Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 27, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | RANGE RESOURCES CORPORATION | |
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 | 255,747,337 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-12209 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 34-1312571 | |
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 | TX | |
Entity Address, Postal Zip Code | 76102 | |
City Area Code | 817 | |
Local Phone Number | 870-2601 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, (Par Value $0.01) | |
Trading Symbol | RRC | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Current assets: | |||
Cash and cash equivalents | $ 528 | $ 546 | |
Accounts receivable, less allowance for doubtful accounts of $9,527 and $8,784 | 188,162 | 272,900 | |
Derivative assets | 257,347 | 136,848 | |
Other current assets | 21,080 | 17,508 | |
Total current assets | 467,117 | 427,802 | |
Derivative assets | 6,208 | 706 | |
Natural gas and oil properties, successful efforts method | [1] | 10,261,914 | 10,213,737 |
Accumulated depletion and depreciation | [1] | (4,271,947) | (4,172,702) |
Natural gas and oil properties, successful efforts method, net | [1] | 5,989,967 | 6,041,035 |
Other property and equipment | 82,887 | 102,083 | |
Accumulated depreciation and amortization | (77,493) | (96,708) | |
Other Property and equipment, net | 5,394 | 5,375 | |
Operating lease right-of-use assets | 56,412 | 62,053 | |
Other assets | 64,540 | 75,432 | |
Total assets | 6,589,638 | 6,612,403 | |
Current liabilities: | |||
Accounts payable | 163,277 | 155,341 | |
Asset retirement obligations | 2,393 | 2,393 | |
Accrued liabilities | 290,703 | 356,392 | |
Accrued interest | 33,752 | 39,299 | |
Derivative liabilities | 13,119 | ||
Total current liabilities | 490,125 | 566,544 | |
Bank debt | 545,270 | 464,319 | |
Senior notes | 2,592,960 | 2,659,844 | |
Senior subordinated notes | 48,799 | 48,774 | |
Deferred tax liabilities | 210,803 | 160,196 | |
Derivative liabilities | 6,823 | 949 | |
Deferred compensation liabilities | 46,411 | 64,070 | |
Operating lease liabilities | 36,768 | 41,068 | |
Asset retirement obligations and other liabilities | 137,091 | 259,151 | |
Total liabilities | 4,115,050 | 4,264,915 | |
Commitments and contingencies | |||
Stockholders’ Equity | |||
Preferred stock, $1 par, 10,000,000 shares authorized, none issued and outstanding | 0 | 0 | |
Common stock, $0.01 par, 475,000,000 shares authorized, 255,684,829 issued at March 31, 2020 and 251,438,936 issued at December 31, 2019 | 2,556 | 2,514 | |
Common stock held in treasury, 9,807,327 shares at March 31, 2020 and 1,808,133 shares at December 31, 2019 | (29,750) | (7,236) | |
Additional paid-in capital | 5,664,356 | 5,659,832 | |
Accumulated other comprehensive loss | (715) | (788) | |
Retained deficit | (3,161,859) | (3,306,834) | |
Total stockholders’ equity | 2,474,588 | 2,347,488 | |
Total liabilities and stockholders’ equity | $ 6,589,638 | $ 6,612,403 | |
[1] |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts on accounts receivable | $ 9,527 | $ 8,784 |
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 | 255,684,829 | 251,438,936 |
Common stock held in treasury, shares | 9,807,327 | 1,808,133 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues and other income: | ||
Revenues and other income | $ 460,745,000 | $ 809,868,000 |
Derivative fair value income (loss) | 233,175,000 | (61,731,000) |
Total revenues and other income | 693,920,000 | 748,137,000 |
Costs and expenses: | ||
Production and ad valorem taxes | 9,019,000 | 11,310,000 |
Brokered natural gas and marketing | 32,624,000 | 132,305,000 |
Exploration | 7,077,000 | 8,211,000 |
Abandonment and impairment of unproved properties | 5,413,000 | 12,659,000 |
General and administrative | 42,254,000 | 46,638,000 |
Termination costs | 1,595,000 | 0 |
Deferred compensation plan | (8,537,000) | 3,581,000 |
Interest | 47,518,000 | 51,537,000 |
Gain on early extinguishment of debt | (12,923,000) | 0 |
Depletion, depreciation and amortization | 102,986,000 | 138,718,000 |
Impairment of proved properties | 77,000,000 | 0 |
(Gain) loss on the sale of assets | (122,099,000) | 189,000 |
Total costs and expenses | 498,727,000 | 741,030,000 |
Income before income taxes | 195,193,000 | 7,107,000 |
Income tax (benefit) expense: | ||
Current | (363,000) | 0 |
Deferred | 50,581,000 | 5,688,000 |
Total (benefit) expense for income taxes | 50,218,000 | 5,688,000 |
Net income | $ 144,975,000 | $ 1,419,000 |
Net income per common share: | ||
Basic | $ 0.58 | $ 0.01 |
Diluted | 0.58 | 0.01 |
Dividends paid per common share | $ 0 | $ 0.02 |
Weighted average common shares outstanding: | ||
Basic | 246,218 | 247,776 |
Diluted | 247,684 | 249,154 |
Natural Gas, NGLs and Oil Sales | ||
Revenues and other income: | ||
Revenues and other income | $ 432,096,000 | $ 671,654,000 |
Brokered Natural Gas, Marketing and Other | ||
Revenues and other income: | ||
Revenues and other income | 28,649,000 | 138,214,000 |
Direct Operating | ||
Costs and expenses: | ||
Costs and expenses | 32,035,000 | 33,227,000 |
Transportation, Gathering, Processing and Compression | ||
Costs and expenses: | ||
Costs and expenses | $ 284,765,000 | $ 302,655,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 144,975 | $ 1,419 |
Postretirement benefits: | ||
Actuarial gain (loss) | 7 | (12) |
Amortization of prior service costs | 92 | 92 |
Income tax expense | (26) | (20) |
Total comprehensive income | $ 145,048 | $ 1,479 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities: | ||
Net income | $ 144,975,000 | $ 1,419,000 |
Adjustments to reconcile net income to net cash provided from operating activities: | ||
Deferred income tax expense | 50,581,000 | 5,688,000 |
Depletion, depreciation and amortization and impairment of proved properties | 179,986,000 | 138,718,000 |
Abandonment and impairment of unproved properties | 5,413,000 | 12,659,000 |
Derivative fair value (income) loss | (233,175,000) | 61,731,000 |
Cash settlements on derivative financial instruments | 99,929,000 | 24,834,000 |
Allowance for bad debt | 400,000 | 0 |
Amortization of deferred financing costs and other | 1,657,000 | 1,807,000 |
Deferred and stock-based compensation | 476,000 | 14,112,000 |
(Gain) loss on the sale of assets | (122,099,000) | 189,000 |
Gain on early extinguishment of debt | (12,923,000) | 0 |
Changes in working capital: | ||
Accounts receivable | 84,345,000 | 134,006,000 |
Inventory and other | (4,432,000) | (4,763,000) |
Accounts payable | 18,660,000 | (30,431,000) |
Accrued liabilities and other | (89,287,000) | (99,275,000) |
Net cash provided from operating activities | 124,506,000 | 260,694,000 |
Investing activities: | ||
Additions to natural gas and oil properties | (129,962,000) | (190,014,000) |
Additions to field service assets | (896,000) | (576,000) |
Acreage purchases | (10,811,000) | (23,646,000) |
Proceeds from disposal of assets | 1,059,000 | 332,000 |
Purchases of marketable securities held by the deferred compensation plan | (7,648,000) | (4,259,000) |
Proceeds from the sales of marketable securities held by the deferred compensation plan | 8,393,000 | 6,204,000 |
Net cash used in investing activities | (139,865,000) | (211,959,000) |
Financing activities: | ||
Borrowings on credit facilities | 543,000,000 | 566,000,000 |
Repayments on credit facilities | (463,000,000) | (614,000,000) |
Issuance of senior notes | 550,000,000 | 0 |
Repayment of senior or senior subordinated notes | (580,099,000) | 0 |
Dividends paid | 0 | (5,023,000) |
Treasury stock purchases | (22,548,000) | 0 |
Debt issuance costs | (8,538,000) | 0 |
Taxes paid for shares withheld | (1,554,000) | (3,161,000) |
Change in cash overdrafts | (1,933,000) | 7,218,000 |
Proceeds from the sales of common stock held by the deferred compensation plan | 13,000 | 174,000 |
Net cash provided from (used in) financing activities | 15,341,000 | (48,792,000) |
Decrease in cash and cash equivalents | (18,000) | (57,000) |
Cash and cash equivalents at beginning of period | 546,000 | 545,000 |
Cash and cash equivalents at end of period | $ 528,000 | $ 488,000 |
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 |
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 | 249,520,000 | |||||
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 | 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 | 249,520,000 | |||||
Ending balance at Dec. 31, 2019 | $ 2,347,488 | $ 2,514 | (7,236) | 5,659,832 | (3,306,834) | (788) |
Ending balance Shares at Dec. 31, 2019 | 251,438,936 | 251,439,000 | ||||
Issuance of common stock | $ (1,364) | $ 42 | (1,406) | |||
Issuance of common stock, shares | 4,246,000 | |||||
Stock-based compensation expense | 5,963 | 5,963 | ||||
Treasury stock | (22,547) | (22,514) | (33) | |||
Other comprehensive income | 73 | 73 | ||||
Net income | 144,975 | 144,975 | ||||
Ending balance at Mar. 31, 2020 | $ 2,474,588 | $ 2,556 | $ (29,750) | $ 5,664,356 | $ (3,161,859) | $ (715) |
Ending balance Shares at Mar. 31, 2020 | 255,684,829 | 255,685,000 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||
Cash dividends paid per share | $ 0 | $ 0.02 |
Summary of Organization and Nat
Summary of Organization and Nature of Business | 3 Months Ended |
Mar. 31, 2020 | |
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 region of the United States. Our objective is to build stockholder value through returns-focused development of natural gas and oil properties. 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 | 3 Months Ended |
Mar. 31, 2020 | |
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 a fair statement of the results for the periods reported. 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 our 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2020. The results of operations for the first quarter ended March 31, 2020 are not necessarily indicative of the results to be expected for the full year. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Standards | (3) NEW ACCOUNTING STANDARDS Not Yet Adopted None that are expected to have a material impact on our financial statements. Recently 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 new standards update was effective for us in first quarter 2020. The adoption of this standards update did not have a material impact on our financial statements. 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 was effective for us in first quarter 2020. The adoption of this standards update did not have a material impact on our financial statements. 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 required 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. 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. |
Dispositions
Dispositions | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Dispositions | (4) DISPOSITIONS We recognized a pretax net gain of $122.1 million on the sale of assets in first quarter 2020 compared to a pretax net loss of $189,000 in first quarter 2019. See discussion below for further details. 2020 Dispositions Pennsylvania . In first quarter 2020, we completed the sale of our shallow legacy assets in Northwest Pennsylvania for proceeds of $1.0 million. Based upon the receipt of approval from state governmental authorities of a change in operatorship during the quarter, we recognized a pretax gain of $122.7 million primarily due to the elimination of the asset retirement obligation associated with these properties. Other . In first quarter 2020, we sold miscellaneous inventory and other assets for proceeds of $59,000, resulting in a pretax loss of $617,000. 2019 Dispositions Other . In first quarter 2019, we sold miscellaneous inventory and other assets for proceeds of $332,000 resulting in a pretax loss of $189,000. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 3 Months Ended |
Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenues from Contracts with Customers | (5) REVENUES FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue We have three material revenue streams in our business: natural gas sales, NGLs sales and crude oil and condensate sales (referred to below as “oil sales”). Brokered revenue attributable to each product sales type is included here because the volume of product that we purchase is subsequently sold to separate counterparties in accordance with existing sales contracts under which we also sell our production. Accounts receivable attributable to our revenue contracts with customers was $142.4 million at March 31, 2020 and $237.0 million at December 31, 2019. Revenue attributable to each of our identified revenue streams is disaggregated below (in thousands): Three Months Ended March 31, 2020 2019 Natural gas sales $ 253,249 $ 434,720 NGLs sales 143,239 197,813 Oil sales 35,608 39,121 Total natural gas, NGLs and oil sales 432,096 671,654 Sales of purchased natural gas 24,875 134,801 Sales of purchased NGLs 1,140 424 Other marketing revenue 2,634 2,989 Total $ 460,745 $ 809,868 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
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 was as follows (in thousands): Three Months Ended March 31, 2020 2019 Income tax expense $ 50,218 $ 5,688 Effective tax rate 25.7 % 80.0 % Income taxes for discrete items are computed and recorded in the period that the specific transaction occurs. For the three months ended March 31, 2020 and 2019 , 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 March 31, 2020 2019 Total income before income taxes $ 195,193 $ 7,107 U.S. federal statutory rate 21 % 21 % Total tax expense at statutory rate 40,991 1,492 State and local income taxes, net of federal benefit 5,803 818 Equity compensation 3,843 3,391 Change in valuation allowances: Federal net operating loss carryforwards (1,313 ) — State net operating loss carryforwards and other 2,800 352 Other (537 ) 231 Permanent differences and other (1,369 ) (596 ) Total expense for income taxes $ 50,218 $ 5,688 Effective tax rate 25.7 % 80.0 % |
Income (Loss) Per Common Share
Income (Loss) Per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 2019 Net income, as reported $ 144,975 $ 1,419 Participating earnings (a) (1,855 ) (14 ) Basic net income attributed to common shareholders 143,120 1,405 Reallocation of participating earnings (a) 11 — Diluted net income attributed to common shareholders $ 143,131 $ 1,405 Net income per common share: Basic $ 0.58 $ 0.01 Diluted $ 0.58 $ 0.01 (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 March 31, 2020 2019 Weighted average common shares outstanding – basic 246,218 247,776 Effect of dilutive securities: Director and employee restricted stock and performance based equity awards 1,466 1,378 Weighted average common shares outstanding – diluted 247,684 249,154 Weighted average common shares outstanding-basic for first quarter 2020 excludes 3.2 million shares of restricted stock held in our deferred compensation plan compared to 2.5 million shares in first quarter 2019 (although all awards are issued and outstanding upon grant). For first quarter 2020, equity grants of 2.5 million, compared to equity grants of 1.6 million for first quarter 2019, were outstanding but not included in the computation of diluted net income per share because the grant prices were greater than the average market price of our common shares and would be anti-dilutive to the computation. Nonvested restricted stock and performance based equity awards are included in the computation using the treasury stock method with the deemed proceeds equal to the average unrecognized compensation during the period. |
Capitalized Costs and Accumulat
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization | 3 Months Ended |
Mar. 31, 2020 | |
Extractive Industries [Abstract] | |
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization | (8) Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (a) March 31, December 31, (in thousands) Natural gas and oil properties: Properties subject to depletion $ 9,395,279 $ 9,345,557 Unproved properties 866,635 868,180 Total 10,261,914 10,213,737 Accumulated depletion and depreciation (4,271,947 ) (4,172,702 ) Net capitalized costs $ 5,989,967 $ 6,041,035 (a) |
Indebtedness
Indebtedness | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Indebtedness | (9) INDEBTEDNESS We had the following debt outstanding as of the dates shown below (bank debt interest rate at March 31, 2020 is shown parenthetically). No interest was capitalized during the three months ended March 31, 2020 or the year ended December 31, 2019 (in thousands). March 31, 2020 December 31, 2019 Bank debt ( 3.0% $ 557,000 $ 477,000 Senior notes: 4.875% senior notes due 2025 750,000 750,000 5.00% senior notes due 2023 684,886 741,531 5.00% senior notes due 2022 463,431 511,886 5.75% senior notes due 2021 50,059 374,139 5.875% senior notes due 2022 115,865 297,617 9.25% senior notes due 2026 550,000 — Other senior notes due 2022 490 590 Total senior notes 2,614,731 2,675,763 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 3,220,711 3,201,743 Unamortized premium 1,305 3,013 Unamortized debt issuance costs (34,987 ) (31,819 ) Total debt net of debt issuance costs $ 3,187,029 $ 3,172,937 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 periodic redeterminations and for event-driven unscheduled redeterminations. As of March 31, 2020, our bank group was composed of twenty-seven financial institutions with no one bank holding more than 7.0% 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. B orrowings 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 % for first quarter 2020 compared to % for first quarter 2019. A commitment fee is paid on the undrawn balance based on an annual rate of 0.30 % to 0.375 %. At March 3 1 , 20 20 , the commitment fee was % and the interest rate margin was 2.00 % on our LIBOR loans and 1.0 % on our base rate loans. As part of our redetermination completed on March 27, 2020, our borrowing base was reaffirmed for $3.0 billion and our bank commitment was also reaffirmed at $2.4 billion. Effective on that date, we also agreed to return to a semi-annual borrowing base redetermination with the next scheduled redetermination to occur by November 2020, an increase in the applicable margin of 50 basis points on drawn facility balances and an increase to the letter of credit sublimit. On March 31, 2020, bank commitments totaled $2.4 billion and the outstanding balance under our bank credit facility was $557.0 million, before deducting debt issuance costs. Additionally, we had $333.0 million of undrawn letters of credit leaving $1.5 billion of committed borrowing capacity available under the facility. New Senior Notes In January 2020, we issued $550.0 million aggregate principal amount of 9.25% senior notes due 2026 (the “9.25% Notes”) for an estimated net proceeds of $541.6 million after underwriting expenses and commissions of $8.4 million. The notes were issued at par. The 9.25% Notes were offered to qualified institutional buyers and to non-U.S. persons outside the United States in compliance with Rule 144A and Regulation S of the Securities Act of 1933, as amended (the “Securities Act”). Interest due on the 9.25% Notes is payable semi-annually in February and August and is unconditionally guaranteed on a senior unsecured basis by all of our subsidiary guarantors. On or after February 1, 2025, we may redeem the 9.25% Notes, in whole or in part and from time to time, at 100% of the principal amounts plus accrued and unpaid interest. We may redeem the notes prior to their maturity at redemption prices based on a premium, plus accrued and unpaid interest as described in the indenture governing the 9.25% Notes. Upon occurrence of certain changes in control, we must offer to repurchase the 9.25% Notes. The 9.25% Notes are unsecured and are subordinated to all of our existing and future secured debt, rank equally with all of our existing and future unsecured debt and rank senior to all of our existing and future subordinated debt. On the closing of the issuance of the 9.25% Notes, we used the proceeds to redeem $324.1 million of our 5.75% senior notes due 2021 and $175.9 million of our 5.875% senior notes due 2022 with the remainder used to repay a portion of our borrowings under our bank credit facility. Early Extinguishment of Debt In January 2020, we purchased for cash $500.0 million aggregate principal amount of our 5.75% senior notes due 2021 and our 5.875% senior notes due 2022. An early cash tender of $15.1 million was paid to note holders who tendered their notes within the ten business day early offer period. We recorded a loss on early extinguishment of debt in first quarter 2020 of $17.5 million, net of transaction call premium costs and the expenses of the remaining deferred financing costs on the repurchased debt. The cash tender offer and early cash tender premium were financed from the issuance of our new 9.25% Notes. See New Senior Notes In first quarter 2020, we also purchased in the open market $48.5 million principal amount of our 5.00% senior notes due 2022, $5.8 million principal amount of our 5.875% senior notes due 2022 and $56.6 million principal amount of our 5.00% senior notes due 2023. We recognized a gain on early extinguishment of debt in first quarter 2020 of $30.4 million, net of transaction costs and the expensing of the remaining deferred financing costs on the repurchased debt. 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 bank credit facility 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 March 31, 2020. |
Asset Retirement Obligations
Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | (10) 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 three months ended March 31, 2020 and the year ended December 31, 2019 is as follows (in thousands): Three Months Ended March 31, 2020 Year Ended December 31, 2019 Beginning of period $ 251,076 $ 312,754 Liabilities incurred 651 4,063 Acquisitions 102 — Liabilities settled (729 ) (5,953 ) Disposition of wells (a) (126,117 ) (82,576 ) Accretion expense 2,800 15,658 Change in estimate 497 7,130 End of period 128,280 251,076 Less current portion (2,393 ) (2,393 ) Long-term asset retirement obligations $ 125,887 $ 248,683 (a) Accretion expense is recognized as a component of depreciation, depletion and amortization expense in the accompanying consolidated statements of operations. |
Derivative Activities
Derivative Activities | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Activities | (11) 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, three-way 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 $256.0 million at March 31, 2020. These contracts expire monthly through December 2021. The following table sets forth our commodity-based derivative volumes by year as of March 31, 2020, excluding our basis and freight swaps which are discussed separately below: Period Contract Type Volume Hedged Weighted Average Hedge Price Swap Sold Put Floor Ceiling Natural Gas 2020 Swaps 1,155,600 Mmbtu/day $ 2.57 (1) 2021 Swaps 50,000 Mmbtu/day $ 2.62 (1) April – June 2020 Calls 40,000 Mmbtu/day $ 2.30 April – October 2020 Three-way Collars 20,000 Mmbtu/day $ 1.75 $ 2.00 $ 2.50 2021 Three-way Collars 240,000 Mmbtu/day $ 1.99 $ 2.31 $ 2.60 Crude Oil 2020 Swaps 7,331 bbls/day $ 58.22 (1) 2021 Swaps 1,000 bbls/day $ 55.00 (1) April – September 2020 Calls 500 bbls/day $ 59.00 NGLs (C3-Propane) April – June 2020 Swaps 8,242 bbls/day $ 0.63/gallon NGLs (NC4-Normal Butane) April – September 2020 Swaps 2,913 bbls/day $ 0.57/gallon April – September 2020 Calls 2,251 bbls/day $ 0.57/gallon NGLs (iC4-Isobutane) April 2020 Swaps 2,000 bbls/day $ 0.64/gallon NGLs (C5-Natural Gasoline) April 2020 Swaps 1,500 bbls/day $ 1.21/gallon ( 1 ) We also sold natural gas call swaptions of 120,000 Mmbtu/day for July – December 2020 at a weighted average price of $2.51 and 100,000 Mmbtu/day for 2021 at a weighted average price of $2.69. In addition, we sold oil call swaptions of 3,000 bbls per day for 2021 at a weighted average price of $56.50. 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, calls and swaptions described above, at March 31, 2020, 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 December 2021, monthly in 2023 and 2024 and include a total volume of 125,180,000 Mmbtu. The fair value of these contracts was a gain of $4.8 million at March 31, 2020. At March 31, 2020, we also had propane spread swap contracts which lock in the differential between Mont Belvieu and international propane indices. The contracts settle monthly in 2020 and include a total volume of 1,500,000 barrels. The fair value of these contracts was a gain of $651,000 at March 31, 2020. Freight Swap Contracts In connection with our international propane sales, we utilize propane swaps. To further hedge our propane price, at March 31, 2020, 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 2021 with the fair value of these contracts equal to a loss of $4.7 million at March 31, 2020. Derivative Assets and Liabilities The combined fair value of derivatives included in the accompanying consolidated balance sheets as of March 31, 2020 and December 31, 2019 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): March 31, 2020 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 $ 192,244 $ (448 ) $ 191,796 –swaptions — (3,719 ) (3,719 ) –calls — (23 ) (23 ) –three-way collars 1,914 (8,612 ) (6,698 ) –basis swaps 5,597 (436 ) 5,161 Crude oil –swaps 67,765 (4,024 ) 63,741 –swaptions — (11 ) (11 ) –calls — (6 ) (6 ) NGLs –C3 propane spread swaps 23,039 (22,388 ) 651 –C3 propane swaps 8,753 — 8,753 –iC4 iso butane swaps 673 — 673 –NC4 normal butane swaps 5,046 — 5,046 –NC4 normal butane calls — (44 ) (44 ) −C5 natural gasoline swaps 1,589 — 1,589 Freight −swaps — (3,354 ) (3,354 ) $ 306,620 $ (43,065 ) $ 263,555 March 31, 2020 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 $ (448 ) $ 448 $ — –swaptions (4,171 ) 3,719 (452 ) –calls (23 ) 23 — –three-way collars (13,276 ) 8,612 (4,664 ) –basis swaps (777 ) 436 (341 ) Crude oil –swaps (4,024 ) 4,024 — –swaptions (11 ) 11 — –calls (6 ) 6 — NGLs –C3 propane spread swaps (22,388 ) 22,388 — –NC4 normal butane calls (44 ) 44 — Freight –swaps (4,720 ) 3,354 (1,366 ) $ (49,888 ) $ 43,065 $ (6,823 ) December 31, 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 $ 134,364 $ (2,913 ) $ 131,451 –swaptions — (1,325 ) (1,325 ) –basis swaps 10,766 (1,092 ) 9,674 Crude oil –swaps 3,893 (4,794 ) (901 ) –swaptions — (1,597 ) (1,597 ) –calls — (349 ) (349 ) NGLs –C3 propane spread swaps 1,913 (1,913 ) — –NC4 butane swaps 167 — 167 –C5 natural gasoline swaps 60 (127 ) (67 ) Freight –swaps 1,529 (1,028 ) 501 $ 152,692 $ (15,138 ) $ 137,554 December 31, 2019 Gross Amounts of Recognized (Liabilities) Gross Amounts Net Amounts of (Liabilities) Presented in the Balance Sheet Derivative (liabilities): Natural gas –swaps $ (1,657 ) $ 2,913 $ 1,256 –swaptions (2,594 ) 1,325 (1,269 ) –basis swaps (1,371 ) 1,092 (279 ) Crude oil –swaps (4,814 ) 4,794 (20 ) –swaptions (2,254 ) 1,597 (657 ) –calls (349 ) 349 — NGLs –C3 propane spread swaps (16,040 ) 1,913 (14,127 ) –C5 natural gasoline swaps (127 ) 127 — Freight –swaps — 1,028 1,028 $ (29,206 ) $ 15,138 $ (14,068 ) The effects of our derivatives on our consolidated statements of operations are summarized below (in thousands): Derivative Fair Value Income (Loss) Three Months Ended March 31, 2020 2019 Commodity swaps $ 228,354 $ (57,418 ) Swaptions 666 (3,291 ) Three-way collars (11,362 ) — Collars — (4,524 ) Calls 275 — Basis swaps 21,343 3,415 Freight swaps (6,101 ) 87 Total $ 233,175 $ (61,731 ) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (12) 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 does 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 March 31, 2020 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 March 31, 2020 Trading securities held in the deferred compensation plans $ 51,457 $ — $ — $ 51,457 Commodity price derivatives –swaps — 271,598 — 271,598 –three-way collars — (11,362 ) — (11,362 ) –calls — (29 ) (44 ) (73 ) –basis swaps — 5,471 — 5,471 –swaptions — — (4,182 ) (4,182 ) Derivatives–freight swaps — (4,720 ) — (4,720 ) Fair Value Measurements at December 31, 2019 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, 2019 Trading securities held in the deferred compensation plans $ 62,009 $ — $ — $ 62,009 Commodity price derivatives –swaps — 131,886 — 131,886 –calls — (349 ) — (349 ) –basis swaps — (4,732 ) — (4,732 ) –swaptions — — (4,848 ) (4,848 ) Derivatives–freight swaps — 1,529 — 1,529 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 March 31, 2020, a portion of our natural gas derivative instruments contain 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 March 31, 2020 Balance at December 31, 2019 $ (4,848 ) Total gains: Included in earnings 132 Settlements, net 490 Balance at March 31, 2020 $ (4,226 ) 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 statements of operations. For first quarter 2020, interest and dividends were $148,000 and the mark-to-market adjustment was a loss of $10.5 million compared to interest and dividends of $179,000 and a mark-to-market gain of $5.1 million in first quarter 2019. Fair Values – Non-recurring Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. 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. As a result of such a proved property review in fourth quarter 2019, we recorded noncash impairment charges to reduce the carrying value of our North Louisiana assets. We calculated the fair value of these assets using a discounted cash flow model which uses Level 3 inputs. There were no proved property impairment charges in first quarter 2019. The following table presents the value of these assets measured at fair value on a nonrecurring basis at the time impairment was recorded (in thousands): Year Ended December 31, 2019 Fair Value Impairment North Louisiana $ 370,500 $ 1,093,531 In first quarter 2020, we recognized additional impairment charges of $77.0 million that reduced the carrying value to the anticipated sales proceeds for these North Louisiana assets which is a market approach using Level 2 inputs. We have a gas processing agreement that extends through 2030 in North Louisiana where we must pay a quarterly deficiency payment if the minimum volume commitment is not met. In the event these properties are sold in the future and any or all of these charges are retained by us, at that time we would recognize and accrue these future divestiture-related charges, which could be significant. In first quarter 2020, our deficiency charges were approximately $17.0 million and are included in transportation, gathering and processing expense in the accompanying consolidated statement of operations. Fair Values – Reported The following presents the carrying amounts and the fair values of our financial instruments as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Assets: Commodity swaps, options and basis swaps $ 263,555 $ 263,555 $ 137,554 $ 137,554 Marketable securities (a) 51,457 51,457 62,009 62,009 (Liabilities): Commodity swaps, options and basis swaps (6,823 ) (6,823 ) (14,068 ) (14,068 ) Bank credit facility (b) (557,000 ) (557,000 ) (477,000 ) (477,000 ) 5.75% senior notes due 2021 (b) (50,059 ) (42,179 ) (374,139 ) (375,909 ) 5.00% senior notes due 2022 (b) (463,431 ) (347,448 ) (511,886 ) (501,582 ) 5.875% senior notes due 2022 (b) (115,865 ) (83,154 ) (297,617 ) (294,757 ) Other senior notes due 2022 (b) (490 ) (455 ) (590 ) (592 ) 5.00% senior notes due 2023 (b) (684,886 ) (499,980 ) (741,531 ) (683,291 ) 4.875% senior notes due 2025 (b) (750,000 ) (430,800 ) (750,000 ) (645,098 ) 9.25% senior notes due 2026 (b) (550,000 ) (337,865 ) — — 5.75% senior subordinated notes due 2021 (b) (22,214 ) (17,910 ) (22,214 ) (21,539 ) 5.00% senior subordinated notes due 2022 (b) (19,054 ) (8,660 ) (19,054 ) (17,011 ) 5.00% senior subordinated notes due 2023 (b) (7,712 ) (4,747 ) (7,712 ) (7,654 ) Deferred compensation plan (c) (56,676 ) (56,676 ) (74,472 ) (74,472 ) (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 curren t 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 . Concentrations of Credit Risk As of March 31, 2020, 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, end-users in various industries and joint interest owners on properties we operate. Letters of credit or other appropriate securities are obtained as deemed necessary to limit our risk of loss. Our allowance for uncollectable receivables was $9.5 million at March 31, 2020 and $8.8 million at December 31, 2019. 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 March Allowance for Expected Credit Losses. Each reporting period, we assess the recoverability of material receivables using historical data, current market conditions and reasonable and supported forecasts of future economic conditions to determine their expected collectability. The loss given default method is used when, based on management’s judgment, an allowance for expected credit losses should be accrued on a material receivable to reflect the net amount to be collected. See Note 3 for a discussion on adoption of the new accounting standards update on financial instruments-credit losses. |
Stock-based Compensation Plans
Stock-based Compensation Plans | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation Plans | (13) 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 March 31, 2020 2019 Direct operating expense $ 450 $ 591 Brokered natural gas and marketing expense 413 385 Exploration expense 330 373 General and administrative expense 8,029 8,815 Total stock-based compensation $ 9,222 $ 10,164 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 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 debt-adjusted performance metrics (Production Per Share Awards or “PS-PSUs” and Reserve Per Share Awards or “RS-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 PS/RS-PSUs is based on annual performance targets earned over a three-year Restricted Stock – Equity Awards In first quarter 2020, we granted 4.5 million restricted stock Equity Awards to employees at an average grant date fair value of $3.42 which generally vest over a three-year Restricted Stock – Liability Awards In first quarter 2020, we granted 3.3 million shares of restricted stock Liability Awards as compensation to employees at an average grant date fair value of $3.02 which generally vest over a three-year three-year 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, 2019 2,002,239 $ 12.32 411,126 $ 10.94 Granted 4,462,711 3.42 3,301,344 3.02 Vested (811,670 ) 8.95 (529,484 ) 5.17 Forfeited (86,865 ) 11.75 — — Outstanding at March 31, 2020 5,566,415 $ 5.69 3,182,986 $ 3.69 Stock-Based Performance Units Production Per Share and Reserve Per Share Awards (debt-adjusted). The PS-PSUs and RS-PSUs vest at the end of the three-year 2020: Number of Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2019 881,573 $ 11.70 Units granted (a) 777,847 2.33 Outstanding at March 31, 2020 1,659,420 $ 5.50 (a) We recorded PG/RG-PSUs compensation income of $285,000 in first quarter 2020 compared to expense of $1.6 million in first quarter 2019. 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 Three Months Ended March 31, 2020 2019 Risk-free interest rate 1.4 % 2.4 % Expected annual volatility 65 % 46 % Grant date fair value per unit $ 3.85 $ 11.34 The following is a summary of our non-vested TSR – Units Weighted Average Fair Value Outstanding at December 31, 2019 993,452 $ 19.00 Units granted (a) 610,155 3.85 Outstanding at March 31, 2020 1,603,607 $ 13.23 (a) These We recorded TSR-PSUs compensation expense of $936,000 in first quarter 2020 compared to $443,000 in the same period of 2019. Fair value is amortized over the performance period with no adjustment to the expense recorded for actual targets achieved. 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 March 3 1 , 20 20 and 201 9 . Those employees that qualif ied for th is new retirement health care plan were also fully vested in all equity grants. Effective October 2018, officers who qualif y for the plan are required to provide reasonable notice of retirement and beginning in 2019 must provide one year of service after the grant date to be fully vested in an equity grant. 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 $8.5 |
Termination Costs
Termination Costs | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring And Related Activities [Abstract] | |
Termination Costs | (14) TERMINATION COSTS In first quarter 2020, we completed the sale of our shallow legacy assets in Northwest Pennsylvania. We recorded $1.6 million of severance costs in first quarter 2020 which are primarily related to this sale, compared to no severance costs in first quarter 2019. The following summarizes our termination costs for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Severance costs $ 1,595 $ — Stock-based compensation — — $ 1,595 $ — The following details the accrued liability activity for the quarter ended March 31, 2020 (in thousands): As of March 31, 2020 Balance at December 31, 2019 $ 4,692 Accrued severance costs 1,595 Payments (2,704 ) Balance at March 31, 2020 $ 3,583 |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Capital Stock | (15) 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 2019: Three Months Year Beginning balance 249,630,803 249,510,022 Restricted stock grants 3,301,344 1,186,290 Restricted stock units vested 944,549 720,212 Performance stock units issued — 12,747 Treasury shares acquired (7,999,194 ) (1,798,468 ) Ending balance 245,877,502 249,630,803 Stock Repurchase Program In October 2019, our board of directors authorized a $100.0 million common stock repurchase program. Under this program, we may repurchase shares in open market transactions, from time to time, in accordance with applicable SEC rules and federal securities laws. The stock repurchase program has no time limit, may be modified or suspended based on our financial condition or changes in market conditions or terminated at any time by our board of directors. The following is a schedule of the change in treasury shares for the three months ended March 31, 2020: Three Months Ended March 31, 2020 Beginning balance 1,808,133 Rabbi trust shares distributed/sold (806 ) Shares repurchased 8,000,000 Ending balance 9,807,327 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | (16) SUPPLEMENTAL CASH FLOW INFORMATION Three Months Ended March 31, 2020 2019 (in thousands) Net cash provided from operating activities included: Income taxes refunded from taxing authorities $ 1,789 $ — Interest paid (50,832 ) (54,632 ) Non-cash investing and financing activities included: Increase in asset retirement costs capitalized 1,250 1,532 (Decrease) increase in accrued capital expenditures (8,645 ) 22,764 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (17) COMMITMENTS AND CONTINGENCIES Litigation We are the subject of, or party to, a number of pending or threatened legal actions, administrative proceedings arising in the ordinary course of our business including, but not limited to, royalty claims, contract claims and environmental claims. 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. When deemed necessary, we establish reserves for certain legal proceedings. The establishment of a reserve is based on an estimation process that includes the advice of legal counsel and subjective judgment of management. While management believes these reserves to be adequate, it is reasonably possible we could incur additional losses with respect to those matters in which reserves have been established. We will continue to evaluate our litigation on a quarterly basis and will establish and adjust any litigation reserves as appropriate to reflect our assessment of the then current status of litigation. We have incurred and will continue to incur capital, operating and remediation expenditures as a result of environmental laws and regulations. As of March 31, 2020, liabilities for remediation were not material. We are not aware of any environmental claims existing as of March 31, 2020 that have not been provided for or would otherwise have a material impact on our financial position or results of operations. Environmental liabilities normally involve estimates that are subject to revision until final resolution, settlement or remediation occurs. Pennsylvania Office of Attorney General Matter In April 2020, the Office of Attorney General informed our subsidiary Range Resources – Appalachia, LLC that it will pursue certain misdemeanor charges against the subsidiary related to alleged violations of the Pennsylvania Solid Waste Management Act and the Pennsylvania Clean Streams Law arising from an unintentional release of produced and reuse water at one location and unintentional discharges from a drilling reserve pit containing drill cuttings and a water impoundment at another. We intend to defend ourselves against such charges, however the proceedings could result in fines or penalties against the subsidiary. At this time, it is not possible to estimate the amount of any fines or penalties, or the range of such fines or penalties, that are reasonably possible in this case. |
Costs Incurred for Property Acq
Costs Incurred for Property Acquisition, Exploration and Development | 3 Months Ended |
Mar. 31, 2020 | |
Extractive Industries [Abstract] | |
Costs Incurred for Property Acquisition, Exploration and Development | (18) Costs Incurred for Property Acquisition, Exploration and Development (a) Three Months Ended March 31, 2020 Year Ended December 31, 2019 (in thousands) Acquisitions: Acreage purchases $ 4,061 $ 57,324 Development 124,180 666,984 Exploration: Expense 6,747 35,117 Stock-based compensation expense 330 1,566 Gas gathering facilities: Development 2,047 3,583 Subtotal 137,365 764,574 Asset retirement obligations 1,250 11,193 Total costs incurred $ 138,615 $ 775,767 (a) Includes costs incurred whether capitalized or expensed. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
New Accounting Standards | Not Yet Adopted None that are expected to have a material impact on our financial statements. Recently 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 new standards update was effective for us in first quarter 2020. The adoption of this standards update did not have a material impact on our financial statements. 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 was effective for us in first quarter 2020. The adoption of this standards update did not have a material impact on our financial statements. 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 required 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. 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. |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 2019 Natural gas sales $ 253,249 $ 434,720 NGLs sales 143,239 197,813 Oil sales 35,608 39,121 Total natural gas, NGLs and oil sales 432,096 671,654 Sales of purchased natural gas 24,875 134,801 Sales of purchased NGLs 1,140 424 Other marketing revenue 2,634 2,989 Total $ 460,745 $ 809,868 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax (Benefit) Expense | 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 was as follows (in thousands): Three Months Ended March 31, 2020 2019 Income tax expense $ 50,218 $ 5,688 Effective tax rate 25.7 % 80.0 % |
Summary of Differences In Effective Tax Rate and Federal Statutory Rate Due to State Income Taxes, Equity Compensation and Other Tax Items | For the three months ended March 31, 2020 and 2019 , 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 March 31, 2020 2019 Total income before income taxes $ 195,193 $ 7,107 U.S. federal statutory rate 21 % 21 % Total tax expense at statutory rate 40,991 1,492 State and local income taxes, net of federal benefit 5,803 818 Equity compensation 3,843 3,391 Change in valuation allowances: Federal net operating loss carryforwards (1,313 ) — State net operating loss carryforwards and other 2,800 352 Other (537 ) 231 Permanent differences and other (1,369 ) (596 ) Total expense for income taxes $ 50,218 $ 5,688 Effective tax rate 25.7 % 80.0 % |
Income (Loss) Per Common Share
Income (Loss) Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 2019 Net income, as reported $ 144,975 $ 1,419 Participating earnings (a) (1,855 ) (14 ) Basic net income attributed to common shareholders 143,120 1,405 Reallocation of participating earnings (a) 11 — Diluted net income attributed to common shareholders $ 143,131 $ 1,405 Net income per common share: Basic $ 0.58 $ 0.01 Diluted $ 0.58 $ 0.01 (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 March 31, 2020 2019 Weighted average common shares outstanding – basic 246,218 247,776 Effect of dilutive securities: Director and employee restricted stock and performance based equity awards 1,466 1,378 Weighted average common shares outstanding – diluted 247,684 249,154 |
Capitalized Costs and Accumul_2
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Extractive Industries [Abstract] | |
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization | March 31, December 31, (in thousands) Natural gas and oil properties: Properties subject to depletion $ 9,395,279 $ 9,345,557 Unproved properties 866,635 868,180 Total 10,261,914 10,213,737 Accumulated depletion and depreciation (4,271,947 ) (4,172,702 ) Net capitalized costs $ 5,989,967 $ 6,041,035 (a) |
Indebtedness (Tables)
Indebtedness (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt Outstanding | We had the following debt outstanding as of the dates shown below (bank debt interest rate at March 31, 2020 is shown parenthetically). No interest was capitalized during the three months ended March 31, 2020 or the year ended December 31, 2019 (in thousands). March 31, 2020 December 31, 2019 Bank debt ( 3.0% $ 557,000 $ 477,000 Senior notes: 4.875% senior notes due 2025 750,000 750,000 5.00% senior notes due 2023 684,886 741,531 5.00% senior notes due 2022 463,431 511,886 5.75% senior notes due 2021 50,059 374,139 5.875% senior notes due 2022 115,865 297,617 9.25% senior notes due 2026 550,000 — Other senior notes due 2022 490 590 Total senior notes 2,614,731 2,675,763 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 3,220,711 3,201,743 Unamortized premium 1,305 3,013 Unamortized debt issuance costs (34,987 ) (31,819 ) Total debt net of debt issuance costs $ 3,187,029 $ 3,172,937 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | A reconciliation of our liability for plugging and abandonment costs for the three months ended March 31, 2020 and the year ended December 31, 2019 is as follows (in thousands): Three Months Ended March 31, 2020 Year Ended December 31, 2019 Beginning of period $ 251,076 $ 312,754 Liabilities incurred 651 4,063 Acquisitions 102 — Liabilities settled (729 ) (5,953 ) Disposition of wells (a) (126,117 ) (82,576 ) Accretion expense 2,800 15,658 Change in estimate 497 7,130 End of period 128,280 251,076 Less current portion (2,393 ) (2,393 ) Long-term asset retirement obligations $ 125,887 $ 248,683 (a) |
Derivative Activities (Tables)
Derivative Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020, excluding our basis and freight swaps which are discussed separately below: Period Contract Type Volume Hedged Weighted Average Hedge Price Swap Sold Put Floor Ceiling Natural Gas 2020 Swaps 1,155,600 Mmbtu/day $ 2.57 (1) 2021 Swaps 50,000 Mmbtu/day $ 2.62 (1) April – June 2020 Calls 40,000 Mmbtu/day $ 2.30 April – October 2020 Three-way Collars 20,000 Mmbtu/day $ 1.75 $ 2.00 $ 2.50 2021 Three-way Collars 240,000 Mmbtu/day $ 1.99 $ 2.31 $ 2.60 Crude Oil 2020 Swaps 7,331 bbls/day $ 58.22 (1) 2021 Swaps 1,000 bbls/day $ 55.00 (1) April – September 2020 Calls 500 bbls/day $ 59.00 NGLs (C3-Propane) April – June 2020 Swaps 8,242 bbls/day $ 0.63/gallon NGLs (NC4-Normal Butane) April – September 2020 Swaps 2,913 bbls/day $ 0.57/gallon April – September 2020 Calls 2,251 bbls/day $ 0.57/gallon NGLs (iC4-Isobutane) April 2020 Swaps 2,000 bbls/day $ 0.64/gallon NGLs (C5-Natural Gasoline) April 2020 Swaps 1,500 bbls/day $ 1.21/gallon ( 1 ) We also sold natural gas call swaptions of 120,000 Mmbtu/day for July – December 2020 at a weighted average price of $2.51 and 100,000 Mmbtu/day for 2021 at a weighted average price of $2.69. In addition, we sold oil call swaptions of 3,000 bbls per day for 2021 at a weighted average price of $56.50. |
Combined Fair Value of Derivatives, by Consolidated Balance Sheets | The combined fair value of derivatives included in the accompanying consolidated balance sheets as of March 31, 2020 and December 31, 2019 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): March 31, 2020 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 $ 192,244 $ (448 ) $ 191,796 –swaptions — (3,719 ) (3,719 ) –calls — (23 ) (23 ) –three-way collars 1,914 (8,612 ) (6,698 ) –basis swaps 5,597 (436 ) 5,161 Crude oil –swaps 67,765 (4,024 ) 63,741 –swaptions — (11 ) (11 ) –calls — (6 ) (6 ) NGLs –C3 propane spread swaps 23,039 (22,388 ) 651 –C3 propane swaps 8,753 — 8,753 –iC4 iso butane swaps 673 — 673 –NC4 normal butane swaps 5,046 — 5,046 –NC4 normal butane calls — (44 ) (44 ) −C5 natural gasoline swaps 1,589 — 1,589 Freight −swaps — (3,354 ) (3,354 ) $ 306,620 $ (43,065 ) $ 263,555 March 31, 2020 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 $ (448 ) $ 448 $ — –swaptions (4,171 ) 3,719 (452 ) –calls (23 ) 23 — –three-way collars (13,276 ) 8,612 (4,664 ) –basis swaps (777 ) 436 (341 ) Crude oil –swaps (4,024 ) 4,024 — –swaptions (11 ) 11 — –calls (6 ) 6 — NGLs –C3 propane spread swaps (22,388 ) 22,388 — –NC4 normal butane calls (44 ) 44 — Freight –swaps (4,720 ) 3,354 (1,366 ) $ (49,888 ) $ 43,065 $ (6,823 ) December 31, 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 $ 134,364 $ (2,913 ) $ 131,451 –swaptions — (1,325 ) (1,325 ) –basis swaps 10,766 (1,092 ) 9,674 Crude oil –swaps 3,893 (4,794 ) (901 ) –swaptions — (1,597 ) (1,597 ) –calls — (349 ) (349 ) NGLs –C3 propane spread swaps 1,913 (1,913 ) — –NC4 butane swaps 167 — 167 –C5 natural gasoline swaps 60 (127 ) (67 ) Freight –swaps 1,529 (1,028 ) 501 $ 152,692 $ (15,138 ) $ 137,554 December 31, 2019 Gross Amounts of Recognized (Liabilities) Gross Amounts Net Amounts of (Liabilities) Presented in the Balance Sheet Derivative (liabilities): Natural gas –swaps $ (1,657 ) $ 2,913 $ 1,256 –swaptions (2,594 ) 1,325 (1,269 ) –basis swaps (1,371 ) 1,092 (279 ) Crude oil –swaps (4,814 ) 4,794 (20 ) –swaptions (2,254 ) 1,597 (657 ) –calls (349 ) 349 — NGLs –C3 propane spread swaps (16,040 ) 1,913 (14,127 ) –C5 natural gasoline swaps (127 ) 127 — Freight –swaps — 1,028 1,028 $ (29,206 ) $ 15,138 $ (14,068 ) |
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 March 31, 2020 2019 Commodity swaps $ 228,354 $ (57,418 ) Swaptions 666 (3,291 ) Three-way collars (11,362 ) — Collars — (4,524 ) Calls 275 — Basis swaps 21,343 3,415 Freight swaps (6,101 ) 87 Total $ 233,175 $ (61,731 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 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 March 31, 2020 Trading securities held in the deferred compensation plans $ 51,457 $ — $ — $ 51,457 Commodity price derivatives –swaps — 271,598 — 271,598 –three-way collars — (11,362 ) — (11,362 ) –calls — (29 ) (44 ) (73 ) –basis swaps — 5,471 — 5,471 –swaptions — — (4,182 ) (4,182 ) Derivatives–freight swaps — (4,720 ) — (4,720 ) Fair Value Measurements at December 31, 2019 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, 2019 Trading securities held in the deferred compensation plans $ 62,009 $ — $ — $ 62,009 Commodity price derivatives –swaps — 131,886 — 131,886 –calls — (349 ) — (349 ) –basis swaps — (4,732 ) — (4,732 ) –swaptions — — (4,848 ) (4,848 ) Derivatives–freight swaps — 1,529 — 1,529 |
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 March 31, 2020 Balance at December 31, 2019 $ (4,848 ) Total gains: Included in earnings 132 Settlements, net 490 Balance at March 31, 2020 $ (4,226 ) |
Value of Assets Measured at Fair Value on Nonrecurring Basis | The following table presents the value of these assets measured at fair value on a nonrecurring basis at the time impairment was recorded (in thousands): Year Ended December 31, 2019 Fair Value Impairment North Louisiana $ 370,500 $ 1,093,531 |
Carrying Amounts and Fair Values of Financial Instruments | The following presents the carrying amounts and the fair values of our financial instruments as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Assets: Commodity swaps, options and basis swaps $ 263,555 $ 263,555 $ 137,554 $ 137,554 Marketable securities (a) 51,457 51,457 62,009 62,009 (Liabilities): Commodity swaps, options and basis swaps (6,823 ) (6,823 ) (14,068 ) (14,068 ) Bank credit facility (b) (557,000 ) (557,000 ) (477,000 ) (477,000 ) 5.75% senior notes due 2021 (b) (50,059 ) (42,179 ) (374,139 ) (375,909 ) 5.00% senior notes due 2022 (b) (463,431 ) (347,448 ) (511,886 ) (501,582 ) 5.875% senior notes due 2022 (b) (115,865 ) (83,154 ) (297,617 ) (294,757 ) Other senior notes due 2022 (b) (490 ) (455 ) (590 ) (592 ) 5.00% senior notes due 2023 (b) (684,886 ) (499,980 ) (741,531 ) (683,291 ) 4.875% senior notes due 2025 (b) (750,000 ) (430,800 ) (750,000 ) (645,098 ) 9.25% senior notes due 2026 (b) (550,000 ) (337,865 ) — — 5.75% senior subordinated notes due 2021 (b) (22,214 ) (17,910 ) (22,214 ) (21,539 ) 5.00% senior subordinated notes due 2022 (b) (19,054 ) (8,660 ) (19,054 ) (17,011 ) 5.00% senior subordinated notes due 2023 (b) (7,712 ) (4,747 ) (7,712 ) (7,654 ) Deferred compensation plan (c) (56,676 ) (56,676 ) (74,472 ) (74,472 ) (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) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 2019 Direct operating expense $ 450 $ 591 Brokered natural gas and marketing expense 413 385 Exploration expense 330 373 General and administrative expense 8,029 8,815 Total stock-based compensation $ 9,222 $ 10,164 |
Restricted Stock and Restricted Stock Units Outstanding | The following is a summary of the status of our non-vested restricted stock outstanding at March 31, 2020: 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, 2019 2,002,239 $ 12.32 411,126 $ 10.94 Granted 4,462,711 3.42 3,301,344 3.02 Vested (811,670 ) 8.95 (529,484 ) 5.17 Forfeited (86,865 ) 11.75 — — Outstanding at March 31, 2020 5,566,415 $ 5.69 3,182,986 $ 3.69 |
Schedule of Share Based Payment Award Performance Stock Awards Valuation Assumptions | The following assumptions were used to estimate the fair value of TSR-PSUs granted during first quarter 2020 and 2019: Three Months Ended March 31, 2020 2019 Risk-free interest rate 1.4 % 2.4 % Expected annual volatility 65 % 46 % Grant date fair value per unit $ 3.85 $ 11.34 |
Performance-based PS-PSUs and RS-PSUs | |
Summary of Non-Vested Awards Activities | The following is a summary of our non-vested PG/RG-PSUs awards outstanding at March 31, Number of Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2019 881,573 $ 11.70 Units granted (a) 777,847 2.33 Outstanding at March 31, 2020 1,659,420 $ 5.50 (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, 2019 993,452 $ 19.00 Units granted (a) 610,155 3.85 Outstanding at March 31, 2020 1,603,607 $ 13.23 (a) These |
Termination Costs (Tables)
Termination Costs (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring And Related Activities [Abstract] | |
Summary of Termination Costs | The following summarizes our termination costs for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Severance costs $ 1,595 $ — Stock-based compensation — — $ 1,595 $ — |
Termination Costs Included in Accrued Liabilities in Consolidated Balance Sheet | The following details the accrued liability activity for the quarter ended March 31, 2020 (in thousands): As of March 31, 2020 Balance at December 31, 2019 $ 4,692 Accrued severance costs 1,595 Payments (2,704 ) Balance at March 31, 2020 $ 3,583 |
Capital Stock (Tables)
Capital Stock (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Schedule of Changes in Number of Common Shares Outstanding | The following is a schedule of changes in the number of common shares outstanding since the beginning of 2019: Three Months Year Beginning balance 249,630,803 249,510,022 Restricted stock grants 3,301,344 1,186,290 Restricted stock units vested 944,549 720,212 Performance stock units issued — 12,747 Treasury shares acquired (7,999,194 ) (1,798,468 ) Ending balance 245,877,502 249,630,803 |
Schedule of Change in Treasury Shares | The following is a schedule of the change in treasury shares for the three months ended March 31, 2020: Three Months Ended March 31, 2020 Beginning balance 1,808,133 Rabbi trust shares distributed/sold (806 ) Shares repurchased 8,000,000 Ending balance 9,807,327 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Three Months Ended March 31, 2020 2019 (in thousands) Net cash provided from operating activities included: Income taxes refunded from taxing authorities $ 1,789 $ — Interest paid (50,832 ) (54,632 ) Non-cash investing and financing activities included: Increase in asset retirement costs capitalized 1,250 1,532 (Decrease) increase in accrued capital expenditures (8,645 ) 22,764 |
Costs Incurred for Property A_2
Costs Incurred for Property Acquisition, Exploration and Development (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Extractive Industries [Abstract] | |
Costs Incurred for Property Acquisition, Exploration and Development | Three Months Ended March 31, 2020 Year Ended December 31, 2019 (in thousands) Acquisitions: Acreage purchases $ 4,061 $ 57,324 Development 124,180 666,984 Exploration: Expense 6,747 35,117 Stock-based compensation expense 330 1,566 Gas gathering facilities: Development 2,047 3,583 Subtotal 137,365 764,574 Asset retirement obligations 1,250 11,193 Total costs incurred $ 138,615 $ 775,767 (a) Includes costs incurred whether capitalized or expensed. |
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% |
Dispositions - Additional Infor
Dispositions - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
(Loss) gain on the sale of assets | $ 122,099,000 | $ (189,000) |
Northwest Pennsylvania | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
(Loss) gain on the sale of assets | 122,700,000 | |
Proceeds from sale of oil and gas properties | 1,000,000 | |
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 | (617,000) | (189,000) |
Proceeds from sale of oil and gas properties | $ 59,000 | $ 332,000 |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Additional Information (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)Stream | Dec. 31, 2019USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Number of revenue streams | Stream | 3 | |
Revenue Contract with Customer | ||
Disaggregation of Revenue [Line Items] | ||
Accounts receivable | $ | $ 142.4 | $ 237 |
Revenues from Contracts with _4
Revenues from Contracts with Customers - Disaggregation of Revenue by Identified Revenue Stream (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 460,745 | $ 809,868 |
Natural Gas, NGLs and Oil Sales | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 432,096 | 671,654 |
Natural Gas, NGLs and Oil Sales | Natural gas sales | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 253,249 | 434,720 |
Natural Gas, NGLs and Oil Sales | NGLs sales | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 143,239 | 197,813 |
Natural Gas, NGLs and Oil Sales | Oil sales | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 35,608 | 39,121 |
Brokered Natural Gas, Marketing and Other | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 28,649 | 138,214 |
Brokered Natural Gas, Marketing and Other | Natural gas sales | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 24,875 | 134,801 |
Brokered Natural Gas, Marketing and Other | NGLs sales | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 1,140 | 424 |
Brokered Natural Gas, Marketing and Other | Other marketing revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 2,634 | $ 2,989 |
Income Taxes - Income Tax (Bene
Income Taxes - Income Tax (Benefit) Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | ||
Income tax expense | $ 50,218 | $ 5,688 |
Effective tax rate | 25.70% | 80.00% |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Total income before income taxes | $ 195,193 | $ 7,107 |
U.S. federal statutory rate | 21.00% | 21.00% |
Total tax expense at statutory rate | $ 40,991 | $ 1,492 |
State and local income taxes, net of federal benefit | 5,803 | 818 |
Equity compensation | 3,843 | 3,391 |
Change in valuation allowances: | ||
Federal net operating loss carryforwards | (1,313) | 0 |
State net operating loss carryforwards and other | 2,800 | 352 |
Other | (537) | 231 |
Permanent differences and other | (1,369) | (596) |
Total (benefit) expense for income taxes | $ 50,218 | $ 5,688 |
Effective tax rate | 25.70% | 80.00% |
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 | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Earnings Per Share Reconciliation [Abstract] | |||
Net income | $ 144,975 | $ 1,419 | |
Participating earnings | [1] | (1,855) | (14) |
Basic net income attributed to common shareholders | 143,120 | 1,405 | |
Reallocation of participating earnings | [1] | 11 | 0 |
Diluted net income attributed to common shareholders | $ 143,131 | $ 1,405 | |
Net income per common share: | |||
Basic | $ 0.58 | $ 0.01 | |
Diluted | $ 0.58 | $ 0.01 | |
[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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Weighted Average Number Of Shares Outstanding [Abstract] | ||
Weighted average common shares outstanding – basic | 246,218 | 247,776 |
Effect of dilutive securities: | ||
Director and employee restricted stock and performance based equity awards | 1,466 | 1,378 |
Weighted average common shares outstanding – diluted | 247,684 | 249,154 |
Income (Loss) Per Common Shar_4
Income (Loss) Per Common Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Equity Grants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Stock excluded from earning per share calculation | 2.5 | 1.6 |
Restricted Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Stock excluded from earning per share calculation | 3.2 | 2.5 |
Capitalized Costs and Accumul_3
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Natural gas and oil properties: | |||
Properties subject to depletion | [1] | $ 9,395,279 | $ 9,345,557 |
Unproved properties | [1] | 866,635 | 868,180 |
Total | [1] | 10,261,914 | 10,213,737 |
Accumulated depletion and depreciation | [1] | (4,271,947) | (4,172,702) |
Natural gas and oil properties, successful efforts method, net | [1] | $ 5,989,967 | $ 6,041,035 |
[1] |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Disclosure [Abstract] | ||
Interest capitalized during the period | $ 0 | $ 0 |
Indebtedness - Debt Outstanding
Indebtedness - Debt Outstanding (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Senior notes | $ 2,614,731 | $ 2,675,763 |
Senior subordinated notes | 48,980 | 48,980 |
Total debt | 3,220,711 | 3,201,743 |
Unamortized premium | 1,305 | 3,013 |
Unamortized debt issuance costs | (34,987) | (31,819) |
Total debt net of debt issuance costs | 3,187,029 | 3,172,937 |
3.0% Bank Debt | Notes Payable to Banks | ||
Debt Instrument [Line Items] | ||
Bank debt (3.0%) | 557,000 | 477,000 |
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 | 684,886 | 741,531 |
5.00% Senior Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Senior notes | 463,431 | 511,886 |
5.75% Senior Notes Due 2021 | ||
Debt Instrument [Line Items] | ||
Senior notes | 50,059 | 374,139 |
5.875% Senior Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Senior notes | 115,865 | 297,617 |
9.25% Senior Notes Due 2026 | ||
Debt Instrument [Line Items] | ||
Senior notes | 550,000 | 0 |
Other Senior Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Senior notes | 490 | 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) | Mar. 31, 2020 | Jan. 31, 2020 | Dec. 31, 2019 |
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% | 5.75% |
5.875% Senior Notes Due 2022 | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 5.875% | 5.875% | 5.875% |
9.25% Senior Notes Due 2026 | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 9.25% | 9.25% | |
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 | 3.0% Bank Debt | |||
Debt Instrument [Line Items] | |||
Bank debt percentage | 3.00% | 3.00% |
Indebtedness - Bank Debt - Addi
Indebtedness - Bank Debt - Additional Information (Detail) | Mar. 27, 2020USD ($) | Mar. 31, 2020USD ($)CommercialBank | Mar. 31, 2019 | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | ||||
Bank debt | $ 545,270,000 | $ 464,319,000 | ||
Bank Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Bank credit facility, maximum amount | 4,000,000,000 | |||
Bank credit facility, borrowing base | $ 3,000,000,000 | $ 3,000,000,000 | ||
Percentage holding of commercial banks, Maximum | 7.00% | |||
Number of commercial banks included in current bank group | CommercialBank | 27 | |||
Maturity date of loan | Apr. 13, 2023 | |||
Bank commitments | $ 2,400,000,000 | $ 2,400,000,000 | ||
Bank debt | 557,000,000 | |||
Undrawn letters of credit | 333,000,000 | |||
Borrowing capacity available under the commitment amount | $ 1,500,000,000 | |||
Weighted average interest rate on the bank credit facility | 3.10% | 4.00% | ||
Annual rate of commitment fee paid on the undrawn balance | 0.30% | |||
Increase in the applicable margin basis points on drawn facility balances | 50.00% | |||
Bank Credit Facility | Alternate Base Rate | ||||
Debt Instrument [Line Items] | ||||
Interest rate margin | 1.00% | |||
Bank Credit Facility | LIBOR Rate | ||||
Debt Instrument [Line Items] | ||||
Interest rate margin | 2.00% | |||
Bank Credit Facility | Minimum | ||||
Debt Instrument [Line Items] | ||||
Annual rate of commitment fee paid on the undrawn balance | 0.30% | |||
Bank Credit Facility | Minimum | Alternate Base Rate | ||||
Debt Instrument [Line Items] | ||||
Base rate on debt | 0.25% | |||
Bank Credit Facility | Minimum | LIBOR Rate | ||||
Debt Instrument [Line Items] | ||||
Base rate on debt | 1.25% | |||
Bank Credit Facility | Maximum | ||||
Debt Instrument [Line Items] | ||||
Annual rate of commitment fee paid on the undrawn balance | 0.375% | |||
Bank Credit Facility | Maximum | Alternate Base Rate | ||||
Debt Instrument [Line Items] | ||||
Base rate on debt | 1.25% | |||
Bank Credit Facility | Maximum | LIBOR Rate | ||||
Debt Instrument [Line Items] | ||||
Base rate on debt | 2.25% |
Indebtedness - New Senior Notes
Indebtedness - New Senior Notes - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
9.25% Senior Notes Due 2026 | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 550 | ||
Interest rate on notes | 9.25% | 9.25% | |
Debt instrument maturity year | 2026 | ||
Net proceeds after underwriting expenses | $ 541.6 | ||
Net proceeds after commissions | $ 8.4 | ||
Maximum redemption price of notes as percentage of principal amount | 100.00% | ||
5.75% Senior Notes Due 2021 | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 5.75% | 5.75% | 5.75% |
Repayments of senior notes | $ 324.1 | ||
5.875% Senior Notes Due 2022 | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 5.875% | 5.875% | 5.875% |
Repayments of senior notes | $ 175.9 |
Indebtedness - Early Extinguish
Indebtedness - Early Extinguishment of Debt - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||||
Repayment of notes by early cash tender premium amount | $ 15,100 | |||
Early cash tender offer period | 10 days | |||
Gain (Loss) on early extinguishment of debt | $ 12,923 | $ 0 | ||
5.75% Senior Notes Due 2021 and 5.875% Senior Notes Due 2022 | ||||
Debt Instrument [Line Items] | ||||
Cash tender principal amount | $ 500,000 | |||
Gain (Loss) on early extinguishment of debt | (17,500) | |||
5.00% Senior Notes Due 2022 | ||||
Debt Instrument [Line Items] | ||||
Extinguishment of debt, principal amount | $ 48,500 | |||
Interest rate on notes | 5.00% | 5.00% | ||
5.875% Senior Notes Due 2022 | ||||
Debt Instrument [Line Items] | ||||
Extinguishment of debt, principal amount | $ 5,800 | |||
Interest rate on notes | 5.875% | 5.875% | 5.875% | |
5.00% Senior Notes Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Extinguishment of debt, principal amount | $ 56,600 | |||
Interest rate on notes | 5.00% | 5.00% | ||
5.00% Senior Notes Due 2022, 5.875% Senior Notes Due 2022 and 5.00% Senior Notes Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Gain (Loss) on early extinguishment of debt | $ 30,400 |
Indebtedness - Senior Subordina
Indebtedness - Senior Subordinated Notes - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020 | |
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 | 3 Months Ended |
Mar. 31, 2020 | |
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 bank credit facility 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 March 31, 2020. |
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 | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | ||
Asset Retirement Obligation [Abstract] | |||
Beginning of period | $ 251,076 | $ 312,754 | |
Liabilities incurred | 651 | 4,063 | |
Acquisitions | 102 | 0 | |
Liabilities settled | (729) | (5,953) | |
Disposition of wells | [1] | (126,117) | (82,576) |
Accretion expense | 2,800 | 15,658 | |
Change in estimate | 497 | 7,130 | |
End of period | 128,280 | 251,076 | |
Less current portion | (2,393) | (2,393) | |
Long-term asset retirement obligations | $ 125,887 | $ 248,683 | |
[1] | The three months ended March 31, 2020 primarily represents the completion of the sale of our shallow legacy assets in Northwest Pennsylvania. |
Derivative Activities - Additio
Derivative Activities - Additional Information (Detail) $ in Millions | Mar. 31, 2020USD ($)MMBTUbbl |
Derivatives Excluding Basis Swaps and Freight Swaps | |
Derivative [Line Items] | |
Derivative assets liabilities at fair value net | $ 256 |
Commodity | Natural Gas Basis Swaps | |
Derivative [Line Items] | |
Derivative assets liabilities at fair value net | $ 4.8 |
Volume Hedged | MMBTU | 125,180,000 |
Commodity | Propane Spread Swaps | |
Derivative [Line Items] | |
Derivative assets liabilities at fair value net | $ 651,000 |
Volume Hedged | bbl | 1,500,000 |
Freight | Swaps | Level 2 | |
Derivative [Line Items] | |
Derivative assets liabilities at fair value net | $ (4.7) |
Derivative Activities - Derivat
Derivative Activities - Derivative Volumes Hedged and Average Hedge Prices (Detail) | Mar. 31, 2020MMBTU / dbbl / d$ / MMBTU$ / bbl$ / gal | |
2020 Commodity Contract | Swaps | Natural Gas | ||
Derivative [Line Items] | ||
Volume Hedged | MMBTU / d | 1,155,600 | |
Weighted Average Hedge Price, Swap | 2.57 | [1] |
2020 Commodity Contract | Swaps | Crude Oil | ||
Derivative [Line Items] | ||
Volume Hedged | bbl / d | 7,331 | |
Weighted Average Hedge Price, Swap | $ / bbl | 58.22 | [1] |
2021 Commodity Contract | Swaps | Natural Gas | ||
Derivative [Line Items] | ||
Volume Hedged | MMBTU / d | 50,000 | |
Weighted Average Hedge Price, Swap | 2.62 | [1] |
2021 Commodity Contract | Swaps | Crude Oil | ||
Derivative [Line Items] | ||
Volume Hedged | bbl / d | 1,000 | |
Weighted Average Hedge Price, Swap | $ / bbl | 55 | [1] |
2021 Commodity Contract | Three Way Collars | Natural Gas | ||
Derivative [Line Items] | ||
Volume Hedged | MMBTU / d | 240,000 | |
Weighted Average Hedge Price, Sold Put | 1.99 | |
Weighted average price of hedge, Floor | 2.31 | |
Weighted average price of hedge, Ceiling | 2.60 | |
April To June 2020 Commodity Contract | Swaps | NGLs (C3-Propane) | ||
Derivative [Line Items] | ||
Volume Hedged | bbl / d | 8,242 | |
Weighted Average Hedge Price, Swap | $ / gal | 0.63 | |
April To June 2020 Commodity Contract | Calls | Natural Gas | ||
Derivative [Line Items] | ||
Volume Hedged | MMBTU / d | 40,000 | |
Weighted Average Hedge Price, Swap | 2.30 | |
April To October 2020 Commodity Contract | Three Way Collars | Natural Gas | ||
Derivative [Line Items] | ||
Volume Hedged | MMBTU / d | 20,000 | |
Weighted Average Hedge Price, Sold Put | 1.75 | |
Weighted average price of hedge, Floor | 2 | |
Weighted average price of hedge, Ceiling | 2.50 | |
April 2020 Commodity Contract | Swaps | NGLs (iC4-Isobutane) | ||
Derivative [Line Items] | ||
Volume Hedged | bbl / d | 2,000 | |
Weighted Average Hedge Price, Swap | $ / gal | 0.64 | |
April 2020 Commodity Contract | Swaps | NGLs (C5-Natural Gasoline) | ||
Derivative [Line Items] | ||
Volume Hedged | bbl / d | 1,500 | |
Weighted Average Hedge Price, Swap | $ / gal | 1.21 | |
April-September, 2020 Commodity Contract | Swaps | NGLs (NC4-Normal Butane) | ||
Derivative [Line Items] | ||
Volume Hedged | bbl / d | 2,913 | |
Weighted Average Hedge Price, Swap | $ / gal | 0.57 | |
April-September, 2020 Commodity Contract | Calls | Crude Oil | ||
Derivative [Line Items] | ||
Volume Hedged | bbl / d | 500 | |
Weighted Average Hedge Price, Swap | $ / bbl | 59 | |
April-September, 2020 Commodity Contract | Calls | NGLs (NC4-Normal Butane) | ||
Derivative [Line Items] | ||
Volume Hedged | bbl / d | 2,251 | |
Weighted Average Hedge Price, Swap | $ / gal | 0.57 | |
[1] | We also sold natural gas call swaptions of 120,000 Mmbtu/day for July – December 2020 at a weighted average price of $2.51 and 100,000 Mmbtu/day for 2021 at a weighted average price of $2.69. In addition, we sold oil call swaptions of 3,000 bbls per day for 2021 at a weighted average price of $56.50. |
Derivative Activities - Deriv_2
Derivative Activities - Derivative Volumes Hedged and Average Hedge Prices (Parenthetical) (Detail) - Call Swaptions | Mar. 31, 2020MMBTU / dbbl / d$ / MMBTU$ / bbl |
2020 Commodity Contract | Natural Gas | |
Derivative [Line Items] | |
Volume Hedged | MMBTU / d | 120,000 |
Weighted average price of hedge | $ / MMBTU | 2.51 |
2021 Commodity Contract | Natural Gas | |
Derivative [Line Items] | |
Volume Hedged | MMBTU / d | 100,000 |
Weighted average price of hedge | $ / MMBTU | 2.69 |
2021 Commodity Contract | Crude Oil | |
Derivative [Line Items] | |
Volume Hedged | bbl / d | 3,000 |
Weighted average price of hedge | $ / bbl | 56.50 |
Derivative Activities - Schedul
Derivative Activities - Schedule of Additional Information Related to Master Netting Arrangements with Derivative Counterparties (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | $ 306,620 | $ 152,692 |
Gross Amounts Offset in the Balance Sheet | (43,065) | (15,138) |
Net Amounts of Assets Presented in the Balance Sheet | 263,555 | 137,554 |
Gross Amounts of Recognized (Liabilities) | (49,888) | (29,206) |
Gross Amounts Offset in the Balance Sheet | 43,065 | 15,138 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (6,823) | (14,068) |
Commodity | Swaps | Natural Gas | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 192,244 | 134,364 |
Gross Amounts Offset in the Balance Sheet | (448) | (2,913) |
Net Amounts of Assets Presented in the Balance Sheet | 191,796 | 131,451 |
Gross Amounts of Recognized (Liabilities) | (448) | (1,657) |
Gross Amounts Offset in the Balance Sheet | 448 | 2,913 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | 0 | 1,256 |
Commodity | Swaps | Crude Oil | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 67,765 | 3,893 |
Gross Amounts Offset in the Balance Sheet | (4,024) | (4,794) |
Net Amounts of Assets Presented in the Balance Sheet | 63,741 | (901) |
Gross Amounts of Recognized (Liabilities) | (4,024) | (4,814) |
Gross Amounts Offset in the Balance Sheet | 4,024 | 4,794 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | 0 | (20) |
Commodity | Swaps | NGLs (C3-Propane) | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 8,753 | |
Gross Amounts Offset in the Balance Sheet | 0 | |
Net Amounts of Assets Presented in the Balance Sheet | 8,753 | |
Commodity | Swaps | NGLs (iC4-Isobutane) | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 673 | |
Gross Amounts Offset in the Balance Sheet | 0 | |
Net Amounts of Assets Presented in the Balance Sheet | 673 | |
Commodity | Swaps | NGLs (NC4-Normal Butane) | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 5,046 | |
Gross Amounts Offset in the Balance Sheet | 0 | |
Net Amounts of Assets Presented in the Balance Sheet | 5,046 | |
Gross Amounts of Recognized (Liabilities) | (44) | |
Gross Amounts Offset in the Balance Sheet | 44 | |
Net Amounts of (Liabilities) Presented in the Balance Sheet | 0 | |
Commodity | Swaps | NGLs (C5-Natural Gasoline) | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 1,589 | 60 |
Gross Amounts Offset in the Balance Sheet | 0 | (127) |
Net Amounts of Assets Presented in the Balance Sheet | 1,589 | (67) |
Gross Amounts of Recognized (Liabilities) | (127) | |
Gross Amounts Offset in the Balance Sheet | 127 | |
Net Amounts of (Liabilities) Presented in the Balance Sheet | 0 | |
Commodity | Swaps | NGLs (C4- Butane) | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 167 | |
Gross Amounts Offset in the Balance Sheet | 0 | |
Net Amounts of Assets Presented in the Balance Sheet | 167 | |
Commodity | Swaptions | Natural Gas | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 0 | 0 |
Gross Amounts Offset in the Balance Sheet | (3,719) | (1,325) |
Net Amounts of Assets Presented in the Balance Sheet | (3,719) | (1,325) |
Gross Amounts of Recognized (Liabilities) | (4,171) | (2,594) |
Gross Amounts Offset in the Balance Sheet | 3,719 | 1,325 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (452) | (1,269) |
Commodity | Swaptions | Crude Oil | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 0 | 0 |
Gross Amounts Offset in the Balance Sheet | (11) | (1,597) |
Net Amounts of Assets Presented in the Balance Sheet | (11) | (1,597) |
Gross Amounts of Recognized (Liabilities) | (11) | (2,254) |
Gross Amounts Offset in the Balance Sheet | 11 | 1,597 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | 0 | (657) |
Commodity | Calls | Natural Gas | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 0 | |
Gross Amounts Offset in the Balance Sheet | (23) | |
Net Amounts of Assets Presented in the Balance Sheet | (23) | |
Gross Amounts of Recognized (Liabilities) | (23) | |
Gross Amounts Offset in the Balance Sheet | 23 | |
Net Amounts of (Liabilities) Presented in the Balance Sheet | 0 | |
Commodity | Calls | Crude Oil | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 0 | 0 |
Gross Amounts Offset in the Balance Sheet | (6) | (349) |
Net Amounts of Assets Presented in the Balance Sheet | (6) | (349) |
Gross Amounts of Recognized (Liabilities) | (6) | (349) |
Gross Amounts Offset in the Balance Sheet | 6 | 349 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | 0 | 0 |
Commodity | Calls | NGLs (NC4-Normal Butane) | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 0 | |
Gross Amounts Offset in the Balance Sheet | (44) | |
Net Amounts of Assets Presented in the Balance Sheet | (44) | |
Commodity | Three Way Collars | Natural Gas | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 1,914 | |
Gross Amounts Offset in the Balance Sheet | (8,612) | |
Net Amounts of Assets Presented in the Balance Sheet | (6,698) | |
Gross Amounts of Recognized (Liabilities) | (13,276) | |
Gross Amounts Offset in the Balance Sheet | 8,612 | |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (4,664) | |
Commodity | Basis Swap | Natural Gas | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 5,597 | 10,766 |
Gross Amounts Offset in the Balance Sheet | (436) | (1,092) |
Net Amounts of Assets Presented in the Balance Sheet | 5,161 | 9,674 |
Gross Amounts of Recognized (Liabilities) | (777) | (1,371) |
Gross Amounts Offset in the Balance Sheet | 436 | 1,092 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (341) | (279) |
Commodity | Spread Swaps | NGLs (C3-Propane) | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 23,039 | 1,913 |
Gross Amounts Offset in the Balance Sheet | (22,388) | (1,913) |
Net Amounts of Assets Presented in the Balance Sheet | 651 | 0 |
Gross Amounts of Recognized (Liabilities) | (22,388) | (16,040) |
Gross Amounts Offset in the Balance Sheet | 22,388 | 1,913 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | 0 | (14,127) |
Freight | Swaps | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 0 | 1,529 |
Gross Amounts Offset in the Balance Sheet | (3,354) | (1,028) |
Net Amounts of Assets Presented in the Balance Sheet | (3,354) | 501 |
Gross Amounts of Recognized (Liabilities) | (4,720) | 0 |
Gross Amounts Offset in the Balance Sheet | 3,354 | 1,028 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | $ (1,366) | $ 1,028 |
Derivative Activities - Effects
Derivative Activities - Effects of Derivatives on Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative [Line Items] | ||
Derivative Fair Value Income (Loss) | $ 233,175 | $ (61,731) |
Swaptions | ||
Derivative [Line Items] | ||
Derivative Fair Value Income (Loss) | 666 | (3,291) |
Collars | ||
Derivative [Line Items] | ||
Derivative Fair Value Income (Loss) | 0 | (4,524) |
Three Way Collars | ||
Derivative [Line Items] | ||
Derivative Fair Value Income (Loss) | (11,362) | 0 |
Calls | ||
Derivative [Line Items] | ||
Derivative Fair Value Income (Loss) | 275 | 0 |
Basis Swaps | ||
Derivative [Line Items] | ||
Derivative Fair Value Income (Loss) | 21,343 | 3,415 |
Commodity | Swaps | ||
Derivative [Line Items] | ||
Derivative Fair Value Income (Loss) | 228,354 | (57,418) |
Freight | Swaps | ||
Derivative [Line Items] | ||
Derivative Fair Value Income (Loss) | $ (6,101) | $ 87 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities held in the deferred compensation plans | $ 51,457 | $ 62,009 |
Fair Value, Inputs, Level 1 | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities held in the deferred compensation plans | 51,457 | 62,009 |
Level 2 | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities held in the deferred compensation plans | 0 | 0 |
Fair Value, Inputs, Level 3 | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities held in the deferred compensation plans | 0 | 0 |
Commodity | Swaps | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 271,598 | 131,886 |
Commodity | Three-Way Collars | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (11,362) | |
Commodity | Calls | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (73) | (349) |
Commodity | Basis Swaps | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 5,471 | (4,732) |
Commodity | Swaptions | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (4,182) | (4,848) |
Commodity | Fair Value, Inputs, Level 1 | Swaps | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Commodity | Fair Value, Inputs, Level 1 | Three-Way Collars | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | |
Commodity | Fair Value, Inputs, Level 1 | Calls | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Commodity | Fair Value, Inputs, Level 1 | Basis Swaps | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Commodity | Fair Value, Inputs, Level 1 | Swaptions | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Commodity | Level 2 | Swaps | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 271,598 | 131,886 |
Commodity | Level 2 | Three-Way Collars | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (11,362) | |
Commodity | Level 2 | Calls | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (29) | (349) |
Commodity | Level 2 | Basis Swaps | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 5,471 | (4,732) |
Commodity | Level 2 | Swaptions | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Commodity | Fair Value, Inputs, Level 3 | Swaps | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Commodity | Fair Value, Inputs, Level 3 | Three-Way Collars | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | |
Commodity | Fair Value, Inputs, Level 3 | Calls | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (44) | 0 |
Commodity | Fair Value, Inputs, Level 3 | Basis Swaps | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Commodity | Fair Value, Inputs, Level 3 | Swaptions | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (4,182) | (4,848) |
Freight | Swaps | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (4,720) | 1,529 |
Freight | Fair Value, Inputs, Level 1 | Swaps | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Freight | Level 2 | Swaps | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (4,700) | |
Freight | Level 2 | Swaps | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (4,720) | 1,529 |
Freight | Fair Value, Inputs, Level 3 | Swaps | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | $ 0 | $ 0 |
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) - Fair Value, Inputs, Level 3 $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Balance at December 31, 2019 | $ (4,848) |
Total gains included in earnings | 132 |
Settlements, net | 490 |
Balance at March 31, 2020 | $ (4,226) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($)Counterparty | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest and dividends | $ 148,000 | $ 179,000 | |
Mark-to-market gain (loss) | (10,500,000) | 5,100,000 | |
Deficiency charges | 17,000,000 | ||
Allowance for doubtful accounts on accounts receivable | $ 9,527,000 | $ 8,784,000 | |
Number of derivative counterparties | Counterparty | 20 | ||
Number of counter parties that are not participants in bank credit facility | Counterparty | 4 | ||
Counterparties not in Facility | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Net derivative asset | $ 8,200,000 | ||
North Louisiana | Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impairment on natural gas and oil properties | $ 77,000,000 | ||
Fair Value, Measurements, Nonrecurring | North Louisiana | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impairment on natural gas and oil properties | $ 1,093,531,000 | ||
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 |
Fair Value Measurements - Value
Fair Value Measurements - Value of Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring - North Louisiana $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Fair Value | $ 370,500 |
Impairment on natural gas and oil properties | $ 1,093,531 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Carrying Value | |||
Assets: | |||
Commodity swaps, options and basis swaps | $ 263,555 | $ 137,554 | |
Marketable securities | [1] | 51,457 | 62,009 |
(Liabilities): | |||
Commodity swaps, options and basis swaps | (6,823) | (14,068) | |
Bank credit facility | [2] | (557,000) | (477,000) |
Deferred compensation plan | [3] | (56,676) | (74,472) |
Fair Value | |||
Assets: | |||
Commodity swaps, options and basis swaps | 263,555 | 137,554 | |
Marketable securities | [1] | 51,457 | 62,009 |
(Liabilities): | |||
Commodity swaps, options and basis swaps | (6,823) | (14,068) | |
Bank credit facility | [2] | (557,000) | (477,000) |
Deferred compensation plan | [3] | (56,676) | (74,472) |
5.75% Senior Notes Due 2021 | Carrying Value | |||
(Liabilities): | |||
Senior notes | [2] | (50,059) | (374,139) |
5.75% Senior Notes Due 2021 | Fair Value | |||
(Liabilities): | |||
Senior notes | [2] | (42,179) | (375,909) |
5.00% Senior Notes Due 2022 | Carrying Value | |||
(Liabilities): | |||
Senior notes | [2] | (463,431) | (511,886) |
5.00% Senior Notes Due 2022 | Fair Value | |||
(Liabilities): | |||
Senior notes | [2] | (347,448) | (501,582) |
5.875% Senior Notes Due 2022 | Carrying Value | |||
(Liabilities): | |||
Senior notes | [2] | (115,865) | (297,617) |
5.875% Senior Notes Due 2022 | Fair Value | |||
(Liabilities): | |||
Senior notes | [2] | (83,154) | (294,757) |
Other Senior Notes Due 2022 | Carrying Value | |||
(Liabilities): | |||
Senior notes | [2] | (490) | (590) |
Other Senior Notes Due 2022 | Fair Value | |||
(Liabilities): | |||
Senior notes | [2] | (455) | (592) |
5.00% Senior Notes Due 2023 | Carrying Value | |||
(Liabilities): | |||
Senior notes | [2] | (684,886) | (741,531) |
5.00% Senior Notes Due 2023 | Fair Value | |||
(Liabilities): | |||
Senior notes | [2] | (499,980) | (683,291) |
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] | (430,800) | (645,098) |
9.25% Senior Notes Due 2026 | Carrying Value | |||
(Liabilities): | |||
Senior notes | [2] | (550,000) | |
9.25% Senior Notes Due 2026 | Fair Value | |||
(Liabilities): | |||
Senior notes | [2] | (337,865) | |
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] | (17,910) | (21,539) |
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] | (8,660) | (17,011) |
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] | $ (4,747) | $ (7,654) |
[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) | Mar. 31, 2020 | Jan. 31, 2020 | Dec. 31, 2019 |
5.75% Senior Notes Due 2021 | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Interest rate on notes | 5.75% | 5.75% | 5.75% |
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% | 5.875% |
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% | |
9.25% Senior Notes Due 2026 | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Interest rate on notes | 9.25% | 9.25% | |
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) | 3 Months Ended |
Mar. 31, 2020Plans | |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 9,222 | $ 10,164 |
Direct Operating Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 450 | 591 |
Brokered Natural Gas and Marketing Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 413 | 385 |
Exploration Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 330 | 373 |
General and Administrative Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 8,029 | $ 8,815 |
Stock-based Compensation Plan_4
Stock-based Compensation Plans - Additional Information 1 (Detail) | 3 Months Ended |
Mar. 31, 2020Awardshares | |
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 PS-PSUs and RS-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 PS-PSUs and RS-PSUs | Minimum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Potential payout of shares granted | 0.00% |
Performance-based PS-PSUs and RS-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-based Compensation Plan_5
Stock-based Compensation Plans - Additional Information 2 (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restricted Stock Equity Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted | 4,462,711 | 2,800,000 |
Granted, weighted average grant date fair value | $ 3.42 | $ 10.59 |
Vesting period | 3 years | |
Stock-based compensation expense | $ 5.3 | $ 7.1 |
Restricted Stock Liability Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted | 3,301,344 | |
Granted, weighted average grant date fair value | $ 3.02 | |
Stock-based compensation expense | $ 2.8 | $ 1 |
Restricted Stock Liability Awards | Employees | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted | 3,300,000 | 1,000,000 |
Granted, weighted average grant date fair value | $ 3.02 | $ 10.46 |
Vesting period | 3 years | 3 years |
Stock-based Compensation Plan_6
Stock-based Compensation Plans - Restricted Stock and Restricted Stock Units Outstanding (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restricted Stock Equity Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Beginning Balance | 2,002,239 | |
Granted | 4,462,711 | 2,800,000 |
Vested | (811,670) | |
Forfeited | (86,865) | |
Outstanding, Ending Balance | 5,566,415 | |
Outstanding, Beginning Balance, weighted average grant date fair value | $ 12.32 | |
Granted, weighted average grant date fair value | 3.42 | $ 10.59 |
Vested, weighted average grant date fair value | 8.95 | |
Forfeited, weighted average grant date fair value | 11.75 | |
Outstanding, Ending Balance, weighted average grant date fair value | $ 5.69 | |
Restricted Stock Liability Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Beginning Balance | 411,126 | |
Granted | 3,301,344 | |
Vested | (529,484) | |
Forfeited | 0 | |
Outstanding, Ending Balance | 3,182,986 | |
Outstanding, Beginning Balance, weighted average grant date fair value | $ 10.94 | |
Granted, weighted average grant date fair value | 3.02 | |
Vested, weighted average grant date fair value | 5.17 | |
Forfeited, weighted average grant date fair value | 0 | |
Outstanding, Ending Balance, weighted average grant date fair value | $ 3.69 |
Stock-based Compensation Plan_7
Stock-based Compensation Plans - Additional Information 3 (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation (income) expense | $ 9,222,000 | $ 10,164,000 |
Performance-based PS-PSUs and RS-PSUs | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Stock-based compensation (income) expense | $ (285,000) | 1,600,000 |
Performance Based TSR - PSUs | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Stock-based compensation expense | $ 936,000 | $ 443,000 |
Stock-based Compensation Plan_8
Stock-based Compensation Plans - PS/RS-PSUs Activities (Detail) - Performance-based PS-PSUs and RS-PSUs | 3 Months Ended | |
Mar. 31, 2020$ / sharesshares | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Beginning Balance | shares | 881,573 | |
Granted | shares | 777,847 | [1] |
Outstanding, Ending Balance | shares | 1,659,420 | |
Outstanding, Beginning Balance, weighted average grant date fair value | $ / shares | $ 11.70 | |
Granted, weighted average grant date fair value | $ / shares | 2.33 | [1] |
Outstanding, Ending Balance, weighted average grant date fair value | $ / shares | $ 5.50 | |
[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 - PS/RS-PSUs Activities (Parenthetical) (Detail) - Performance-based PS-PSUs and RS-PSUs | 3 Months Ended |
Mar. 31, 2020 | |
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 | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate | 1.40% | 2.40% |
Expected annual volatility | 65.00% | 46.00% |
Grant date fair value per unit | $ 3.85 | $ 11.34 |
Stock-based Compensation Pla_11
Stock-based Compensation Plans - TSR - PSUs Activities (Detail) - Performance Based TSR - PSUs | 3 Months Ended | |
Mar. 31, 2020$ / sharesshares | ||
Summary of Performance Share Unit Awards outstanding, Number of Units | ||
Outstanding, Beginning Balance | shares | 993,452 | |
Granted | shares | 610,155 | [1] |
Outstanding, Ending Balance | shares | 1,603,607 | |
Summary of Performance Share Unit Awards outstanding, Weighted Average Grant Date Fair Value | ||
Outstanding, Beginning Balance, weighted average grant date fair value | $ / shares | $ 19 | |
Granted, weighted average grant date fair value | $ / shares | 3.85 | [1] |
Outstanding, Ending Balance, weighted average grant date fair value | $ / shares | $ 13.23 | |
[1] | These |
Stock-based Compensation Pla_12
Stock-based Compensation Plans - TSR - PSUs Activities (Parenthetical) (Detail) - Performance Based TSR - PSUs | 3 Months Ended |
Mar. 31, 2020 | |
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% |
Stock-based Compensation Pla_13
Stock-based Compensation Plans - Additional Information 4 (Detail) - USD ($) shares in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred compensation plan vesting period | 3 years | ||
Deferred compensation plan | $ 8,537,000 | $ (3,581,000) | |
Shares held in rabbi trust total | 6.4 | 3.2 | |
Vested shares held in rabbi trust | 3.2 | 2.7 | |
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 |
Termination Costs - Additional
Termination Costs - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring Cost And Reserve [Line Items] | ||
Severance costs | $ 1,595,000 | $ 0 |
Northwest Pennsylvania | ||
Restructuring Cost And Reserve [Line Items] | ||
Severance costs | $ 1,600,000 | $ 0 |
Termination Costs - Summary of
Termination Costs - Summary of Termination Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring And Related Activities [Abstract] | ||
Severance costs | $ 1,595 | $ 0 |
Stock-based compensation | 0 | 0 |
Total termination costs | $ 1,595 | $ 0 |
Termination Costs - Termination
Termination Costs - Termination Costs Included in Accrued Liabilities in Consolidated Balance Sheet - (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Exit costs included in accrued liabilities in consolidated balance sheet | ||
Balance at December 31, 2019 | $ 4,692 | |
Accrued severance costs | 1,595 | $ 0 |
Payments | (2,704) | |
Balance at March 31, 2020 | $ 3,583 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Oct. 31, 2019 |
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 | |
Stock repurchase program, authorized amount | $ 100,000,000 |
Capital Stock - Schedule of Cha
Capital Stock - Schedule of Changes in Number of Common Shares Outstanding (Detail) - shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Class Of Stock [Line Items] | ||
Beginning balance | 249,630,803 | 249,510,022 |
Restricted stock grants | 3,301,344 | 1,186,290 |
Treasury shares acquired | (7,999,194) | (1,798,468) |
Ending balance | 245,877,502 | 249,630,803 |
Restricted Stock | ||
Class Of Stock [Line Items] | ||
Restricted stock units vested | 944,549 | 720,212 |
Performance Share | ||
Class Of Stock [Line Items] | ||
Performance stock units issued | 0 | 12,747 |
Capital Stock - Schedule of C_2
Capital Stock - Schedule of Change in Treasury Shares (Detail) | 3 Months Ended |
Mar. 31, 2020shares | |
Stockholders Equity Note [Abstract] | |
Beginning balance | 1,808,133 |
Rabbi trust shares distributed/sold | (806) |
Shares repurchased | 8,000,000 |
Ending balance | 9,807,327 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | [1] | ||
Net cash provided from operating activities included: | |||||
Income taxes refunded from taxing authorities | $ 1,789 | $ 0 | |||
Interest paid | (50,832) | (54,632) | |||
Non-cash investing and financing activities included: | |||||
Increase in asset retirement costs capitalized | 1,250 | [1] | 1,532 | $ 11,193 | |
(Decrease) increase in accrued capital expenditures | $ (8,645) | $ 22,764 | |||
[1] | Includes costs incurred whether capitalized or expensed. |
Costs Incurred for Property A_3
Costs Incurred for Property Acquisition, Exploration and Development (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||||
Acquisitions: | ||||||
Acreage purchases | [1] | $ 4,061 | $ 57,324 | |||
Development | [1] | 124,180 | 666,984 | |||
Gas gathering facilities: | ||||||
Development | [1] | 2,047 | 3,583 | |||
Subtotal | [1] | 137,365 | 764,574 | |||
Asset retirement obligations | 1,250 | [1] | $ 1,532 | 11,193 | [1] | |
Total costs incurred | [1] | 138,615 | 775,767 | |||
Expense | ||||||
Exploration: | ||||||
Exploration costs incurred | [1] | 6,747 | 35,117 | |||
Stock-based compensation expense | [1] | $ 330 | $ 1,566 | |||
[1] | Includes costs incurred whether capitalized or expensed. |