annual rate of commitment fee paid on the undrawn balance | 0.30% | ||||||
Bank Credit Facility | Minimum | Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Annual rate of commitment fee paid on the undrawn balance | 0.15% | ||||||
Bank Credit Facility | Minimum | Alternate Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Base rate on debt | 0.25% | 0.25% | |||||
Bank Credit Facility | Minimum | Alternate Base Rate | Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Base rate on debt | 0.125% | ||||||
Bank Credit Facility | Minimum | LIBOR Rate | |||||||
Debt Instrument [Line Items] | |||||||
Base rate on debt | 1.25% | 1.25% | |||||
Bank Credit Facility | Minimum | LIBOR Rate | Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Base rate on debt | 1.125% | ||||||
Bank Credit Facility | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Annual rate of commitment fee paid on the undrawn balance | 0.375% | ||||||
Bank Credit Facility | Maximum | Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Annual rate of commitment fee paid on the undrawn balance | 0.30% | ||||||
Bank Credit Facility | Maximum | Alternate Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Base rate on debt | 1.25% | 1.25% | |||||
Bank Credit Facility | Maximum | Alternate Base Rate | Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Base rate on debt | 0.75% | ||||||
Bank Credit Facility | Maximum | LIBOR Rate | |||||||
Debt Instrument [Line Items] | |||||||
Base rate on debt | 2.25% | 2.25% | |||||
Bank Credit Facility | Maximum | LIBOR Rate | Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Base rate on debt | 1.75% |
Indebtedness - Senior Subordina
Indebtedness - Senior Subordinated Notes - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019 | |
Subordinated Debt | |
Debt Instrument [Line Items] | |
Maximum redemption price of notes as percentage of principal amount | 101.00% |
Indebtedness - Guarantees and D
Indebtedness - Guarantees and Debt Covenants - Additional Information (Detail) - Bank Credit Facility | 6 Months Ended |
Jun. 30, 2019 | |
Debt Instrument [Line Items] | |
Debt instrument, Covenant compliance | Our bank credit facility contains negative covenants that limit our ability, among other things, to pay cash dividends, incur additional indebtedness, sell assets, enter into certain hedging contracts, change the nature of our business or operations, merge, consolidate or make certain investments. In addition, we are required to maintain a ratio of EBITDAX (as defined in the bank credit facility agreement) to cash interest expense of equal to or greater than 2.5 and a current ratio (as defined in the bank credit facility agreement) of no less than 1.0. In addition, the ratio of the present value of proved reserves (as defined in the credit agreement) to total debt must be equal to or greater than 1.5 until Range has two investment grade ratings. We were in compliance with applicable covenants under the bank credit facility at June 30, 2019. |
Minimum | |
Debt Instrument [Line Items] | |
Ratio of debt to EBITDAX | 250.00% |
Current ratio | 100.00% |
Present value of proved reserves to total debt | 150.00% |
Asset Retirement Obligations -
Asset Retirement Obligations - Asset Retirement Obligations (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Asset Retirement Obligation [Abstract] | ||
Beginning of period | $ 312,754 | $ 276,855 |
Liabilities incurred | 2,529 | 3,376 |
Acquisitions | 13,438 | |
Liabilities settled | (2,582) | (5,052) |
Disposition of wells | (13,332) | |
Accretion expense | 8,487 | 25,456 |
Change in estimate | (203) | 12,013 |
End of period | 320,985 | 312,754 |
Less current portion | (5,485) | (5,485) |
Long-term asset retirement obligations | $ 315,500 | $ 307,269 |
Derivative Activities - Additio
Derivative Activities - Additional Information (Detail) $ in Millions | Jun. 30, 2019USD ($)t_per_MMMBTUbbl |
Derivatives Excluding Basis Swaps and Freight Swaps | |
Derivative [Line Items] | |
Derivative assets liabilities at fair value net | $ 162.7 |
Commodity | Natural Gas Basis Swaps | |
Derivative [Line Items] | |
Derivative assets liabilities at fair value net | $ (2) |
Volume Hedged | MMBTU | 107,960,000 |
Commodity | Propane Spread Swaps | |
Derivative [Line Items] | |
Derivative assets liabilities at fair value net | $ (1.8) |
Volume Hedged | bbl | 1,875,000 |
Commodity | Swaps | Freight | Level 2 | |
Derivative [Line Items] | |
Derivative assets liabilities at fair value net | $ 1.5 |
Volume Hedged | t_per_M | 10,000 |
Derivative Activities - Derivat
Derivative Activities - Derivative Volumes Hedged and Average Hedge Prices (Detail) | Jun. 30, 2019MMBTU / dbbl / d$ / MMBTU$ / bbl$ / gal | |
2019 Commodity Contract | Swaps | Natural Gas | ||
Derivative [Line Items] | ||
Volume Hedged | MMBTU / d | 1,262,473 | |
Weighted Average Hedge Price | $ / MMBTU | 2.81 | |
2019 Commodity Contract | Swaps | Crude Oil | ||
Derivative [Line Items] | ||
Volume Hedged | bbl / d | 8,750 | |
Weighted Average Hedge Price | $ / bbl | 55.89 | |
2019 Commodity Contract | Swaps | NGLs (C5-Natural Gasoline) | ||
Derivative [Line Items] | ||
Volume Hedged | bbl / d | 4,500 | |
Weighted Average Hedge Price | $ / gal | 1.36 | |
2019 Commodity Contract | Swaptions | Natural Gas | ||
Derivative [Line Items] | ||
Volume Hedged | MMBTU / d | 150,000 | |
Weighted Average Hedge Price | $ / MMBTU | 2.81 | [1] |
2019 Commodity Contract | Collars | Crude Oil | ||
Derivative [Line Items] | ||
Volume Hedged | bbl / d | 1,000 | |
2019 Commodity Contract | Collars | Crude Oil | Minimum | ||
Derivative [Line Items] | ||
Weighted Average Hedge Price | $ / gal | 63 | |
2019 Commodity Contract | Collars | Crude Oil | Maximum | ||
Derivative [Line Items] | ||
Weighted Average Hedge Price | $ / gal | 73 | |
2020 Commodity Contract | Swaps | Natural Gas | ||
Derivative [Line Items] | ||
Volume Hedged | MMBTU / d | 305,000 | |
Weighted Average Hedge Price | $ / MMBTU | 2.76 | |
2020 Commodity Contract | Swaps | Crude Oil | ||
Derivative [Line Items] | ||
Volume Hedged | bbl / d | 4,617 | |
Weighted Average Hedge Price | $ / bbl | 60.48 | |
2020 Commodity Contract | Swaptions | Natural Gas | ||
Derivative [Line Items] | ||
Volume Hedged | MMBTU / d | 177,568 | |
Weighted Average Hedge Price | $ / MMBTU | 2.78 | [1] |
November-December 2019 Commodity Contract | Swaptions | Natural Gas | ||
Derivative [Line Items] | ||
Volume Hedged | MMBTU / d | 20,000 | |
Weighted Average Hedge Price | $ / MMBTU | 3.20 | [1] |
January-March 2020 Commodity Contract | Swaptions | Natural Gas | ||
Derivative [Line Items] | ||
Volume Hedged | MMBTU / d | 20,000 | |
Weighted Average Hedge Price | $ / MMBTU | 3.20 | [1] |
[1] | Contains a combined derivative instrument consisting of a fixed price swap and a sold option to extend or double the volumes. We have swaps in place for 2019 for 150,000 Mmbtu/day on which the counterparty can elect to extend the contract through December 2020 at a weighted average price of $2.81. In addition, we have swaps in place for November and December 2019 where, if the counterparty elects to double the volume, we would have additional swaps in place for 20,000 Mmbtu/day at a weighted average price of $3.20. In 2020, if the counterparty elects to double the volume, we would have additional swaps in place for 140,000 Mmbtu/day at a weighted average price of $2.78. We also have swaps in place for 2020 for 50,000 Mmbtu/day on which the counterparty can elect to extend the contract through December 2021 at a weighted average price of $2.75. In addition, for January through March 2020, we have additional swaps in place where if the counterparty elects to double the volume, we would have an additional 20,000 Mmbtu/day at a weighted average price of $3.20. |
Derivative Activities - Deriv_2
Derivative Activities - Derivative Volumes Hedged and Average Hedge Prices (Parenthetical) (Detail) - Swaps - Natural Gas | Jun. 30, 2019MMBTU / d$ / MMBTU |
November-December 2019 Commodity Contract | Counterparty Can Elect to Double The Volume | |
Derivative [Line Items] | |
Volume Hedged | MMBTU / d | 20,000 |
Weighted average price of hedge | $ / MMBTU | 3.20 |
2019 Commodity Contract | |
Derivative [Line Items] | |
Volume Hedged | MMBTU / d | 1,262,473 |
Weighted average price of hedge | $ / MMBTU | 2.81 |
2019 Commodity Contract | Counterparty Can Elect to Extend Contract | |
Derivative [Line Items] | |
Volume Hedged | MMBTU / d | 150,000 |
Weighted average price of hedge | $ / MMBTU | 2.81 |
2020 Commodity Contract | |
Derivative [Line Items] | |
Volume Hedged | MMBTU / d | 305,000 |
Weighted average price of hedge | $ / MMBTU | 2.76 |
2020 Commodity Contract | Counterparty Can Elect to Double The Volume | |
Derivative [Line Items] | |
Volume Hedged | MMBTU / d | 140,000 |
Weighted average price of hedge | $ / MMBTU | 2.78 |
2020 Commodity Contract | Counterparty Can Elect to Extend Contract | |
Derivative [Line Items] | |
Volume Hedged | MMBTU / d | 50,000 |
Weighted average price of hedge | $ / MMBTU | 2.75 |
January-March 2020 Commodity Contract | Counterparty Can Elect to Double The Volume | |
Derivative [Line Items] | |
Volume Hedged | MMBTU / d | 20,000 |
Weighted average price of hedge | $ / MMBTU | 3.20 |
Derivative Activities - Schedul
Derivative Activities - Schedule of Additional Information Related to Master Netting Arrangements with Derivative Counterparties (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | $ 185,342 | $ 122,624 |
Gross Amounts Offset in the Balance Sheet | (22,206) | (29,829) |
Net Amounts of Assets Presented in the Balance Sheet | 163,136 | 92,795 |
Gross Amounts of Recognized (Liabilities) | (24,981) | (37,435) |
Gross Amounts Offset in the Balance Sheet | 22,206 | 29,829 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (2,775) | (7,606) |
Commodity | Swaps | Natural Gas | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 128,392 | 20,834 |
Gross Amounts Offset in the Balance Sheet | (2,132) | (11,748) |
Net Amounts of Assets Presented in the Balance Sheet | 126,260 | 9,086 |
Gross Amounts of Recognized (Liabilities) | (2,132) | (18,332) |
Gross Amounts Offset in the Balance Sheet | 2,132 | 11,748 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | 0 | (6,584) |
Commodity | Swaps | Crude Oil | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 8,459 | 26,481 |
Gross Amounts Offset in the Balance Sheet | (4,932) | (651) |
Net Amounts of Assets Presented in the Balance Sheet | 3,527 | 25,830 |
Gross Amounts of Recognized (Liabilities) | (4,932) | 0 |
Gross Amounts Offset in the Balance Sheet | 4,932 | 651 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | 0 | 651 |
Commodity | Swaps | NGLs (C3-Propane) | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 18,719 | |
Gross Amounts Offset in the Balance Sheet | (589) | |
Net Amounts of Assets Presented in the Balance Sheet | 18,130 | |
Gross Amounts of Recognized (Liabilities) | 0 | |
Gross Amounts Offset in the Balance Sheet | 589 | |
Net Amounts of (Liabilities) Presented in the Balance Sheet | 589 | |
Commodity | Swaps | NGLs (C5-Natural Gasoline) | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 7,857 | 17,371 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Balance Sheet | 7,857 | 17,371 |
Commodity | Swaps | Freight | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 1,501 | 0 |
Gross Amounts Offset in the Balance Sheet | 0 | (561) |
Net Amounts of Assets Presented in the Balance Sheet | 1,501 | (561) |
Gross Amounts of Recognized (Liabilities) | (561) | |
Gross Amounts Offset in the Balance Sheet | 561 | |
Net Amounts of (Liabilities) Presented in the Balance Sheet | 0 | |
Commodity | Swaps | NGLs (NC4-Normal Butane) | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 4,084 | |
Gross Amounts Offset in the Balance Sheet | 0 | |
Net Amounts of Assets Presented in the Balance Sheet | 4,084 | |
Commodity | Swaptions | Natural Gas | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 29,982 | 5,200 |
Gross Amounts Offset in the Balance Sheet | (6,070) | (3,883) |
Net Amounts of Assets Presented in the Balance Sheet | 23,912 | 1,317 |
Gross Amounts of Recognized (Liabilities) | (6,070) | (7,972) |
Gross Amounts Offset in the Balance Sheet | 6,070 | 3,883 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | 0 | (4,089) |
Commodity | Basis Swaps | Natural Gas | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 1,220 | 6,468 |
Gross Amounts Offset in the Balance Sheet | (1,305) | (2,822) |
Net Amounts of Assets Presented in the Balance Sheet | (85) | 3,646 |
Gross Amounts of Recognized (Liabilities) | (3,255) | (1,702) |
Gross Amounts Offset in the Balance Sheet | 1,305 | 2,822 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (1,950) | 1,120 |
Commodity | Collars | Crude Oil | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 1,116 | 5,945 |
Gross Amounts Offset in the Balance Sheet | 0 | (707) |
Net Amounts of Assets Presented in the Balance Sheet | 1,116 | 5,238 |
Gross Amounts of Recognized (Liabilities) | 0 | |
Gross Amounts Offset in the Balance Sheet | 707 | |
Net Amounts of (Liabilities) Presented in the Balance Sheet | 707 | |
Commodity | Collars | NGLs (C3-Propane) | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 8,538 | |
Gross Amounts Offset in the Balance Sheet | 0 | |
Net Amounts of Assets Presented in the Balance Sheet | 8,538 | |
Commodity | Spread Swaps | NGLs (C3-Propane) | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 6,815 | 8,984 |
Gross Amounts Offset in the Balance Sheet | (7,767) | (8,868) |
Net Amounts of Assets Presented in the Balance Sheet | (952) | 116 |
Gross Amounts of Recognized (Liabilities) | (8,592) | (8,868) |
Gross Amounts Offset in the Balance Sheet | 7,767 | 8,868 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | $ (825) | $ 0 |
Derivative Activities - Effects
Derivative Activities - Effects of Derivatives on Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative [Line Items] | ||||
Derivative Fair Value Income (Loss) | $ 195,245 | $ (103,290) | $ 133,514 | $ (117,299) |
Swaptions | ||||
Derivative [Line Items] | ||||
Derivative Fair Value Income (Loss) | 32,383 | (6,592) | 29,092 | (2,993) |
Collars | ||||
Derivative [Line Items] | ||||
Derivative Fair Value Income (Loss) | 578 | 11 | (3,946) | (66) |
Calls | ||||
Derivative [Line Items] | ||||
Derivative Fair Value Income (Loss) | 152 | 329 | ||
Basis Swaps | ||||
Derivative [Line Items] | ||||
Derivative Fair Value Income (Loss) | 938 | (5,828) | 4,353 | (6,693) |
Commodity | Swaps | ||||
Derivative [Line Items] | ||||
Derivative Fair Value Income (Loss) | 159,128 | (91,195) | 101,710 | (107,730) |
Freight | Commodity | Swaps | ||||
Derivative [Line Items] | ||||
Derivative Fair Value Income (Loss) | $ 2,218 | $ 162 | $ 2,305 | $ (146) |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities held in the deferred compensation plans | $ 60,697 | $ 57,293 |
Fair Value, Inputs, Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities held in the deferred compensation plans | 60,697 | 57,293 |
Swaps | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 137,644 | 69,156 |
Swaps | Freight | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 1,501 | (561) |
Swaps | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 137,644 | 69,156 |
Swaps | Level 2 | Freight | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 1,501 | (561) |
Collars | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 1,116 | 14,483 |
Collars | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 1,116 | 5,945 |
Collars | Fair Value, Inputs, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 8,538 | |
Basis Swaps | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (3,812) | 4,883 |
Basis Swaps | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (3,812) | 4,883 |
Swaptions | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 23,912 | (2,772) |
Swaptions | Fair Value, Inputs, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | $ 23,912 | $ (2,772) |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of the Beginning and Ending Balances for Derivative Instruments Classified as Level 3 in the Fair Value Hierarchy (Detail) - Level 3 $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Balance at December 31, 2018 | $ 5,766 |
Total gains included in earnings | 28,338 |
Settlements, net | (10,192) |
Balance at June 30, 2019 | $ 23,912 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2019USD ($)Counterparty | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Interest and dividends | $ 184,000 | $ 213,000 | $ 363,000 | $ 381,000 | |||
Mark-to-market gain (loss) | 1,500,000 | 324,000 | 6,600,000 | (798,000) | |||
Allowance for doubtful accounts on accounts receivable | 6,121,000 | $ 6,121,000 | $ 6,118,000 | ||||
Number of derivative counterparties | Counterparty | 19 | ||||||
Number of counter parties that are not participants in bank credit facility | Counterparty | 3 | ||||||
Counterparties not in Facility | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Net derivative liability | (2,200,000) | $ (2,200,000) | |||||
Natural Gas and Oil Properties | Fair Value, Measurements, Nonrecurring | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Impairment on natural gas and oil properties | $ 0 | $ 0 | |||||
Oklahoma | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Impairment on natural gas and oil properties | $ 7,300,000 | ||||||
Oklahoma | Natural Gas and Oil Properties | Fair Value, Measurements, Nonrecurring | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Fair value | $ 32,500,000 | ||||||
Northwest Pennsylvania | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Impairment on natural gas and oil properties | 15,300,000 | ||||||
Fair value | $ 0 | $ 0 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Carrying Value | |||
Assets: | |||
Commodity swaps, options and basis swaps | $ 163,136 | $ 92,795 | |
Marketable securities | [1] | 60,697 | 57,293 |
(Liabilities): | |||
Commodity swaps, options and basis swaps | (2,775) | (7,606) | |
Bank credit facility | [2] | (895,000) | (943,000) |
Deferred compensation plan | [3] | (76,238) | (80,092) |
Fair Value | |||
Assets: | |||
Commodity swaps, options and basis swaps | 163,136 | 92,795 | |
Marketable securities | [1] | 60,697 | 57,293 |
(Liabilities): | |||
Commodity swaps, options and basis swaps | (2,775) | (7,606) | |
Bank credit facility | [2] | (895,000) | (943,000) |
Deferred compensation plan | [3] | (76,238) | (80,092) |
5.75% Senior Notes Due 2021 | Carrying Value | |||
(Liabilities): | |||
Senior notes | [2] | (475,952) | (475,952) |
5.75% Senior Notes Due 2021 | Fair Value | |||
(Liabilities): | |||
Senior notes | [2] | (480,336) | (455,972) |
5.00% Senior Notes Due 2022 | Carrying Value | |||
(Liabilities): | |||
Senior notes | [2] | (580,032) | (580,032) |
5.00% Senior Notes Due 2022 | Fair Value | |||
(Liabilities): | |||
Senior notes | [2] | (553,948) | (519,343) |
5.875% Senior Notes Due 2022 | Carrying Value | |||
(Liabilities): | |||
Senior notes | [2] | (329,244) | (329,244) |
5.875% Senior Notes Due 2022 | Fair Value | |||
(Liabilities): | |||
Senior notes | [2] | (328,819) | (305,989) |
Other Senior Notes Due 2022 | Carrying Value | |||
(Liabilities): | |||
Senior notes | [2] | (590) | (590) |
Other Senior Notes Due 2022 | Fair Value | |||
(Liabilities): | |||
Senior notes | [2] | (590) | (581) |
5.00% Senior Notes Due 2023 | Carrying Value | |||
(Liabilities): | |||
Senior notes | [2] | (741,531) | (741,531) |
5.00% Senior Notes Due 2023 | Fair Value | |||
(Liabilities): | |||
Senior notes | [2] | (698,826) | (654,683) |
4.875% Senior Notes Due 2025 | Carrying Value | |||
(Liabilities): | |||
Senior notes | [2] | (750,000) | (750,000) |
4.875% Senior Notes Due 2025 | Fair Value | |||
(Liabilities): | |||
Senior notes | [2] | (658,020) | (616,313) |
5.75% Senior Subordinated Notes Due 2021 | Carrying Value | |||
(Liabilities): | |||
Subordinated debt | [2] | (22,214) | (22,214) |
5.75% Senior Subordinated Notes Due 2021 | Fair Value | |||
(Liabilities): | |||
Subordinated debt | [2] | (22,381) | (21,638) |
5.00% Senior Subordinated Notes Due 2022 | Carrying Value | |||
(Liabilities): | |||
Subordinated debt | [2] | (19,054) | (19,054) |
5.00% Senior Subordinated Notes Due 2022 | Fair Value | |||
(Liabilities): | |||
Subordinated debt | [2] | (18,379) | (17,072) |
5.00% Senior Subordinated Notes Due 2023 | Carrying Value | |||
(Liabilities): | |||
Subordinated debt | [2] | (7,712) | (7,712) |
5.00% Senior Subordinated Notes Due 2023 | Fair Value | |||
(Liabilities): | |||
Subordinated debt | [2] | $ (7,158) | $ (6,690) |
[1] | Marketable securities, which are held in our deferred compensation plans, are actively traded on major exchanges. | ||
[2] | The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior notes and our senior subordinated notes is based on end of period market quotes which are Level 2 inputs. | ||
[3] | The fair value of our deferred compensation plan is updated at the closing price on the balance sheet date which is a Level 1 input. |
Fair Value Measurements - Car_2
Fair Value Measurements - Carrying Amounts and Fair Values of Financial Instruments (Parenthetical) (Detail) | Jun. 30, 2019 | Dec. 31, 2018 |
5.75% Senior Notes Due 2021 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate on notes | 5.75% | 5.75% |
5.00% Senior Notes Due 2022 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate on notes | 5.00% | 5.00% |
5.875% Senior Notes Due 2022 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate on notes | 5.875% | 5.875% |
5.00% Senior Notes Due 2023 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate on notes | 5.00% | 5.00% |
4.875% Senior Notes Due 2025 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate on notes | 4.875% | 4.875% |
5.75% Senior Subordinated Notes Due 2021 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate on notes | 5.75% | 5.75% |
5.00% Senior Subordinated Notes Due 2022 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate on notes | 5.00% | 5.00% |
5.00% Senior Subordinated Notes Due 2023 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate on notes | 5.00% | 5.00% |
Stock-based Compensation Plan_2
Stock-based Compensation Plans - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019Plans | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Active equity-based stock plans | 2 |
Stock-based Compensation Plan_3
Stock-based Compensation Plans - Allocation of Stock-Based Compensation by Functional Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 11,016 | $ 10,037 | $ 22,181 | $ 35,575 |
Termination Costs | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 26 | 26 | ||
Direct Operating Expense | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 549 | 539 | 1,140 | 1,130 |
Brokered Natural Gas and Marketing Expense | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 553 | 313 | 1,001 | 598 |
Exploration Expense | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 388 | 371 | 876 | 1,122 |
General and Administrative Expense | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 9,500 | $ 8,814 | $ 19,138 | $ 32,725 |
Stock-based Compensation Plan_4
Stock-based Compensation Plans - Additional Information 1 (Detail) | 6 Months Ended | |
Jun. 30, 2019Awardshares | Dec. 31, 2018shares | |
Restricted Stock Equity Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Performance Share | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of awards available for grant | 3 | |
Performance Share | Common Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of share value each unit represents at grant date | shares | 1 | |
Performance-based PG-PSUs and RG-PSUs | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Number of awards available for grant | 2 | |
Performance-based PG-PSUs and RG-PSUs | Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Potential payout of shares granted | 0.00% | |
Performance-based PG-PSUs and RG-PSUs | Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Potential payout of shares granted | 200.00% | |
Performance Based TSR - PSUs | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Number of awards available for grant | 1 | |
Performance Based TSR - PSUs | Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Potential payout of shares granted | 0.00% | |
Performance Based TSR - PSUs | Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Potential payout of shares granted | 200.00% | |
Stock Appreciation Rights (SARs) | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of stock option outstanding | shares | 0 | 1,104 |
Stock-based Compensation Plan_5
Stock-based Compensation Plans - Additional Information 2 (Detail) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Restricted Stock Equity Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted | 2,792,438 | 1,800,000 |
Granted, weighted average grant date fair value | $ 10.59 | $ 17 |
Vesting period | 3 years | |
Stock-based compensation expense | $ 13.6 | $ 12.4 |
Restricted Stock Liability Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted | 1,171,513 | |
Granted, weighted average grant date fair value | $ 10.32 | |
Stock-based compensation expense | $ 4.6 | $ 10.5 |
Restricted Stock Liability Awards | Employees | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted | 1,000,000 | 675,000 |
Granted, weighted average grant date fair value | $ 10.45 | $ 15.22 |
Vesting period | 3 years | 3 years |
Restricted Stock Liability Awards | Non-Employee Directors | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted | 157,000 | 131,000 |
Granted, weighted average grant date fair value | $ 9.50 | $ 15.46 |
Stock-based Compensation Plan_6
Stock-based Compensation Plans - Restricted Stock and Restricted Stock Units Outstanding (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Restricted Stock Equity Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Beginning Balance | 1,386,088 | |
Granted | 2,792,438 | 1,800,000 |
Vested | (869,674) | |
Forfeited | (275,991) | |
Outstanding, Ending Balance | 3,032,861 | |
Outstanding, Beginning Balance, weighted average grant date fair value | $ 20.04 | |
Granted, weighted average grant date fair value | 10.59 | $ 17 |
Vested, weighted average grant date fair value | 15.77 | |
Forfeited, weighted average grant date fair value | 13.39 | |
Outstanding, Ending Balance, weighted average grant date fair value | $ 13.17 | |
Restricted Stock Liability Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Beginning Balance | 184,579 | |
Granted | 1,171,513 | |
Vested | (499,913) | |
Outstanding, Ending Balance | 856,179 | |
Outstanding, Beginning Balance, weighted average grant date fair value | $ 15.65 | |
Granted, weighted average grant date fair value | 10.32 | |
Vested, weighted average grant date fair value | 10.82 | |
Outstanding, Ending Balance, weighted average grant date fair value | $ 11.17 |
Stock-based Compensation Plan_7
Stock-based Compensation Plans - Additional Information 3 (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Performance-based PG-PSUs and RG-PSUs | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Stock-based compensation expense | $ 1.7 | $ 5.6 |
Performance Based TSR - PSUs | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Stock-based compensation expense | $ 1.3 | $ 5.7 |
Stock-based Compensation Plan_8
Stock-based Compensation Plans - PG/RG-PSUs Activities (Detail) - Performance-based PG-PSUs and RG-PSUs | 6 Months Ended | |
Jun. 30, 2019$ / sharesshares | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Beginning Balance | shares | 536,798 | |
Granted | shares | 345,202 | [1] |
Forfeited | shares | (427) | |
Outstanding, Ending Balance | shares | 881,573 | |
Outstanding, Beginning Balance, weighted average grant date fair value | $ / shares | $ 15.61 | |
Granted, weighted average grant date fair value | $ / shares | 10.32 | [1] |
Forfeited, weighted average grant date fair value | $ / shares | 15.65 | |
Outstanding, Ending Balance, weighted average grant date fair value | $ / shares | $ 11.70 | |
[1] | Amounts granted reflect the number of performance units granted; however, the actual payout of shares will be between zero and 200% depending on achievement of specifically identified performance targets |
Stock-based Compensation Plan_9
Stock-based Compensation Plans - PG/RG-PSUs Activities (Parenthetical) (Detail) - Performance-based PG-PSUs and RG-PSUs | 6 Months Ended |
Jun. 30, 2019 | |
Minimum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Potential payout of shares granted | 0.00% |
Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Potential payout of shares granted | 200.00% |
Stock-based Compensation Pla_10
Stock-based Compensation Plans - Valuation Assumptions for Grant Date Fair Value of Performance Awards (Detail) - Performance Shares - $ / shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate | 2.40% | 2.40% |
Expected annual volatility | 46.00% | 47.00% |
Grant date fair value per unit | $ 11.34 | $ 18.51 |
Stock-based Compensation Pla_11
Stock-based Compensation Plans - TSR - PSUs Activities (Detail) - Performance Based TSR - PSUs | 6 Months Ended | |
Jun. 30, 2019$ / sharesshares | ||
Summary of Performance Share Unit Awards outstanding, Number of Units | ||
Outstanding, Beginning Balance | shares | 1,067,886 | |
Granted | shares | 314,152 | [1] |
Vested and issued | shares | (12,283) | [2] |
Forfeited | shares | (376,303) | |
Outstanding, Ending Balance | shares | 993,452 | |
Summary of Performance Share Unit Awards outstanding, Weighted Average Grant Date Fair Value | ||
Outstanding, Beginning Balance, weighted average grant date fair value | $ / shares | $ 27.81 | |
Granted, weighted average grant date fair value | $ / shares | 11.34 | [1] |
Vested, weighted average grant date fair value | $ / shares | 30.47 | [2] |
Forfeited, weighted average grant date fair value | $ / shares | 37.25 | |
Outstanding, Ending Balance, weighted average grant date fair value | $ / shares | $ 19 | |
[1] | These | |
[2] | Includes 12,283 TSR-PSUs awards issued related to the 2016 performance period where the return on our common stock was in the 20 th |
Stock-based Compensation Pla_12
Stock-based Compensation Plans - TSR - PSUs Activities (Parenthetical) (Detail) - Performance Based TSR - PSUs | 6 Months Ended | |
Jun. 30, 2019shares | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares vested and issued related to performance period number of common stock | 12,283 | [1] |
February 2016 Grant | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Return on common stock percentile | 20.00% | |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Potential payout of shares on performance units granted | 0.00% | |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Potential payout of shares on performance units granted | 200.00% | |
[1] | Includes 12,283 TSR-PSUs awards issued related to the 2016 performance period where the return on our common stock was in the 20 th |
Stock-based Compensation Pla_13
Stock-based Compensation Plans - Stock Option and SARs Activity (Detail) - Stock Appreciation Rights (SARs) | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning Balance, Shares | 1,104 |
Expired, Shares | (1,104) |
Ending Balance, Shares | 0 |
Beginning Balance, Weighted Average Exercise Price | $ / shares | $ 81.74 |
Expired, Weighted Average Exercise Price | $ / shares | $ 81.74 |
Stock-based Compensation Pla_14
Stock-based Compensation Plans - Additional Information 4 (Detail) - USD ($) shares in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Deferred compensation plan vesting period | 3 years | ||||
Deferred compensation plan | $ 11,142,000 | $ (6,615,000) | $ 7,561,000 | $ 782,000 | |
Shares held in rabbi trust total | 3.3 | 3.3 | 2.6 | ||
Vested shares held in rabbi trust | 2.5 | 2.5 | 2.4 | ||
Post-Retirement Medical Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Estimated prior service cost amortized from accumulated other comprehensive income into general and administrative expense | $ 92,000 | $ 92,000 | $ 185,000 | $ 185,000 |
Termination Costs - Additional
Termination Costs - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Restructuring And Related Activities [Abstract] | ||
Severance costs | $ 2,200,000 | $ 2,181,000 |
Stock-based compensation | $ 26,000 | $ 26,000 |
Termination Costs - Termination
Termination Costs - Termination Costs Included in Accrued Liabilities in Consolidated Balance Sheet - (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Exit costs included in accrued liabilities in consolidated balance sheet | ||
Accrued severance costs | $ 2,200 | $ 2,181 |
Payments | (97) | |
Ending balance | $ 2,084 | $ 2,084 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - shares | Jun. 30, 2019 | Dec. 31, 2018 |
Class Of Stock Disclosures [Abstract] | ||
Authorized capital stock | 485,000,000 | 485,000,000 |
Common stock, shares authorized | 475,000,000 | 475,000,000 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Capital Stock (Detail)
Capital Stock (Detail) - shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Class Of Stock [Line Items] | ||
Beginning balance | 249,510,022 | 248,129,430 |
Restricted stock grants | 1,143,765 | 865,095 |
Treasury shares issued | 5,302 | |
Ending balance | 251,343,970 | 249,510,022 |
Restricted Stock | ||
Class Of Stock [Line Items] | ||
Restricted stock units vested | 677,436 | 434,046 |
Performance Share | ||
Class Of Stock [Line Items] | ||
Performance stock units issued | 12,283 | 73,985 |
Performance stock dividends | 464 | 2,164 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | [1] | ||
Net cash provided from operating activities included: | |||||
Income taxes refunded from taxing authorities | $ 7,521 | ||||
Interest paid | $ (99,675) | (103,439) | |||
Non-cash investing and financing activities included: | |||||
Increase in asset retirement costs capitalized | 2,326 | [1] | 19,561 | $ 28,826 | |
Increase (decrease) in accrued capital expenditures | $ 6,346 | $ (102,809) | |||
[1] | Includes costs incurred whether capitalized or expensed. |
Suspended Exploratory Well Co_2
Suspended Exploratory Well Costs - Additional Information (Detail) | Jun. 30, 2019USD ($) |
Extractive Industries [Abstract] | |
Suspended exploratory well costs | $ 0 |
Costs Incurred for Property A_3
Costs Incurred for Property Acquisition, Exploration and Development (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||||
Acquisitions: | ||||||
Acreage purchases | [1] | $ 22,577 | $ 62,390 | |||
Oil and gas properties | [1] | 1,683 | ||||
Development | [1] | 392,972 | 834,552 | |||
Exploration: | ||||||
Exploration drilling costs incurred | [1] | 1,380 | ||||
Gas gathering facilities: | ||||||
Development | [1] | 2,085 | 10,218 | |||
Subtotal | [1] | 433,954 | 944,340 | |||
Asset retirement obligations | 2,326 | [1] | $ 19,561 | 28,826 | [1] | |
Total costs incurred | [1] | 436,280 | 973,166 | |||
Expense | ||||||
Exploration: | ||||||
Exploration costs incurred | [1] | 15,444 | 32,196 | |||
Stock-based compensation expense | [1] | $ 876 | $ 1,921 | |||
[1] | Includes costs incurred whether capitalized or expensed. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event - Northwest Pennsylvania $ in Millions | Jul. 15, 2019USD ($)aAgreement |
Subsequent Event [Line Items] | |
Number of agreements closed | Agreement | 2 |
Percentage of royalty disposed | 2.00% |
Proceeds from royalties | $ | $ 600 |
Properties encompass net surface acreage | a | 350,000 |