Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 19, 2020 | Jun. 28, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity File Number | 1-10447 | ||
Entity Registrant Name | CABOT OIL & GAS CORPORATION | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 04-3072771 | ||
Entity Address, Address Line One | Three Memorial City Plaza | ||
Entity Address, Address Line Two | 840 Gessner Road | ||
Entity Address, Address Line Three | Suite 1400 | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77024 | ||
City Area Code | 281 | ||
Local Phone Number | 589-4600 | ||
Title of 12(b) Security | Common Stock, par value $0.10 per share | ||
Trading Symbol | COG | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 9.4 | ||
Entity Common Stock, Shares Outstanding | 398,575,510 | ||
Entity Central Index Key | 0000858470 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Documents Incorporated by Reference | Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held April 30, 2020 are incorporated by reference into Part III of this report. |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 200,227 | $ 2,287 |
Restricted cash | 13,556 | 0 |
Accounts receivable, net | 209,023 | 362,403 |
Income taxes receivable | 129,795 | 109,251 |
Inventories | 13,932 | 11,076 |
Derivative instruments | 31 | 57,665 |
Other current assets | 1,684 | 1,863 |
Total current assets | 568,248 | 544,545 |
Properties and equipment, net (Successful efforts method) | 3,855,706 | 3,463,606 |
Equity method investments | 0 | 163,181 |
Other assets | 63,291 | 27,497 |
TOTAL ASSETS | 4,487,245 | 4,198,829 |
Current liabilities | ||
Accounts payable | 189,811 | 241,939 |
Current portion of long-term debt | 87,000 | 0 |
Accrued liabilities | 31,290 | 25,227 |
Interest payable | 19,933 | 20,098 |
Total current liabilities | 328,034 | 287,264 |
Long-term debt, net | 1,133,025 | 1,226,104 |
Deferred income taxes | 702,104 | 458,597 |
Asset retirement obligations | 71,598 | 50,622 |
Postretirement benefits | 32,713 | 27,912 |
Other liabilities | 68,284 | 60,171 |
Total liabilities | 2,335,758 | 2,110,670 |
Commitments and contingencies | ||
Stockholders' equity | ||
Common stock: Authorized — 960,000,000 shares of $0.10 par value in 2019 and 2018, respectively and Issued — 476,881,991 shares and 476,094,551 shares in 2019 and 2018, respectively | 47,688 | 47,610 |
Additional paid-in capital | 1,782,427 | 1,763,142 |
Retained earnings | 2,143,213 | 1,607,658 |
Accumulated other comprehensive income | 1,360 | 4,437 |
Less treasury stock, at cost: 78,957,318 shares and 53,409,705 shares in 2019 and 2018, respectively | (1,823,201) | (1,334,688) |
Total stockholders' equity | 2,151,487 | 2,088,159 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 4,487,245 | $ 4,198,829 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, authorized (in shares) | 960,000,000 | 960,000,000 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, issued (in shares) | 476,881,991 | 476,094,551 |
Treasury stock (in shares) | 79,000,000 | 53,409,705 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING REVENUES | |||
Total revenues from contracts with customers | $ 1,985,469 | $ 2,143,716 | $ 1,747,293 |
Gain on derivative instruments | 80,808 | 44,432 | 16,926 |
Total operating revenues | 2,066,277 | 2,188,148 | 1,764,219 |
OPERATING EXPENSES | |||
Direct operations | 76,958 | 69,646 | 102,310 |
Taxes other than income | 17,053 | 22,642 | 33,487 |
Exploration | 20,270 | 113,820 | 21,526 |
Depreciation, depletion and amortization | 405,733 | 417,479 | 568,817 |
Impairment of oil and gas properties | 0 | 0 | 482,811 |
General and administrative | 94,870 | 96,641 | 97,786 |
TOTAL OPERATING EXPENSES | 1,189,561 | 1,401,157 | 1,803,428 |
Earnings (loss) on equity method investments | 80,496 | 1,137 | (100,486) |
Loss on sale of assets | (1,462) | (16,327) | (11,565) |
INCOME (LOSS) FROM OPERATIONS | 955,750 | 771,801 | (151,260) |
Interest expense, net | 54,952 | 73,201 | 82,130 |
Other expense (income) | 574 | 463 | (4,955) |
Income (loss) before income taxes | 900,224 | 698,137 | (228,435) |
Income tax expense (benefit) | 219,154 | 141,094 | (328,828) |
NET INCOME | $ 681,070 | $ 557,043 | $ 100,393 |
Earnings per share | |||
Basic (in dollars per share) | $ 1.64 | $ 1.25 | $ 0.22 |
Diluted (in dollars per share) | $ 1.63 | $ 1.24 | $ 0.22 |
Weighted-average common shares outstanding | |||
Basic (in shares) | 415,514 | 445,538 | 463,735 |
Diluted (in shares) | 417,451 | 447,568 | 465,551 |
Natural gas | |||
OPERATING REVENUES | |||
Total revenues from contracts with customers | $ 1,985,240 | $ 1,881,150 | $ 1,506,078 |
Crude oil and condensate | |||
OPERATING REVENUES | |||
Total revenues from contracts with customers | 0 | 48,722 | 212,338 |
Brokered natural gas | |||
OPERATING REVENUES | |||
Total revenues from contracts with customers | 0 | 209,530 | 17,217 |
OPERATING EXPENSES | |||
Operating expenses | 0 | 184,198 | 15,252 |
Other | |||
OPERATING REVENUES | |||
Total revenues from contracts with customers | 229 | 4,314 | 11,660 |
Transportation and gathering | |||
OPERATING EXPENSES | |||
Operating expenses | $ 574,677 | $ 496,731 | $ 481,439 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 681,070 | $ 557,043 | $ 100,393 | |
Postretirement benefits: | ||||
Net actuarial gain (loss) | [1] | (2,530) | 2,461 | (2,634) |
Prior service credit | [2] | 0 | 0 | 5,449 |
Amortization of prior service cost | [3] | (547) | (547) | (1,723) |
Cumulative effect of adoption of ASU 2018-02 reclassified to retained earnings | 0 | 446 | 0 | |
Total other comprehensive income | (3,077) | 2,360 | 1,092 | |
Comprehensive income | $ 677,993 | $ 559,403 | $ 101,485 | |
[1] | Net of income taxes of $749 , $(704) and $1,544 for the year ended December 31, 2019 , 2018 and 2017 , respectively. | |||
[2] | Net of income taxes of $0 , $0 and $(3,194) for the year ended December 31, 2019 , 2018 and 2017 , respectively. | |||
[3] | Net of income taxes of $162 , $162 and $1,010 for the year ended December 31, 2019 , 2018 and 2017 |
CONSOLIDATED STATEMENT OF COM_2
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Postretirement benefits: | |||
Net actuarial gain (loss), income taxes | $ 749 | $ (704) | $ 1,544 |
Prior service credit, income taxes | 0 | 0 | (3,194) |
Amortization of prior service cost, income taxes | $ 162 | $ 162 | $ 1,010 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 681,070 | $ 557,043 | $ 100,393 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation, depletion and amortization | 405,733 | 417,479 | 568,817 |
Impairment of oil and gas properties | 0 | 0 | 482,811 |
Deferred income tax expense (benefit) | 244,418 | 229,603 | (321,113) |
Loss on sale of assets | 1,462 | 16,327 | 11,565 |
Exploratory dry hole cost | 2,236 | 97,741 | 3,820 |
Gain on derivative instruments | (80,808) | (44,432) | (16,926) |
Net cash received (paid) in settlement of derivative instruments | 138,450 | (41,631) | 8,056 |
(Earnings) loss on equity method investments | (80,496) | (1,137) | 100,486 |
Distribution of earnings from equity method investments | 15,725 | 1,296 | 0 |
Amortization of debt issuance costs | 3,966 | 4,631 | 4,774 |
Stock-based compensation and other | 29,009 | 31,443 | 33,419 |
Changes in assets and liabilities: | |||
Accounts receivable, net | 153,379 | (146,921) | (25,036) |
Income taxes | (13,514) | (59,616) | (46,368) |
Inventories | (2,856) | (3,927) | 1,334 |
Other current assets | 180 | 934 | (104) |
Accounts payable and accrued liabilities | (30,176) | 30,468 | (2,552) |
Interest payable | (166) | (7,477) | (75) |
Other assets and liabilities | (21,821) | 23,079 | (5,141) |
Net cash provided by operating activities | 1,445,791 | 1,104,903 | 898,160 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures | (788,368) | (894,470) | (764,558) |
Proceeds from sale of assets | 2,600 | 678,350 | 115,444 |
Investment in equity method investments | (9,338) | (77,263) | (57,039) |
Distribution of investment from equity method investments | 1,728 | 0 | 0 |
Proceeds from sale of equity method investments | 249,463 | 0 | 0 |
Net cash used in investing activities | (543,915) | (293,383) | (706,153) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Borrowings from debt | 95,000 | 158,000 | 0 |
Repayments of debt | (102,000) | (455,000) | 0 |
Treasury stock repurchases | (519,863) | (872,761) | (123,741) |
Dividends paid | (145,515) | (111,369) | (78,838) |
Tax withholding on vesting of stock awards | (10,590) | (8,150) | (7,973) |
Capitalized debt issuance costs | (7,412) | 0 | 0 |
Other | 0 | 0 | 50 |
Net cash used in financing activities | (690,380) | (1,289,280) | (210,502) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 211,496 | (477,760) | (18,495) |
Cash, cash equivalents and restricted cash, beginning of period | 2,287 | 480,047 | 498,542 |
Cash, cash equivalents and restricted cash, end of period | $ 213,783 | $ 2,287 | $ 480,047 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Shares | Treasury Stock | Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings |
Balance at beginning of period at Dec. 31, 2016 | $ 2,567,667 | $ 47,504 | $ (306,835) | $ 1,727,310 | $ 985 | $ 1,098,703 |
Balance (in shares) at Dec. 31, 2016 | 475,043 | 9,893 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 100,393 | 100,393 | ||||
Exercise of stock appreciation rights | 0 | $ 14 | (14) | |||
Exercise of stock appreciation rights (in shares) | 137 | |||||
Stock amortization and vesting | 15,160 | $ 37 | 15,123 | |||
Stock amortization and vesting (in shares) | 367 | |||||
Purchase of treasury stock | (123,741) | $ (123,741) | ||||
Purchase of treasury stock (in shares) | 5,043 | |||||
Cash dividends | (78,838) | (78,838) | ||||
Other comprehensive income | 1,092 | 1,092 | ||||
Balance at end of period at Dec. 31, 2017 | 2,523,905 | $ 47,555 | $ (430,576) | 1,742,419 | 2,077 | 1,162,430 |
Balance (in shares) at Dec. 31, 2017 | 475,547 | 14,936 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 557,043 | 557,043 | ||||
Exercise of stock appreciation rights | 0 | $ 1 | (1) | |||
Exercise of stock appreciation rights (in shares) | 9 | |||||
Stock amortization and vesting | 20,778 | $ 54 | 20,724 | |||
Stock amortization and vesting (in shares) | 539 | |||||
Purchase of treasury stock | (904,112) | $ (904,112) | ||||
Purchase of treasury stock (in shares) | 38,474 | |||||
Cash dividends | (111,369) | (111,369) | ||||
Other comprehensive income | 2,360 | 2,360 | ||||
Balance at end of period at Dec. 31, 2018 | 2,088,159 | $ 47,610 | $ (1,334,688) | 1,763,142 | 4,437 | 1,607,658 |
Balance (in shares) at Dec. 31, 2018 | 476,095 | 53,410 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 681,070 | 681,070 | ||||
Stock amortization and vesting | 19,363 | $ 78 | 19,285 | |||
Stock amortization and vesting (in shares) | 787 | |||||
Purchase of treasury stock | (488,513) | $ (488,513) | ||||
Purchase of treasury stock (in shares) | 25,547 | |||||
Cash dividends | (145,515) | (145,515) | ||||
Other comprehensive income | (3,077) | (3,077) | ||||
Balance at end of period at Dec. 31, 2019 | $ 2,151,487 | $ 47,688 | $ (1,823,201) | $ 1,782,427 | $ 1,360 | $ 2,143,213 |
Balance (in shares) at Dec. 31, 2019 | 476,882 | 78,957 |
CONSOLIDATED STATEMENT OF STO_2
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | Mar. 31, 2019 | Oct. 31, 2019 | Apr. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Stockholders' Equity [Abstract] | ||||||
Cash dividends, per share (in dollars per share) | $ 0.07 | $ 0.10 | $ 0.09 | $ 0.35 | $ 0.25 | $ 0.17 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Nature of Operations Cabot Oil & Gas Corporation and its subsidiaries (the Company) are engaged in the development, exploitation, exploration, production and marketing of natural gas exclusively within the continental United States. The Company's exploration and development activities are concentrated in areas with known hydrocarbon resources, which are conducive to multi-well, repeatable drilling programs. The Company operates in one segment, natural gas development, exploitation, exploration and production. The Company's oil and gas properties are managed as a whole rather than through discrete operating segments or business units. Operational information is tracked by geographic area; however, financial performance is assessed as a single enterprise and not on a geographic basis. Allocation of resources is made on a project basis across the Company's entire portfolio without regard to geographic areas. The consolidated financial statements include the accounts of the Company and its subsidiaries after eliminating all significant intercompany balances and transactions. Certain reclassifications have been made to prior year statements to conform with the current year presentation. These reclassifications have no impact on previously reported stockholders' equity, net income (loss) or cash flows. Recently Adopted Accounting Pronouncements Leases. In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The new lease guidance supersedes Topic 840. The core principle of the guidance is that entities should recognize the assets and liabilities that arise from leases. This ASU does not apply to leases to explore for or use minerals, oil, natural gas and similar nonregenerative resources, including the intangible right to explore for those natural resources and rights to use the land in which those natural resources are contained. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, which provides entities with an optional transition method that permits an entity to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The guidance is effective for interim and annual periods beginning after December 15, 2018. This ASU was adopted using a modified retrospective approach. The Company adopted this guidance effective January 1, 2019 by applying the optional transition approach as of the beginning of the period of adoption. Comparative periods, including the disclosures related to those periods, were not restated. On the adoption date, the Company elected the following practical expedients which are provided in the lease standard: • an election not to apply the recognition requirements in the lease standard to short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that the Company is reasonably certain to exercise); • a package of practical expedients to not reassess whether a contract is or contains a lease, lease classification and initial direct costs; • a practical expedient to use hindsight when determining the lease term; • a practical expedient that permits combining lease and non-lease components in a contract and accounting for the combination as a lease (elected by asset class); and • a practical expedient to not reassess certain land easements in existence prior to January 1, 2019. On January 1, 2019, the Company recognized a right of use asset for operating leases and an operating lease liability of $44.6 million , representing the present value of the future minimum lease payment obligations associated with office leases, drilling rig commitments, surface use agreements and other leases. The adoption of this guidance did not have an impact on the Company’s results of operations or cash flows. Refer to Note 9 for more details regarding leases. Recently Issued Accounting Pronouncements Financial Instruments: Credit Losses. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments: Credit Losses, which replaces the incurred loss impairment methodology used for certain financial instruments with a methodology that reflects current expected credit losses (CECL). ASU No. 2016-13, along with subsequently issued codification improvements, will be effective for the Company on January 1, 2020, and will be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the adoption period. The Company's historical credit losses have not been material, and future expected credit losses under the CECL model are not expected to be material. The adoption of ASU No. 2016-13 is not expected to have a material effect on the Company's financial position or results of operations; however, it will modify certain disclosure requirements. Fair Value Measurements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements by adding, removing and modifying certain required disclosures for fair value measurements for assets and liabilities disclosed within the fair value hierarchy. ASU No. 2018-13 will be effective for the Company on January 1, 2020. The adoption of ASU No. 2018-13 is not expected to have any effect on the Company's financial position or results of operations as it modifies disclosure requirements only. Significant Accounting Policies Cash and Cash Equivalents The Company considers all highly liquid short-term investments with a maturity of three months or less and deposits in money market funds that are readily convertible to cash to be cash equivalents. Cash and cash equivalents were primarily concentrated in four financial institutions at December 31, 2019 . The Company periodically assesses the financial condition of its financial institutions and considers any possible credit risk to be minimal. Restricted Cash. Restricted cash includes cash that is legally or contractually restricted as to withdrawal or usage. As of December 31, 2019 , the restricted cash balance of $13.6 million includes cash deposited in escrow accounts related to the sale of the Company's equity investment in Meade Pipeline Co LLC (Meade). Allowance for Doubtful Accounts The Company records an allowance for doubtful accounts for receivables that the Company determines to be uncollectible based on the specific identification method. Inventories Inventories are comprised of tubular goods and well equipment and are carried at average cost. Equity Method Investments The Company accounts for its investments in entities over which the Company has significant influence, but not control, using the equity method of accounting. Under the equity method of accounting, the Company increases its investment for contributions made and records its proportionate share of net earnings, declared dividends and partnership distributions based on the most recently available financial statements of the investee. The Company records the activity for its equity method investments on a one month lag. In addition, the Company evaluates its equity method investments for potential impairment whenever events or changes in circumstances indicate that there is a decline in the value of the investment. Properties and Equipment The Company uses the successful efforts method of accounting for oil and gas producing activities. Under this method, acquisition costs for proved and unproved properties are capitalized when incurred. Exploration costs, including geological and geophysical costs, the costs of carrying and retaining unproved properties and exploratory dry hole drilling costs, are expensed. Development costs, including the costs to drill and equip development wells and successful exploratory drilling costs to locate proved reserves are capitalized. Exploratory drilling costs are capitalized when incurred pending the determination of whether a well has found proved reserves. The determination is based on a process which relies on interpretations of available geologic, geophysical, and engineering data. If a well is determined to be successful, the capitalized drilling costs will be reclassified as part of the cost of the well. If a well is determined to be unsuccessful, the capitalized drilling costs will be charged to exploration expense in the Consolidated Statement of Operations in the period the determination is made. If an exploratory well requires a major capital expenditure before production can begin, the cost of drilling the exploratory well will continue to be carried as an asset pending determination of whether reserves have been found only as long as: (i) the well has found a sufficient quantity of reserves to justify its completion as a producing well if the required capital expenditure is made and (ii) drilling of an additional exploratory well is under way or firmly planned for the near future. If drilling in the area is not under way or firmly planned, or if the well has not found a commercially producible quantity of reserves, the exploratory well is assumed to be impaired and its costs are charged to exploration expense. Development costs of proved oil and gas properties, including estimated dismantlement, restoration and abandonment costs and acquisition costs, are depreciated and depleted on a field basis by the units-of-production method using proved developed and proved reserves, respectively. Buildings are depreciated on a straight-line basis over 25 to 40 years. Certain other assets are depreciated on a straight-line basis over 3 to 25 years. Costs of sold or abandoned properties that make up a part of an amortization base (partial field) remain in the amortization base if the units-of-production rate is not significantly affected. If significant, a gain or loss, if any, is recognized and the sold or abandoned properties are retired. A gain or loss, if any, is also recognized when a group of proved properties (entire field) that make up the amortization base has been retired, abandoned or sold. The Company evaluates its proved oil and gas properties for impairment whenever events or changes in circumstances indicate an asset's carrying amount may not be recoverable. The Company compares expected undiscounted future cash flows to the net book value of the asset. If the future undiscounted expected cash flows, based on estimates of future commodity prices, operating costs and anticipated production from proved reserves and risk-adjusted probable and possible reserves, are lower than the net book value of the asset, the capitalized cost is reduced to fair value. Commodity pricing is estimated by using a combination of assumptions management uses in its budgeting and forecasting process as well as historical and current prices adjusted for geographical location and quality differentials, as well as other factors that management believes will impact realizable prices. Fair value is calculated by discounting the future cash flows. The discount factor used is based on rates utilized by market participants that are commensurate with the risks inherent in the development and production of the underlying natural gas and oil. Unproved oil and gas properties are assessed periodically for impairment on an aggregate basis through periodic updates to the Company's undeveloped acreage amortization based on past drilling and exploration experience, the Company's expectation of converting leases to held by production and average property lives. Average property lives are determined on a geographical basis and based on the estimated life of unproved property leasehold rights. During 2019 , 2018 and 2017 , amortization associated with the Company's unproved properties was $32.6 million , $82.3 million and $52.8 million , respectively, and is included in depreciation, depletion, and amortization in the Consolidated Statement of Operations. Asset Retirement Obligations The Company records the fair value of a liability for an asset retirement obligation in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement cost is capitalized as part of the carrying amount of the long-lived asset. The asset retirement costs are depreciated using the units-of-production method. At December 31, 2019 , there were no assets legally restricted for purposes of settling asset retirement obligations. Additional retirement obligations increase the liability associated with new oil and gas wells and other facilities as these obligations are incurred. Accretion expense is included in depreciation, depletion and amortization expense in the Consolidated Statement of Operations. Derivative Instruments The Company enters into financial derivative contracts, primarily swaps, collars and basis swaps, to manage its exposure to price fluctuations on a portion of its anticipated future production volumes. The Company’s credit agreement restricts the ability of the Company to enter into commodity derivatives other than to hedge or mitigate risks to which the Company has actual or projected exposure or as permitted under the Company’s risk management policies and where such derivatives do not subject the Company to material speculative risks. All of the Company’s derivatives are used for risk management purposes and are not held for trading purposes. The Company has elected not to designate its financial derivative instruments as accounting hedges under the accounting guidance. The Company evaluates all of its physical purchase and sale contracts to determine if they meet the definition of a derivative. For contracts that meet the definition of a derivative, the Company may elect the normal purchase normal sale (NPNS) exception provided under the accounting guidance and account for the contract using the accrual method of accounting. Contracts that do not qualify for or for which the Company elects not to apply the NPNS exception are accounted for at fair value. All derivatives, except for derivatives that qualify for the NPNS exception, are recognized on the balance sheet and are measured at fair value. At the end of each quarterly period, these derivatives are marked to market. As a result, changes in the fair value of derivatives are recognized in operating revenues in gain (loss) on derivative instruments. The resulting cash flows are reported as cash flows from operating activities. Fair Value of Assets and Liabilities The Company follows the authoritative accounting guidance for measuring fair value of assets and liabilities in its financial statements. 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 (exit price). The Company utilizes market data or assumptions that market participants who are independent, knowledgeable and willing and able to transact would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. The Company is able to classify fair value balances based on the observability of these inputs. The authoritative guidance for fair value measurements establishes three levels of the fair value hierarchy, defined as follows: • Level 1: Unadjusted, quoted prices for identical assets or liabilities in active markets. • Level 2: Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly for substantially the full term of the asset or liability. • Level 3: Significant, unobservable inputs for use when little or no market data exists, requiring a significant degree of judgment. The hierarchy gives the highest priority to Level 1 measurements and the lowest priority to Level 3 measurements. Depending on the particular asset or liability, input availability can vary depending on factors such as product type, longevity of a product in the market and other particular transaction conditions. In some cases, certain inputs used to measure fair value may be categorized into different levels of the fair value hierarchy. For disclosure purposes under the accounting guidance, the lowest level that contains significant inputs used in the valuation should be chosen. Revenue Recognition On January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers, and the related guidance in ASC 340-40 (the new revenue standard), and related guidance on gains and losses on derecognition of nonfinancial assets ASC 610-20, using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Under the modified retrospective method, the Company recognizes the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings; however, no significant adjustment was required as a result of adopting the new revenue standard. Results for reporting periods beginning after January 1, 2018 are presented under the new revenue standard. The comparative information has not been restated and continues to be reported under the historic accounting standards in effect for those periods. The Company’s revenue is typically generated from contracts to sell natural gas produced from interests in oil and gas properties owned by the Company. These contracts generally require the Company to deliver a specific amount of a commodity per day for a specified number of days at a price that is either fixed or variable. The contracts specify a delivery point which represents the point at which control of the product is transferred to the customer. These contracts frequently meet the definition of a derivative under ASC 815, and are accounted for as derivatives unless the Company elects to treat them as normal sales as permitted under that guidance. The Company typically elects to treat contracts to sell oil and gas production as normal sales, which are then accounted for as contracts with customers. The Company has determined that these contracts represent multiple performance obligations which are satisfied when control of the commodity transfers to the customer, typically through the delivery of the specified commodity to a designated delivery point. Revenue is measured based on consideration specified in the contract with the customer, and excludes any amounts collected on behalf of third parties. The Company recognizes revenue in the amount that reflects the consideration it expects to be entitled to in exchange for transferring control of those goods to the customer. The contract consideration in the Company’s variable price contracts are typically allocated to specific performance obligations in the contract according to the price stated in the contract. Amounts allocated in the Company’s fixed price contracts are based on the standalone selling price of those products in the context of long-term, fixed price contracts, which generally approximates the contract price. Payment is generally received one or two months after the sale has occurred. Gain or loss on derivative instruments is outside the scope of ASC 606 and is not considered revenue from contracts with customers subject to ASC 606. The Company may use financial or physical contracts accounted for as derivatives as economic hedges to manage price risk associated with normal sales, or in limited cases may use them for contracts the Company intends to physically settle but do not meet all of the criteria to be treated as normal sales. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, and that are collected by the Company from a customer, are excluded from revenue. Producer Gas Imbalances. The Company applies the sales method of accounting for natural gas revenue. Under this method, revenues are recognized based on the actual volume of natural gas sold to purchasers. Natural gas production operations may include joint owners who take more or less than the production volumes entitled to them on certain properties. Production volume is monitored to minimize these natural gas imbalances. Under this method, a natural gas imbalance liability is recorded if the Company's excess takes of natural gas exceed its estimated remaining proved developed reserves for these properties at the actual price realized upon the gas sale. A receivable is recognized only to the extent an imbalance cannot be recouped from the reserves in the underlying properties. The Company’s aggregate imbalance positions at December 31, 2019 and 2018 were not material. Brokered Natural Gas. Revenues and expenses related to brokered natural gas are reported gross as part of operating revenues and operating expenses in accordance with applicable accounting standards. The Company buys and sells natural gas utilizing separate purchase and sale transactions whereby the Company or the counterparty obtains control of the natural gas purchased or sold. Practical Expedients. The Company has made use of certain practical expedients in adopting the new revenue standard, including the value of unsatisfied performance obligations are not disclosed for (i) contracts with an original expected length of one year or less, (ii) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice, (iii) contracts with variable consideration which is allocated entirely to a wholly unsatisfied performance obligation and meets the variable allocation criteria in the standard and (iv) only contracts that are not completed at transition. The Company has not adjusted the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to the customer and when the customer pays for that good or service will be one year or less. Income Taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for the estimated future tax consequences attributable to the differences between the financial carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the tax rate in effect for the year in which those temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the year of the enacted rate change. A valuation allowance is established to reduce deferred tax assets if it is more likely than not that the related tax benefits will not be realized. The Company follows the “equity first” approach when applying the limitation for certain executive compensation in excess of $1 million to future compensation. The limitation is first applied to stock-based compensation that vests in future tax years before considering cash compensation paid in a future period. Accordingly, the Company records a deferred tax asset for stock-based compensation expense recorded in the current period, and reverses the temporary difference in the future period, during which the stock-based compensation becomes deductible for tax purposes. The Company is required to make judgments, including estimating reserves for potential adverse outcomes regarding tax positions that the Company has taken. The Company accounts for uncertainty in income taxes using a recognition and measurement threshold for tax positions taken or expected to be taken in a tax return. The tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination by taxing authorities based on technical merits of the position. The amount of the tax benefit recognized is the largest amount of the benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. The effective tax rate and the tax basis of assets and liabilities reflect management's estimates of the ultimate outcome of various tax uncertainties. The Company recognizes accrued interest related to uncertain tax positions in interest expense and accrued penalties related to such positions in general and administrative expense in the Consolidated Statement of Operations. Stock-Based Compensation The Company accounts for stock-based compensation under the fair value method of accounting. Under this method, compensation cost is measured at the grant date for equity-classified awards and remeasured each reporting period for liability-classified awards based on the fair value of an award and is recognized over the service period, which is generally the vesting period. To calculate fair value, the Company uses either a Monte Carlo or Black-Scholes valuation model depending on the specific provisions of the award. Stock-based compensation cost for all types of awards is included in general and administrative expense in the Consolidated Statement of Operations. The Company records excess tax benefits and tax deficiencies on stock-based compensation in the income statement upon vesting of the respective awards. Excess tax benefits and tax deficiencies are included in cash flows from operating activities in the Consolidated Statement of Cash Flow. Cash paid by the Company when directly withholding shares from employee stock-based compensation awards for tax-withholding purposes are classified as financing activities in the Consolidated Statement of Cash Flow. Environmental Matters Environmental expenditures are expensed or capitalized, as appropriate, depending on their future economic benefit. Expenditures that relate to an existing condition caused by past operations, and that do not have future economic benefit are expensed. Liabilities related to future costs are recorded on an undiscounted basis when environmental assessments and/or remediation activities are probable and the costs can be reasonably estimated. Any insurance recoveries are recorded as assets when received. Credit and Concentration Risk Substantially all of the Company's accounts receivable result from the sale of natural gas to third parties in the oil and gas industry. This concentration of purchasers may impact the Company's overall credit risk, either positively or negatively, in that these entities may be similarly affected by changes in economic or other conditions. The Company does not anticipate any material impact on its financial results due to non-performance by the third parties. During the year ended December 31, 2019 , three customers accounted for approximately 17 percent , 16 percent and 16 percent of the Company's total sales. During the year ended December 31, 2018 , two customers accounted for approximately 20 percent and 11 percent of the Company's total sales. During the year ended December 31, 2017 , two customers accounted for approximately 18 percent and 11 percent of the Company's total sales. The Company does not believe that the loss of any of these customers would have a material adverse effect on it because alternative customers are readily available. Use of Estimates In preparing financial statements, the Company follows accounting principles generally accepted in the United States. These principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The most significant estimates pertain to proved natural gas reserves and related cash flow estimates which are used to compute depreciation, depletion and amortization and impairments of proved oil and gas properties. Other significant estimates include natural gas revenues and expenses, fair value of derivative instruments, estimates of expenses related to legal, environmental and other contingencies, asset retirement obligations, postretirement obligations, stock-based compensation and deferred income taxes. Actual results could differ from those estimates. |
Divestitures
Divestitures | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Divestitures | Divestitures The Company recognized an aggregate net loss on sale of assets of $1.5 million , $16.3 million and $11.6 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. In July 2018, the Company sold certain proved and unproved oil and gas properties in the Haynesville Shale to a third party for $30.0 million . The sales price included a $5.0 million deposit that was received in the fourth quarter of 2017. The Company recognized a gain on sale of oil and gas properties of $29.7 million . In February 2018, the Company sold certain proved and unproved oil and gas properties in the Eagle Ford Shale to an affiliate of Venado Oil & Gas LLC for $765.0 million . The sales price included a $76.5 million deposit that was received in the fourth quarter of 2017. During the fourth quarter of 2017, the Company recorded an impairment charge of $414.3 million associated with the proposed sale of these properties and upon closing recognized a loss on sale of oil and gas properties of $45.4 million . In September 2017, the Company sold certain proved and unproved oil and gas properties and related pipeline assets located in West Virginia, Virginia and Ohio to an affiliate of Carbon Natural Gas Company for $41.3 million , and recognized an $11.9 million loss on sale of assets. During the second quarter of 2017, the Company recorded an impairment charge of $68.6 million associated with the proposed sale of these properties. |
Properties and Equipment, Net
Properties and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Properties and Equipment, Net | Properties and Equipment, Net Properties and equipment, net are comprised of the following: December 31, (In thousands) 2019 2018 Proved oil and gas properties $ 6,508,443 $ 5,717,145 Unproved oil and gas properties 133,475 194,435 Land, buildings and other equipment 104,700 94,797 6,746,618 6,006,377 Accumulated depreciation, depletion and amortization (2,890,912 ) (2,542,771 ) $ 3,855,706 $ 3,463,606 Impairment of Oil and Gas Properties In December 2017, the Company recorded an impairment of $414.3 million associated with its Eagle Ford Shale oil and gas properties located in south Texas. The impairment of these properties was due to the anticipated sale of these assets, as demonstrated by the execution of a purchase and sale agreement with a third party on December 19, 2017. These assets were reduced to fair value of approximately $765.6 million . In June 2017, the Company recorded an impairment of $68.6 million associated with its proposed sale of oil and gas properties and related pipeline assets located in West Virginia, Virginia and Ohio. These assets were reduced to fair value of approximately $37.9 million . The fair value of the impaired assets in 2017 was determined using a market approach that took into consideration the expected sales price included in the respective purchase and sale agreements the Company executed in June and December 2017. Accordingly, the inputs associated with the fair value of these assets were considered Level 3 in the fair value hierarchy. Refer to Note 1 for a description of fair value hierarchy. Capitalized Exploratory Well Costs The following table reflects the net changes in capitalized exploratory well costs: Year Ended December 31, (In thousands) 2019 2018 2017 Balance at beginning of period $ — $ 19,511 $ — Additions to capitalized exploratory well costs pending the determination of proved reserves — — 19,511 Reclassifications to wells, facilities, and equipment based on the determination of proved reserves — — — Capitalized exploratory well costs charged to expense — (19,511 ) — Balance at end of period $ — $ — $ 19,511 The following table provides an aging of capitalized exploratory well costs based on the date the drilling was completed: December 31, (In thousands) 2019 2018 2017 Capitalized exploratory well costs that have been capitalized for a period of one year or less $ — $ — $ 19,511 Capitalized exploratory well costs that have been capitalized for a period greater than one year — — — $ — $ — $ 19,511 |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Equity Method Investments Activity related to the Company's equity method investments is as follows: Constitution Meade Total Year Ended December 31, Year Ended December 31, Year Ended December 31, (In thousands) 2019 2018 2017 2019 2018 2017 2019 2018 2017 Balance at beginning of period $ — $ 732 $ 96,850 $ 163,181 $ 85,345 $ 32,674 $ 163,181 $ 86,077 $ 129,524 Contributions 725 500 4,350 8,613 76,763 52,689 9,338 77,263 57,039 Distributions — — — (17,453 ) (1,296 ) — (17,453 ) (1,296 ) — Earnings (loss) on equity method investments (10,125 ) (1,232 ) (100,468 ) 90,621 2,369 (18 ) 80,496 1,137 (100,486 ) Reclassification of accumulated losses (1) 9,400 — — — — — 9,400 — — Sale of investment — — — (244,962 ) — — (244,962 ) — — Balance at end of period $ — $ — $ 732 $ — $ 163,181 $ 85,345 $ — $ 163,181 $ 86,077 _______________________________________________________________________________ (1) Amount is included in accounts payable in the Consolidated Balance Sheet as of December 31, 2019. Constitution Pipeline Company, LLC In April 2012, the Company acquired a 25 percent equity interest in Constitution Pipeline Company, LLC (Constitution), which was formed to develop, construct and operate a 124-mile large diameter pipeline to transport natural gas from northeast Pennsylvania to both the New England and New York markets. As of December 31, 2017, as a result of the ongoing legal and regulatory challenges associated with the project, the Company evaluated its investment in Constitution for other than temporary impairment (OTTI). At that time, the Company recorded an OTTI of $95.9 million , reducing its investment in Constitution to its estimated fair value. Fair value was determined using a market approach. Although Constitution received a certificate of public convenience and necessity from the Federal Energy and Regulatory Commission (FERC) to construct the proposed pipeline and obtained, among other approvals, a waiver of the water quality certification under Section 401 of the Clean Water Act for the New York portion of the project, the members of Constitution, following extensive evaluation and discussions regarding the diminished underlying economics for this project, have elected to not proceed with the project. As a result of this decision, as of December 31, 2019, the Company recorded a liability of $9.4 million which represents its estimated remaining obligations associated with the project. On February 10, 2020, the Company sold its 25 percent equity interest in Constitution to Williams Partners Operating LLC (Williams). The Company did not receive any proceeds and paid Williams $9.4 million that was previously accrued. Upon closing of the sale, the Company has no further obligations with respect to the project. Meade Pipeline Co LLC In February 2014, the Company acquired a 20 percent equity interest in Meade, which was formed to participate in the development and construction of the Central Penn Line, a 177 -mile pipeline operated by Transcontinental Gas Pipe Line Company, LLC (Transco) that transports natural gas from Susquehanna County, Pennsylvania to an interconnect with Transco’s mainline in Lancaster County, Pennsylvania. The Central Penn Line is owned by Transco and Meade in proportion to their respective ownership percentages of approximately 61 percent and 39 percent , respectively. The Central Penn Line was placed into service on October 6, 2018. In November 2019, the Company sold its 20 percent ownership interest in Meade to a subsidiary of NextEra Energy Partners, LP for net proceeds of $249.5 million and recognized a gain on sale of investment of $75.8 million . At closing, the Company was required to escrow $13.6 million |
Debt and Credit Agreements
Debt and Credit Agreements | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt and Credit Agreements | Debt and Credit Agreements The Company's debt and credit agreements consisted of the following: December 31, (In thousands) 2019 2018 Total debt 6.51% weighted-average senior notes (1) $ 124,000 $ 124,000 5.58% weighted-average senior notes 175,000 175,000 3.65% weighted-average senior notes 925,000 925,000 Revolving credit facility — 7,000 Unamortized debt issuance costs (3,975 ) (4,896 ) $ 1,220,025 $ 1,226,104 _______________________________________________________________________________ (1) Includes $87.0 million of current portion of long-term debt at December 31, 2019 . The Company has debt maturities of $87.0 million due in 2020, $188.0 million due in 2021, $62.0 million due in 2023 and $575.0 million due in 2024 associated with its senior notes. In addition, the revolving credit facility matures in April 2024 . No other tranches of debt are due within the next five years. At December 31, 2019 , the Company was in compliance with all restrictive financial covenants for both its revolving credit facility and senior notes. Senior Notes The Company has various issuances of senior notes. Interest on each of the senior notes is payable semi-annually. Under the terms of the various senior note agreements, the Company may prepay all or any portion of the notes of each series on any date at a price equal to the principal amount thereof plus accrued and unpaid interest plus a make-whole premium. The Company's agreements provide that the Company maintain a minimum asset coverage ratio of 1.75 to 1.0 and a minimum annual coverage ratio of consolidated cash flow to interest expense for the trailing four quarters of 2.8 to 1.0. There are also various other covenants and events of default customarily found in such debt instruments. 6.51% Weighted-Average Senior Notes In July 2008, the Company issued $425.0 million of senior unsecured notes to a group of 41 institutional investors in a private placement. The notes have bullet maturities and were issued in three separate tranches as follows: Principal Term Maturity Date Coupon Tranche 1 $ 245,000,000 10 years July 2018 6.44 % Tranche 2 $ 100,000,000 12 years July 2020 6.54 % Tranche 3 $ 80,000,000 15 years July 2023 6.69 % In May 2016, the Company repurchased $8.0 million of Tranche 1, $13.0 million of Tranche 2 and $43.0 million of Tranche 3 for a total of $64.0 million for $68.3 million . As of December 31, 2019 , the Company has repaid $301.0 million of aggregate principal amount associated with the 6.51 % weighted-average senior notes. 5.58 % Weighted-Average Senior Notes In December 2010, the Company issued $175.0 million of senior unsecured notes to a group of eight institutional investors in a private placement. The notes have bullet maturities and were issued in three separate tranches as follows: Principal Term Maturity Date Coupon Tranche 1 $ 88,000,000 10 years January 2021 5.42 % Tranche 2 $ 25,000,000 12 years January 2023 5.59 % Tranche 3 $ 62,000,000 15 years January 2026 5.80 % 3.65 % Weighted‑Average Senior Notes In September 2014, the Company issued $925.0 million of senior unsecured notes to a group of 24 institutional investors in a private placement. The notes have bullet maturities and were issued in three separate tranches as follows: Principal Term Maturity Date Coupon Tranche 1 $ 100,000,000 7 years September 2021 3.24 % Tranche 2 $ 575,000,000 10 years September 2024 3.67 % Tranche 3 $ 250,000,000 12 years September 2026 3.77 % Revolving Credit Agreement On April 22, 2019, the Company entered into a second amended and restated credit agreement (the revolving credit facility). The Company's revolving credit facility is unsecured and the borrowing base is redetermined annually on April 1. In addition, either the Company or the banks may request an interim redetermination twice a year or in connection with certain acquisitions or divestitures of oil and gas properties. The Company’s borrowing base and available commitments under the revolving credit facility were $3.2 billion and $1.5 billion , respectively. The maximum revolving credit available to the Company is the lesser of the available commitments or the difference of the borrowing base less outstanding senior notes. The Company's revolving credit facility matures in April 2024 and can be extended by one year upon the agreement of the Company and lenders holding at least 50 percent of the commitments under the revolving credit facility. Interest rates under the revolving credit facility are based on LIBOR or ABR indications, plus a margin which ranges from 150 to 225 basis points for LIBOR loans and from 50 to 125 basis points for ABR loans when not in an Investment Grade Period (as defined in the amended and restated credit agreement) and from 112.5 to 175 basis points for LIBOR loans and from 12.5 to 75 basis points for ABR loans during an Investment Grade Period. The revolving credit facility also provides for a commitment fee on the unused available balance and is calculated at annual rates ranging from 30 to 42.5 basis points when not in an Investment Grade Period and from 12.5 to 27.5 basis points during an Investment Grade Period. The Company is currently not in an Investment Grade Period. The revolving credit facility contains various customary covenants, which include the following (with all calculations based on definitions contained in the amended and restated credit agreement): (a) Maintenance of a minimum asset coverage ratio of 1.75 to 1.0. (b) Maintenance of a minimum annual coverage ratio of consolidated cash flow to interest expense for the trailing four quarters of 2.8 to 1.0; and (c) Maintenance of a minimum current ratio of 1.0 to 1.0. At December 31, 2019 , there were no borrowings outstanding under the Company's revolving credit facility and unused commitments were $1.5 billion . The Company's weighted-average effective interest rate for the revolving credit facility during the year ended December 31, 2019 and 2018 was approximately 6.3 percent . At December 31, 2018 , the Company had $7.0 million of borrowings outstanding under its revolving credit facility. The Company incurred $7.4 million of debt issuance costs in connection with the amended and restated credit agreement, which were capitalized and will be amortized over the term of the amended and restated agreement. The remaining unamortized costs of $3.4 million will also be amortized over the term of the amended and restated agreement in accordance with ASC 470-50, Debt Modifications and Extinguishments. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments As of December 31, 2019 , the Company had the following outstanding financial commodity derivatives: Collars Floor Ceiling Swaps Type of Contract Volume (Mmbtu) Contract Period Range Weighted-Average Range Weighted- Average Weighted- Average Natural gas (NYMEX) 10,700,000 Apr. 2020 - Oct. 2020 $ 2.27 Natural gas (NYMEX) 10,700,000 Apr. 2020 - Oct. 2020 $— $ 2.15 $2.36 - $2.38 $ 2.37 In early 2020 , the Company entered into the following financial commodity derivatives: Collars Floor Ceiling Swaps Type of Contract Volume (Mmbtu) Contract Period Range Weighted-Average Range Weighted- Average Weighted- Average Natural gas (NYMEX) 10,700,000 Apr. 2020 - Oct. 2020 $ 2.28 Natural gas (NYMEX) 10,700,000 Apr. 2020 - Oct. 2020 $— $ 2.15 $— $ 2.38 Effect of Derivative Instruments on the Consolidated Balance Sheet Fair Values of Derivative Instruments Derivative Assets Derivative Liabilities December 31, December 31, (In thousands) Balance Sheet Location 2019 2018 2019 2018 Commodity contracts Derivative instruments (current) $ 31 $ 57,665 9 $ — Offsetting of Derivative Assets and Liabilities in the Consolidated Balance Sheet December 31, (In thousands) 2019 2018 Derivative assets Gross amounts of recognized assets $ 47 $ 60,105 Gross amounts offset in the consolidated balance sheet (16 ) (2,440 ) Net amounts of assets presented in the consolidated balance sheet 31 57,665 Gross amounts of financial instruments not offset in the consolidated balance sheet — — Net amount $ 31 $ 57,665 Derivative liabilities Gross amounts of recognized liabilities $ 25 $ 2,440 Gross amounts offset in the consolidated balance sheet (16 ) (2,440 ) Net amounts of liabilities presented in the consolidated balance sheet 9 — Gross amounts of financial instruments not offset in the consolidated balance sheet — — Net amount $ 9 $ — Effect of Derivative Instruments on the Consolidated Statement of Operations Year Ended December 31, (In thousands) 2019 2018 2017 Cash received (paid) on settlement of derivative instruments Gain (loss) on derivative instruments $ 138,450 $ (41,631 ) $ 8,056 Non-cash gain (loss) on derivative instruments Gain (loss) on derivative instruments (57,642 ) 86,063 8,870 $ 80,808 $ 44,432 $ 16,926 Additional Disclosures about Derivative Instruments The use of derivative instruments involves the risk that the counterparties will be unable to meet their obligations under the agreements. The Company's counterparties are primarily commercial banks and financial service institutions that management believes present minimal credit risk and its derivative contracts are with multiple counterparties to minimize its exposure to any individual counterparty. The Company performs both quantitative and qualitative assessments of these counterparties based on their credit ratings and credit default swap rates where applicable. Certain counterparties to the Company's derivative instruments are also lenders under its revolving credit facility. The Company's revolving credit facility and derivative instruments contain certain cross default and acceleration provisions that may require immediate payment of its derivative liabilities in certain situations. The Company also has netting arrangements with each of its counterparties that allow it to offset assets and liabilities from separate derivative contracts with that counterparty. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Financial Assets and Liabilities The following fair value hierarchy table presents information about the Company's financial assets and liabilities measured at fair value on a recurring basis: (In thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at Assets Deferred compensation plan $ 18,381 $ — $ — $ 18,381 Derivative instruments — 44 3 47 Total assets $ 18,381 $ 44 $ 3 $ 18,428 Liabilities Deferred compensation plan $ 27,012 $ — $ — $ 27,012 Derivative instruments — — 25 25 Total liabilities $ 27,012 $ — $ 25 $ 27,037 (In thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at Assets Deferred compensation plan $ 14,699 $ — $ — $ 14,699 Derivative instruments — 35,689 24,416 60,105 Total assets $ 14,699 $ 35,689 $ 24,416 $ 74,804 Liabilities Deferred compensation plan $ 25,780 $ — $ — $ 25,780 Derivative instruments — — 2,440 2,440 Total liabilities $ 25,780 $ — $ 2,440 $ 28,220 The Company's investments associated with its deferred compensation plan consist of mutual funds and deferred shares of the Company's common stock that are publicly traded and for which market prices are readily available. The derivative instruments were measured based on quotes from the Company's counterparties or internal models. Such quotes and models have been derived using an income approach that considers various inputs including current market and contractual prices for the underlying instruments, quoted forward commodity prices, basis differentials, volatility factors and interest rates for a similar length of time as the derivative contract term as applicable. Estimates are derived from or verified using relevant NYMEX futures contracts and/or are compared to multiple quotes obtained from counterparties for reasonableness. The determination of the fair values presented above also incorporates a credit adjustment for non-performance risk. The Company measured the non-performance risk of its counterparties by reviewing credit default swap spreads for the various financial institutions with which it has derivative contracts while non-performance risk of the Company is evaluated using a market credit spread provided by the Company's bank. The Company has not incurred any losses related to non-performance risk of its counterparties and does not anticipate any material impact on its financial results due to non-performance by third parties. The most significant unobservable inputs relative to the Company's Level 3 derivative contracts are basis differentials and volatility factors. An increase (decrease) in these unobservable inputs would result in an increase (decrease) in fair value, respectively. The Company does not have access to the specific assumptions used in its counterparties' valuation models. Consequently, additional disclosures regarding significant Level 3 unobservable inputs were not provided. The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy: Year Ended December 31, (In thousands) 2019 2018 2017 Balance at beginning of period $ 21,976 $ (28,398 ) $ (15,868 ) Total gain (loss) included in earnings 24,794 31,184 (1,866 ) Settlement (gain) loss (46,792 ) 19,190 (10,664 ) Transfers in and/or out of Level 3 — — — Balance at end of period $ (22 ) $ 21,976 $ (28,398 ) Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period $ (22 ) $ 19,732 $ (28,398 ) There were no transfers between Level 1 or Level 2 fair value measurements for the years ended December 31, 2019 , 2018 and 2017 . Non-Financial Assets and Liabilities The Company discloses or recognizes its non-financial assets and liabilities, such as impairments of oil and gas properties or impairments of equity method investments, at fair value on a nonrecurring basis. The Company recorded an impairment charge related to certain oil and gas properties during the year ended December 31, 2017. The Company also recorded an other than temporary impairment of its equity method investment in Constitution during the year ended December 31, 2017. Refer to Notes 3 and 4 for additional disclosures related to fair value associated with the impaired assets. As none of the Company’s other non-financial assets and liabilities were measured at fair value as of December 31, 2019 , 2018 and 2017 , additional disclosures were not required. The estimated fair value of the Company's asset retirement obligations at inception is determined by utilizing the income approach by applying a credit-adjusted risk-free rate, which takes into account the Company's credit risk, the time value of money, and the current economic state to the undiscounted expected abandonment cash flows. Given the unobservable nature of the inputs, the measurement of the asset retirement obligations was classified as Level 3 in the fair value hierarchy. Fair Value of Other Financial Instruments The estimated fair value of other financial instruments is the amount at which the instrument could be exchanged currently between willing parties. The carrying amounts reported in the Consolidated Balance Sheet for cash and cash equivalents and restricted cash approximate fair value due to the short-term maturities of these instruments. Cash and cash equivalents and restricted cash are classified as Level 1 in the fair value hierarchy and the remaining financial instruments are classified as Level 2. The Company uses available market data and valuation methodologies to estimate the fair value of debt. The fair value of debt is the estimated amount the Company would have to pay a third party to assume the debt, including a credit spread for the difference between the issue rate and the period end market rate. The credit spread is the Company's default or repayment risk. The credit spread (premium or discount) is determined by comparing the Company's senior notes and revolving credit facility to new issuances (secured and unsecured) and secondary trades of similar size and credit statistics for both public and private debt. The fair value of all senior notes and the revolving credit facility is based on interest rates currently available to the Company. The Company's debt is valued using an income approach and classified as Level 3 in the fair value hierarchy. The carrying amount and fair value of debt is as follows : December 31, 2019 December 31, 2018 (In thousands) Carrying Amount Estimated Fair Value Carrying Estimated Fair Value Long-term debt $ 1,220,025 $ 1,260,259 $ 1,226,104 $ 1,202,994 Current maturities (87,000 ) (88,704 ) — — Long-term debt, excluding current maturities $ 1,133,025 $ 1,171,555 $ 1,226,104 $ 1,202,994 |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations Activity related to the Company's asset retirement obligations is as follows: Year Ended December 31, (In thousands) 2019 2018 Balance at beginning of period $ 51,622 $ 48,553 Liabilities incurred 7,646 5,152 Liabilities settled (1,280 ) (1,035 ) Liabilities divested (187 ) (3,809 ) Accretion expense 3,430 2,541 Change in estimate 10,867 220 Balance at end of period 72,098 51,622 Less: current asset retirement obligation (500 ) (1,000 ) Noncurrent asset retirement obligation $ 71,598 $ 50,622 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Transportation and Gathering Agreements The Company has entered into certain transportation and gathering agreements with various pipeline carriers. Under certain of these agreements, the Company is obligated to ship minimum daily quantities, or pay for any deficiencies at a specified rate. The Company's forecasted production to be shipped on these pipelines is expected to exceed minimum daily quantities provided in the agreements. The Company is also obligated under certain of these arrangements to pay a demand charge for firm capacity rights on pipeline systems regardless of the amount of pipeline capacity utilized by the Company. If the Company does not utilize the capacity, it can release it to others, thus reducing its potential liability. As of December 31, 2019 , the Company's future minimum obligations under transportation and gathering agreements are as follows: (In thousands) 2020 $ 100,165 2021 155,573 2022 158,947 2023 143,875 2024 136,378 Thereafter 823,210 $ 1,518,148 Lease Commitments The Company determines if an arrangement is, or contains, a lease at inception based on whether that contract conveys the right to control the use of an identified asset in exchange for consideration for a period of time. Operating leases are included in operating lease right-of-use assets (ROU assets) and operating lease liabilities (current and non-current) in the Consolidated Balance Sheet. The Company does no t have any finance leases at December 31, 2019 . ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of minimum lease payments over the lease term. Most leases do not provide an implicit interest rate; therefore, the Company used its incremental borrowing rate based on the information available at the inception date to determine the present value of the lease payments. Lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option. Lease cost for lease payments is recognized on a straight-line basis over the lease term. Certain leases have payment terms that vary based on the usage of the underlying assets. Variable lease payments are not included in ROU assets and lease liabilities. For all operating leases, lease and non-lease components are accounted for as a single lease component. The Company has operating leases for office space, drilling rig commitments, surface use agreements, compressor services and other leases. The leases have remaining terms ranging from three months to 26 years , including options to extend leases that the Company is reasonably certain to exercise. During the year ended December 31, 2019 , the Company recognized operating lease cost and variable lease cost of $11.5 million and $6.6 million , respectively. Short-term leases. The Company leases drilling rigs, fracturing and other equipment under lease terms ranging from 30 days to one year . Lease cost of $267.9 million was recognized on short-term leases during the year ended December 31, 2019 . Certain lease costs are capitalized and included in Properties and equipment, net in the Consolidated Balance Sheet because they relate to drilling and completion activities, while other costs are expensed because they relate to production and administrative activities. As of December 31, 2019 , the Company’s future undiscounted minimum cash payment obligations for its operating lease liabilities are as follows: (In thousands) Year Ending December 31, 2020 $ 4,831 2021 4,767 2022 4,589 2023 4,625 2024 4,665 Thereafter 25,422 Total undiscounted future lease payments 48,899 Present value adjustment (13,098 ) Net operating lease liabilities $ 35,801 Supplemental cash flow information related to leases was as follows: (In thousands) Year Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,614 Investing cash flows from operating leases $ 6,647 Information regarding the weighted-average remaining lease term and the weighted-average discount rate for operating leases is summarized below: December 31, 2019 Weighted-average remaining lease term (in years) Operating leases 12.1 Weighted-average discount rate Operating leases 5.0 % Lease Commitments (Topic 840) Future minimum rental commitments under non-cancelable leases in effect at December 31, 2018 are as follows: (In thousands) 2019 $ 5,571 2020 5,684 2021 4,777 2022 1,659 2023 1,691 Thereafter 2,852 $ 22,234 The table above was prepared under the guidance of Topic 840. As discussed in Note 1 above, the Company adopted the guidance of Topic 842 effective January 1, 2019. Rent expense under cancelable and non-cancelable leases totaled $9.3 million and $9.7 million for the years ended December 31, 2018 and 2017, respectively. Legal Matters The Company is a defendant in various legal proceedings arising in the normal course of business. All known liabilities are accrued when management determines they are probable based on its best estimate of the potential loss. While the outcome and impact of these legal proceedings on the Company cannot be predicted with certainty, management believes that the resolution of these proceedings will not have a material effect on the Company's financial position, results of operations or cash flows. Contingency Reserves . When deemed necessary, the Company establishes 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 that the Company could incur additional losses with respect to those matters for which reserves have been established. The Company believes that any such amount above the amounts accrued would not be material to the Consolidated Financial Statements. Future changes in facts and circumstances not currently foreseeable could result in the actual liability exceeding the estimated ranges of loss and amounts accrued. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Disaggregation of Revenue The following table presents revenues from contracts with customers disaggregated by product: Year Ended December 31, (In thousands) 2019 2018 2017 (1) OPERATING REVENUES Natural gas $ 1,985,240 $ 1,881,150 $ 1,506,078 Crude oil and condensate — 48,722 212,338 Brokered natural gas — 209,530 17,217 Other 229 4,314 11,660 Total revenues from contracts with customers $ 1,985,469 $ 2,143,716 $ 1,747,293 _______________________________________________________________________________ (1) Prior period amounts have not been adjusted under the modified retrospective method. All of the Company’s revenues from contracts with customers represent products transferred at a point in time as control is transferred to the customer and generated in the United States. Transaction Price Allocated to Remaining Performance Obligations A significant number of the Company’s product sales contracts are short-term in nature with a contract term of one year or less. For those contracts, the Company has utilized the practical expedient exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. As of December 31, 2019 , the Company has $9.5 billion of unsatisfied performance obligations related to natural gas sales that have a fixed pricing component and a contract term greater than one year. The Company expects to recognize these obligations over periods ranging from four to 19 years . Contract Balances Receivables from contracts with customers are recorded when the right to consideration becomes unconditional, generally when control of the product has been transferred to the customer. Receivables from contracts with customers were $209.2 million and $363.0 million as of December 31, 2019 and 2018 , respectively, and are reported in accounts receivable, net on the Consolidated Balance Sheet. As of December 31, 2019 and 2018 , the Company had no |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act (the Tax Act) which significantly changed U.S. corporate income tax laws beginning, generally, in 2018. These changes included, among others, (i) a permanent reduction of the U.S. corporate income tax rate from a top marginal rate of 35 percent to a flat rate of 21 percent, (ii) elimination of the corporate alternative minimum tax, (iii) immediate deductions for certain new investments instead of deductions for depreciation expense over time, (iv) limitation on the tax deduction for interest expense to 30 percent of adjusted taxable income, (v) limitation of the deduction for net operating losses to 80 percent of current year taxable income and elimination of net operating loss carrybacks, and (vi) elimination of many business deductions and credits, including the domestic production activities deduction, the deduction for entertainment expenditures, and the deduction for certain executive compensation in excess of $1 million. The 2019 and 2018 tax provisions reflect the legislative changes noted above, including the new corporate tax rate of 21 percent. Income tax expense (benefit) is summarized as follows: Year Ended December 31, (In thousands) 2019 2018 2017 Current Federal $ (29,584 ) $ (95,191 ) $ (9,531 ) State 4,320 6,682 1,816 (25,264 ) (88,509 ) (7,715 ) Deferred Federal 233,136 230,643 (313,938 ) State 11,282 (1,040 ) (7,175 ) 244,418 229,603 (321,113 ) Income tax expense (benefit) $ 219,154 $ 141,094 $ (328,828 ) Income tax expense (benefit) was different than the amounts computed by applying the statutory federal income tax rate as follows: Year Ended December 31, 2019 2018 2017 (In thousands, except rates) Amount Rate Amount Rate Amount Rate Computed "expected" federal income tax $ 189,047 21.00 % $ 146,609 21.00 % $ (79,952 ) 35.00 % State income tax, net of federal income tax benefit 14,773 1.64 % 11,850 1.70 % (4,239 ) 1.86 % Deferred tax adjustment related to change in overall state tax rate (660 ) (0.07 )% (15,208 ) (2.18 )% (48 ) 0.02 % Valuation allowance 17,676 1.96 % 8,975 1.29 % (505 ) 0.22 % Provision to return adjustments (1,966 ) (0.22 )% (1,773 ) (0.25 )% (3,242 ) 1.42 % Excess stock compensation (918 ) (0.10 )% 327 0.05 % 2,965 (1.30 )% Tax Act — — % (11,367 ) (1.63 )% (242,875 ) 106.32 % Other, net 1,202 0.13 % 1,681 0.24 % (932 ) 0.41 % Income tax expense (benefit) $ 219,154 24.34 % $ 141,094 20.21 % $ (328,828 ) 143.95 % In 2019, the Company's overall effective tax rate increased compared to 2018, primarily due to larger tax benefits recorded in 2018 compared to 2019 related to the Tax Act and changes in the overall state tax rate. The overall effective tax rate was significantly higher in 2017 due to the Tax Act, where the Company recorded an income tax benefit of $242.9 million resulting from the remeasurement of its net deferred tax liabilities based on the new lower corporate income tax rate. Excluding the discrete impact of the Tax Act, the adjusted effective tax rates were 24.3 percent for 2019, 21.8 percent for 2018 and 37.6 percent for 2017. The effective tax rate was lower in 2019 and 2018 than in 2017 primarily due to the reduction of the U.S. corporate income tax rate from 35 percent to 21 percent. The composition of net deferred tax liabilities is as follows: December 31, (In thousands) 2019 2018 Deferred Tax Assets Net operating losses $ 22,360 $ 56,769 Alternative minimum tax credits 22,120 114,149 Foreign tax credits — 3,473 Other business credits — 3,380 Incentive compensation 17,776 17,378 Deferred compensation 5,463 5,690 Post-retirement benefits 7,847 6,799 Equity method investments 21,454 20,746 Capital loss carryforward — 8,877 Other 1,336 2,957 Less: valuation allowance (31,763 ) (14,943 ) Total 66,593 225,275 Deferred Tax Liabilities Properties and equipment 768,692 670,704 Derivative instruments 5 13,168 Total 768,697 683,872 Net deferred tax liabilities $ 702,104 $ 458,597 As of December 31, 2019, the Company had fully utilized its federal net operating loss (NOL) carryforward, foreign tax credits, and other business credit carryforwards. The Company did have a remaining AMT credit carryforward balance of $ 22.1 million , which is expected to be fully utilized to offset regular income taxes in 2020. The Company also had gross state NOL carryforwards of $ 390.1 million , the majority of which will not expire until 2025 through 2039. At December 31, 2019, the Company had $ 13.6 million of valuation allowances on the deferred tax benefits related to state NOLs, and recorded a valuation allowance of $ 18.1 million on the deferred tax benefits related to its equity method investments. The Company believes it is more likely than not that the remainder of its deferred tax benefits will be utilized prior to their expiration. Unrecognized Tax Benefits A reconciliation of unrecognized tax benefits is as follows: Year Ended December 31, (In thousands) 2019 2018 2017 Balance at beginning of year $ 16,850 $ 663 $ 663 Additions for tax positions of prior years — 16,187 — Reductions for tax positions of prior years (16,330 ) — — Balance at end of year $ 520 $ 16,850 $ 663 During 2019, the Company released a $16.3 million net reserve for unrecognized tax benefits related to alternative minimum tax associated with uncertain tax positions and a $3.1 million liability for accrued interest associated with the uncertain tax positions. The release of the net reserve did not have a material impact on the Company's effective tax rate. As of December 31, 2019, the Company had a $0.5 million reserve for unrecognized tax benefits related to the allocation of certain gains associated with its divestitures for purposes of computing state income taxes. If recognized, the net tax benefit of $0.5 million would not have a material effect on the Company's effective tax rate. The Company files income tax returns in the U.S. federal, various states and other jurisdictions. The Company is no longer subject to examinations by state authorities before 2012 or by federal authorities before 2013. The Company is currently under examination by the Internal Revenue Service for its 2014 through 2017 tax years. The Company believes that appropriate provisions have been made for all jurisdictions and all open years, and that any assessment on these filings will not have a material impact on the Company's financial position, results of operations or cash flows. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Postretirement Benefits The Company provides certain health care benefits for retired employees, including their spouses, eligible dependents and surviving spouses (retirees). These benefits are commonly called postretirement benefits. The health care plans are contributory, with participants' contributions adjusted annually. Most employees become eligible for these benefits if they meet certain age and service requirements at retirement. During the year ended December 31, 2017, the Company amended the plan to reflect a change from a Medicare Supplemental program to a Medicare Advantage program for participants age 65 and older. The coverage continues to be provided under a fully-insured arrangement. The Company provided postretirement benefits to 310 retirees and their dependents at the end of 2019 and 337 retirees and their dependents at the end of 2018 . Obligations and Funded Status The funded status represents the difference between the accumulated benefit obligation of the Company's postretirement plan and the fair value of plan assets at December 31. The postretirement plan does not have any plan assets; therefore, the unfunded status is equal to the amount of the December 31 accumulated benefit obligation. The change in the Company's postretirement benefit obligation is as follows: Year Ended December 31, (In thousands) 2019 2018 2017 Change in Benefit Obligation Benefit obligation at beginning of year $ 29,777 $ 31,050 $ 37,482 Service cost 1,533 1,776 1,508 Interest cost 1,283 1,172 1,097 Actuarial (gain) loss 3,279 (3,165 ) 5,156 Benefits paid (1,434 ) (1,056 ) (1,204 ) Curtailments (1) — — (4,346 ) Plan amendments — — (8,643 ) Benefit obligation at end of year $ 34,438 $ 29,777 $ 31,050 Change in Plan Assets Fair value of plan assets at end of year — — — Funded status at end of year $ (34,438 ) $ (29,777 ) $ (31,050 ) _______________________________________________________________________________ (1) During 2017, the Company terminated approximately 100 employees in connection with the sale of oil and gas properties located in West Virginia, Virginia and Ohio. As a result, the employees’ participation in the postretirement plan also terminated, which resulted in a remeasurement and curtailment of the postretirement benefit obligation. Amounts Recognized in the Balance Sheet Amounts recognized in the balance sheet consist of the following: December 31, (In thousands) 2019 2018 2017 Current liabilities $ 1,725 $ 1,865 $ 1,654 Non-current liabilities 32,713 27,912 29,396 $ 34,438 $ 29,777 $ 31,050 Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Amounts recognized in accumulated other comprehensive income (loss) consist of the following: December 31, (In thousands) 2019 2018 2017 Net actuarial (gain) loss $ (3,787 ) $ (1,253 ) $ 1,912 Prior service cost 2,025 (4,497 ) (5,206 ) $ (1,762 ) $ (5,750 ) $ (3,294 ) Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) Year Ended December 31, (In thousands) 2019 2018 2017 Components of Net Periodic Postretirement Benefit Cost Service cost $ 1,533 $ 1,776 $ 1,508 Interest cost 1,283 1,172 1,097 Amortization of prior service cost (709 ) (709 ) (1,183 ) Net periodic postretirement cost 2,107 2,239 1,422 Recognized curtailment gain — — (4,917 ) Total post retirement cost (income) $ 2,107 $ 2,239 $ (3,495 ) Other Changes in Benefit Obligations Recognized in Other Comprehensive Income (Loss) Net (gain) loss $ 3,279 $ (3,165 ) $ 4,178 Prior service cost — — (8,643 ) Amortization of prior service cost 709 709 2,733 Total recognized in other comprehensive income 3,988 (2,456 ) (1,732 ) Total recognized in net periodic benefit cost (income) and other comprehensive income $ 6,095 $ (217 ) $ (5,227 ) Assumptions Assumptions used to determine projected postretirement benefit obligations and postretirement costs are as follows: December 31, 2019 2018 2017 Discount rate (1) 3.50 % 4.45 % 3.85 % Health care cost trend rate for medical benefits assumed for next year (pre-65) 7.00 % 7.25 % 7.50 % Health care cost trend rate for medical benefits assumed for next year (post-65) 5.25 % 5.50 % 5.75 % Ultimate trend rate (pre-65) 4.50 % 4.50 % 4.50 % Ultimate trend rate (post-65) 4.50 % 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate (pre-65) 2030 2030 2030 Year that the rate reaches the ultimate trend rate (post-65) 2023 2023 2023 _______________________________________________________________________________ (1) Represents the year end rates used to determine the projected benefit obligation. To compute postretirement cost in 2019 , 2018 and 2017 , respectively, the beginning of year discount rates of 4.45 percent , 3.85 percent and 3.85 percent were used. Coverage provided to participants age 65 and older is under a fully-insured arrangement. The Company subsidy is limited to 60 percent of the expected annual fully-insured premium for participants age 65 and older. For all participants under age 65, the Company subsidy for all retiree medical and prescription drug benefits, beginning January 1, 2006, was limited to an aggregate annual amount not to exceed $648,000 . This limit increases by 3.5 percent annually thereafter. Assumed health care cost trend rates may have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects: (In thousands) 1-Percentage-Point Increase 1-Percentage-Point Decrease Effect on total of service and interest cost $ 639 $ (483 ) Effect on postretirement benefit obligation 5,765 (4,508 ) Cash Flows Contributions. The Company expects to contribute approximately $1.8 million to the postretirement benefit plan in 2020 . Estimated Future Benefit Payments. The following estimated benefit payments under the Company's postretirement plans, which reflect expected future service, are expected to be paid as follows: (In thousands) 2020 $ 1,755 2021 1,726 2022 1,768 2023 1,798 2024 1,765 Years 2025 - 2029 8,559 Savings Investment Plan The Company has a Savings Investment Plan (SIP), which is a defined contribution plan. The Company matches a portion of employees' contributions in cash. Participation in the SIP is voluntary and all regular employees of the Company are eligible to participate. The Company matches employee contributions dollar-for-dollar, up to the maximum IRS limit, on the first six percent of an employee's pretax earnings. The SIP also provides for discretionary profit sharing contributions in an amount equal to 10 percent of an eligible plan participant's salary and bonus. During the years ended December 31, 2019 , 2018 and 2017 , the Company made contributions of $5.8 million , $5.9 million and $6.5 million , respectively, which are included in general and administrative expense in the Consolidated Statement of Operations. The Company's common stock is an investment option within the SIP. Deferred Compensation Plan The Company has a deferred compensation plan which is available to officers and certain members of the Company's management group and acts as a supplement to the SIP. The Internal Revenue Code does not cap the amount of compensation that may be taken into account for purposes of determining contributions to the deferred compensation plan and does not impose limitations on the amount of contributions to the deferred compensation plan. At the present time, the Company anticipates making a contribution to the deferred compensation plan on behalf of a participant in the event that Internal Revenue Code limitations cause a participant to receive less than the Company matching contribution under the SIP. The assets of the deferred compensation plan are held in a rabbi trust and are subject to additional risk of loss in the event of bankruptcy or insolvency of the Company. Under the deferred compensation plan, the participants direct the deemed investment of amounts credited to their accounts. The trust assets are invested in either mutual funds that cover the investment spectrum from equity to money market, or may include holdings of the Company's common stock, which is funded by the issuance of shares to the trust. The mutual funds are publicly traded and have market prices that are readily available. The Company's common stock is not currently an investment option in the deferred compensation plan. Shares of the Company's stock currently held in the deferred compensation plan represent vested performance share awards that were previously deferred into the rabbi trust. Settlement payments are made to participants in cash, either in a lump sum or in periodic installments. The market value of the trust assets, excluding the Company's common stock, was $18.4 million and $14.7 million at December 31, 2019 and 2018 , respectively, and is included in other assets in the Consolidated Balance Sheet. Related liabilities, including the Company's common stock, totaled $27.0 million and $25.8 million at December 31, 2019 and 2018 , respectively, and are included in other liabilities in the Consolidated Balance Sheet. With the exception of the Company's common stock, there is no impact on earnings or earnings per share from the changes in market value of the deferred compensation plan assets because the changes in market value of the trust assets are offset completely by changes in the value of the liability, which represents trust assets belonging to plan participants. As of December 31, 2019 and 2018 , 495,774 shares and 495,774 shares of the Company's common stock were held in the rabbi trust, respectively. These shares were recorded at the market value on the date of deferral, which totaled $5.1 million and $5.1 million at December 31, 2019 and 2018 , respectively, and is included in additional paid-in capital in stockholders' equity in the Consolidated Balance Sheet. The Company recognized compensation (benefit) expense of ( $2.4 million ), ( $3.1 million ) and $2.6 million in 2019 , 2018 and 2017 , respectively, which is included in general and administrative expense in the Consolidated Statement of Operations representing the increase (decrease) in the closing price of the Company's shares held in the trust. The Company's common stock issued to the trust is not considered outstanding for purposes of calculating basic earnings per share, but is considered a common stock equivalent in the calculation of diluted earnings per share. The Company made contributions to the deferred compensation plan of $1.0 million , $1.1 million and $1.0 million in 2019 , 2018 and 2017 , respectively, which are included in general and administrative expense in the Consolidated Statement of Operations. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Capital Stock | Capital Stock Incentive Plans On May 1, 2014, the Company’s shareholders approved the 2014 Incentive Plan. Under the 2014 Incentive Plan, incentive and non-statutory stock options, stock appreciation rights (SARs), stock awards, cash awards and performance share awards may be granted to key employees, consultants and officers of the Company. Non-employee directors of the Company may be granted discretionary awards under the 2014 Incentive Plan consisting of stock options or stock awards. A total of 18.0 million shares of common stock may be issued under the 2014 Incentive Plan. Under the 2014 Incentive Plan, no more than 10.0 million shares may be issued pursuant to incentive stock options. No additional awards may be granted under the 2014 Incentive Plan on or after May 1, 2024. At December 31, 2019 , approximately 12.8 million shares are available for issuance under the 2014 Incentive Plan. No additional awards will be granted under any of the Company’s prior plans, including the 2004 Incentive Plan. Awards outstanding under the 2004 Incentive Plan will remain outstanding in accordance with their original terms and conditions. Treasury Stock In August 1998, the Board of Directors authorized a share repurchase program under which the Company may purchase shares of common stock in the open market or in negotiated transactions. The timing and amount of these stock purchases are determined at the discretion of management. The Company may use the repurchased shares to fund stock compensation programs presently in existence, or for other corporate purposes. All purchases executed to date have been through open market transactions. There is no expiration date associated with the authorization to repurchase shares of the Company. During the years ended December 31, 2019 , 2018 and 2017 , the Company repurchased 25.5 million shares for a total cost of $488.5 million , 38.5 million shares for a total cost of $904.1 million and 5.0 million shares for a total cost of $123.7 million , respectively. Since the authorization date and subsequent authorizations, the Company has repurchased 99.0 million shares, of which 20.0 million shares have been retired, for a total cost of approximately $1.9 billion . No treasury shares have been delivered or sold by the Company subsequent to the repurchase. In July 2019, the Board of Directors authorized an increase of 25.0 million shares to the Company’s share repurchase program. As of December 31, 2019 , 79.0 million shares were held as treasury stock and 11.0 million shares were available for repurchase under the share repurchase plan. Dividend Restrictions The Board of Directors of the Company determines the amount of future cash dividends, if any, to be declared and paid on the common stock depending on, among other things, the Company's financial condition, funds from operations, the level of its capital and exploration expenditures, and its future business prospects. None of the senior note or credit agreements in place have restricted payment provisions or other provisions limiting dividends In April 2019, the Board of Directors approved an increase in the quarterly dividend on the Company's common stock from $0.07 per share to $0.09 per share. In October 2019, the Board of Directors approved an additional increase in the quarterly dividend on the Company's common stock from $0.09 per share to $0.10 per share. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation General Stock-based compensation expense for the years ended December 31, 2019 , 2018 and 2017 was $30.8 million , $33.1 million and $34.0 million , respectively, and is included in general and administrative expense in the Consolidated Statement of Operations. Restricted Stock Awards Restricted stock awards are granted from time to time to employees of the Company. The fair value of restricted stock grants is based on the closing stock price on the grant date. Restricted stock awards generally vest either at the end of a three year service period or on a graded or graduated vesting basis at each anniversary date over a three or four year service period. For awards that vest at the end of the service period, expense is recognized ratably using a straight-line approach over the service period. Under the graded or graduated approach, the Company recognizes compensation cost ratably over the requisite service period, as applicable, for each separately vesting tranche as though the awards are, in substance, multiple awards. For most restricted stock awards, vesting is dependent upon the employees' continued service with the Company, with the exception of employment termination due to death, disability or retirement. If included in the grant award, the Company accelerates the vesting period for retirement-eligible employees for purposes of recognizing compensation expense in accordance with the vesting provisions of the Company's stock-based compensation programs. The Company used an annual forfeiture rate assumption of five percent for purposes of recognizing stock-based compensation expense for restricted stock awards. The annual forfeiture rates were based on the Company's actual forfeiture history for this type of award to various employee groups. The following table is a summary of restricted stock award activity: Year Ended December 31, 2019 2018 2017 Shares Weighted- Average Grant Date Fair Value per Share Shares Weighted- Average Grant Date Fair Value per Share Shares Weighted- Average Grant Date Fair Value per Share Outstanding at beginning of period 150,293 $ 28.12 161,450 $ 28.00 43,175 $ 33.87 Granted 55,500 25.29 — — 158,500 28.05 Vested (143,959 ) 28.29 (7,157 ) 25.17 (40,225 ) 34.49 Forfeited (3,000 ) 25.29 (4,000 ) 28.45 — — Outstanding at end of period (1)(2) 58,834 $ 25.19 150,293 $ 28.12 161,450 $ 28.00 __________________________________________________________________ (1) As of December 31, 2019 , the aggregate intrinsic value was $1.0 million and was calculated by multiplying the closing market price of the Company's stock on December 31, 2019 by the number of non-vested restricted stock awards outstanding. (2) As of December 31, 2019 , the weighted average remaining contractual term of non-vested restricted stock awards outstanding was 2.2 years. Compensation expense recorded for all restricted stock awards for the years ended December 31, 2019 , 2018 and 2017 was $1.3 million , $2.8 million and $0.5 million , respectively. Unamortized expense as of December 31, 2019 for all outstanding restricted stock awards was $1.1 million and will be recognized over the next 2.5 years . The total fair value of restricted stock awards that vested during 2019 , 2018 and 2017 was $4.1 million , $0.2 million and $0.9 million , respectively. Restricted Stock Units Restricted stock units are granted from time to time to non-employee directors of the Company. The fair value of the restricted stock units is based on the closing stock price on the grant date. These units vest immediately and compensation expense is recorded immediately. Restricted stock units are issued when the director ceases to be a director of the Company. The following table is a summary of restricted stock unit activity: Year Ended December 31, 2019 2018 2017 Shares Weighted- Average Grant Date Fair Value per Share Shares Weighted- Average Grant Date Fair Value per Share Shares Weighted- Average Grant Date Fair Value per Share Outstanding at beginning of period 490,415 $ 17.41 407,563 $ 16.17 348,538 $ 15.01 Granted and fully vested 83,804 24.70 82,852 23.47 59,025 23.04 Issued — — — — — — Forfeited — — — — — — Outstanding at end of period (1)(2) 574,219 $ 18.47 490,415 $ 17.41 407,563 $ 16.17 _______________________________________________________________________________ (1) As of December 31, 2019 , the aggregate intrinsic value was $10.0 million and was calculated by multiplying the closing market price of the Company's stock on December 31, 2019 by the number of outstanding restricted stock units. (2) Due to the immediate vesting of the units and the unknown term of each director, the weighted-average remaining contractual term in years has not been provided. Compensation expense recorded for all restricted stock units for the year ended December 31, 2019 , 2018 and 2017 was $2.1 million , $1.9 million and $1.4 million , respectively, which reflects the total fair value of these units. Performance Share Awards The Company grants three types of performance share awards: two based on performance conditions measured against the Company's internal performance metrics (Employee Performance Share Awards and Hybrid Performance Share Awards) and one based on market conditions measured based on the Company's performance relative to a predetermined peer group (TSR Performance Share Awards). The performance period for these awards commences on January 1 of the respective year in which the award was granted and extends over a three -year performance period. For all performance share awards, the Company used an annual forfeiture rate assumption ranging from zero percent to seven percent for purposes of recognizing stock-based compensation expense for its performance share awards. Performance Share Awards Based on Internal Performance Metrics The fair value of performance share award grants based on internal performance metrics is based on the closing stock price on the grant date. Each performance share award represents the right to receive up to 100 percent of the award in shares of common stock. Employee Performance Share Awards. The Employee Performance Share Awards vest at the end of the three -year performance period. An employee will earn one-third of the award for each of the three performance metrics that the Company meets . These performance metrics are set by the Company's Compensation Committee and are based on the Company's average production, average finding costs and average reserve replacement over a three -year performance period. Based on the Company's probability assessment at December 31, 2019 , it is considered probable that all of the criteria for these awards will be met. The following table is a summary of activity for Employee Performance Share Awards: Year Ended December 31, 2019 2018 2017 Shares Weighted- Average Grant Date Fair Value per Share Shares Weighted- Average Grant Date Fair Value per Share Shares Weighted- Average Grant Date Fair Value per Share Outstanding at beginning of period 1,280,021 $ 22.22 1,095,970 $ 23.31 993,530 $ 27.26 Granted 526,730 24.95 531,670 23.25 406,460 22.60 Issued and fully vested (388,370 ) 20.49 (315,970 ) 27.71 (225,780 ) 39.43 Forfeited (159,094 ) 24.29 (31,649 ) 22.33 (78,240 ) 23.20 Outstanding at end of period 1,259,287 $ 23.64 1,280,021 $ 22.22 1,095,970 $ 23.31 Hybrid Performance Share Awards. The Hybrid Performance Share Awards have a three -year graded performance period. The awards vest 25 percent on each of the first and second anniversary dates and 50 percent on the third anniversary provided that the Company has $100 million or more of operating cash flow for the year preceding the vesting date, as set by the Company's Compensation Committee. If the Company does not meet the performance metric for the applicable period, then the portion of the performance shares that would have been issued on that anniversary date will be forfeited. Based on the Company's probability assessment at December 31, 2019 , it is considered probable that the criteria for these awards will be met. The following table is a summary of activity for the Hybrid Performance Share Awards: Year Ended December 31, 2019 2018 2017 Shares Weighted- Average Grant Date Fair Value per Share Shares Weighted- Average Grant Date Fair Value per Share Shares Weighted- Average Grant Date Fair Value per Share Outstanding at beginning of period 662,388 $ 22.48 574,354 $ 22.72 479,784 $ 25.12 Granted 315,029 24.95 321,720 23.25 272,920 22.60 Issued and fully vested (284,629 ) 21.78 (233,686 ) 24.12 (178,350 ) 29.01 Forfeited — — — — — — Outstanding at end of period 692,788 $ 23.90 662,388 $ 22.48 574,354 $ 22.72 Performance Share Awards Based on Market Conditions These awards have both an equity and liability component, with the right to receive up to the first 100 percent of the award in shares of common stock and the right to receive up to an additional 100 percent of the value of the award in excess of the equity component in cash. The equity portion of these awards is valued on the grant date and is not marked to market, while the liability portion of the awards is valued as of the end of each reporting period on a mark-to-market basis. The Company calculates the fair value of the equity and liability portions of the awards using a Monte Carlo simulation model. TSR Performance Share Awards. The TSR Performance Share Awards granted are earned, or not earned, based on the comparative performance of the Company's common stock measured against a predetermined group of companies in the Company's peer group over a three -year performance period. The following table is a summary of activity for the TSR Performance Share Awards: Year Ended December 31, 2019 2018 2017 Shares Weighted- Average Grant Date Fair Value per Share (1) Shares Weighted- Average Grant Date Fair Value per Share (1) Shares Weighted- Average Grant Date Fair Value per Share (1) Outstanding at beginning of period 1,299,868 $ 19.47 1,109,708 $ 19.23 885,213 $ 21.62 Granted 536,673 20.63 482,581 19.92 409,380 19.85 Issued and fully vested (407,907 ) 18.57 (292,421 ) 19.29 (157,147 ) 32.04 Forfeited — — — — (27,738 ) 32.04 Outstanding at end of period 1,428,634 $ 20.17 1,299,868 $ 19.47 1,109,708 $ 19.23 _______________________________________________________________________________ (1) The grant date fair value figures in this table represent the fair value of the equity component of the performance share awards. The current portion of the liability, included in accrued liabilities in the Consolidated Balance Sheet at December 31, 2019 and 2018 was $6.1 million and $5.0 million , respectively. The non-current portion of the liability for the TSR Performance Share Awards, included in other liabilities in the Consolidated Balance Sheet at December 31, 2019 and 2018 , was $4.1 million and $7.9 million , respectively. The Company made cash payments during the years ended December 31, 2019 and 2018 of $5.0 million and $3.3 million , respectively. There were no cash payments made during the year ended December 31, 2017 . The following assumptions were used to determine the grant date fair value of the equity component of the TSR Performance Share Awards for the respective periods: Year Ended December 31, 2019 2018 2017 Fair value per performance share award granted during the period $ 20.63 $ 19.92 $ 19.85 Assumptions Stock price volatility 31.3 % 37.3 % 37.8 % Risk free rate of return 2.5 % 2.4 % 1.4 % The following assumptions were used to determine the fair value of the liability component of the TSR Performance Share Awards for the respective periods: December 31, 2019 2018 2017 Fair value per performance share award at the end of the period $6.18 - $14.80 $15.15 - $20.12 $13.23 - $21.64 Assumptions Stock price volatility 29.8% - 30.4% 29.9% - 31.1% 29.1% - 36.7% Risk free rate of return 1.6% 2.5% - 2.6% 1.8% - 1.9% The stock price volatility was calculated using historical closing stock price data for the Company for the period associated with the expected term through the grant date of each award. The risk free rate of return percentages are based on the continuously compounded equivalent of the U.S. Treasury within the expected term as measured on the grant date. Other Information Compensation expense recorded for both the equity and liability components of all performance share awards for the years ended December 31, 2019 , 2018 and 2017 was $28.8 million , $30.6 million and $29.1 million , respectively. Total unamortized compensation expense related to the equity component of performance shares at December 31, 2019 was $27.2 million and will be recognized over the next 2.5 years . As of December 31, 2019 , the aggregate intrinsic value for all performance share awards was $58.9 million and was calculated by multiplying the closing market price of the Company's stock on December 31, 2019 by the number of unvested performance share awards outstanding. As of December 31, 2019 , the weighted average remaining contractual term of unvested performance share awards outstanding was approximately 1.1 years . On December 31, 2019 , the performance period ended for two types of performance share awards that were granted in 2017 . For the Employee Performance Share Awards, the calculation of the three -year average of the three internal performance metrics was completed in the first quarter of 2020 and was certified by the Compensation Committee in February 2020 . As the Company achieved the three performance metrics, 347,070 shares with a grant date fair value of $7.8 million were issued in February 2020 . For the TSR Performance Share Awards, 409,380 shares with a grant date fair value of $8.1 million were issued in January 2020 based on the Company's ranking relative to a predetermined peer group. Cash payments associated with these awards in the amount of $6.1 million were also made in January 2020 due to the Company's ranking relative to the peer group. The calculation of the award payout was certified by the Compensation Committee on January 3, 2020 . Deferred Performance Shares As of December 31, 2019 , 495,774 shares of the Company's common stock representing vested performance share awards were deferred into the deferred compensation plan. During 2019 , no shares were sold out of the plan. During 2019 , a decrease to the deferred compensation liability of $2.4 million was recognized, which represents the decrease in the closing price of the Company's shares held in the trust during the period. The decrease in compensation expense was included in general and administrative expense in the Consolidated Statement of Operations. |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share Basic earnings per share (EPS) is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS is similarly calculated except that the common shares outstanding for the period is increased using the treasury stock method to reflect the potential dilution that could occur if outstanding stock awards were vested or exercised at the end of the applicable period. Anti-dilutive shares represent potentially dilutive securities that are excluded from the computation of diluted income or loss per share as their impact would be anti-dilutive. The following is a calculation of basic and diluted weighted-average shares outstanding: Year Ended December 31, (In thousands) 2019 2018 2017 Weighted-average shares - basic 415,514 445,538 463,735 Dilution effect of stock awards at end of period 1,937 2,030 1,816 Weighted-average shares - diluted 417,451 447,568 465,551 The following is a calculation of weighted-average shares excluded from diluted EPS due to the anti-dilutive effect: Year Ended December 31, (In thousands) 2019 2018 2017 Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method 669 3 28 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Changes in accumulated other comprehensive income by component, net of tax, were as follows: (In thousands) Postretirement Benefits Balance at December 31, 2016 $ 985 Other comprehensive income before reclassifications 2,815 Amounts reclassified from accumulated other comprehensive loss (1,723 ) Net current-period other comprehensive income 1,092 Balance at December 31, 2017 $ 2,077 Other comprehensive income before reclassifications 2,461 Amounts reclassified from accumulated other comprehensive loss (101 ) Net current-period other comprehensive income 2,360 Balance at December 31, 2018 $ 4,437 Other comprehensive income before reclassifications (2,530 ) Amounts reclassified from accumulated other comprehensive loss (547 ) Net current-period other comprehensive income (3,077 ) Balance at December 31, 2019 $ 1,360 Amounts reclassified from accumulated other comprehensive income into the Consolidated Statement of Operations were as follows: Year Ended December 31, Affected Line Item in the Consolidated Statement of Operations (In thousands) 2019 2018 2017 Postretirement benefits Amortization of prior service cost $ 709 $ 709 $ 2,733 General and administrative expense Total before tax 709 709 2,733 Income before income taxes Income tax expense (162 ) (162 ) (1,010 ) Income tax expense Cumulative effect of adoption of ASU 2018-02 reclassified to retained earnings — (446 ) — Retained earnings Total reclassifications for the period $ 547 $ 101 $ 1,723 Net income |
Additional Balance Sheet Inform
Additional Balance Sheet Information | 12 Months Ended |
Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Additional Balance Sheet Information | Additional Balance Sheet Information Certain balance sheet amounts are comprised of the following: December 31, (In thousands) 2019 2018 Accounts receivable, net Trade accounts $ 209,200 $ 362,973 Other accounts 1,007 668 210,207 363,641 Allowance for doubtful accounts (1,184 ) (1,238 ) $ 209,023 $ 362,403 Other assets Deferred compensation plan $ 18,381 $ 14,699 Debt issuance cost 8,938 4,572 Income taxes receivable — 8,165 Operating lease right-of-use assets 35,916 — Other accounts 56 61 $ 63,291 $ 27,497 Accounts payable Trade accounts $ 21,663 $ 30,033 Royalty and other owners 36,191 61,507 Accrued transportation 55,586 50,540 Accrued capital costs 40,337 43,207 Taxes other than income 16,971 19,824 Income taxes payable — 1,134 Other accounts 19,063 35,694 $ 189,811 $ 241,939 Accrued liabilities Employee benefits $ 22,727 $ 21,761 Taxes other than income 3,850 1,472 Operating lease liabilities 3,124 — Other accounts 1,589 1,994 $ 31,290 $ 25,227 Other liabilities Deferred compensation plan $ 27,012 $ 25,780 Operating lease liabilities 32,677 — Other accounts 8,595 34,391 $ 68,284 $ 60,171 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Year Ended December 31, (In thousands) 2019 2018 2017 Cash paid for interest and income taxes Interest $ 57,475 $ 80,069 $ 79,846 Income taxes 7,808 4,635 40,626 As of December 31, 2019 , cash, cash equivalents and restricted cash included in the Consolidated Statement of Cash Flows includes cash and cash equivalents of $200.2 million and restricted cash of $13.6 million . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Nature of Operations | Basis of Presentation and Nature of Operations Cabot Oil & Gas Corporation and its subsidiaries (the Company) are engaged in the development, exploitation, exploration, production and marketing of natural gas exclusively within the continental United States. The Company's exploration and development activities are concentrated in areas with known hydrocarbon resources, which are conducive to multi-well, repeatable drilling programs. The Company operates in one segment, natural gas development, exploitation, exploration and production. The Company's oil and gas properties are managed as a whole rather than through discrete operating segments or business units. Operational information is tracked by geographic area; however, financial performance is assessed as a single enterprise and not on a geographic basis. Allocation of resources is made on a project basis across the Company's entire portfolio without regard to geographic areas. The consolidated financial statements include the accounts of the Company and its subsidiaries after eliminating all significant intercompany balances and transactions. Certain reclassifications have been made to prior year statements to conform with the current year presentation. These reclassifications have no impact on previously reported stockholders' equity, net income (loss) or cash flows. |
Recently Adopted / Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Leases. In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The new lease guidance supersedes Topic 840. The core principle of the guidance is that entities should recognize the assets and liabilities that arise from leases. This ASU does not apply to leases to explore for or use minerals, oil, natural gas and similar nonregenerative resources, including the intangible right to explore for those natural resources and rights to use the land in which those natural resources are contained. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, which provides entities with an optional transition method that permits an entity to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The guidance is effective for interim and annual periods beginning after December 15, 2018. This ASU was adopted using a modified retrospective approach. The Company adopted this guidance effective January 1, 2019 by applying the optional transition approach as of the beginning of the period of adoption. Comparative periods, including the disclosures related to those periods, were not restated. On the adoption date, the Company elected the following practical expedients which are provided in the lease standard: • an election not to apply the recognition requirements in the lease standard to short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that the Company is reasonably certain to exercise); • a package of practical expedients to not reassess whether a contract is or contains a lease, lease classification and initial direct costs; • a practical expedient to use hindsight when determining the lease term; • a practical expedient that permits combining lease and non-lease components in a contract and accounting for the combination as a lease (elected by asset class); and • a practical expedient to not reassess certain land easements in existence prior to January 1, 2019. On January 1, 2019, the Company recognized a right of use asset for operating leases and an operating lease liability of $44.6 million , representing the present value of the future minimum lease payment obligations associated with office leases, drilling rig commitments, surface use agreements and other leases. The adoption of this guidance did not have an impact on the Company’s results of operations or cash flows. Refer to Note 9 for more details regarding leases. Recently Issued Accounting Pronouncements Financial Instruments: Credit Losses. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments: Credit Losses, which replaces the incurred loss impairment methodology used for certain financial instruments with a methodology that reflects current expected credit losses (CECL). ASU No. 2016-13, along with subsequently issued codification improvements, will be effective for the Company on January 1, 2020, and will be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the adoption period. The Company's historical credit losses have not been material, and future expected credit losses under the CECL model are not expected to be material. The adoption of ASU No. 2016-13 is not expected to have a material effect on the Company's financial position or results of operations; however, it will modify certain disclosure requirements. Fair Value Measurements. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid short-term investments with a maturity of three months or less and deposits in money market funds that are readily convertible to cash to be cash equivalents. Cash and cash equivalents were primarily concentrated in four financial institutions at December 31, 2019 |
Restricted Cash | Restricted Cash. Restricted cash includes cash that is legally or contractually restricted as to withdrawal or usage. As of December 31, 2019 , the restricted cash balance of $13.6 million |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company records an allowance for doubtful accounts for receivables that the Company determines to be uncollectible based on the specific identification method. |
Inventories | Inventories Inventories are comprised of tubular goods and well equipment and are carried at average cost. |
Equity Method Investments | Equity Method Investments The Company accounts for its investments in entities over which the Company has significant influence, but not control, using the equity method of accounting. Under the equity method of accounting, the Company increases its investment for contributions made and records its proportionate share of net earnings, declared dividends and partnership distributions based on the most recently available financial statements of the investee. The Company records the activity for its equity method investments on a one month lag. In addition, the Company evaluates its equity method investments for potential impairment whenever events or changes in circumstances indicate that there is a decline in the value of the investment. |
Properties and Equipment | Properties and Equipment The Company uses the successful efforts method of accounting for oil and gas producing activities. Under this method, acquisition costs for proved and unproved properties are capitalized when incurred. Exploration costs, including geological and geophysical costs, the costs of carrying and retaining unproved properties and exploratory dry hole drilling costs, are expensed. Development costs, including the costs to drill and equip development wells and successful exploratory drilling costs to locate proved reserves are capitalized. Exploratory drilling costs are capitalized when incurred pending the determination of whether a well has found proved reserves. The determination is based on a process which relies on interpretations of available geologic, geophysical, and engineering data. If a well is determined to be successful, the capitalized drilling costs will be reclassified as part of the cost of the well. If a well is determined to be unsuccessful, the capitalized drilling costs will be charged to exploration expense in the Consolidated Statement of Operations in the period the determination is made. If an exploratory well requires a major capital expenditure before production can begin, the cost of drilling the exploratory well will continue to be carried as an asset pending determination of whether reserves have been found only as long as: (i) the well has found a sufficient quantity of reserves to justify its completion as a producing well if the required capital expenditure is made and (ii) drilling of an additional exploratory well is under way or firmly planned for the near future. If drilling in the area is not under way or firmly planned, or if the well has not found a commercially producible quantity of reserves, the exploratory well is assumed to be impaired and its costs are charged to exploration expense. Development costs of proved oil and gas properties, including estimated dismantlement, restoration and abandonment costs and acquisition costs, are depreciated and depleted on a field basis by the units-of-production method using proved developed and proved reserves, respectively. Buildings are depreciated on a straight-line basis over 25 to 40 years. Certain other assets are depreciated on a straight-line basis over 3 to 25 years. Costs of sold or abandoned properties that make up a part of an amortization base (partial field) remain in the amortization base if the units-of-production rate is not significantly affected. If significant, a gain or loss, if any, is recognized and the sold or abandoned properties are retired. A gain or loss, if any, is also recognized when a group of proved properties (entire field) that make up the amortization base has been retired, abandoned or sold. The Company evaluates its proved oil and gas properties for impairment whenever events or changes in circumstances indicate an asset's carrying amount may not be recoverable. The Company compares expected undiscounted future cash flows to the net book value of the asset. If the future undiscounted expected cash flows, based on estimates of future commodity prices, operating costs and anticipated production from proved reserves and risk-adjusted probable and possible reserves, are lower than the net book value of the asset, the capitalized cost is reduced to fair value. Commodity pricing is estimated by using a combination of assumptions management uses in its budgeting and forecasting process as well as historical and current prices adjusted for geographical location and quality differentials, as well as other factors that management believes will impact realizable prices. Fair value is calculated by discounting the future cash flows. The discount factor used is based on rates utilized by market participants that are commensurate with the risks inherent in the development and production of the underlying natural gas and oil. Unproved oil and gas properties are assessed periodically for impairment on an aggregate basis through periodic updates to the Company's undeveloped acreage amortization based on past drilling and exploration experience, the Company's expectation of converting leases to held by production and average property lives. Average property lives are determined on a geographical basis and based on the estimated life of unproved property leasehold rights. During 2019 , 2018 and 2017 , amortization associated with the Company's unproved properties was $32.6 million , $82.3 million and $52.8 million , respectively, and is included in depreciation, depletion, and amortization in the Consolidated Statement of Operations. |
Asset Retirement Obligations | Asset Retirement Obligations The Company records the fair value of a liability for an asset retirement obligation in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement cost is capitalized as part of the carrying amount of the long-lived asset. The asset retirement costs are depreciated using the units-of-production method. At December 31, 2019 , there were no assets legally restricted for purposes of settling asset retirement obligations. Additional retirement obligations increase the liability associated with new oil and gas wells and other facilities as these obligations are incurred. Accretion expense is included in depreciation, depletion and amortization expense in the Consolidated Statement of Operations. |
Derivative Instruments | Derivative Instruments The Company enters into financial derivative contracts, primarily swaps, collars and basis swaps, to manage its exposure to price fluctuations on a portion of its anticipated future production volumes. The Company’s credit agreement restricts the ability of the Company to enter into commodity derivatives other than to hedge or mitigate risks to which the Company has actual or projected exposure or as permitted under the Company’s risk management policies and where such derivatives do not subject the Company to material speculative risks. All of the Company’s derivatives are used for risk management purposes and are not held for trading purposes. The Company has elected not to designate its financial derivative instruments as accounting hedges under the accounting guidance. The Company evaluates all of its physical purchase and sale contracts to determine if they meet the definition of a derivative. For contracts that meet the definition of a derivative, the Company may elect the normal purchase normal sale (NPNS) exception provided under the accounting guidance and account for the contract using the accrual method of accounting. Contracts that do not qualify for or for which the Company elects not to apply the NPNS exception are accounted for at fair value. All derivatives, except for derivatives that qualify for the NPNS exception, are recognized on the balance sheet and are measured at fair value. At the end of each quarterly period, these derivatives are marked to market. As a result, changes in the fair value of derivatives are recognized in operating revenues in gain (loss) on derivative instruments. The resulting cash flows are reported as cash flows from operating activities. |
Fair Value of Assets and Liabilities | Fair Value of Assets and Liabilities The Company follows the authoritative accounting guidance for measuring fair value of assets and liabilities in its financial statements. 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 (exit price). The Company utilizes market data or assumptions that market participants who are independent, knowledgeable and willing and able to transact would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. The Company is able to classify fair value balances based on the observability of these inputs. The authoritative guidance for fair value measurements establishes three levels of the fair value hierarchy, defined as follows: • Level 1: Unadjusted, quoted prices for identical assets or liabilities in active markets. • Level 2: Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly for substantially the full term of the asset or liability. • Level 3: Significant, unobservable inputs for use when little or no market data exists, requiring a significant degree of judgment. The hierarchy gives the highest priority to Level 1 measurements and the lowest priority to Level 3 measurements. Depending on the particular asset or liability, input availability can vary depending on factors such as product type, longevity of a product in the market and other particular transaction conditions. In some cases, certain inputs used to measure fair value may be categorized into different levels of the fair value hierarchy. For disclosure purposes under the accounting guidance, the lowest level that contains significant inputs used in the valuation should be chosen. |
Revenue Recognition | Revenue Recognition On January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers, and the related guidance in ASC 340-40 (the new revenue standard), and related guidance on gains and losses on derecognition of nonfinancial assets ASC 610-20, using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Under the modified retrospective method, the Company recognizes the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings; however, no significant adjustment was required as a result of adopting the new revenue standard. Results for reporting periods beginning after January 1, 2018 are presented under the new revenue standard. The comparative information has not been restated and continues to be reported under the historic accounting standards in effect for those periods. The Company’s revenue is typically generated from contracts to sell natural gas produced from interests in oil and gas properties owned by the Company. These contracts generally require the Company to deliver a specific amount of a commodity per day for a specified number of days at a price that is either fixed or variable. The contracts specify a delivery point which represents the point at which control of the product is transferred to the customer. These contracts frequently meet the definition of a derivative under ASC 815, and are accounted for as derivatives unless the Company elects to treat them as normal sales as permitted under that guidance. The Company typically elects to treat contracts to sell oil and gas production as normal sales, which are then accounted for as contracts with customers. The Company has determined that these contracts represent multiple performance obligations which are satisfied when control of the commodity transfers to the customer, typically through the delivery of the specified commodity to a designated delivery point. Revenue is measured based on consideration specified in the contract with the customer, and excludes any amounts collected on behalf of third parties. The Company recognizes revenue in the amount that reflects the consideration it expects to be entitled to in exchange for transferring control of those goods to the customer. The contract consideration in the Company’s variable price contracts are typically allocated to specific performance obligations in the contract according to the price stated in the contract. Amounts allocated in the Company’s fixed price contracts are based on the standalone selling price of those products in the context of long-term, fixed price contracts, which generally approximates the contract price. Payment is generally received one or two months after the sale has occurred. Gain or loss on derivative instruments is outside the scope of ASC 606 and is not considered revenue from contracts with customers subject to ASC 606. The Company may use financial or physical contracts accounted for as derivatives as economic hedges to manage price risk associated with normal sales, or in limited cases may use them for contracts the Company intends to physically settle but do not meet all of the criteria to be treated as normal sales. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, and that are collected by the Company from a customer, are excluded from revenue. Producer Gas Imbalances. The Company applies the sales method of accounting for natural gas revenue. Under this method, revenues are recognized based on the actual volume of natural gas sold to purchasers. Natural gas production operations may include joint owners who take more or less than the production volumes entitled to them on certain properties. Production volume is monitored to minimize these natural gas imbalances. Under this method, a natural gas imbalance liability is recorded if the Company's excess takes of natural gas exceed its estimated remaining proved developed reserves for these properties at the actual price realized upon the gas sale. A receivable is recognized only to the extent an imbalance cannot be recouped from the reserves in the underlying properties. The Company’s aggregate imbalance positions at December 31, 2019 and 2018 were not material. Brokered Natural Gas. Revenues and expenses related to brokered natural gas are reported gross as part of operating revenues and operating expenses in accordance with applicable accounting standards. The Company buys and sells natural gas utilizing separate purchase and sale transactions whereby the Company or the counterparty obtains control of the natural gas purchased or sold. Practical Expedients. The Company has made use of certain practical expedients in adopting the new revenue standard, including the value of unsatisfied performance obligations are not disclosed for (i) contracts with an original expected length of one year or less, (ii) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice, (iii) contracts with variable consideration which is allocated entirely to a wholly unsatisfied performance obligation and meets the variable allocation criteria in the standard and (iv) only contracts that are not completed at transition. The Company has not adjusted the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to the customer and when the customer pays for that good or service will be one year or less. |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for the estimated future tax consequences attributable to the differences between the financial carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the tax rate in effect for the year in which those temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the year of the enacted rate change. A valuation allowance is established to reduce deferred tax assets if it is more likely than not that the related tax benefits will not be realized. The Company follows the “equity first” approach when applying the limitation for certain executive compensation in excess of $1 million to future compensation. The limitation is first applied to stock-based compensation that vests in future tax years before considering cash compensation paid in a future period. Accordingly, the Company records a deferred tax asset for stock-based compensation expense recorded in the current period, and reverses the temporary difference in the future period, during which the stock-based compensation becomes deductible for tax purposes. The Company is required to make judgments, including estimating reserves for potential adverse outcomes regarding tax positions that the Company has taken. The Company accounts for uncertainty in income taxes using a recognition and measurement threshold for tax positions taken or expected to be taken in a tax return. The tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination by taxing authorities based on technical merits of the position. The amount of the tax benefit recognized is the largest amount of the benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. The effective tax rate and the tax basis of assets and liabilities reflect management's estimates of the ultimate outcome of various tax uncertainties. The Company recognizes accrued interest related to uncertain tax positions in interest expense and accrued penalties related to such positions in general and administrative expense in the Consolidated Statement of Operations. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation under the fair value method of accounting. Under this method, compensation cost is measured at the grant date for equity-classified awards and remeasured each reporting period for liability-classified awards based on the fair value of an award and is recognized over the service period, which is generally the vesting period. To calculate fair value, the Company uses either a Monte Carlo or Black-Scholes valuation model depending on the specific provisions of the award. Stock-based compensation cost for all types of awards is included in general and administrative expense in the Consolidated Statement of Operations. The Company records excess tax benefits and tax deficiencies on stock-based compensation in the income statement upon vesting of the respective awards. Excess tax benefits and tax deficiencies are included in cash flows from operating activities in the Consolidated Statement of Cash Flow. Cash paid by the Company when directly withholding shares from employee stock-based compensation awards for tax-withholding purposes are classified as financing activities in the Consolidated Statement of Cash Flow. |
Environmental Matters | Environmental Matters Environmental expenditures are expensed or capitalized, as appropriate, depending on their future economic benefit. Expenditures that relate to an existing condition caused by past operations, and that do not have future economic benefit are expensed. Liabilities related to future costs are recorded on an undiscounted basis when environmental assessments and/or remediation activities are probable and the costs can be reasonably estimated. Any insurance recoveries are recorded as assets when received. |
Credit and Concentration Risk | Credit and Concentration Risk Substantially all of the Company's accounts receivable result from the sale of natural gas to third parties in the oil and gas industry. This concentration of purchasers may impact the Company's overall credit risk, either positively or negatively, in that these entities may be similarly affected by changes in economic or other conditions. The Company does not anticipate any material impact on its financial results due to non-performance by the third parties. |
Use of Estimates | Use of Estimates In preparing financial statements, the Company follows accounting principles generally accepted in the United States. These principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The most significant estimates pertain to proved natural gas reserves and related cash flow estimates which are used to compute depreciation, depletion and amortization and impairments of proved oil and gas properties. Other significant estimates include natural gas revenues and expenses, fair value of derivative instruments, estimates of expenses related to legal, environmental and other contingencies, asset retirement obligations, postretirement obligations, stock-based compensation and deferred income taxes. Actual results could differ from those estimates. |
Properties and Equipment, Net (
Properties and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Components of Properties and Equipment, Net | Properties and equipment, net are comprised of the following: December 31, (In thousands) 2019 2018 Proved oil and gas properties $ 6,508,443 $ 5,717,145 Unproved oil and gas properties 133,475 194,435 Land, buildings and other equipment 104,700 94,797 6,746,618 6,006,377 Accumulated depreciation, depletion and amortization (2,890,912 ) (2,542,771 ) $ 3,855,706 $ 3,463,606 |
Schedule of Net Changes in Capitalized Exploratory Well Costs | The following table reflects the net changes in capitalized exploratory well costs: Year Ended December 31, (In thousands) 2019 2018 2017 Balance at beginning of period $ — $ 19,511 $ — Additions to capitalized exploratory well costs pending the determination of proved reserves — — 19,511 Reclassifications to wells, facilities, and equipment based on the determination of proved reserves — — — Capitalized exploratory well costs charged to expense — (19,511 ) — Balance at end of period $ — $ — $ 19,511 |
Schedule of Aging of Capitalized Exploratory Well Costs | The following table provides an aging of capitalized exploratory well costs based on the date the drilling was completed: December 31, (In thousands) 2019 2018 2017 Capitalized exploratory well costs that have been capitalized for a period of one year or less $ — $ — $ 19,511 Capitalized exploratory well costs that have been capitalized for a period greater than one year — — — $ — $ — $ 19,511 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Activity Related to Equity Method Investments | Activity related to the Company's equity method investments is as follows: Constitution Meade Total Year Ended December 31, Year Ended December 31, Year Ended December 31, (In thousands) 2019 2018 2017 2019 2018 2017 2019 2018 2017 Balance at beginning of period $ — $ 732 $ 96,850 $ 163,181 $ 85,345 $ 32,674 $ 163,181 $ 86,077 $ 129,524 Contributions 725 500 4,350 8,613 76,763 52,689 9,338 77,263 57,039 Distributions — — — (17,453 ) (1,296 ) — (17,453 ) (1,296 ) — Earnings (loss) on equity method investments (10,125 ) (1,232 ) (100,468 ) 90,621 2,369 (18 ) 80,496 1,137 (100,486 ) Reclassification of accumulated losses (1) 9,400 — — — — — 9,400 — — Sale of investment — — — (244,962 ) — — (244,962 ) — — Balance at end of period $ — $ — $ 732 $ — $ 163,181 $ 85,345 $ — $ 163,181 $ 86,077 _______________________________________________________________________________ (1) Amount is included in accounts payable in the Consolidated Balance Sheet as of December 31, 2019. |
Debt and Credit Agreements (Tab
Debt and Credit Agreements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt and Credit Agreements | The Company's debt and credit agreements consisted of the following: December 31, (In thousands) 2019 2018 Total debt 6.51% weighted-average senior notes (1) $ 124,000 $ 124,000 5.58% weighted-average senior notes 175,000 175,000 3.65% weighted-average senior notes 925,000 925,000 Revolving credit facility — 7,000 Unamortized debt issuance costs (3,975 ) (4,896 ) $ 1,220,025 $ 1,226,104 _______________________________________________________________________________ (1) Includes $87.0 million of current portion of long-term debt at December 31, 2019 . three separate tranches as follows: Principal Term Maturity Date Coupon Tranche 1 $ 245,000,000 10 years July 2018 6.44 % Tranche 2 $ 100,000,000 12 years July 2020 6.54 % Tranche 3 $ 80,000,000 15 years July 2023 6.69 % three separate tranches as follows: Principal Term Maturity Date Coupon Tranche 1 $ 88,000,000 10 years January 2021 5.42 % Tranche 2 $ 25,000,000 12 years January 2023 5.59 % Tranche 3 $ 62,000,000 15 years January 2026 5.80 % three separate tranches as follows: Principal Term Maturity Date Coupon Tranche 1 $ 100,000,000 7 years September 2021 3.24 % Tranche 2 $ 575,000,000 10 years September 2024 3.67 % Tranche 3 $ 250,000,000 12 years September 2026 3.77 % |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Outstanding Financial Commodity Derivatives | As of December 31, 2019 , the Company had the following outstanding financial commodity derivatives: Collars Floor Ceiling Swaps Type of Contract Volume (Mmbtu) Contract Period Range Weighted-Average Range Weighted- Average Weighted- Average Natural gas (NYMEX) 10,700,000 Apr. 2020 - Oct. 2020 $ 2.27 Natural gas (NYMEX) 10,700,000 Apr. 2020 - Oct. 2020 $— $ 2.15 $2.36 - $2.38 $ 2.37 In early 2020 , the Company entered into the following financial commodity derivatives: Collars Floor Ceiling Swaps Type of Contract Volume (Mmbtu) Contract Period Range Weighted-Average Range Weighted- Average Weighted- Average Natural gas (NYMEX) 10,700,000 Apr. 2020 - Oct. 2020 $ 2.28 Natural gas (NYMEX) 10,700,000 Apr. 2020 - Oct. 2020 $— $ 2.15 $— $ 2.38 |
Effect of Derivative Instruments on Consolidated Balance Sheet | Effect of Derivative Instruments on the Consolidated Balance Sheet Fair Values of Derivative Instruments Derivative Assets Derivative Liabilities December 31, December 31, (In thousands) Balance Sheet Location 2019 2018 2019 2018 Commodity contracts Derivative instruments (current) $ 31 $ 57,665 9 $ — |
Schedule of Offsetting Derivative Assets in Consolidated Balance Sheet | Offsetting of Derivative Assets and Liabilities in the Consolidated Balance Sheet December 31, (In thousands) 2019 2018 Derivative assets Gross amounts of recognized assets $ 47 $ 60,105 Gross amounts offset in the consolidated balance sheet (16 ) (2,440 ) Net amounts of assets presented in the consolidated balance sheet 31 57,665 Gross amounts of financial instruments not offset in the consolidated balance sheet — — Net amount $ 31 $ 57,665 Derivative liabilities Gross amounts of recognized liabilities $ 25 $ 2,440 Gross amounts offset in the consolidated balance sheet (16 ) (2,440 ) Net amounts of liabilities presented in the consolidated balance sheet 9 — Gross amounts of financial instruments not offset in the consolidated balance sheet — — Net amount $ 9 $ — |
Schedule of Offsetting Derivative Liabilities in Consolidated Balance Sheet | Offsetting of Derivative Assets and Liabilities in the Consolidated Balance Sheet December 31, (In thousands) 2019 2018 Derivative assets Gross amounts of recognized assets $ 47 $ 60,105 Gross amounts offset in the consolidated balance sheet (16 ) (2,440 ) Net amounts of assets presented in the consolidated balance sheet 31 57,665 Gross amounts of financial instruments not offset in the consolidated balance sheet — — Net amount $ 31 $ 57,665 Derivative liabilities Gross amounts of recognized liabilities $ 25 $ 2,440 Gross amounts offset in the consolidated balance sheet (16 ) (2,440 ) Net amounts of liabilities presented in the consolidated balance sheet 9 — Gross amounts of financial instruments not offset in the consolidated balance sheet — — Net amount $ 9 $ — |
Effect of Derivative Instruments on Consolidated Statement of Operations | Effect of Derivative Instruments on the Consolidated Statement of Operations Year Ended December 31, (In thousands) 2019 2018 2017 Cash received (paid) on settlement of derivative instruments Gain (loss) on derivative instruments $ 138,450 $ (41,631 ) $ 8,056 Non-cash gain (loss) on derivative instruments Gain (loss) on derivative instruments (57,642 ) 86,063 8,870 $ 80,808 $ 44,432 $ 16,926 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following fair value hierarchy table presents information about the Company's financial assets and liabilities measured at fair value on a recurring basis: (In thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at Assets Deferred compensation plan $ 18,381 $ — $ — $ 18,381 Derivative instruments — 44 3 47 Total assets $ 18,381 $ 44 $ 3 $ 18,428 Liabilities Deferred compensation plan $ 27,012 $ — $ — $ 27,012 Derivative instruments — — 25 25 Total liabilities $ 27,012 $ — $ 25 $ 27,037 (In thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at Assets Deferred compensation plan $ 14,699 $ — $ — $ 14,699 Derivative instruments — 35,689 24,416 60,105 Total assets $ 14,699 $ 35,689 $ 24,416 $ 74,804 Liabilities Deferred compensation plan $ 25,780 $ — $ — $ 25,780 Derivative instruments — — 2,440 2,440 Total liabilities $ 25,780 $ — $ 2,440 $ 28,220 |
Reconciliation of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3 | The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy: Year Ended December 31, (In thousands) 2019 2018 2017 Balance at beginning of period $ 21,976 $ (28,398 ) $ (15,868 ) Total gain (loss) included in earnings 24,794 31,184 (1,866 ) Settlement (gain) loss (46,792 ) 19,190 (10,664 ) Transfers in and/or out of Level 3 — — — Balance at end of period $ (22 ) $ 21,976 $ (28,398 ) Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period $ (22 ) $ 19,732 $ (28,398 ) |
Carrying Amount and Fair Value of Debt | The carrying amount and fair value of debt is as follows : December 31, 2019 December 31, 2018 (In thousands) Carrying Amount Estimated Fair Value Carrying Estimated Fair Value Long-term debt $ 1,220,025 $ 1,260,259 $ 1,226,104 $ 1,202,994 Current maturities (87,000 ) (88,704 ) — — Long-term debt, excluding current maturities $ 1,133,025 $ 1,171,555 $ 1,226,104 $ 1,202,994 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Activity Related to Asset Retirement Obligations | Activity related to the Company's asset retirement obligations is as follows: Year Ended December 31, (In thousands) 2019 2018 Balance at beginning of period $ 51,622 $ 48,553 Liabilities incurred 7,646 5,152 Liabilities settled (1,280 ) (1,035 ) Liabilities divested (187 ) (3,809 ) Accretion expense 3,430 2,541 Change in estimate 10,867 220 Balance at end of period 72,098 51,622 Less: current asset retirement obligation (500 ) (1,000 ) Noncurrent asset retirement obligation $ 71,598 $ 50,622 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Obligations under Transportation and Gathering Agreements | As of December 31, 2019 , the Company's future minimum obligations under transportation and gathering agreements are as follows: (In thousands) 2020 $ 100,165 2021 155,573 2022 158,947 2023 143,875 2024 136,378 Thereafter 823,210 $ 1,518,148 |
Future Undiscounted Minimum Cash Payment Obligations for Operating Lease Liabilities | As of December 31, 2019 , the Company’s future undiscounted minimum cash payment obligations for its operating lease liabilities are as follows: (In thousands) Year Ending December 31, 2020 $ 4,831 2021 4,767 2022 4,589 2023 4,625 2024 4,665 Thereafter 25,422 Total undiscounted future lease payments 48,899 Present value adjustment (13,098 ) Net operating lease liabilities $ 35,801 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: (In thousands) Year Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,614 Investing cash flows from operating leases $ 6,647 Information regarding the weighted-average remaining lease term and the weighted-average discount rate for operating leases is summarized below: December 31, 2019 Weighted-average remaining lease term (in years) Operating leases 12.1 Weighted-average discount rate Operating leases 5.0 % |
Schedule of Future Minimum Rental Commitments under Non-Cancelable Leases | Future minimum rental commitments under non-cancelable leases in effect at December 31, 2018 are as follows: (In thousands) 2019 $ 5,571 2020 5,684 2021 4,777 2022 1,659 2023 1,691 Thereafter 2,852 $ 22,234 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers Disaggregated by Product | The following table presents revenues from contracts with customers disaggregated by product: Year Ended December 31, (In thousands) 2019 2018 2017 (1) OPERATING REVENUES Natural gas $ 1,985,240 $ 1,881,150 $ 1,506,078 Crude oil and condensate — 48,722 212,338 Brokered natural gas — 209,530 17,217 Other 229 4,314 11,660 Total revenues from contracts with customers $ 1,985,469 $ 2,143,716 $ 1,747,293 _______________________________________________________________________________ (1) Prior period amounts have not been adjusted under the modified retrospective method. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense (Benefit) | Income tax expense (benefit) is summarized as follows: Year Ended December 31, (In thousands) 2019 2018 2017 Current Federal $ (29,584 ) $ (95,191 ) $ (9,531 ) State 4,320 6,682 1,816 (25,264 ) (88,509 ) (7,715 ) Deferred Federal 233,136 230,643 (313,938 ) State 11,282 (1,040 ) (7,175 ) 244,418 229,603 (321,113 ) Income tax expense (benefit) $ 219,154 $ 141,094 $ (328,828 ) |
Schedule of Reconciliation of Income Tax Expense (Benefit) Computed by Applying Statutory Federal Income Tax Rate | Income tax expense (benefit) was different than the amounts computed by applying the statutory federal income tax rate as follows: Year Ended December 31, 2019 2018 2017 (In thousands, except rates) Amount Rate Amount Rate Amount Rate Computed "expected" federal income tax $ 189,047 21.00 % $ 146,609 21.00 % $ (79,952 ) 35.00 % State income tax, net of federal income tax benefit 14,773 1.64 % 11,850 1.70 % (4,239 ) 1.86 % Deferred tax adjustment related to change in overall state tax rate (660 ) (0.07 )% (15,208 ) (2.18 )% (48 ) 0.02 % Valuation allowance 17,676 1.96 % 8,975 1.29 % (505 ) 0.22 % Provision to return adjustments (1,966 ) (0.22 )% (1,773 ) (0.25 )% (3,242 ) 1.42 % Excess stock compensation (918 ) (0.10 )% 327 0.05 % 2,965 (1.30 )% Tax Act — — % (11,367 ) (1.63 )% (242,875 ) 106.32 % Other, net 1,202 0.13 % 1,681 0.24 % (932 ) 0.41 % Income tax expense (benefit) $ 219,154 24.34 % $ 141,094 20.21 % $ (328,828 ) 143.95 % |
Schedule of Composition of Net Deferred Tax Liabilities | The composition of net deferred tax liabilities is as follows: December 31, (In thousands) 2019 2018 Deferred Tax Assets Net operating losses $ 22,360 $ 56,769 Alternative minimum tax credits 22,120 114,149 Foreign tax credits — 3,473 Other business credits — 3,380 Incentive compensation 17,776 17,378 Deferred compensation 5,463 5,690 Post-retirement benefits 7,847 6,799 Equity method investments 21,454 20,746 Capital loss carryforward — 8,877 Other 1,336 2,957 Less: valuation allowance (31,763 ) (14,943 ) Total 66,593 225,275 Deferred Tax Liabilities Properties and equipment 768,692 670,704 Derivative instruments 5 13,168 Total 768,697 683,872 Net deferred tax liabilities $ 702,104 $ 458,597 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of unrecognized tax benefits is as follows: Year Ended December 31, (In thousands) 2019 2018 2017 Balance at beginning of year $ 16,850 $ 663 $ 663 Additions for tax positions of prior years — 16,187 — Reductions for tax positions of prior years (16,330 ) — — Balance at end of year $ 520 $ 16,850 $ 663 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Change in Postretirement Benefit Obligation | The change in the Company's postretirement benefit obligation is as follows: Year Ended December 31, (In thousands) 2019 2018 2017 Change in Benefit Obligation Benefit obligation at beginning of year $ 29,777 $ 31,050 $ 37,482 Service cost 1,533 1,776 1,508 Interest cost 1,283 1,172 1,097 Actuarial (gain) loss 3,279 (3,165 ) 5,156 Benefits paid (1,434 ) (1,056 ) (1,204 ) Curtailments (1) — — (4,346 ) Plan amendments — — (8,643 ) Benefit obligation at end of year $ 34,438 $ 29,777 $ 31,050 Change in Plan Assets Fair value of plan assets at end of year — — — Funded status at end of year $ (34,438 ) $ (29,777 ) $ (31,050 ) _______________________________________________________________________________ (1) During 2017, the Company terminated approximately 100 employees in connection with the sale of oil and gas properties located in West Virginia, Virginia and Ohio. As a result, the employees’ participation in the postretirement plan also terminated, which resulted in a remeasurement and curtailment of the postretirement benefit obligation. |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the balance sheet consist of the following: December 31, (In thousands) 2019 2018 2017 Current liabilities $ 1,725 $ 1,865 $ 1,654 Non-current liabilities 32,713 27,912 29,396 $ 34,438 $ 29,777 $ 31,050 |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) Year Ended December 31, (In thousands) 2019 2018 2017 Components of Net Periodic Postretirement Benefit Cost Service cost $ 1,533 $ 1,776 $ 1,508 Interest cost 1,283 1,172 1,097 Amortization of prior service cost (709 ) (709 ) (1,183 ) Net periodic postretirement cost 2,107 2,239 1,422 Recognized curtailment gain — — (4,917 ) Total post retirement cost (income) $ 2,107 $ 2,239 $ (3,495 ) Other Changes in Benefit Obligations Recognized in Other Comprehensive Income (Loss) Net (gain) loss $ 3,279 $ (3,165 ) $ 4,178 Prior service cost — — (8,643 ) Amortization of prior service cost 709 709 2,733 Total recognized in other comprehensive income 3,988 (2,456 ) (1,732 ) Total recognized in net periodic benefit cost (income) and other comprehensive income $ 6,095 $ (217 ) $ (5,227 ) Amounts recognized in accumulated other comprehensive income (loss) consist of the following: December 31, (In thousands) 2019 2018 2017 Net actuarial (gain) loss $ (3,787 ) $ (1,253 ) $ 1,912 Prior service cost 2,025 (4,497 ) (5,206 ) $ (1,762 ) $ (5,750 ) $ (3,294 ) |
Assumptions Used to Determine Projected Postretirement Benefit Obligations and Postretirement Costs | Assumptions used to determine projected postretirement benefit obligations and postretirement costs are as follows: December 31, 2019 2018 2017 Discount rate (1) 3.50 % 4.45 % 3.85 % Health care cost trend rate for medical benefits assumed for next year (pre-65) 7.00 % 7.25 % 7.50 % Health care cost trend rate for medical benefits assumed for next year (post-65) 5.25 % 5.50 % 5.75 % Ultimate trend rate (pre-65) 4.50 % 4.50 % 4.50 % Ultimate trend rate (post-65) 4.50 % 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate (pre-65) 2030 2030 2030 Year that the rate reaches the ultimate trend rate (post-65) 2023 2023 2023 _______________________________________________________________________________ (1) Represents the year end rates used to determine the projected benefit obligation. To compute postretirement cost in 2019 , 2018 and 2017 , respectively, the beginning of year discount rates of 4.45 percent , 3.85 percent and 3.85 percent were used. |
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates may have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects: (In thousands) 1-Percentage-Point Increase 1-Percentage-Point Decrease Effect on total of service and interest cost $ 639 $ (483 ) Effect on postretirement benefit obligation 5,765 (4,508 ) |
Schedule of Estimated Benefit Payments | The following estimated benefit payments under the Company's postretirement plans, which reflect expected future service, are expected to be paid as follows: (In thousands) 2020 $ 1,755 2021 1,726 2022 1,768 2023 1,798 2024 1,765 Years 2025 - 2029 8,559 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Restricted Stock Award / Unit Activity | The following table is a summary of restricted stock award activity: Year Ended December 31, 2019 2018 2017 Shares Weighted- Average Grant Date Fair Value per Share Shares Weighted- Average Grant Date Fair Value per Share Shares Weighted- Average Grant Date Fair Value per Share Outstanding at beginning of period 150,293 $ 28.12 161,450 $ 28.00 43,175 $ 33.87 Granted 55,500 25.29 — — 158,500 28.05 Vested (143,959 ) 28.29 (7,157 ) 25.17 (40,225 ) 34.49 Forfeited (3,000 ) 25.29 (4,000 ) 28.45 — — Outstanding at end of period (1)(2) 58,834 $ 25.19 150,293 $ 28.12 161,450 $ 28.00 __________________________________________________________________ (1) As of December 31, 2019 , the aggregate intrinsic value was $1.0 million and was calculated by multiplying the closing market price of the Company's stock on December 31, 2019 by the number of non-vested restricted stock awards outstanding. (2) As of December 31, 2019 , the weighted average remaining contractual term of non-vested restricted stock awards outstanding was 2.2 years. The following table is a summary of restricted stock unit activity: Year Ended December 31, 2019 2018 2017 Shares Weighted- Average Grant Date Fair Value per Share Shares Weighted- Average Grant Date Fair Value per Share Shares Weighted- Average Grant Date Fair Value per Share Outstanding at beginning of period 490,415 $ 17.41 407,563 $ 16.17 348,538 $ 15.01 Granted and fully vested 83,804 24.70 82,852 23.47 59,025 23.04 Issued — — — — — — Forfeited — — — — — — Outstanding at end of period (1)(2) 574,219 $ 18.47 490,415 $ 17.41 407,563 $ 16.17 _______________________________________________________________________________ (1) As of December 31, 2019 , the aggregate intrinsic value was $10.0 million and was calculated by multiplying the closing market price of the Company's stock on December 31, 2019 by the number of outstanding restricted stock units. (2) Due to the immediate vesting of the units and the unknown term of each director, the weighted-average remaining contractual term in years has not been provided. |
Schedule of Performance Share Awards Activity | The following table is a summary of activity for the TSR Performance Share Awards: Year Ended December 31, 2019 2018 2017 Shares Weighted- Average Grant Date Fair Value per Share (1) Shares Weighted- Average Grant Date Fair Value per Share (1) Shares Weighted- Average Grant Date Fair Value per Share (1) Outstanding at beginning of period 1,299,868 $ 19.47 1,109,708 $ 19.23 885,213 $ 21.62 Granted 536,673 20.63 482,581 19.92 409,380 19.85 Issued and fully vested (407,907 ) 18.57 (292,421 ) 19.29 (157,147 ) 32.04 Forfeited — — — — (27,738 ) 32.04 Outstanding at end of period 1,428,634 $ 20.17 1,299,868 $ 19.47 1,109,708 $ 19.23 _______________________________________________________________________________ (1) The grant date fair value figures in this table represent the fair value of the equity component of the performance share awards. The following table is a summary of activity for Employee Performance Share Awards: Year Ended December 31, 2019 2018 2017 Shares Weighted- Average Grant Date Fair Value per Share Shares Weighted- Average Grant Date Fair Value per Share Shares Weighted- Average Grant Date Fair Value per Share Outstanding at beginning of period 1,280,021 $ 22.22 1,095,970 $ 23.31 993,530 $ 27.26 Granted 526,730 24.95 531,670 23.25 406,460 22.60 Issued and fully vested (388,370 ) 20.49 (315,970 ) 27.71 (225,780 ) 39.43 Forfeited (159,094 ) 24.29 (31,649 ) 22.33 (78,240 ) 23.20 Outstanding at end of period 1,259,287 $ 23.64 1,280,021 $ 22.22 1,095,970 $ 23.31 The following table is a summary of activity for the Hybrid Performance Share Awards: Year Ended December 31, 2019 2018 2017 Shares Weighted- Average Grant Date Fair Value per Share Shares Weighted- Average Grant Date Fair Value per Share Shares Weighted- Average Grant Date Fair Value per Share Outstanding at beginning of period 662,388 $ 22.48 574,354 $ 22.72 479,784 $ 25.12 Granted 315,029 24.95 321,720 23.25 272,920 22.60 Issued and fully vested (284,629 ) 21.78 (233,686 ) 24.12 (178,350 ) 29.01 Forfeited — — — — — — Outstanding at end of period 692,788 $ 23.90 662,388 $ 22.48 574,354 $ 22.72 |
Assumptions Used to Determine Grant Date Fair Value of Equity and Liability Component | The following assumptions were used to determine the grant date fair value of the equity component of the TSR Performance Share Awards for the respective periods: Year Ended December 31, 2019 2018 2017 Fair value per performance share award granted during the period $ 20.63 $ 19.92 $ 19.85 Assumptions Stock price volatility 31.3 % 37.3 % 37.8 % Risk free rate of return 2.5 % 2.4 % 1.4 % The following assumptions were used to determine the fair value of the liability component of the TSR Performance Share Awards for the respective periods: December 31, 2019 2018 2017 Fair value per performance share award at the end of the period $6.18 - $14.80 $15.15 - $20.12 $13.23 - $21.64 Assumptions Stock price volatility 29.8% - 30.4% 29.9% - 31.1% 29.1% - 36.7% Risk free rate of return 1.6% 2.5% - 2.6% 1.8% - 1.9% |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Weighted-Average Shares Outstanding | The following is a calculation of basic and diluted weighted-average shares outstanding: Year Ended December 31, (In thousands) 2019 2018 2017 Weighted-average shares - basic 415,514 445,538 463,735 Dilution effect of stock awards at end of period 1,937 2,030 1,816 Weighted-average shares - diluted 417,451 447,568 465,551 |
Calculation of Weighted-Average Shares Excluded from Diluted EPS Due to Anti-Dilutive Effect | The following is a calculation of weighted-average shares excluded from diluted EPS due to the anti-dilutive effect: Year Ended December 31, (In thousands) 2019 2018 2017 Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method 669 3 28 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income by Component, Net of Tax | Changes in accumulated other comprehensive income by component, net of tax, were as follows: (In thousands) Postretirement Benefits Balance at December 31, 2016 $ 985 Other comprehensive income before reclassifications 2,815 Amounts reclassified from accumulated other comprehensive loss (1,723 ) Net current-period other comprehensive income 1,092 Balance at December 31, 2017 $ 2,077 Other comprehensive income before reclassifications 2,461 Amounts reclassified from accumulated other comprehensive loss (101 ) Net current-period other comprehensive income 2,360 Balance at December 31, 2018 $ 4,437 Other comprehensive income before reclassifications (2,530 ) Amounts reclassified from accumulated other comprehensive loss (547 ) Net current-period other comprehensive income (3,077 ) Balance at December 31, 2019 $ 1,360 |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income into Consolidated Statement of Operations | Amounts reclassified from accumulated other comprehensive income into the Consolidated Statement of Operations were as follows: Year Ended December 31, Affected Line Item in the Consolidated Statement of Operations (In thousands) 2019 2018 2017 Postretirement benefits Amortization of prior service cost $ 709 $ 709 $ 2,733 General and administrative expense Total before tax 709 709 2,733 Income before income taxes Income tax expense (162 ) (162 ) (1,010 ) Income tax expense Cumulative effect of adoption of ASU 2018-02 reclassified to retained earnings — (446 ) — Retained earnings Total reclassifications for the period $ 547 $ 101 $ 1,723 Net income |
Additional Balance Sheet Info_2
Additional Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Certain Balance Sheet Amounts | Certain balance sheet amounts are comprised of the following: December 31, (In thousands) 2019 2018 Accounts receivable, net Trade accounts $ 209,200 $ 362,973 Other accounts 1,007 668 210,207 363,641 Allowance for doubtful accounts (1,184 ) (1,238 ) $ 209,023 $ 362,403 Other assets Deferred compensation plan $ 18,381 $ 14,699 Debt issuance cost 8,938 4,572 Income taxes receivable — 8,165 Operating lease right-of-use assets 35,916 — Other accounts 56 61 $ 63,291 $ 27,497 Accounts payable Trade accounts $ 21,663 $ 30,033 Royalty and other owners 36,191 61,507 Accrued transportation 55,586 50,540 Accrued capital costs 40,337 43,207 Taxes other than income 16,971 19,824 Income taxes payable — 1,134 Other accounts 19,063 35,694 $ 189,811 $ 241,939 Accrued liabilities Employee benefits $ 22,727 $ 21,761 Taxes other than income 3,850 1,472 Operating lease liabilities 3,124 — Other accounts 1,589 1,994 $ 31,290 $ 25,227 Other liabilities Deferred compensation plan $ 27,012 $ 25,780 Operating lease liabilities 32,677 — Other accounts 8,595 34,391 $ 68,284 $ 60,171 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Cash Paid for Interest and Income Taxes | Year Ended December 31, (In thousands) 2019 2018 2017 Cash paid for interest and income taxes Interest $ 57,475 $ 80,069 $ 79,846 Income taxes 7,808 4,635 40,626 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended | ||||
Dec. 31, 2019USD ($)InstitutionSegment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Nov. 30, 2019USD ($) | Jan. 01, 2019USD ($) | |
Properties and Equipment | |||||
Number of operating segments | Segment | 1 | ||||
Operating lease liability | $ 35,801,000 | ||||
Operating lease right-of-use asset | $ 35,916,000 | ||||
Number of financial institutions | Institution | 4 | ||||
Amortization of unproved properties included in depreciation, depletion and amortization | $ 32,600,000 | $ 82,300,000 | $ 52,800,000 | ||
Assets legally restricted for purposes of settling asset retirement obligations | $ 0 | ||||
ASU 2016-02 | |||||
Properties and Equipment | |||||
Operating lease liability | $ 44,600,000 | ||||
Operating lease right-of-use asset | $ 44,600,000 | ||||
Buildings | Minimum | |||||
Properties and Equipment | |||||
Estimated useful life | 25 years | ||||
Buildings | Maximum | |||||
Properties and Equipment | |||||
Estimated useful life | 40 years | ||||
Other Assets | Minimum | |||||
Properties and Equipment | |||||
Estimated useful life | 3 years | ||||
Other Assets | Maximum | |||||
Properties and Equipment | |||||
Estimated useful life | 25 years | ||||
Meade | |||||
Properties and Equipment | |||||
Escrow related to certain contingencies | $ 13,600,000 | ||||
Customer One | Sales Revenue, Net | Customer | |||||
Concentration Risk [Line Items] | |||||
Percentage of Total Sales | 17.00% | 20.00% | 18.00% | ||
Customer Two | Sales Revenue, Net | Customer | |||||
Concentration Risk [Line Items] | |||||
Percentage of Total Sales | 16.00% | 11.00% | 11.00% | ||
Customer Three | Sales Revenue, Net | Customer | |||||
Concentration Risk [Line Items] | |||||
Percentage of Total Sales | 16.00% |
Divestitures - Narrative (Detai
Divestitures - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jul. 31, 2018 | Feb. 28, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Significant Acquisitions and Disposals | ||||||||
Gain (loss) on sale of assets | $ (1,462) | $ (16,327) | $ (11,565) | |||||
Proceeds from sale of assets | 2,600 | 678,350 | 115,444 | |||||
Impairment of oil and gas properties | $ 0 | $ 0 | $ 482,811 | |||||
Oil and Gas Properties, Proved and Unproved | Haynesville Shale | ||||||||
Significant Acquisitions and Disposals | ||||||||
Gain (loss) on sale of assets | $ 29,700 | |||||||
Proceeds from sale of assets | $ 30,000 | 5,000 | ||||||
Oil and Gas Properties, Proved and Unproved | Eagle Ford Shale | ||||||||
Significant Acquisitions and Disposals | ||||||||
Gain (loss) on sale of assets | (45,400) | |||||||
Proceeds from sale of assets | $ 765,000 | 76,500 | ||||||
Impairment of oil and gas properties | $ 414,300 | |||||||
Oil and Gas Properties, Proved and Unproved | West Virginia, Virginia, and Ohio | ||||||||
Significant Acquisitions and Disposals | ||||||||
Gain (loss) on sale of assets | $ (11,900) | |||||||
Proceeds from sale of assets | $ 41,300 | |||||||
Impairment of oil and gas properties | $ 68,600 |
Properties and Equipment, Net -
Properties and Equipment, Net - Components of Properties and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Abstract] | ||
Proved oil and gas properties | $ 6,508,443 | $ 5,717,145 |
Unproved oil and gas properties | 133,475 | 194,435 |
Land, buildings and other equipment | 104,700 | 94,797 |
Properties and equipment, gross, total | 6,746,618 | 6,006,377 |
Accumulated depreciation, depletion and amortization | (2,890,912) | (2,542,771) |
Properties and equipment, net | $ 3,855,706 | $ 3,463,606 |
Properties and Equipment, Net_2
Properties and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Properties and Equipment | |||||
Impairment of oil and gas properties | $ 0 | $ 0 | $ 482,811 | ||
Fair value of assets | $ 3,855,706 | $ 3,463,606 | |||
Assets Held-for-sale | West Virginia, Virginia, and Ohio | |||||
Properties and Equipment | |||||
Impairment of oil and gas properties | $ 68,600 | ||||
Fair value of assets | $ 37,900 | ||||
Assets Held-for-sale | Eagle Ford | South Texas | |||||
Properties and Equipment | |||||
Impairment of oil and gas properties | $ 414,300 | ||||
Fair value of assets | $ 765,600 | $ 765,600 |
Properties and Equipment, Net_3
Properties and Equipment, Net - Schedule of Net Changes in Capitalized Exploratory Well Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net changes in capitalized exploratory well costs | |||
Balance at beginning of period | $ 0 | $ 19,511 | $ 0 |
Additions to capitalized exploratory well costs pending the determination of proved reserves | 0 | 0 | 19,511 |
Reclassifications to wells, facilities, and equipment based on the determination of proved reserves | 0 | 0 | 0 |
Capitalized exploratory well costs charged to expense | 0 | (19,511) | 0 |
Balance at end of period | $ 0 | $ 0 | $ 19,511 |
Properties and Equipment, Net_4
Properties and Equipment, Net - Schedule of Aging of Capitalized Exploratory Well Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Abstract] | ||||
Capitalized exploratory well costs that have been capitalized for a period of one year or less | $ 0 | $ 0 | $ 19,511 | |
Capitalized exploratory well costs that have been capitalized for a period greater than one year | 0 | 0 | 0 | |
Capitalized exploratory well costs | $ 0 | $ 0 | $ 19,511 | $ 0 |
Equity Method Investments - Act
Equity Method Investments - Activity Related to Equity Method Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity Method Investments | |||
Balance at beginning of period | $ 163,181 | $ 86,077 | $ 129,524 |
Contributions | 9,338 | 77,263 | 57,039 |
Distributions | (17,453) | (1,296) | 0 |
Earnings (loss) on equity method investments | 80,496 | 1,137 | (100,486) |
Reclassification of accumulated losses | 9,400 | 0 | 0 |
Sale of investment | (244,962) | 0 | 0 |
Balance at end of period | 0 | 163,181 | 86,077 |
Constitution | |||
Equity Method Investments | |||
Balance at beginning of period | 0 | 732 | 96,850 |
Contributions | 725 | 500 | 4,350 |
Distributions | 0 | 0 | 0 |
Earnings (loss) on equity method investments | (10,125) | (1,232) | (100,468) |
Reclassification of accumulated losses | 9,400 | 0 | 0 |
Sale of investment | 0 | 0 | 0 |
Balance at end of period | 0 | 0 | 732 |
Meade | |||
Equity Method Investments | |||
Balance at beginning of period | 163,181 | 85,345 | 32,674 |
Contributions | 8,613 | 76,763 | 52,689 |
Distributions | (17,453) | (1,296) | 0 |
Earnings (loss) on equity method investments | 90,621 | 2,369 | (18) |
Reclassification of accumulated losses | 0 | 0 | 0 |
Sale of investment | (244,962) | 0 | 0 |
Balance at end of period | $ 0 | $ 163,181 | $ 85,345 |
Equity Method Investments - Nar
Equity Method Investments - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 10, 2020 | Feb. 28, 2014 | Apr. 30, 2012 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Reclassification of accumulated losses | $ 9,400 | $ 0 | $ 0 | ||||
Net proceeds from sale of investment | 249,463 | 0 | 0 | ||||
Transcontinental Gas Pipe Line Company LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Entity's equity interest in construction agreement (as a percent) | 61.00% | ||||||
Constitution Pipeline Company, LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership interest | 25.00% | ||||||
Equity method investment OTTI | 95,900 | ||||||
Reclassification of accumulated losses | 9,400 | 0 | 0 | ||||
Meade Pipeline Co LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership interest | 20.00% | ||||||
Reclassification of accumulated losses | $ 0 | $ 0 | $ 0 | ||||
Entity's equity interest in construction agreement (as a percent) | 39.00% | ||||||
Net proceeds from sale of investment | $ 249,500 | ||||||
Gain on sale of investment | 75,800 | ||||||
Escrow related to certain contingencies | $ 13,600 | ||||||
Subsequent Event | Constitution Pipeline Company, LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership interest | 25.00% |
Debt and Credit Agreements - Sc
Debt and Credit Agreements - Schedule of Long-term Debt and Credit Agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ (3,975) | $ (4,896) |
Long-term debt | 1,220,025 | 1,226,104 |
Current portion of long-term debt | $ 87,000 | 0 |
6.51% weighted-average senior notes | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 6.51% | |
Long-term debt including unamortized debt issuance costs | $ 124,000 | 124,000 |
Current portion of long-term debt | $ 87,000 | |
5.58% weighted-average senior notes | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 5.58% | |
Long-term debt including unamortized debt issuance costs | $ 175,000 | 175,000 |
3.65% weighted-average senior notes | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 3.65% | |
Long-term debt including unamortized debt issuance costs | $ 925,000 | $ 925,000 |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Long-term debt including unamortized debt issuance costs | $ 0 |
Debt and Credit Agreements - Na
Debt and Credit Agreements - Narrative (Details) | Apr. 22, 2019USD ($) | May 31, 2016USD ($) | Sep. 30, 2014USD ($)InvestorTranche | Dec. 31, 2010USD ($)InvestorTranche | Jul. 31, 2008USD ($)InvestorTranche | Dec. 31, 2019USD ($)fiscal_period | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | ||||||||
Debt maturities, due in 2020 | $ 87,000,000 | |||||||
Debt maturities, due in 2021 | 188,000,000 | |||||||
Debt maturities, due in 2023 | 62,000,000 | |||||||
Debt maturities, due in 2024 | 575,000,000 | |||||||
Repayments of debt | 102,000,000 | $ 455,000,000 | $ 0 | |||||
Deferred financing costs capitalized | 3,975,000 | 4,896,000 | ||||||
Unamortized discount | $ 3,400,000 | |||||||
6.51% Weighted-average Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted-average interest rate | 6.51% | |||||||
Long-term debt | $ 124,000,000 | 124,000,000 | ||||||
5.58% Weighted-average Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted-average interest rate | 5.58% | |||||||
Long-term debt | $ 175,000,000 | 175,000,000 | ||||||
3.65% Weighted-average Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted-average interest rate | 3.65% | |||||||
Long-term debt | $ 925,000,000 | $ 925,000,000 | ||||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Minimum required asset coverage ratio | 1.75 | |||||||
Fiscal quarters for reduction in coverage ratio | fiscal_period | 4 | |||||||
Minimum required annual coverage ratio | 2.8 | |||||||
Maximum borrowing capacity on line of credit | $ 3,200,000,000 | |||||||
Remaining borrowing capacity on line of credit | $ 1,500,000,000 | $ 1,500,000,000 | ||||||
Minimum current ratio | 1 | |||||||
Long-term debt | $ 0 | |||||||
Interest rate | 6.30% | |||||||
Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Minimum required asset coverage ratio | 1.75 | |||||||
Fiscal quarters for reduction in coverage ratio | fiscal_period | 4 | |||||||
Minimum required annual coverage ratio | 2.8 | |||||||
Senior Notes | 6.51% Weighted-average Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 425,000,000 | |||||||
Number of institutional investors | Investor | 41 | |||||||
Number of debt tranches | Tranche | 3 | |||||||
Repayments of debt | $ 301,000,000 | |||||||
Senior Notes | 5.58% Weighted-average Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 175,000,000 | |||||||
Number of institutional investors | Investor | 8 | |||||||
Number of debt tranches | Tranche | 3 | |||||||
Senior Notes | 3.65% Weighted-average Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 925,000,000 | |||||||
Number of institutional investors | Investor | 24 | |||||||
Number of debt tranches | Tranche | 3 | |||||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | 0 | $ 7,000,000 | ||||||
Deferred financing costs capitalized | $ 7,400,000 | |||||||
Senior Notes | 6.51% Weighted-average Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of principal repurchased | $ 64,000,000 | |||||||
Repayments of debt | 68,300,000 | |||||||
Tranche 1 | Senior Notes | 6.51% Weighted-average Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 245,000,000 | |||||||
Tranche 1 | Senior Notes | 5.58% Weighted-average Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 88,000,000 | |||||||
Tranche 1 | Senior Notes | 3.65% Weighted-average Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 100,000,000 | |||||||
Tranche 1 | Senior Notes | 6.51% Weighted-average Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of principal repurchased | 8,000,000 | |||||||
Tranche 2 | Senior Notes | 6.51% Weighted-average Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | 100,000,000 | |||||||
Tranche 2 | Senior Notes | 5.58% Weighted-average Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | 25,000,000 | |||||||
Tranche 2 | Senior Notes | 3.65% Weighted-average Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | 575,000,000 | |||||||
Tranche 2 | Senior Notes | 6.51% Weighted-average Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of principal repurchased | 13,000,000 | |||||||
Tranche 3 | Senior Notes | 6.51% Weighted-average Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 80,000,000 | |||||||
Tranche 3 | Senior Notes | 5.58% Weighted-average Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 62,000,000 | |||||||
Tranche 3 | Senior Notes | 3.65% Weighted-average Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 250,000,000 | |||||||
Tranche 3 | Senior Notes | 6.51% Weighted-average Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of principal repurchased | $ 43,000,000 | |||||||
External Credit Rating, Non Investment Grade | Minimum | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee percentage | 0.30% | |||||||
External Credit Rating, Non Investment Grade | Minimum | Revolving Credit Facility | ABR Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.50% | |||||||
External Credit Rating, Non Investment Grade | Minimum | Revolving Credit Facility | LIBOR Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.50% | |||||||
External Credit Rating, Non Investment Grade | Maximum | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee percentage | 0.425% | |||||||
External Credit Rating, Non Investment Grade | Maximum | Revolving Credit Facility | ABR Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.25% | |||||||
External Credit Rating, Non Investment Grade | Maximum | Revolving Credit Facility | LIBOR Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.25% | |||||||
External Credit Rating, Investment Grade | Minimum | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee percentage | 0.125% | |||||||
External Credit Rating, Investment Grade | Minimum | Revolving Credit Facility | ABR Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.125% | |||||||
External Credit Rating, Investment Grade | Minimum | Revolving Credit Facility | LIBOR Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.125% | |||||||
External Credit Rating, Investment Grade | Maximum | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee percentage | 0.275% | |||||||
External Credit Rating, Investment Grade | Maximum | Revolving Credit Facility | ABR Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.75% | |||||||
External Credit Rating, Investment Grade | Maximum | Revolving Credit Facility | LIBOR Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.75% |
Debt and Credit Agreements - _2
Debt and Credit Agreements - Schedule of Senior Unsecured Notes Issued (Details) - Senior Notes - USD ($) | 1 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2010 | Jul. 31, 2008 | |
6.51% weighted-average senior notes | |||
Debt Instrument [Line Items] | |||
Principal | $ 425,000,000 | ||
6.51% weighted-average senior notes | Tranche 1 | |||
Debt Instrument [Line Items] | |||
Principal | $ 245,000,000 | ||
Term | 10 years | ||
Coupon | 6.44% | ||
6.51% weighted-average senior notes | Tranche 2 | |||
Debt Instrument [Line Items] | |||
Principal | $ 100,000,000 | ||
Term | 12 years | ||
Coupon | 6.54% | ||
6.51% weighted-average senior notes | Tranche 3 | |||
Debt Instrument [Line Items] | |||
Principal | $ 80,000,000 | ||
Term | 15 years | ||
Coupon | 6.69% | ||
5.58% weighted-average senior notes | |||
Debt Instrument [Line Items] | |||
Principal | $ 175,000,000 | ||
5.58% weighted-average senior notes | Tranche 1 | |||
Debt Instrument [Line Items] | |||
Principal | $ 88,000,000 | ||
Term | 10 years | ||
Coupon | 5.42% | ||
5.58% weighted-average senior notes | Tranche 2 | |||
Debt Instrument [Line Items] | |||
Principal | $ 25,000,000 | ||
Term | 12 years | ||
Coupon | 5.59% | ||
5.58% weighted-average senior notes | Tranche 3 | |||
Debt Instrument [Line Items] | |||
Principal | $ 62,000,000 | ||
Term | 15 years | ||
Coupon | 5.80% | ||
3.65% weighted-average senior notes | |||
Debt Instrument [Line Items] | |||
Principal | $ 925,000,000 | ||
3.65% weighted-average senior notes | Tranche 1 | |||
Debt Instrument [Line Items] | |||
Principal | $ 100,000,000 | ||
Term | 7 years | ||
Coupon | 3.24% | ||
3.65% weighted-average senior notes | Tranche 2 | |||
Debt Instrument [Line Items] | |||
Principal | $ 575,000,000 | ||
Term | 10 years | ||
Coupon | 3.67% | ||
3.65% weighted-average senior notes | Tranche 3 | |||
Debt Instrument [Line Items] | |||
Principal | $ 250,000,000 | ||
Term | 12 years | ||
Coupon | 3.77% |
Derivative Instruments - Summar
Derivative Instruments - Summary of Outstanding Financial Commodity Derivatives (Details) - Natural gas (NYMEX) | 2 Months Ended | 12 Months Ended |
Feb. 25, 2020MMBTU$ / MMBTU | Dec. 31, 2019MMBTU$ / MMBTU | |
Derivative [Line Items] | ||
Volume (Mmbtu) | MMBTU | 10,700,000 | |
Swaps, Weighted Average Price (in dollars per Mmbtu) | 2.27 | |
Volume (Mmbtu) | MMBTU | 10,700,000 | |
Collars, Floor Price (in dollars per Mmbtu) | 0 | |
Collars, Weighted-Average Floor Price (in dollars per Mmbtu) | 2.15 | |
Collars, Weighted- Average Ceiling Price (in dollars per Mmbtu) | 2.37 | |
Minimum | ||
Derivative [Line Items] | ||
Collars, Ceiling Price (in dollars per Mmbtu) | 2.36 | |
Maximum | ||
Derivative [Line Items] | ||
Collars, Ceiling Price (in dollars per Mmbtu) | 2.38 | |
Subsequent Event | ||
Derivative [Line Items] | ||
Volume (Mmbtu) | MMBTU | 10,700,000,000 | |
Swaps, Weighted Average Price (in dollars per Mmbtu) | 2.28 | |
Subsequent Event | ||
Derivative [Line Items] | ||
Volume (Mmbtu) | MMBTU | 10,700,000,000 | |
Collars, Floor Price (in dollars per Mmbtu) | 0 | |
Collars, Weighted-Average Floor Price (in dollars per Mmbtu) | 2.15 | |
Collars, Ceiling Price (in dollars per Mmbtu) | 0 | |
Collars, Weighted- Average Ceiling Price (in dollars per Mmbtu) | 2.38 |
Derivative Instruments - Effect
Derivative Instruments - Effect of Derivative Instruments on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Effect of derivative instruments on the Consolidated Balance Sheet | ||
Derivative Assets | $ 31 | $ 57,665 |
Derivative Liabilities | 9 | 0 |
Derivatives Not Designated as Hedges | Commodity contracts | Derivative instruments (current) | ||
Effect of derivative instruments on the Consolidated Balance Sheet | ||
Derivative Assets | 31 | 57,665 |
Derivative Liabilities | $ 9 | $ 0 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Offsetting Derivative Assets and Liabilities in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative assets | ||
Gross amounts of recognized assets | $ 47 | $ 60,105 |
Gross amounts offset in the consolidated balance sheet | (16) | (2,440) |
Net amounts of assets presented in the consolidated balance sheet | 31 | 57,665 |
Gross amounts of financial instruments not offset in the consolidated balance sheet | 0 | 0 |
Net amount | 31 | 57,665 |
Derivative liabilities | ||
Gross amounts of recognized liabilities | 25 | 2,440 |
Gross amounts offset in the consolidated balance sheet | (16) | (2,440) |
Net amounts of liabilities presented in the consolidated balance sheet | 9 | 0 |
Gross amounts of financial instruments not offset in the consolidated balance sheet | 0 | 0 |
Net amount | $ 9 | $ 0 |
Derivative Instruments - Effe_2
Derivative Instruments - Effect of Derivative Instruments on Consolidated Statement of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Cash received (paid) on settlement of derivative instruments | $ 138,450 | $ (41,631) | $ 8,056 |
Non-cash gain (loss) on derivative instruments | (57,642) | 86,063 | 8,870 |
Gain (loss) on derivative instruments not designated as hedges | $ 80,808 | $ 44,432 | $ 16,926 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Deferred compensation plan | $ 18,381 | $ 14,699 |
Derivative instruments | 47 | 60,105 |
Liabilities | ||
Deferred compensation plan | 27,012 | 25,780 |
Derivative instruments | 25 | 2,440 |
Recurring Basis | ||
Assets | ||
Deferred compensation plan | 18,381 | 14,699 |
Derivative instruments | 47 | 60,105 |
Total assets | 18,428 | 74,804 |
Liabilities | ||
Deferred compensation plan | 27,012 | 25,780 |
Derivative instruments | 25 | 2,440 |
Total liabilities | 27,037 | 28,220 |
Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Deferred compensation plan | 18,381 | 14,699 |
Derivative instruments | 0 | 0 |
Total assets | 18,381 | 14,699 |
Liabilities | ||
Deferred compensation plan | 27,012 | 25,780 |
Derivative instruments | 0 | 0 |
Total liabilities | 27,012 | 25,780 |
Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Deferred compensation plan | 0 | 0 |
Derivative instruments | 44 | 35,689 |
Total assets | 44 | 35,689 |
Liabilities | ||
Deferred compensation plan | 0 | 0 |
Derivative instruments | 0 | 0 |
Total liabilities | 0 | 0 |
Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Deferred compensation plan | 0 | 0 |
Derivative instruments | 3 | 24,416 |
Total assets | 3 | 24,416 |
Liabilities | ||
Deferred compensation plan | 0 | 0 |
Derivative instruments | 25 | 2,440 |
Total liabilities | $ 25 | $ 2,440 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy | |||
Balance at beginning of period | $ 21,976 | $ (28,398) | $ (15,868) |
Total gain (loss) included in earnings | 24,794 | 31,184 | (1,866) |
Settlement (gain) loss | (46,792) | 19,190 | (10,664) |
Transfers in and/or out of Level 3 | 0 | 0 | 0 |
Balance at end of period | (22) | 21,976 | (28,398) |
Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period | $ (22) | $ 19,732 | $ (28,398) |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)Impaired_Asset_And_Liabilty | Dec. 31, 2018USD ($)Impaired_Asset_And_Liabilty | Dec. 31, 2017USD ($)Impaired_Asset_And_Liabilty | |
Fair Value Disclosures [Abstract] | |||
Fair value assets Level 1 to Level 2 transfers amount | $ 0 | $ 0 | $ 0 |
Fair value liabilities Level 1 to Level 2 transfers amount | 0 | 0 | 0 |
Fair value assets Level 2 to Level 1 transfers amount | 0 | 0 | 0 |
Fair value liabilities Level 2 to Level 1 transfers amount | $ 0 | $ 0 | $ 0 |
Number of non-financial assets and liabilities impaired | Impaired_Asset_And_Liabilty | 0 | 0 | 0 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amount and Fair Value of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair value disclosures | ||
Long-term debt | $ 1,220,025 | $ 1,226,104 |
Current maturities | (87,000) | 0 |
Long-term debt, excluding current maturities | 1,133,025 | 1,226,104 |
Carrying Amount | ||
Fair value disclosures | ||
Long-term debt | 1,220,025 | 1,226,104 |
Current maturities | (87,000) | 0 |
Long-term debt, excluding current maturities | 1,133,025 | 1,226,104 |
Estimated Fair Value | ||
Fair value disclosures | ||
Long-term debt | 1,260,259 | 1,202,994 |
Current maturities | (88,704) | 0 |
Long-term debt, excluding current maturities | $ 1,171,555 | $ 1,202,994 |
Asset Retirement Obligations -
Asset Retirement Obligations - Activity Related to Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Asset Retirement Obligation | ||
Balance at beginning of period | $ 51,622 | $ 48,553 |
Liabilities incurred | 7,646 | 5,152 |
Liabilities settled | (1,280) | (1,035) |
Liabilities divested | (187) | (3,809) |
Accretion expense | 3,430 | 2,541 |
Change in estimate | 10,867 | 220 |
Balance at end of period | 72,098 | 51,622 |
Less: current asset retirement obligation | (500) | (1,000) |
Noncurrent asset retirement obligation | $ 71,598 | $ 50,622 |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Obligations under Transportation and Gathering Agreements (Details) - Transportation Agreement Obligation $ in Thousands | Dec. 31, 2019USD ($) |
Other Commitments [Line Items] | |
2020 | $ 100,165 |
2021 | 155,573 |
2022 | 158,947 |
2023 | 143,875 |
2024 | 136,378 |
Thereafter | 823,210 |
Future transportation agreement obligation | $ 1,518,148 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessee, Lease, Description [Line Items] | |||
Finance leases | $ 0 | ||
Operating leases, weighted-average remaining lease term | 12 years 1 month 6 days | ||
Operating lease cost | $ 11,500,000 | ||
Variable lease cost | 6,600,000 | ||
Short-term lease payments | $ 267,900,000 | ||
Rent expense | $ 9,300,000 | $ 9,700,000 | |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Operating leases, weighted-average remaining lease term | 3 months | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Operating leases, weighted-average remaining lease term | 26 years | ||
Drilling Rigs, Fracturing and Other Equipment | Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Short-term lease, term | 30 days | ||
Drilling Rigs, Fracturing and Other Equipment | Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Short-term lease, term | 1 year |
Commitments and Contingencies_3
Commitments and Contingencies - Future Undiscounted Minimum Cash Payment Obligations for Operating Lease Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Lease Liabilities, Payments Due (Under Topic 842) | |
2020 | $ 4,831 |
2021 | 4,767 |
2022 | 4,589 |
2023 | 4,625 |
2024 | 4,665 |
Thereafter | 25,422 |
Total undiscounted future lease payments | 48,899 |
Present value adjustment | (13,098) |
Net operating lease liabilities | $ 35,801 |
Commitments and Contingencies_4
Commitments and Contingencies - Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating cash flows from operating leases | $ 4,614 |
Investing cash flows from operating leases | $ 6,647 |
Commitments and Contingencies_5
Commitments and Contingencies - Information Regarding Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate for Operating Leases (Details) | Dec. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | |
Operating leases, weighted-average remaining lease term | 12 years 1 month 6 days |
Operating leases, weighted-average discount rate | 5.00% |
Commitments and Contingencies_6
Commitments and Contingencies - Future Lease Commitment (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 5,571 |
2020 | 5,684 |
2021 | 4,777 |
2022 | 1,659 |
2023 | 1,691 |
Thereafter | 2,852 |
Future lease payments due | $ 22,234 |
Revenue Recognition - Revenues
Revenue Recognition - Revenues from Contracts with Customers Disaggregated by Product (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | $ 1,985,469 | $ 2,143,716 | $ 1,747,293 |
Natural gas | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 1,985,240 | 1,881,150 | 1,506,078 |
Crude oil and condensate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 48,722 | 212,338 |
Brokered natural gas | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 209,530 | 17,217 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | $ 229 | $ 4,314 | $ 11,660 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Unsatisfied performance obligations | $ 9,500 | |
Receivables from contracts with customers | $ 209.2 | $ 363 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Maximum | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations, expected period of satisfaction | 19 years | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Minimum | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations, expected period of satisfaction | 4 years |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | |||
Federal | $ (29,584) | $ (95,191) | $ (9,531) |
State | 4,320 | 6,682 | 1,816 |
Total | (25,264) | (88,509) | (7,715) |
Deferred | |||
Federal | 233,136 | 230,643 | (313,938) |
State | 11,282 | (1,040) | (7,175) |
Total | 244,418 | 229,603 | (321,113) |
Income tax expense (benefit) | $ 219,154 | $ 141,094 | $ (328,828) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Income Tax Expense (Benefit) Computed by Applying Statutory Federal Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Amount | |||
Computed expected federal income tax | $ 189,047 | $ 146,609 | $ (79,952) |
State income tax, net of federal income tax benefit | 14,773 | 11,850 | (4,239) |
Deferred tax adjustment related to change in overall state tax rate | (660) | (15,208) | (48) |
Valuation allowance | 17,676 | 8,975 | (505) |
Provision to return adjustments | (1,966) | (1,773) | (3,242) |
Excess stock compensation | (918) | 327 | 2,965 |
Tax Act | 0 | (11,367) | (242,875) |
Other, net | 1,202 | 1,681 | (932) |
Income tax expense (benefit) | $ 219,154 | $ 141,094 | $ (328,828) |
Rate | |||
Computed expected federal income tax | 21.00% | 21.00% | 35.00% |
State income tax, net of federal income tax benefit | 1.64% | 1.70% | 1.86% |
Deferred tax adjustment related to change in overall state tax rate | (0.07%) | (2.18%) | 0.02% |
Valuation allowance | 1.96% | 1.29% | 0.22% |
Provision to return adjustments | (0.22%) | (0.25%) | 1.42% |
Excess stock compensation | (0.10%) | 0.05% | (1.30%) |
Tax Act | 0 | (0.0163) | 1.0632 |
Other, net | 0.13% | 0.24% | 0.41% |
Income tax expense (benefit) | 24.34% | 20.21% | 143.95% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
State tax effected net operating losses | ||||
TCJA tax benefit | $ 242,900 | |||
Effective tax rate | 24.34% | 20.21% | 143.95% | |
Alternative minimum tax credits | $ 22,120 | $ 114,149 | ||
Valuation allowance on deferred tax benefits related to equity method investments | 31,763 | 14,943 | ||
Net reserve for unrecognized tax benefits related to alternative minimum tax | 16,330 | 0 | $ 0 | |
Liability for accrued interest | 3,100 | |||
Unrecognized tax benefits | 520 | $ 16,850 | $ 663 | $ 663 |
State | ||||
State tax effected net operating losses | ||||
Net operating loss carryforwards | 390,100 | |||
Valuation allowance on operating loss carryforwards | $ 13,600 | |||
Excluding Impact of Tax Reform | ||||
State tax effected net operating losses | ||||
Effective tax rate | 24.30% | 21.80% | 37.60% | |
Equity Method Investments | ||||
State tax effected net operating losses | ||||
Valuation allowance on deferred tax benefits related to equity method investments | $ 18,100 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Composition of Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Assets | ||
Net operating losses | $ 22,360 | $ 56,769 |
Alternative minimum tax credits | 22,120 | 114,149 |
Foreign tax credits | 0 | 3,473 |
Other business credits | 0 | 3,380 |
Incentive compensation | 17,776 | 17,378 |
Deferred compensation | 5,463 | 5,690 |
Post-retirement benefits | 7,847 | 6,799 |
Equity method investments | 21,454 | 20,746 |
Capital loss carryforward | 0 | 8,877 |
Other | 1,336 | 2,957 |
Less: valuation allowance | (31,763) | (14,943) |
Total | 66,593 | 225,275 |
Deferred Tax Liabilities | ||
Properties and equipment | 768,692 | 670,704 |
Derivative instruments | 5 | 13,168 |
Total | 768,697 | 683,872 |
Net deferred tax liabilities | $ 702,104 | $ 458,597 |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of unrecognized tax benefits | |||
Balance at beginning of year | $ 16,850 | $ 663 | $ 663 |
Additions for tax positions of prior years | 0 | 16,187 | 0 |
Reductions for tax positions of prior years | (16,330) | 0 | 0 |
Balance at end of year | $ 520 | $ 16,850 | $ 663 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)Retireeshares | Dec. 31, 2018USD ($)Retireeshares | Dec. 31, 2017USD ($)employee | |
Restructuring Cost and Reserve [Line Items] | |||
Number of retirees and dependents | Retiree | 310 | 337 | |
Subsidy limit percentage of expected annual fully insured premium over age threshold | 60.00% | ||
Subsidy limit percentage of expected annual fully insured premium under age threshold | $ 648,000 | ||
Annual subsidy limit percentage increases for fully insured premium over age threshold | 3.50% | ||
Estimated contributions next year | $ 1,800,000 | ||
Liabilities, including common stock | 27,012,000 | $ 25,780,000 | |
Compensation (benefit) expense | $ (2,400,000) | (3,100,000) | $ 2,600,000 |
Savings Investment Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Employer matching percent | 6.00% | ||
Maximum contribution, percent of employee salary | 10.00% | ||
Plan contributions charged to expense | $ 5,800,000 | 5,900,000 | 6,500,000 |
Deferred Compensation Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Market value of the trust assets, excluding common stock | 18,400,000 | 14,700,000 | |
Liabilities, including common stock | $ 27,000,000 | $ 25,800,000 | |
Number of common stock deferred into the rabbi trust (in shares) | shares | 495,774 | 495,774 | |
Common stock held in rabbi trust | $ 5,100,000 | $ 5,100,000 | |
Contributions to deferred compensation plan | $ 1,000,000 | $ 1,100,000 | $ 1,000,000 |
West Virginia, Virginia, and Ohio | |||
Restructuring Cost and Reserve [Line Items] | |||
Employees terminated | employee | 100 |
Employee Benefit Plans - Change
Employee Benefit Plans - Change in Postretirement Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in Benefit Obligation | |||
Benefit obligation at beginning of year | $ 29,777 | $ 31,050 | $ 37,482 |
Service cost | 1,533 | 1,776 | 1,508 |
Interest cost | 1,283 | 1,172 | 1,097 |
Actuarial (gain) loss | 3,279 | (3,165) | 5,156 |
Benefits paid | (1,434) | (1,056) | (1,204) |
Curtailments | 0 | 0 | (4,346) |
Plan amendments | 0 | 0 | (8,643) |
Benefit obligation at end of year | 34,438 | 29,777 | 31,050 |
Change in Plan Assets | |||
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status at end of year | $ (34,438) | $ (29,777) | $ (31,050) |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Amounts Recognized in the Balance Sheet | |||
Current liabilities | $ 1,725 | $ 1,865 | $ 1,654 |
Non-current liabilities | 32,713 | 27,912 | 29,396 |
Amounts recognized in the balance sheet | $ 34,438 | $ 29,777 | $ 31,050 |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amount Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Amounts Recognized in Accumulated Other Comprehensive Income | |||
Net actuarial (gain) loss | $ (3,787) | $ (1,253) | $ 1,912 |
Prior service cost | 2,025 | (4,497) | (5,206) |
Amount recognized in accumulated other comprehensive income (loss) | $ (1,762) | $ (5,750) | $ (3,294) |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Components of Net Periodic Postretirement Benefit Cost | |||
Service cost | $ 1,533 | $ 1,776 | $ 1,508 |
Interest cost | 1,283 | 1,172 | 1,097 |
Amortization of prior service cost | (709) | (709) | (1,183) |
Net periodic postretirement cost | 2,107 | 2,239 | 1,422 |
Recognized curtailment gain | 0 | 0 | (4,917) |
Total post retirement cost (income) | 2,107 | 2,239 | (3,495) |
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income (Loss) | |||
Net (gain) loss | 3,279 | (3,165) | 4,178 |
Prior service cost | 0 | 0 | (8,643) |
Amortization of prior service cost | 709 | 709 | 2,733 |
Total recognized in other comprehensive income | 3,988 | (2,456) | (1,732) |
Total recognized in net periodic benefit cost (income) and other comprehensive income | $ 6,095 | $ (217) | $ (5,227) |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions Used to Determine Projected Postretirement Benefit Obligations and Postretirement Costs (Details) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Weighted-average assumptions used to determine projected pension benefit obligations | |||
Discount rate | 3.50% | 4.45% | 3.85% |
Health care cost trend rate for medical benefits assumed for next year (pre-65) | 7.00% | 7.25% | 7.50% |
Health care cost trend rate for medical benefits assumed for next year (post-65) | 5.25% | 5.50% | 5.75% |
Ultimate trend rate (pre-65) | 4.50% | 4.50% | 4.50% |
Ultimate trend rate (post-65) | 4.50% | 4.50% | 4.50% |
Beginning discount rate | 4.45% | 3.85% | 3.85% |
Employee Benefit Plans - Effect
Employee Benefit Plans - Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Effect of a one-percentage-point change in assumed health care cost trend rates | |
1-Percentage-Point Increase, Effect on total of service and interest cost | $ 639 |
1-Percentage-Point Decrease, Effect on total of service and interest cost | (483) |
1-Percentage-Point Increase, Effect on postretirement benefit obligation | 5,765 |
1-Percentage-Point Decrease, Effect on postretirement benefit obligation | $ (4,508) |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule of Estimated Benefit Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Estimated future benefit payments | |
2020 | $ 1,755 |
2021 | 1,726 |
2022 | 1,768 |
2023 | 1,798 |
2024 | 1,765 |
Years 2025 - 2029 | $ 8,559 |
Capital Stock - Narrative (Deta
Capital Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | May 01, 2024 | Mar. 31, 2019 | May 01, 2014 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Incentive Plans | |||||||||
Number of shares repurchased (in shares) | 25,500,000 | 38,500,000 | 5,000,000 | ||||||
Cost of shares repurchased | $ 488.5 | $ 904.1 | $ 123.7 | ||||||
Cumulative number of shares repurchased under a share repurchase program (in shares) | 99,000,000 | ||||||||
Treasury stock, cumulative shares retired (in shares) | 20,000,000 | ||||||||
Cumulative cost of shares repurchased under a share repurchase program | $ 1,900 | ||||||||
Treasury stock reissued (in shares) | 0 | ||||||||
Increase in shares authorized (in shares) | 25,000,000 | ||||||||
Shares held as treasury stock (in shares) | 79,000,000 | 53,409,705 | |||||||
Treasury stock, number of shares authorized to be repurchased (in shares) | 11,000,000 | ||||||||
Cash dividends, per share (in dollars per share) | $ 0.07 | $ 0.10 | $ 0.09 | $ 0.35 | $ 0.25 | $ 0.17 | |||
2014 Incentive Plan | |||||||||
Incentive Plans | |||||||||
Number of shares reserved for issuance (in shares) | 18,000,000 | ||||||||
Number of shares available for issuance (in shares) | 12,800,000 | ||||||||
2014 Incentive Plan | Stock Options | Maximum | |||||||||
Incentive Plans | |||||||||
Number of shares reserved for issuance (in shares) | 10,000,000 | ||||||||
2004 Incentive Plan | |||||||||
Incentive Plans | |||||||||
Additional awards granted (in shares) | 0 | ||||||||
Scenario Forecast | 2014 Incentive Plan | |||||||||
Incentive Plans | |||||||||
Additional awards granted (in shares) | 0 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||||
Feb. 29, 2020USD ($)performance_criteria | Jan. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)Award_Typeshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Feb. 25, 2020shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ 30,800,000 | $ 33,100,000 | $ 34,000,000 | |||
Defined contribution cost recognized | $ 2,400,000 | |||||
Deferred Compensation, Share-based Payments | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common shares held in employee trust earned but not distributed (in shares) | shares | 495,774 | |||||
Restricted Stock Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ 1,300,000 | 2,800,000 | 500,000 | |||
Award vesting period | 3 years | |||||
Compensation cost not yet recognized | $ 1,100,000 | |||||
Period of recognition for unrecognized compensation costs | 2 years 6 months | |||||
Fair value of award | $ 4,100,000 | 200,000 | 900,000 | |||
Aggregate intrinsic value | $ 1,000,000 | |||||
Weighted-average remaining contractual term of non-vested shares | 2 years 2 months 12 days | |||||
Restricted Stock Awards | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected forfeiture rate | 5.00% | |||||
Restricted Stock Awards | Graduated or Graded Vesting | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
Restricted Stock Awards | Graduated or Graded Vesting | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 4 years | |||||
Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ 2,100,000 | 1,900,000 | 1,400,000 | |||
Aggregate intrinsic value | 10,000,000 | |||||
Performance Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ 28,800,000 | 30,600,000 | 29,100,000 | |||
Award vesting period | 3 years | |||||
Compensation cost not yet recognized | $ 27,200,000 | |||||
Period of recognition for unrecognized compensation costs | 2 years 6 months | |||||
Number of performance award types | Award_Type | 3 | |||||
Aggregate intrinsic value | $ 58,900,000 | |||||
Weighted-average remaining contractual term of non-vested shares | 1 year 1 month 6 days | |||||
Number of performance awards where the performance period has ended | Award_Type | 2 | |||||
Performance Shares | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected forfeiture rate | 0.00% | |||||
Performance Shares | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected forfeiture rate | 7.00% | |||||
Internal Metrics Performance Share Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of performance award types | Award_Type | 2 | |||||
Rights to share portion of award, maximum percent | 100.00% | |||||
Market Based Performance Share Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of performance award types | Award_Type | 1 | |||||
Rights to share portion of award, maximum percent | 100.00% | |||||
Rights to cash portion of award, maximum percent | 100.00% | |||||
Employee Performance Share Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
Employee Performance Share Awards | Subsequent Event | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of performance criteria | performance_criteria | 3 | |||||
Number of performance awards issued and certified (in shares) | shares | 347,070 | |||||
Grant date fair value of performance shares issued and certified | $ 7,800,000 | |||||
Hybrid Performance Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Minimum operating cash flow for performance based award | $ 100,000,000 | |||||
Hybrid Performance Shares | Graduated or Graded Vesting | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
Hybrid Performance Shares | 25% Vesting on First and Second Anniversary | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 25.00% | |||||
Hybrid Performance Shares | 50% Vesting on Third Anniversary | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 50.00% | |||||
TSR Performance Share Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period of peer group | 3 years | |||||
Cash payments for share-based compensation | $ 5,000,000 | 3,300,000 | $ 0 | |||
TSR Performance Share Awards | Subsequent Event | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of performance awards issued and certified (in shares) | shares | 409,380 | |||||
Grant date fair value of performance shares issued and certified | $ 8,100,000 | |||||
Payments for stock-based compensation | $ 6,100,000 | |||||
TSR Performance Share Awards | Liability | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Current portion of share-based liability | 6,100,000 | 5,000,000 | ||||
Noncurrent portion of share-based liability | $ 4,100,000 | $ 7,900,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Stock Award Activity (Details) - Restricted Stock Awards - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares | |||
Outstanding at beginning of period (in shares) | 150,293 | 161,450 | 43,175 |
Granted (in shares) | 55,500 | 0 | 158,500 |
Vested (in shares) | (143,959) | (7,157) | (40,225) |
Forfeited (in shares) | (3,000) | (4,000) | 0 |
Outstanding at end of period (in shares) | 58,834 | 150,293 | 161,450 |
Weighted- Average Grant Date Fair Value per Share | |||
Outstanding at beginning of period (in dollars per share) | $ 28.12 | $ 28 | $ 33.87 |
Granted (in dollars per share) | 25.29 | 0 | 28.05 |
Vested (in dollars per share) | 28.29 | 25.17 | 34.49 |
Forfeited (in dollars per share) | 25.29 | 28.45 | 0 |
Outstanding at end of period (in dollars per share) | $ 25.19 | $ 28.12 | $ 28 |
Additional disclosures | |||
Aggregate intrinsic value | $ 1 | ||
Weighted-average remaining contractual term of non-vested shares | 2 years 2 months 12 days |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares | |||
Outstanding at beginning of period (in shares) | 490,415 | 407,563 | 348,538 |
Granted and fully vested (in shares) | 83,804 | 82,852 | 59,025 |
Issued (in shares) | 0 | 0 | 0 |
Forfeited (in shares) | 0 | 0 | 0 |
Outstanding at end of period (in shares) | 574,219 | 490,415 | 407,563 |
Weighted- Average Grant Date Fair Value per Share | |||
Outstanding at beginning of period (in dollars per share) | $ 17.41 | $ 16.17 | $ 15.01 |
Granted and fully vested (in dollars per share) | 24.70 | 23.47 | 23.04 |
Issued (in dollars per share) | 0 | 0 | 0 |
Forfeited (in dollars per share) | 0 | 0 | 0 |
Outstanding at end of period (in dollars per share) | $ 18.47 | $ 17.41 | $ 16.17 |
Additional disclosures | |||
Aggregate intrinsic value | $ 10 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Performance Share Awards Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Performance Share Awards | |||
Shares | |||
Outstanding at beginning of period (in shares) | 1,280,021 | 1,095,970 | 993,530 |
Granted (in shares) | 526,730 | 531,670 | 406,460 |
Issued and fully vested (in shares) | (388,370) | (315,970) | (225,780) |
Forfeited (in shares) | (159,094) | (31,649) | (78,240) |
Outstanding at end of period (in shares) | 1,259,287 | 1,280,021 | 1,095,970 |
Weighted- Average Grant Date Fair Value per Share | |||
Outstanding at beginning of period (in dollars per share) | $ 22.22 | $ 23.31 | $ 27.26 |
Granted (in dollars per share) | 24.95 | 23.25 | 22.60 |
Issued and fully vested (in dollars per share) | 20.49 | 27.71 | 39.43 |
Forfeited (in dollars per share) | 24.29 | 22.33 | 23.20 |
Outstanding at end of period (in dollars per share) | $ 23.64 | $ 22.22 | $ 23.31 |
Hybrid Performance Shares | |||
Shares | |||
Outstanding at beginning of period (in shares) | 662,388 | 574,354 | 479,784 |
Granted (in shares) | 315,029 | 321,720 | 272,920 |
Issued and fully vested (in shares) | (284,629) | (233,686) | (178,350) |
Forfeited (in shares) | 0 | 0 | 0 |
Outstanding at end of period (in shares) | 692,788 | 662,388 | 574,354 |
Weighted- Average Grant Date Fair Value per Share | |||
Outstanding at beginning of period (in dollars per share) | $ 22.48 | $ 22.72 | $ 25.12 |
Granted (in dollars per share) | 24.95 | 23.25 | 22.60 |
Issued and fully vested (in dollars per share) | 21.78 | 24.12 | 29.01 |
Forfeited (in dollars per share) | 0 | 0 | 0 |
Outstanding at end of period (in dollars per share) | $ 23.90 | $ 22.48 | $ 22.72 |
TSR Performance Share Awards | |||
Shares | |||
Outstanding at beginning of period (in shares) | 1,299,868 | 1,109,708 | 885,213 |
Granted (in shares) | 536,673 | 482,581 | 409,380 |
Issued and fully vested (in shares) | (407,907) | (292,421) | (157,147) |
Forfeited (in shares) | 0 | 0 | (27,738) |
Outstanding at end of period (in shares) | 1,428,634 | 1,299,868 | 1,109,708 |
Weighted- Average Grant Date Fair Value per Share | |||
Outstanding at beginning of period (in dollars per share) | $ 19.47 | $ 19.23 | $ 21.62 |
Granted (in dollars per share) | 20.63 | 19.92 | 19.85 |
Issued and fully vested (in dollars per share) | 18.57 | 19.29 | 32.04 |
Forfeited (in dollars per share) | 0 | 0 | 32.04 |
Outstanding at end of period (in dollars per share) | $ 20.17 | $ 19.47 | $ 19.23 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used to Determine Grant Date Fair Value of Equity and Liability Component (Details) - TSR Performance Share Awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stockholders' Equity | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value per performance share award granted during the period | $ 20.63 | $ 19.92 | $ 19.85 |
Stock price volatility | 31.30% | 37.30% | 37.80% |
Risk free rate of return | 2.50% | 2.40% | 1.40% |
Liability | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock price volatility, minimum rate | 29.80% | 29.90% | 29.10% |
Stock price volatility, maximum rate | 30.40% | 31.10% | 36.70% |
Risk free rate of return | 1.60% | ||
Risk free rate of return, minimum rate | 2.50% | 1.80% | |
Risk free rate of return, maximum rate | 2.60% | 1.90% | |
Minimum | Liability | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value per performance share award granted during the period | $ 6.18 | $ 15.15 | $ 13.23 |
Maximum | Liability | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value per performance share award granted during the period | $ 14.80 | $ 20.12 | $ 21.64 |
Earnings per Common Share - Cal
Earnings per Common Share - Calculation of Basic and Diluted Weighted-Average Shares Outstanding (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Weighted-average shares - basic (in shares) | 415,514 | 445,538 | 463,735 |
Dilution effect of stock awards at end of period (in shares) | 1,937 | 2,030 | 1,816 |
Weighted-average shares - diluted (in shares) | 417,451 | 447,568 | 465,551 |
Earnings per Common Share - C_2
Earnings per Common Share - Calculation of Weighted-Average Shares Excluded from Diluted EPS Due to Anti-Dilutive Effect (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Compensation Plan | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method (in shares) | 669 | 3 | 28 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income by Component, Net of Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in accumulated other comprehensive income (loss) by component, net of tax | |||
Balance at beginning of period | $ 2,088,159 | $ 2,523,905 | $ 2,567,667 |
Net current-period other comprehensive income | (3,077) | 2,360 | 1,092 |
Balance at end of period | 2,151,487 | 2,088,159 | 2,523,905 |
Postretirement Benefits | |||
Changes in accumulated other comprehensive income (loss) by component, net of tax | |||
Balance at beginning of period | 4,437 | 2,077 | 985 |
Other comprehensive income before reclassifications | (2,530) | 2,461 | 2,815 |
Amounts reclassified from accumulated other comprehensive loss | 547 | 101 | 1,723 |
Net current-period other comprehensive income | (3,077) | 2,360 | 1,092 |
Balance at end of period | $ 1,360 | $ 4,437 | $ 2,077 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income into Consolidated Statement of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Amortization of prior service cost | |||
Line items in income statement impacted by reclassifications out of accumulated other comprehensive income | |||
Amortization of prior service cost | $ 709 | $ 709 | $ 2,733 |
Postretirement Benefits | |||
Line items in income statement impacted by reclassifications out of accumulated other comprehensive income | |||
Amortization of prior service cost | 709 | 709 | 2,733 |
Income tax expense | (162) | (162) | (1,010) |
Cumulative effect of adoption of ASU 2018-02 reclassified to retained earnings | 0 | (446) | 0 |
Total reclassifications for the period | $ 547 | $ 101 | $ 1,723 |
Additional Balance Sheet Info_3
Additional Balance Sheet Information - Certain Balance Sheet Amounts (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts receivable, net | ||
Trade accounts | $ 209,200 | $ 362,973 |
Other accounts | 1,007 | 668 |
Receivables gross current | 210,207 | 363,641 |
Allowance for doubtful accounts | (1,184) | (1,238) |
Accounts receivable, net | 209,023 | 362,403 |
Other assets | ||
Deferred compensation plan | 18,381 | 14,699 |
Debt issuance cost | 8,938 | 4,572 |
Income taxes receivable | 0 | 8,165 |
Operating lease right-of-use assets | 35,916 | |
Other accounts | 56 | 61 |
Other assets | 63,291 | 27,497 |
Accounts payable | ||
Trade accounts | 21,663 | 30,033 |
Royalty and other owners | 36,191 | 61,507 |
Accrued transportation | 55,586 | 50,540 |
Accrued capital costs | 40,337 | 43,207 |
Taxes other than income | 16,971 | 19,824 |
Income taxes payable | 0 | 1,134 |
Other accounts | 19,063 | 35,694 |
Accounts payable current | 189,811 | 241,939 |
Accrued liabilities | ||
Employee benefits | 22,727 | 21,761 |
Taxes other than income | 3,850 | 1,472 |
Operating lease liabilities | 3,124 | |
Other accounts | 1,589 | 1,994 |
Accrued liabilities | 31,290 | 25,227 |
Other liabilities | ||
Deferred compensation plan | 27,012 | 25,780 |
Operating lease liabilities | 32,677 | |
Other accounts | 8,595 | 34,391 |
Other liabilities | $ 68,284 | $ 60,171 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Summary of Cash Paid for Interest and Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash paid for interest and income taxes | |||
Interest | $ 57,475 | $ 80,069 | $ 79,846 |
Income taxes | 7,808 | 4,635 | $ 40,626 |
Cash and cash equivalents | 200,227 | 2,287 | |
Restricted cash | $ 13,556 | $ 0 |
Uncategorized Items - cog-12312
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 42,172,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (446,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (446,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 42,172,000 |