Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 16, 2018 | |
Document Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CNX Resources Corporation | |
Entity Central Index Key | 1,070,412 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 217,910,958 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues and Other Operating Income: | ||
Natural Gas, NGLs and Oil Revenue | $ 405,623 | $ 317,763 |
Gain (Loss) on Commodity Derivative Instruments | 35,087 | (22,463) |
Purchased Gas Revenue | 18,055 | 8,979 |
Midstream Revenue | 26,254 | 0 |
Other Operating Income | 10,710 | 15,650 |
Total Revenue and Other Operating Income | 495,729 | 319,929 |
Operating Expense | ||
Lease Operating Expense | 36,810 | 21,633 |
Transportation, Gathering and Compression | 86,261 | 94,332 |
Production, Ad Valorem, and Other Fees | 9,233 | 9,329 |
Depreciation, Depletion and Amortization | 124,667 | 95,678 |
Exploration and Production Related Other Costs | 2,380 | 9,785 |
Purchased Gas Costs | 17,054 | 8,895 |
Impairment of Exploration and Production Properties | 0 | 137,865 |
Selling, General, and Administrative Costs | 31,349 | 21,802 |
Other Operating Expense | 16,047 | 18,176 |
Total Operating Expense | 323,801 | 417,495 |
Other (Income) Expense | ||
Other (Income) Expense | (6,493) | 4,075 |
Gain on Asset Sales | (11,342) | (3,996) |
Gain on Previously Held Equity Interest | (623,663) | 0 |
Loss (Gain) on Debt Extinguishment | 15,635 | (822) |
Interest Expense | 38,551 | 41,606 |
Total Other (Income) Expense | (587,312) | 40,863 |
Total Costs And Expenses | (263,511) | 458,358 |
Earnings (Loss) From Continuing Operations Before Income Tax | 759,240 | (138,429) |
Income Tax Expense (Benefit) | 213,694 | (47,422) |
Income (Loss) From Continuing Operations | 545,546 | (91,007) |
Income From Discontinued Operations, net | 0 | 52,041 |
Net Income (Loss) | 545,546 | (38,966) |
Less: Net Income Attributable to Noncontrolling Interest | 17,983 | 0 |
Net Income (Loss) Attributable to CNX Resources Shareholders | $ 527,563 | $ (38,966) |
Consolidated Statements of Inc3
Consolidated Statements of Income Earnings Per Share - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share, Basic [Abstract] | ||
Income (Loss) from Continuing Operations (in usd per share) | $ 2.38 | $ (0.40) |
Income from Discontinued Operations (in usd per share) | 0 | 0.23 |
Total Basic (in usd per share) | 2.38 | (0.17) |
Dilutive | ||
Income (Loss) from Continuing Operations (in usd per share) | 2.35 | (0.40) |
Income from Discontinued Operations (in usd per share) | 0 | 0.23 |
Total Dilutive (in usd per share) | 2.35 | (0.17) |
Dividends Declared Per Share | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income (Loss) | $ 545,546 | $ (38,966) |
Other Comprehensive Income: | ||
Actuarially Determined Long-Term Liability Adjustments (Net of tax: ($94), ($2,052)) | 170 | 3,502 |
Comprehensive Income | 545,716 | (35,464) |
Less: Comprehensive Income Attributable to Noncontrolling Interest | 17,983 | 0 |
Comprehensive Income (Loss) Attributable to CNX Resources Shareholders | $ 527,733 | $ (35,464) |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Other Comprehensive Income (Loss), Tax | $ 94 | |
Adjustment For Actuarially Determined Liabilities [Member] | ||
Other Comprehensive Income (Loss), Tax | $ (94) | $ (2,052) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and Cash Equivalents | $ 82,490 | $ 509,167 |
Accounts and Notes Receivable: | ||
Trade | 157,605 | 156,817 |
Other Receivables | 43,344 | 48,908 |
Supplies Inventories | 10,676 | 10,742 |
Recoverable Income Taxes | 20,178 | 31,523 |
Prepaid Expenses | 92,651 | 95,347 |
Total Current Assets | 406,944 | 852,504 |
Property, Plant and Equipment: | ||
Property, Plant and Equipment | 9,103,351 | 9,316,495 |
Less—Accumulated Depreciation, Depletion and Amortization | 2,481,535 | 3,526,742 |
Total Property, Plant and Equipment—Net | 6,621,816 | 5,789,753 |
Other Assets: | ||
Investment in Affiliates | 20,678 | 197,921 |
Goodwill | 796,359 | 0 |
Other Intangible Assets | 126,859 | 0 |
Other | 149,573 | 91,735 |
Total Other Assets | 1,093,469 | 289,656 |
TOTAL ASSETS | 8,122,229 | 6,931,913 |
Current Liabilities: | ||
Accounts Payable | 193,901 | 211,161 |
Current Portion of Long-Term Debt | 6,891 | 7,111 |
Other Accrued Liabilities | 236,879 | 223,407 |
Total Current Liabilities | 437,671 | 441,679 |
Long-Term Debt: | ||
Long-Term Debt | 2,211,165 | 2,187,026 |
Capital Lease Obligations | 18,611 | 20,347 |
Total Long-Term Debt | 2,229,776 | 2,207,373 |
Deferred Credits and Other Liabilities: | ||
Deferred Income Taxes | 258,220 | 44,373 |
Asset Retirement Obligations | 7,985 | 198,768 |
Other | 120,671 | 139,821 |
Total Deferred Credits and Other Liabilities | 386,876 | 382,962 |
TOTAL LIABILITIES | 3,054,323 | 3,032,014 |
Stockholders’ Equity: | ||
Common Stock, $.01 Par Value; 500,000,000 Shares Authorized, 218,639,873 Issued and Outstanding at March 31, 2018; 223,743,322 Issued and Outstanding at December 31, 2017 | 2,190 | 2,241 |
Capital in Excess of Par Value | 2,409,475 | 2,450,323 |
Preferred Stock, 15,000,000 shares authorized, None issued and outstanding | 0 | 0 |
Retained Earnings | 1,940,882 | 1,455,811 |
Accumulated Other Comprehensive Loss | (8,306) | (8,476) |
Total CNX Resources Stockholders’ Equity | 4,344,241 | 3,899,899 |
Noncontrolling Interest | 723,665 | 0 |
TOTAL STOCKHOLDERS' EQUITY | 5,067,906 | 3,899,899 |
TOTAL LIABILITIES AND EQUITY | $ 8,122,229 | $ 6,931,913 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Common Stock [Member] | ||
Common Stock, Par Value (in usd per share) | $ 0.01 | $ 0.01 |
Common Stock, Authorized (in shares) | 500,000,000 | 500,000,000 |
Common Stock, Issued (in shares) | 218,639,873 | 223,743,322 |
Common Stock, Outstanding (in shares) | 218,639,873 | 223,743,322 |
Preferred Stock [Member] | ||
Preferred Stock, Authorized (in shares) | 15,000,000 | 15,000,000 |
Preferred Stock, Issued (in shares) | 0 | 0 |
Preferred Stock, Outstanding (in shares) | 0 | 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total CNX Resources Corporation Stockholders' Equity [Member] | Noncontrolling Interest [Member] |
Balance at December 31, 2017 at Dec. 31, 2017 | $ 3,899,899 | $ 2,241 | $ 2,450,323 | $ 1,455,811 | $ (8,476) | $ 3,899,899 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 545,546 | 527,563 | 527,563 | 17,983 | |||
Other Comprehensive Income (Net of ($94) Tax) | 170 | 170 | 170 | ||||
Comprehensive Income | 545,716 | 527,563 | 170 | 527,733 | 17,983 | ||
Stock Issued During Period, Value, New Issues | 1,056 | 6 | 1,050 | 1,056 | |||
Purchase and Retirement of Common Stock (5,785,900 shares) | (83,963) | (57) | (46,229) | (37,677) | (83,963) | ||
Shares Withheld for Taxes | (5,162) | (4,815) | (4,815) | (347) | |||
Acquisition of CNX Gathering, LLC | 718,577 | 718,577 | |||||
Amortization of Stock-Based Compensation Awards | 4,910 | 4,331 | 4,331 | 579 | |||
Distributions to CNXM Noncontrolling Interest Holders | (13,127) | (13,127) | |||||
Balance at March 31, 2018 at Mar. 31, 2018 | $ 5,067,906 | $ 2,190 | $ 2,409,475 | $ 1,940,882 | $ (8,306) | $ 4,344,241 | $ 723,665 |
Consolidated Statements of Sto9
Consolidated Statements of Stockholders' Equity (Parentheticals) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($)shares | |
Statement of Stockholders' Equity [Abstract] | |
Other comprehensive income, tax expense | $ | $ 94 |
Purchase and retirement of common stock (in shares) | shares | 5,785,900 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash Flows from Operating Activities: | ||
Net Income (Loss) | $ 545,546 | $ (38,966) |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided By Operating Activities: | ||
Net Income from Discontinued Operations | 0 | (52,041) |
Depreciation, Depletion and Amortization | 124,667 | 95,678 |
Amortization of Deferred Financing Costs | 3,043 | 0 |
Impairment of Exploration and Production Properties | 0 | 137,865 |
Stock-Based Compensation | 4,910 | 3,754 |
Gain on Sale of Assets | (11,342) | (3,996) |
Gain on Previously Held Equity Interest | (623,663) | 0 |
Loss (Gain) on Debt Extinguishment | 15,635 | (822) |
(Gain) Loss on Commodity Derivative Instruments | (35,087) | 22,463 |
Net Cash Paid in Settlement of Commodity Derivative Instruments | (16,991) | (47,103) |
Deferred Income Taxes | 213,694 | (24,321) |
Equity in Earnings of Affiliates | (1,778) | (12,330) |
Changes in Operating Assets: | ||
Accounts and Notes Receivable | 14,505 | 9,969 |
Recoverable Income Taxes | 11,345 | (7,704) |
Supplies Inventories | 66 | 592 |
Prepaid Expenses | (1,055) | 437 |
Changes in Operating Liabilities: | ||
Accounts Payable | 2,152 | 24,954 |
Accrued Interest | 24,905 | 35,769 |
Other Operating Liabilities | (5,251) | 11,997 |
Changes in Other Liabilities | (5,500) | (4,051) |
Other | (461) | 10,930 |
Net Cash Provided by Continuing Operating Activities | 259,340 | 163,074 |
Net Cash Provided by Discontinued Operating Activities | 0 | 48,721 |
Net Cash Provided by Operating Activities | 259,340 | 211,795 |
Cash Flows from Investing Activities: | ||
Capital Expenditures | (232,485) | (103,922) |
CNX Gathering, LLC Acquisition, Net of Cash Acquired | (299,272) | 0 |
Proceeds from Asset Sales | 101,763 | 9,868 |
Net Distributions from Equity Affiliates | 3,650 | 5,909 |
Net Cash Used in Continuing Investing Activities | (426,344) | (88,145) |
Net Cash Provided by Discontinued Investing Activities | 0 | 503 |
Net Cash Used in Investing Activities | (426,344) | (87,642) |
Cash Flows from Financing Activities: | ||
Payments on Miscellaneous Borrowings | (2,042) | (1,953) |
Payments on Long-Term Notes | (405,419) | (98,243) |
Net Payments on CNXM Revolving Credit Facility | (129,500) | 0 |
Proceeds from Issuance of CNXM Senior Notes | 394,000 | 0 |
Distributions to CNXM Noncontrolling Interest Holders | (13,127) | 0 |
Proceeds from Issuance of Common Stock | 1,056 | 494 |
Shares Withheld for Taxes | (5,162) | (6,278) |
Purchases of Common Stock | (80,879) | 0 |
Debt Repurchase and Financing Fees | (18,600) | (250) |
Net Cash Used in Continuing Financing Activities | (259,673) | (106,230) |
Net Cash Used in Discontinued Financing Activities | 0 | (10,456) |
Net Cash Used in Financing Activities | (259,673) | (116,686) |
Net (Decrease) Increase in Cash and Cash Equivalents | (426,677) | 7,467 |
Cash and Cash Equivalents at Beginning of Period | 509,167 | 46,299 |
Cash and Cash Equivalents at End of Period | $ 82,490 | $ 53,766 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION: The accompanying Unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for future periods. The Consolidated Balance Sheet at December 31, 2017 has been derived from the Audited Consolidated Financial Statements at that date but does not include all the notes required by generally accepted accounting principles for complete financial statements. For further information, refer to the Consolidated Financial Statements and related notes for the year ended December 31, 2017 included in CNX Resources Corporation's ("CNX," the "Company," "we," "us," or "our") Annual Report on Form 10-K. Certain amounts in prior periods have been reclassified to conform to the current period presentation. On November 28, 2017, the Company spun-off the coal operations previously held by CNX, which were comprised of the Pennsylvania Mining Complex, Baltimore Marine Terminal, its direct and indirect ownership interest in CONSOL Coal Resources LP, formerly known as CNXC Coal Resources LP, and other related coal assets. The financial position, results of operations and cash flows of the coal operations are reflected as discontinued operations for all periods presented through the date of the spin-off. See Note 5 - Discontinued Operations to the Unaudited Consolidated Financial statements for further details regarding the spin-off. The Consolidated Balance Sheet at March 31, 2018 reflects the full consolidation of CNX Gathering, LLC's assets and liabilities as a result of the purchase of NBL Midstream, LLC's interest on January 3, 2018 (See Note 6 - Acquisitions and Dispositions for more information). The purchase accounting remains preliminary as contemplated by Generally Accepted Accounting Principles and, as a result, there may be upon further review future changes to the value, as well as allocation, of the acquired assets and liabilities, associated amortization expense, goodwill and the gain on the previously held equity interest. These changes may be material. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE: Basic earnings per share are computed by dividing net income attributable to CNX shareholders by the weighted average shares outstanding during the reporting period. Dilutive earnings per share are computed similarly to basic earnings per share, except that the weighted average shares outstanding are increased to include additional shares from stock options, performance stock options, restricted stock units and performance share units, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options and performance share options were exercised, that outstanding restricted stock units and performance share units were released, and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period. The impact of CNXM's dilutive units did not have a material impact on the Company's earnings per share calculations for the period from January 3, 2018 through March 31, 2018. The table below sets forth the share-based awards that have been excluded from the computation of diluted earnings per share because their effect would be antidilutive: For the Three Months Ended March 31, 2018 2017 Antidilutive Options 2,293,506 5,472,165 Antidilutive Restricted Stock Units 11,480 951,320 Antidilutive Performance Share Units 312,296 1,762,690 Antidilutive Performance Stock Options 927,268 802,804 3,544,550 8,988,979 The table below sets forth the share-based awards that have been exercised or released: For the Three Months Ended March 31, 2018 2017 Options 153,718 61,624 Restricted Stock Units 171,137 334,040 Performance Share Units 357,596 560,936 682,451 956,600 The computations for basic and dilutive earnings per share are as follows: For the Three Months Ended March 31, 2018 2017 Income (Loss) from Continuing Operations $ 545,546 $ (91,007 ) Less: Net Income Attributable to Non-Controlling Interest 17,983 — Net Income (Loss) from Continuing Operations Attributable to CNX Resources Shareholders $ 527,563 $ (91,007 ) Income from Discontinued Operations — 52,041 Net Income (Loss) Attributable to CNX Resources Shareholders $ 527,563 $ (38,966 ) Weighted-average shares of common stock outstanding 221,930,165 229,817,169 Effect of dilutive shares 2,252,371 — Weighted-average diluted shares of common stock outstanding 224,182,536 229,817,169 Earnings (Loss) per Share: Basic (Continuing Operations) $ 2.38 $ (0.40 ) Basic (Discontinued Operations) — 0.23 Total Basic $ 2.38 $ (0.17 ) Dilutive (Continuing Operations) $ 2.35 $ (0.40 ) Dilutive (Discontinued Operations) — 0.23 Total Dilutive $ 2.35 $ (0.17 ) |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS: Changes in Accumulated Other Comprehensive Loss by component, net of tax, were as follows: Long-Term Liabilities Balance at December 31, 2017 $ (8,476 ) Amounts Reclassified from Accumulated Other Comprehensive Loss, net of tax 170 Balance at March 31, 2018 $ (8,306 ) The following table shows the reclassification of adjustments out of Accumulated Other Comprehensive Loss: For the Three Months Ended March 31, 2018 2017 Actuarially Determined Long-Term Liability Adjustments Amortization of Prior Service Costs $ (90 ) $ (749 ) Recognized Net Actuarial Loss 354 6,303 Total 264 5,554 Less: Tax Benefit 94 2,052 Net of Tax $ 170 $ 3,502 |
Revenue from Contract with Cust
Revenue from Contract with Customer | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | REVENUE FROM CONTRACTS WITH CUSTOMERS: On January 1, 2018, the Company adopted Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers and all the related amendments (“new revenue standard”) using the modified retrospective method, which did not result in any changes to previously reported financial information. The updates related to the new revenue standard were applied only to contracts that were not complete as of January 1, 2018. Revenue from Contracts with Customers Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company has elected to exclude all taxes from the measurement of transaction price. Nature of Performance Obligations At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promised good or service that is distinct. To identify the performance obligations, the Company considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. For natural gas, NGLs and oil, and purchased gas revenue, the Company generally considers the delivery of each unit (MMBtu or Bbl) to be a separate performance obligation that is satisfied upon delivery. Payment terms for these contracts typically require payment within 25 days of the end of the calendar month in which the hydrocarbons are delivered. A significant number of these contracts contain variable consideration because the payment terms refer to market prices at future delivery dates. In these situations, the Company has not identified a standalone selling price because the terms of the variable payments relate specifically to the Company’s efforts to satisfy the performance obligations. A portion of the contracts contain fixed consideration (i.e. fixed price contracts or contracts with a fixed differential to NYMEX or index prices). The fixed consideration is allocated to each performance obligation on a relative standalone selling price basis, which requires judgment from management. For these contracts, the Company generally concludes that the fixed price or fixed differentials in the contracts are representative of the standalone selling price. Revenue associated with natural gas, NGLs and oil as presented on the accompanying Consolidated Statement of Income represent the Company’s share of revenues net of royalties and excluding revenue interests owned by others. When selling natural gas, NGLs and oil on behalf of royalty owners or working interest owners, the Company is acting as an agent and thus reports the revenue on a net basis. Midstream revenue consists of revenues generated from natural gas gathering activities. The gas gathering services are interruptible in nature and include charges for the volume of gas actually gathered and do not guarantee access to the system. Volumetric based fees are based on actual volumes gathered. The Company generally considers the interruptible gathering of each unit (MMBtu) of natural gas represents a separate performance obligation. Payment terms for these contracts typically require payment within 25 days of the end of the calendar month in which the hydrocarbons are gathered. Transaction price allocated to remaining performance obligations ASC 606 requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied. However, the guidance provides certain practical expedients that limit this requirement, including when variable consideration is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a series. A significant portion of or natural gas, NGLs and oil and purchased gas revenue is short-term in nature with a contract term of one year or less. For those contracts, we have utilized the practical expedient in ASC 606-10-50-14 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. For revenue associated with contract terms greater than one year, a significant portion of the consideration in those contracts is variable in nature and the Company allocates the variable consideration in its contract entirely to each specific performance obligation to which it relates. Therefore, any remaining variable consideration in the transaction price is allocated entirely to wholly unsatisfied performance obligations. As such, the Company has not disclosed the value of unsatisfied performance obligations pursuant to the practical expedient. For revenue associated with contract terms greater than one year with a fixed price component, the aggregate amount of the transaction price allocated to remaining performance obligations was $ 7,938 as of March 31, 2018 . The Company expects to recognize revenue of $ 2,299 in the next 12 months and $ 1,847 over the following 12 months, with the remainder recognized thereafter. For revenue associated with our midstream contracts, which also have terms greater than one year, we have utilized the practical expedient in ASC 606-10-50-14 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under our midstream contracts the interruptible gathering of each unit of natural gas represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. Prior-period performance obligations We record revenue in the month production is delivered to the purchaser. However, settlement statements for certain natural gas and NGL revenue may not be received for 30 to 90 days after the date production is delivered, and as a result, we are required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. We record the differences between our estimates and the actual amounts received in the month that payment is received from the purchaser. We have existing internal controls for our revenue estimation process and related accruals, and any identified differences between our revenue estimates and actual revenue received historically have not been significant. For the three months ended March 31, 2018 and 2017, revenue recognized in the reporting period related to performance obligations satisfied in prior reporting periods was not material. Disaggregation of Revenue The following table is a disaggregation of our revenue by major sources: For the Three Months Ended March 31, 2018 2017 Revenue from Contracts with Customers Natural Gas Revenue $ 347,348 $ 273,546 NGLs Revenue 50,884 39,283 Condensate Revenue 6,503 4,305 Oil Revenue 888 629 Total Natural Gas, NGLs and Oil Revenue 405,623 317,763 Purchased Gas Revenue 18,055 8,979 Midstream Revenue 26,254 — Other Sources of Revenue and Other Operating Income Gain (Loss) on Commodity Derivative Instruments 35,087 (22,463 ) Other Operating Income 10,710 15,650 Total Revenue and Other Operating Income $ 495,729 $ 319,929 The disaggregated revenue information corresponds with the Company’s segment reporting. Contract balances We invoice customers once our performance obligations have been satisfied, at which point payment is unconditional. Accordingly, our contracts with customers do not give rise to contract assets or liabilities under ASC 606. The Company has no contract assets recognized from the costs to obtain or fulfill a contract with a customer. The opening and closing balances of the Company’s receivables related to contracts with customers were $ 156,817 and $ 157,605 , respectively. Included in this balance are receivables related to the January 3rd, 2018 acquisition of $9,353 (see Note - 6 for more information). |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS: On November 28, 2017, CNX announced that it had completed the tax-free spin-off of its coal business resulting in two independent, publicly traded companies: (i) a coal company, CONSOL Energy, formerly known as CONSOL Mining Corporation and (ii) CNX, a natural gas exploration and production company. Following the separation, CONSOL Energy and its subsidiaries hold the coal assets previously held by CNX, including its Pennsylvania Mining Complex, Baltimore Marine Terminal, its direct and indirect ownership interest in CONSOL Coal Resources LP, formerly known as CNX Coal Resources LP, and other related coal assets previously held by CNX. As of the close of business on November 28, 2017, CNX's shareholders received one share of CONSOL Energy common stock for every eight shares of CNX's common stock held as of November 15, 2017 (the “Record Date”). The coal company has been reclassified to discontinued operations for all periods presented. The following table details selected financial information for the divested business included within discontinued operations: For the Three Months Ended March 31, 2017 Coal Revenue $ 316,448 Other Outside Sales 12,886 Freight-Outside Coal 12,282 Miscellaneous Other Income 17,396 Gain on Sale of Assets 7,955 Total Revenue and Other Income $ 366,967 Total Costs 315,829 Income From Operations Before Income Taxes $ 51,138 Income Tax Benefit (6,367 ) Less: Net Income Attributable to Noncontrolling Interest 5,464 Income From Discontinued Operations, net $ 52,041 There were no remaining major classes of assets or liabilities of discontinued operations at March 31, 2018 and December 31, 2017 . |
Acquisitions and Dispositions
Acquisitions and Dispositions | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions And Dispositions | ACQUISITIONS AND DISPOSITIONS: On March 30, 2018, CNX Gas Company LLC (CNX Gas), an indirect wholly owned subsidiary of CNX, completed the sale of substantially all of its shallow oil and gas assets and certain CBM assets in Pennsylvania and West Virginia for $87,510 in cash consideration. In connection with the sale, the buyer assumed approximately $196,514 of asset retirement obligations. The net gain on the sale was $4,751 and is included in the Gain on Asset Sales line of the Consolidated Statements of Income. On December 14, 2017, CNX Gas entered into a purchase agreement with NBL Midstream, LLC (Noble), pursuant to which CNX Gas acquired Noble’s 50% membership interest in CONE Gathering LLC (CNX Gathering), for a cash purchase price of $305,000 and the mutual release of all outstanding claims (the "Midstream Acquisition"). CNX Gathering owns a 100% membership interest in CONE Midstream GP LLC (the general partner), which is the general partner of CONE Midstream Partners LP (CNXM or the Partnership), which is a publicly traded master limited partnership formed in May 2014 by CNX Gas and Noble. In conjunction with the Midstream Acquisition, which closed on January 3, 2018, the general partner, the Partnership and CONE Gathering LLC changed their names to CNX Midstream GP LLC, CNX Midstream Partners LP, and CNX Gathering LLC, respectively. Prior to the Midstream Acquisition, the Company accounted for its 50% interest in CNX Gathering LLC as an equity method investment as the Company had the ability to exercise significant influence, but not control, over the operating and financial policies of the midstream operations. In conjunction with the Midstream Acquisition, the Company obtained a controlling interest in CNX Gathering LLC and, through CNX Gathering's ownership of the general partner, control over the Partnership. Accordingly, the Midstream Acquisition has been accounted for as a business combination using the acquisition method of accounting pursuant to Accounting Standards Codification Topic 805, Business Combinations , or ASC 805. ASC 805 requires that, in such business combination achieved in stages (or step acquisition), previously held equity interests are remeasured at fair value and any difference between the fair value and the carrying value of the equity interest held be recognized as a gain or loss on the statement of income. The fair value assigned to the previously held equity interest in CNX Gathering and CNXM for purposes of calculating the gain or loss was $799,033 and was determined using the income approach, based on a discounted cash flow methodology. The resulting gain on remeasurement to fair value of the previously held equity interest in the CNX Gathering and CNXM of $623,663 is included in the Gain on Previously Held Equity Interest line of the Consolidated Statements of Income. The fair values of the previously held equity interests were based on inputs that are not observable in the market and therefore represent Level 3 inputs. These fair values were measured using valuation techniques that convert future cash flows into a single discounted amount. Significant inputs to the valuation included estimates of: (i) gathering volumes; (ii) future operating costs; and (iii) a market-based weighted average cost of capital. These inputs required significant judgments and estimates by management, are still under review, and may be subject to change. These inputs have a significant impact on the valuation of the previously held equity interests and future changes may occur. The estimated fair value of midstream facilities and equipment, generally consisting of pipeline systems and compression stations, were estimated using the cost approach. Significant unobservable inputs in the estimate of fair value include management's assumptions about the replacement costs for similar assets, the relative age of the acquired assets and any potential economic or functional obsolescence associated with the acquired assets. As a result, the estimated fair value of the midstream facilities and equipment represents a Level 3 fair value measurement. As part of the preliminary purchase price allocation, the Company identified intangible assets for customer relationships with third party customers. The fair value of the identified intangible assets was determined using the income approach which requires a forecast of the expected future cash flows generated and an estimated market-based weighted average cost of capital. Significant unobservable inputs in the determination of fair value include future revenue estimates, future cost assumptions, and estimated customer retention rates. As a result, the estimated fair value of the identified intangible assets represents a Level 3 fair value measurement. Differences between the preliminary purchase price allocation and the final purchase price allocation may change the amount of intangible assets and goodwill ultimately recognized in conjunction with the Midstream Acquisition. The noncontrolling interest in the acquired business is comprised of the limited partner units in CNXM which were not acquired by the Company. The CNXM limited partner units are actively traded on the New York Stock Exchange, and were valued based on observable market prices as of the transaction date and therefore represent a Level 1 fair value measurement. Allocation of Purchase Price The following table summarizes the purchase price and estimated values of assets and liabilities assumed based on the fair value as of January 3, 2018, with any excess of the purchase price over the estimated fair value of the identified net assets acquired recorded as goodwill. The preliminary purchase price allocation will be subject to further refinement, which may result in material changes. Estimated Fair Value of Consideration Transferred: Cash Consideration $ 305,000 CNX Gathering Cash on Hand at January 3, 2018 Distributed to Noble 2,620 Fair Value of Previously Held Equity Interest 799,033 Total Estimated Fair Value of Consideration Transferred $ 1,106,653 The following is a summary of the preliminary estimated fair values of the net assets acquired: Fair Value of Assets Acquired: Cash and Cash Equivalents $ 8,348 Accounts and Notes Receivable 21,199 Prepaid Expense 2,006 Other Current Assets 163 Property, Plant and Equipment, Net 1,043,340 Intangible Assets 128,781 Other 593 Total Assets Acquired 1,204,430 Fair Value of Liabilities Assumed: Accounts Payable 26,059 CNXM Revolving Credit Facility 149,500 Total Liabilities Assumed 175,559 Total Identifiable Net Assets 1,028,871 Fair Value of Noncontrolling Interest in CNXM (718,577 ) Goodwill 796,359 Net Assets Acquired $ 1,106,653 Post-Acquisition Operating Results The acquisition contributed the following to the Company's Midstream segment for the three months ended March 31, 2018. Three Months Ended March 31, 2018 Midstream Revenue $ 64,178 Earnings From Continuing Operations Before Income Tax $ 35,550 Unaudited Pro Forma Information The following table presents unaudited pro forma combined financial information for the three months ended March 31, 2017, which presents the Company’s results as though the acquisition had been completed at January 1, 2017. The pro forma combined financial information has been included for comparative purposes and is not necessarily indicative of the results that might have actually occurred had the acquisition been completed at January 1, 2017; furthermore, the financial information is not intended to be a projection of future results. Pro Forma (in thousands, except per share data) (unaudited) Three Months Ended March 31, 2017 Pro Forma Total Revenue and Other Operating Income $ 344,637 Pro Forma Net Loss from Continuing Operations $ (57,810 ) Less: Pro Forma Net income Attributable to Noncontrolling Interests $ 19,414 Pro Forma Net Loss from Continuing Operations Attributable to CNX $ (77,224 ) Pro Forma Loss per Share from Continuing Operations (Basic) $ (0.34 ) Pro Forma Loss per Share from Continuing Operations (Diluted) $ (0.34 ) |
Components of Pension Plan Net
Components of Pension Plan Net Periodic Benefit Cost | 3 Months Ended |
Mar. 31, 2018 | |
Retirement Benefits [Abstract] | |
Components of Pension Plan Net Periodic Benefit Cost | COMPONENTS OF PENSION PLAN NET PERIODIC BENEFIT COST: Components of Net Periodic Benefit Cost are as follows: For the Three Months Ended March 31, 2018 2017 Service Cost $ 96 $ 44 Interest Cost 300 143 Amortization of Prior Service Credits (90 ) (43 ) Recognized Net Actuarial Loss 373 181 Net Periodic Benefit Cost $ 679 $ 325 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES: The effective tax rates for the three months ended March 31, 2018 and 2017 were 28.8% and 34.3% , respectively. The effective tax rate for the three months ended March 31, 2018 differs from the U.S. federal statutory rate of 21% primarily due to state taxes and state valuation allowances. The effective rate for the three months ended March 31, 2017 differs from the U.S. federal statutory rate of 35% primarily due to state income taxes and equity compensation. On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the "Act") which, among other things, lowered the U.S. Federal tax rate from 35% to 21%, repealed the corporate alternative minimum tax ("AMT"), and provided for a refunds of previously accrued AMT credits. The Company recorded a net tax benefit to reflect the impact of the Act as of December 31, 2017, as it is required to reflect the change in the period in which the law is enacted. Largely, the benefits recorded in the period ending December 31, 2017 related to tax reform are in recognition of the revaluation of deferred tax assets and liabilities, a benefit of $115,291 , and a benefit for the reversal of a valuation allowance previously recorded against AMT credits which are now refundable, a benefit of $154,384 . The net benefits for the Act as recorded as provisional amounts as of March 31, 2018 represent the Company's best estimate using information available to the Company as of May 3, 2018. The Company anticipates U.S. regulatory agencies will issue further regulations over the next year which may alter this estimate. The Company is still evaluating, among other things, the application of limitations for executive compensation related to contracts existing prior to November 2, 2017, and provisions in the Act addressing the deductibility of interest expense after January 1, 2018. The Company will refine its estimates to incorporate new or better information as it comes available through the filing date of its 2017 U.S. income tax returns in the fourth quarter of 2018. The total amount of uncertain tax positions at March 31, 2018 and December 31, 2017 was $37,813 . If these uncertain tax positions were recognized, approximately $29,376 would affect CNX's effective tax rate at March 31, 2018 and December 31, 2017 . There was no change to the unrecognized tax benefits during the three months ended March 31, 2018 . CNX recognizes accrued interest related to uncertain tax positions in interest expense. As of March 31, 2018 and December 31, 2017 , the Company reported an accrued interest liability relating to uncertain tax positions of $728 and $644 , respectively, in Other Liabilities on the Consolidated Balance Sheets. The accrued interest liability includes $84 of accrued interest expense that is reflected in the Company's Consolidated Statements of Income for the three months ended March 31, 2018 . CNX recognizes penalties accrued related to uncertain tax positions in its income tax expense. As of March 31, 2018 and December 31, 2017 , CNX had no accrued liabilities for tax penalties related to uncertain tax positions. CNX and its subsidiaries file federal income tax returns with the United States and tax returns within various states and Canadian jurisdictions. With few exceptions, the Company is no longer subject to United States federal, state, local, or non-U.S. income tax examinations by tax authorities for the years before 2014. The Joint Committee on Taxation concluded its review of the audit of tax year 2015 on March 21, 2018. The audit resulted in a $108,651 reduction to CNX's net operating loss, primarily due to a reduction to the depreciation as an offset to the bonus depreciation taken in the 2010-2013 IRS audit. There was no cash impact from the audit. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT: March 31, December 31, Property, Plant and Equipment Intangible drilling cost $ 3,902,099 $ 3,849,689 Proved gas properties 975,256 1,999,891 Gas gathering equipment 2,146,869 1,182,234 Unproved gas properties 929,875 919,733 Gas wells and related equipment 772,542 834,120 Surface land and other equipment 310,460 309,602 Other gas assets 66,250 221,226 Total Property, Plant and Equipment $ 9,103,351 $ 9,316,495 Less: Accumulated Depreciation, Depletion and Amortization 2,481,535 3,526,742 Total Property, Plant and Equipment - Net $ 6,621,816 $ 5,789,753 Property, Plant and Equipment Impairment In February 2017, the Company approved a plan to sell subsidiaries Knox Energy LLC and Coalfield Pipeline Company (collectively, Knox). Knox met all of the criteria to be classified as held for sale in February 2017. The potential disposal of Knox did not represent a strategic shift that would have a major effect on the Company's operations and financial results and was, therefore, not classified as discontinued operations in accordance with ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360). As part of the required evaluation under the held for sale guidance, the asset's book value was evaluated and adjusted to the lower of its carrying amount or fair value less cost to sell. The Company determined that the approximate fair value less costs to sell Knox was less than the carrying value of the net assets which resulted in an impairment of $137,865 in February 2017, included in Impairment of Exploration and Production Properties within the Consolidated Statements of Income. The sale of Knox closed in the second quarter of 2017. Industry Participation Agreements CNX is party to an industry participation agreement (referred to as a "joint venture" or "JV") that provided drilling and completion carries for the Company's retained interests. This joint development agreement is with Hess Ohio Developments, LLC (Hess) with respect to approximately 125 thousand net Utica Shale acres in Ohio in which each party has a 50% undivided interest. Under the agreement, as amended, Hess was obligated to pay a total of approximately $335,000 in the form of a 50% drilling carry of certain CNX working interest obligations as the acreage is developed. As of December 31, 2016, Hess' entire carry obligation has been satisfied. |
Revolving Credit Facilities
Revolving Credit Facilities | 3 Months Ended |
Mar. 31, 2018 | |
Short-term Debt, Other Disclosures [Abstract] | |
Revolving Credit Facilities | REVOLVING CREDIT FACILITIES: CNX Resources Corporation (CNX) On March 8, 2018, CNX amended and restated its senior secured revolving credit facility, which expires on March 8, 2023. The credit facility increased lenders' commitments from $ 1,500,000 to $ 2,100,000 with an accordion feature that allows the Company to increase the commitments to $ 3,000,000 . The initial borrowing base increased from $ 2,000,000 to $ 2,500,000 , and the letters of credit aggregate sub-limit remained unchanged at $ 650,000 . The credit facility matures on March 8, 2023, provided that if the aggregate principal amount of our existing 5.875% Senior Notes due 2022, 8.00% Senior Notes due 2023 and certain other publicly traded debt securities outstanding 91 days prior to the earliest maturity of such debt (such date, the Springing Maturity Date) is greater than $500,000 , then the credit facility will mature on the Springing Maturity Date. The facility is secured by substantially all of the assets of CNX and certain of its subsidiaries. Fees and interest rate spreads are based on the percentage of facility utilization, measured quarterly. Availability under the facility is limited to a borrowing base, which is determined by the lenders' syndication agent and approved by the required number of lenders in good faith by calculating a value of CNX's proved natural gas reserves. The facility contains a number of affirmative and negative covenants that include, among others, covenants that, except in certain circumstances, limit the Company and the subsidiary guarantors' ability to create, incur, assume or suffer to exist indebtedness, create or permit to exist liens on properties, dispose of assets, make investments, purchase or redeem CNX common stock, pay dividends, merge with another corporation and amend the senior unsecured notes. The Company must also mortgage 80% of the value of its proved reserves and 80% of the value of its proved developed producing reserves, in each case, which are included in the borrowing base, maintain applicable deposit, securities and commodities accounts with the lenders or affiliates thereof, and enter into control agreements with respect to such applicable accounts. The facility also requires that CNX maintain a maximum net leverage ratio of no greater than 4.00 to 1.00, which is calculated as the ratio of debt less cash on hand to consolidated EBITDA, measured quarterly. CNX must also maintain a minimum current ratio of no less than 1.00 to 1.00, which is calculated as the ratio of current assets, plus revolver availability, to current liabilities, excluding borrowings under the revolver, measured quarterly. The calculation of all of the ratios exclude CNXM. CNX was in compliance of all financial covenants as of March 31, 2018 . At March 31, 2018 , the $2,100,000 facility had no borrowings outstanding and $ 253,167 of letters of credit outstanding, leaving $ 1,846,833 of unused capacity. At December 31, 2017 , the $1,500,000 facility had no borrowings outstanding and $ 239,072 of letters of credit outstanding, leaving $ 1,260,928 of unused capacity. CNX Midstream Partners LP (CNXM) On March 8, 2018, CNXM entered into a new $600,000 senior secured revolving credit facility that matures on March 8, 2023. The new revolving credit facility replaces their existing $250,000 senior secured revolving credit facility. The facility includes restrictions on the ability of CNXM, its subsidiary guarantors and certain of its non-guarantor, non-wholly-owned subsidiaries, except in certain circumstances, to: (i) create, incur, assume or suffer to exist indebtedness; (ii) create or permit to exist liens on their properties; (iii) prepay certain indebtedness unless there is no default or event of default under the facility; (iv) make or pay any dividends or distributions in excess of certain amounts; (v) merge with or into another person, liquidate or dissolve; or acquire all or substantially all of the assets of any going concern or going line of business or acquire all or a substantial portion of another person’s assets; (vi) make particular investments and loans; (vii) sell, transfer, convey, assign or dispose of its assets or properties other than in the ordinary course of business and other select instances; (viii) deal with any affiliate except in the ordinary course of business on terms no less favorable to CNXM than it would otherwise receive in an arm’s length transaction; (ix) amend in any material manner its certificate of incorporation, bylaws, or other organizational documents without giving prior notice to the lenders and, in some cases, obtaining the consent of the lenders. In addition, CNXM is obligated to maintain at the end of each fiscal quarter (x) a maximum total leverage ratio of no greater than between 4.75 to 1.00 ranging to no greater than 5.50 to 1.00 in certain circumstances; (y) a maximum secured leverage ratio of no greater than 3.50 to 1.00 and (z) a minimum interest coverage ratio of no less than 2.50 to 1.00. CNXM was in compliance of all financial covenants as of March 31, 2018 . The facility also contains customary events of default, including, but not limited to, a cross-default to certain other debt, breaches of representations and warranties, change of control events and breaches of covenants. The obligations under the facility are secured by substantially all of the assets of CNXM and its wholly-owned subsidiaries. CNX is not a guarantor under the facility. At March 31, 2018, the $600,000 facility had $20,000 of borrowings outstanding. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2018 | |
Long-term Debt, Other Disclosures [Abstract] | |
Long-term Debt | LONG-TERM DEBT: March 31, December 31, Debt: Senior Notes due April 2022 at 5.875% (Principal of $1,314,307 and $1,705,682 $ 1,316,880 $ 1,709,226 Senior Notes due April 2023 at 8.00% (Principal of $500,000 less Unamortized Discount of $4,525 and $4,751, respectively) 495,475 495,249 CNX Midstream Partners LP Senior Notes due March 2026 at 6.50% (Principal of $400,000 less Unamortized Discount of $5,938 at March 31, 2018) 394,062 — CNX Midstream Partners LP Revolving Credit Facility 20,000 — Other Note Maturing in 2018 (Principal of $358 less Unamortized Discount of $8 at December 31, 2017) — 350 Less: Unamortized Debt Issuance Costs 15,252 17,536 2,211,165 2,187,289 Less: Amounts Due in One Year* — 263 Long-Term Debt $ 2,211,165 $ 2,187,026 * Excludes current portion of Capital Lease Obligations of $6,891 and $ 6,848 at March 31, 2018 and December 31, 2017 , respectively. During the three months ended March 31, 2018 , CNXM completed a private offering of $ 400,000 of 6.50% senior notes due in March 2026 less $ 6,000 of unamortized bond discount. In addition, CNXM entered into a $ 600,000 senior secured revolving credit facility that matures on March 8, 2023 (See Note 10 - Revolving Credit Facilities). The new revolving credit facility replaces their existing $250,000 senior secured revolving credit facility. CNXM had $20,000 of outstanding borrowings at March 31, 2018 . CNX is not a guarantor of CNXM's 6.50% senior notes due in March 2026 or CNXM's senior secured revolving credit facility. During the three months ended March 31, 2018 , CNX purchased $391,375 of its outstanding 5.875% senior notes due in April 2022. As part of this transaction, a loss of $ 15,635 was included in Loss (Gain) on Debt Extinguishment on the Consolidated Statements of Income. During the three months ended March 31, 2017 , CNX purchased $99,956 of its outstanding 5.875% senior notes due in April 2022. As part of this transaction, a gain of $822 was included in Loss (Gain) on Debt Extinguishment on the Consolidated Statements of Income. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES: CNX and its subsidiaries are subject to various lawsuits and claims with respect to such matters as personal injury, wrongful death, damage to property, exposure to hazardous substances, governmental regulations including environmental remediation, employment and contract disputes and other claims and actions arising out of the normal course of business. CNX accrues the estimated loss for these lawsuits and claims when the loss is probable and can be estimated. The Company's current estimated accruals related to these pending claims, individually and in the aggregate, are immaterial to the financial position, results of operations or cash flows of CNX. It is possible that the aggregate loss in the future with respect to these lawsuits and claims could ultimately be material to the financial position, results of operations or cash flows of CNX; however, such amounts cannot be reasonably estimated. The amount claimed against CNX is disclosed below when an amount is expressly stated in the lawsuit or claim, which is not often the case. The following lawsuits and claims include those for which a loss is probable and an accrual has been recognized: Hale Litigation: This class action lawsuit was filed on September 23, 2010 in the U.S. District Court in Abingdon, Virginia. The putative class consists of force-pooled unleased gas owners whose ownership of the coalbed methane (CBM) gas was declared to be in conflict with rights of others. The lawsuit seeks a judicial declaration of ownership of the CBM and damages based on allegations CNX Gas failed to either pay royalties due to conflicting claimants or deemed lessors or paid them less than required because of the alleged practice of improper below market sales and/or taking alleged improper post-production deductions. On September 30, 2013, the District Judge entered an Order certifying the class, and CNX Gas appealed the Order to the U.S. Fourth Circuit Court of Appeals. On August 19, 2014, the Fourth Circuit agreed with CNX Gas, reversed the Order certifying the class and remanded the case to the trial court for further proceedings consistent with the decision. On April 23, 2015, Plaintiffs filed a Renewed Motion for Class Certification, which CNX opposed. On March 29, 2017, the Court issued an Order certifying four issues for class treatment: (1) allegedly excessive deductions; (2) royalties based on purported improperly low prices; (3) deduction of severance taxes; and (4) Plaintiffs' request for an accounting. On April 13, 2017, CNX filed a Petition for Allowance of Appeal with the Fourth Circuit, and on May 22, 2017 the Petition was denied. CNX and plaintiffs’ counsel have reached an agreement in principal to settle the certified class claims. On March 20, 2018, the Court preliminarily approved the class settlement, and on August 23, 2018, the Court will conduct a hearing to consider final approval of the proposed Settlement Agreement and Class Counsel’s request for attorneys’ fees. The Company has established an accrual to cover its estimated liability for this case. This accrual is immaterial to the overall financial position of CNX and is included in Other Accrued Liabilities on the Consolidated Balance Sheets. Addison Litigation: This class action lawsuit was filed on April 28, 2010 in the U.S. District Court in Abingdon, Virginia. The putative class consists of gas lessors whose gas ownership is in conflict. The lawsuit seeks a judicial declaration of ownership of the CBM and damages based on the allegations that CNX Gas failed to either pay royalties due to these conflicting claimant lessors or paid them less than required because of the alleged practice of improper below market sales and/or taking alleged improper post-production deductions. On September 30, 2013, the District Judge entered an Order certifying the class, and CNX Gas appealed the Order to the U.S. Fourth Circuit Court of Appeals. On August 19, 2014, the Fourth Circuit agreed with CNX Gas, reversed the Order certifying the class and remanded the case to the trial court for further proceedings consistent with the decision. On April 23, 2015, Plaintiffs filed a Renewed Motion for Class Certification, which CNX opposed. On March 29, 2017, the Court issued an Order denying class certification in this matter. CNX and plaintiff’s counsel reached an agreement to settle this lawsuit, and filed with the Court a joint a Stipulation of Dismissal with prejudice on March 6, 2018. The Company has established an accrual to cover its estimated liability for this case. This accrual is immaterial to the overall financial position of CNX and is included in Other Accrued Liabilities on the Consolidated Balance Sheets. At March 31, 2018 , CNX has provided the following financial guarantees, unconditional purchase obligations and letters of credit to certain third parties as described by major category in the following table. These amounts represent the maximum potential of total future payments that the Company could be required to make under these instruments. These amounts have not been reduced for potential recoveries under recourse or collateralization provisions. Generally, recoveries under reclamation bonds would be limited to the extent of the work performed at the time of the default. No amounts related to these unconditional purchase obligations and letters of credit are recorded as liabilities in the financial statements. CNX management believes that these commitments will expire without being funded, and therefore will not have a material adverse effect on financial condition. Amount of Commitment Expiration Per Period Total Amounts Committed Less Than 1 Year 1-3 Years 3-5 Years Beyond 5 Years Letters of Credit: Firm Transportation $ 252,882 $ 252,882 $ — $ — $ — Other 285 285 — — — Total Letters of Credit 253,167 253,167 — — — Surety Bonds: Employee-Related 1,850 1,850 — — — Environmental 5,438 3,513 1,925 — — Other 12,498 11,988 510 — — Total Surety Bonds 19,786 17,351 2,435 — — Total Commitments $ 272,953 $ 270,518 $ 2,435 $ — $ — Excluded from the above table are commitments and guarantees, that relate to discontinued operations, entered into in conjunction with the spin-off of the Company's coal business (See Note 5 - Discontinued Operations). Although CONSOL Energy has agreed to indemnify us to the extent that we are called upon to pay any of these liabilities, there is no assurance that CONSOL Energy will satisfy its obligations to indemnify us in these situations. CNX uses various leased facilities and equipment in its operations. Future minimum lease payments under operating leases at March 31, 2018 are as follows: Operating Lease Obligations Due Amount Less than 1 year $ 10,034 1 - 3 years 14,057 3 - 5 years 10,790 More than 5 years 39,667 Total Operating Lease Obligations $ 74,548 CNX enters into long-term unconditional purchase obligations to procure major equipment purchases, natural gas firm transportation, gas drilling services and other operating goods and services. These purchase obligations are not recorded on the Consolidated Balance Sheets. As of March 31, 2018 , the purchase obligations for each of the next five years and beyond were as follows: Obligations Due Amount Less than 1 year $ 174,312 1 - 3 years 280,301 3 - 5 years 251,768 More than 5 years 593,715 Total Purchase Obligations $ 1,300,096 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS: CNX enters into financial derivative instruments to manage its exposure to commodity price volatility. These natural gas and NGL commodity hedges are accounted for on a mark-to-market basis with changes in fair value recorded in current period earnings. CNX is exposed to credit risk in the event of non-performance by counterparties. The creditworthiness of counterparties is subject to continuing review. The Company has not experienced any issues of non-performance by derivative counterparties. None of the Company's counterparty master agreements currently require CNX to post collateral for any of its positions. However, as stated in the counterparty master agreements, if CNX's obligations with one of its counterparties cease to be secured on the same basis as similar obligations with the other lenders under the credit facility, CNX would have to post collateral for instruments in a liability position in excess of defined thresholds. All of the Company's derivative instruments are subject to master netting arrangements with our counterparties. CNX recognizes all financial derivative instruments as either assets or liabilities at fair value on the Consolidated Balance Sheets on a gross basis. Each of the Company's counterparty master agreements allows, in the event of default, the ability to elect early termination of outstanding contracts. If early termination is elected, CNX and the applicable counterparty would net settle all open hedge positions. The total notional amounts of production of CNX's derivative instruments at March 31, 2018 and December 31, 2017 were as follows: March 31, December 31, Forecasted to 2018 2017 Settle Through Natural Gas Commodity Swaps (Bcf) 1,143.5 1,067.2 2022 Natural Gas Basis Swaps (Bcf) 766.9 688.1 2022 The gross fair value of CNX's derivative instruments at March 31, 2018 and December 31, 2017 was as follows: Asset Derivative Instruments Liability Derivative Instruments March 31, December 31, March 31, December 31, 2018 2017 2018 2017 Commodity Swaps: Prepaid Expense $ 46,668 $ 62,369 Other Accrued Liabilities $ 20,908 $ 5,985 Other Assets 80,655 59,281 Other Liabilities 30,369 42,419 Total Asset $ 127,323 $ 121,650 Total Liability $ 51,277 $ 48,404 Basis Only Swaps: Prepaid Expense $ 25,922 $ 14,965 Other Accrued Liabilities $ 17,864 $ 35,306 Other Assets 43,481 24,223 Other Liabilities 15,557 17,179 Total Asset $ 69,403 $ 39,188 Total Liability $ 33,421 $ 52,485 The effect of derivative instruments on the Company's Consolidated Statements of Income was as follows: For the Three Months Ended March 31, 2018 2017 Cash Paid in Settlement of Commodity Derivative Instruments: Commodity Swaps: Natural Gas $ (434 ) $ (24,607 ) Propane — (1,216 ) Natural Gas Basis Swaps (16,557 ) (21,280 ) Total Cash Paid in Settlement of Commodity Derivative Instruments (16,991 ) (47,103 ) Unrealized Gain (Loss) on Commodity Derivative Instruments: Commodity Swaps: Natural Gas 2,800 162,604 Propane — 1,147 Natural Gas Basis Swaps 49,278 (139,111 ) Total Unrealized Gain on Commodity Derivative Instruments 52,078 24,640 Gain (Loss) on Commodity Derivative Instruments: Commodity Swaps: Natural Gas 2,366 137,997 Propane — (69 ) Natural Gas Basis Swaps 32,721 (160,391 ) Total Gain (Loss) on Commodity Derivative Instruments $ 35,087 $ (22,463 ) The Company also enters into fixed price natural gas sales agreements that are satisfied by physical delivery. These physical commodity contracts qualify for the normal purchases and sales exception and are not subject to derivative instrument accounting. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS: CNX determines the fair value of assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. The fair value hierarchy is based on whether the inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources (including NYMEX forward curves, LIBOR-based discount rates and basis forward curves), while unobservable inputs reflect the Company's own assumptions of what market participants would use. The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below: Level One - Quoted prices for identical instruments in active markets. Level Two - The fair value of the assets and liabilities included in Level 2 are based on standard industry income approach models that use significant observable inputs, including NYMEX forward curves, LIBOR-based discount rates and basis forward curves. Level Three - Unobservable inputs significant to the fair value measurement supported by little or no market activity. In those cases when the inputs used to measure fair value meet the definition of more than one level of the fair value hierarchy, the lowest level input that is significant to the fair value measurement in its totality determines the applicable level in the fair value hierarchy. The financial instruments measured at fair value on a recurring basis are summarized below: Fair Value Measurements at March 31, 2018 Fair Value Measurements at December 31, 2017 Description (Level 1) (Level 2) (Level 3) (Level 1) (Level 2) (Level 3) Gas Derivatives $ — $ 112,028 $ — $ — $ 59,949 $ — Put Option $ — $ — $ — $ — $ (3,500 ) $ — The following methods and assumptions were used to estimate the fair value for which the fair value option was not elected: Cash and cash equivalents: The carrying amount reported in the Consolidated Balance Sheets for cash and cash equivalents approximates its fair value due to the short-term maturity of these instruments. Long-term debt: The fair value of long-term debt is measured using unadjusted quoted market prices or estimated using discounted cash flow analyses. The discounted cash flow analyses are based on current market rates for instruments with similar cash flows. The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: March 31, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Cash and Cash Equivalents $ 82,490 $ 82,490 $ 509,167 $ 509,167 Long-Term Debt $ 2,226,417 $ 2,264,496 $ 2,204,825 $ 2,281,282 Cash and cash equivalents represent highly- liquid instruments and constitute Level 1 fair value measurements. Certain of the Company’s debt is actively traded on a public market and, as a result, constitute Level 1 fair value measurements. The portion of the Company’s debt obligations that is not actively traded is valued through reference to the applicable underlying benchmark rate and, as a result, constitute Level 2 fair value measurements. |
Variable Interest Entities (Not
Variable Interest Entities (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES: The Company determined CNXM, of which the company owns approximately 34% of, to be a variable interest entity. Upon completion of the Midstream acquisition (see Note 6) through the Company's ownership and control of CNXM's general partner (CNX Midstream GP LLC), the Company has the power to direct the activities that most significantly impact CNXM's economic performance. In addition, through its limited partner interest and incentive distribution rights, or IDRs in CNXM, the Company has the obligation to absorb the losses of CNXM and the right to receive benefits in accordance with such interests. As the Company has a controlling financial interest and is the primary beneficiary of CNXM, the Company consolidates CNXM commencing on January 3, 2018. The risks associated with the operations of CNXM are discussed in its Annual Reports on Form 10-K for the year ended December 31, 2017. The following table presents amounts included in the Company's Consolidated Balance Sheet that were for the use or obligation of CNXM as of March 31, 2018 : March 31, 2018 Assets: Cash $ 1,966 Receivables - Related Party 13,411 Receivables - Third Party 9,645 Other Current Assets 3,242 Property, Plant and Equipment, net 899,558 Other Assets 4,294 Liabilities: Accounts Payable $ 23,363 Accounts Payable - Related Party 3,056 Revolving Credit Facility 20,000 Long-Term Debt 392,647 The following table summarizes CNXM's Consolidated Statements of Operations and Cash Flows for the three months ended March 31, 2018 , inclusive of affiliate amounts: For the Three Months Ended March 31, 2018 Revenue Gathering Revenue - Related Party $ 37,730 Gathering Revenue - Third Party 26,139 Total Revenue 63,869 Expenses Operating Expense - Related Party 4,435 Operating Expense - Third Party 8,468 General and Administrative Expense - Related Party 3,612 General and Administrative Expense - Third Party 2,549 Loss on Asset Sales 2,755 Depreciation Expense 5,856 Interest Expense 2,489 Total Expense 30,164 Net Income $ 33,705 Net Cash Provided by Operating Activities $ 41,867 Net Cash Used in Investing Activities $ (10,156 ) Net Cash Used in Financing Activities $ (32,939 ) In March 2018, CNXM closed its previously announced acquisition of CNX's remaining 95% interest in the gathering system and related assets commonly referred to as the Shirley-Penns System, in exchange for cash consideration in the amount of $265,000 . CNXM funded the cash consideration with proceeds from the issuance of 6.5% senior notes due 2026 (See Note 11 - Long-Term Debt). Prior to the acquisition of Noble's interest on January 3, 2018, CNX accounted for its interests in CNX Gathering and CNXM as an equity-method investment. The following is a summary of the Company's Investment in Affiliates balances included within the Consolidated Balance Sheets associated with CNX Gathering and CNXM, respectively: CNX Gathering CNXM Total Balance at December 31, 2016 $ 151,075 $ 18,133 $ 169,208 Equity in Earnings 9,823 38,523 48,346 Distributions (17,254 ) (24,929 ) (42,183 ) Asset Transfer (2,527 ) 2,527 — Balance at December 31, 2017 $ 141,117 $ 34,254 $ 175,371 The following transactions were included in Other Operating Income and Transportation, Gathering and Compression within the Consolidated Statements of Income: For the Three Months Ended March 31, 2017 Other Operating Income: Equity in Earnings of Affiliates - CNX Gathering $ 1,866 Equity in Earnings of Affiliates - CNXM $ 10,072 Transportation, Gathering and Compression: Gathering Services - CNX Gathering $ 253 Gathering Services - CNXM $ 34,054 At December 31, 2017 , CNX had a net payable of $ 9,982 , due to both CNX Gathering and CNXM primarily for accrued but unpaid gathering services. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION: CNX consists of two principal business divisions: Exploration and Production (E&P) and Midstream. The principal activity of the E&P division, which includes four reportable segments, is to produce pipeline quality natural gas for sale primarily to gas wholesalers. The E&P Division's reportable segments are Marcellus Shale, Utica Shale, Coalbed Methane, and Other Gas. The Other Gas segment is primarily related to shallow oil and gas production which is not significant to the Company. It also includes the Company's purchased gas activities, unrealized gain or loss on commodity derivative instruments, exploration and production related other costs, impairment of exploration and production properties, as well as various other operating activities assigned to the E&P Division but not allocated to each individual segment. CNX's Midstream division is the result of CNX's acquisition of NBL Midstream, LLC's interest in CNX Gathering LLC (See Note 6 - Acquisitions and Dispositions). As part of the acquisition, CNX now has a controlling financial interest and is the primary beneficiary of CNXM, of which the company owns approximately 34% of, which is a publicly traded master limited partnership (See Note 15 - Variable Interest Entity for more information). The principal activity of the Midstream division is the ownership, operation, development and acquisition of natural gas gathering and other midstream energy assets in order to provide natural gas gathering services for the Company's produced gas, as well as for other independent third parties in the Marcellus Shale and Utica Shale in Pennsylvania and West Virginia. Prior to the acquisition, the Company accounted for its 50% interest in CNX Gathering LLC as an equity method investment. The Company's unallocated expenses include other expense, gain on asset sales related to non-core assets, gain on previously held equity interest, loss on debt extinguishment and income taxes. Prior to the spin-off of the coal company in November 2017 (See Note 5 - Discontinued Operations), CNX had a Coal division. The Coal division had three reportable segments; PA Operations, Virginia (VA) Operations and Other Coal. The VA Operations segment included the Buchanan Mine and the Other Coal segment was primarily comprised of the assets and operations of the Miller Creek and Fola Complexes, as well as coal terminal operations, closed and idle mine activities, selling, general and administrative activities and various other non-operated activities. In the preparation of the following information, intersegment sales have been recorded at amounts approximating market. Operating profit for each segment is based on sales less identifiable operating and non-operating expenses. Assets are reflected at the division level for E&P and are not allocated between each individual E&P segment. These assets are not allocated to each individual segment due to the diverse asset base controlled by CNX, whereby each individual asset may service more than one segment within the division. An allocation of such asset base would not be meaningful or representative on a segment by segment basis. |
Related Party Transaction
Related Party Transaction | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS: CONSOL Energy Inc. In connection with the spin-off of its coal business, as discussed in Note 5 - Discontinued Operations, CNX and CONSOL Energy entered into several agreements that govern the relationship of the parties following the Distribution, including the following: • Separation and Distribution Agreement; • Transition Services Agreement; • Tax Matters Agreement; • Employee Matters Agreement; • Intellectual Property Matters Agreement; • CNX Resources Corporation to CONSOL Energy Inc. Trademark License Agreement; • CONSOL Energy Inc. to CNX Resources Corporation Trademark License Agreement; and • First Amendment to Amended and Restated Omnibus Agreement ("Omnibus Amendment"). As of March 31, 2018 and December 31, 2017 , CNX had a receivable from CONSOL Energy of $1,007 and $12,540 , respectively, recorded in Total Current Assets on the Consolidated Balance Sheets. At March 31, 2018 , CNX also had recorded obligations to CONSOL Energy of $11,133 , of which $4,845 was included in Total Current Liabilities and $6,288 was included in Total Deferred Credits and Other Liabilities on the Consolidated Balance Sheets. At December 31, 2017 , CNX had recorded obligations to CONSOL Energy of $15,415 , of which $4,500 was included in Total Current Liabilities and $10,915 was included in Total Deferred Credits and Other Liabilities on the Consolidated Balance Sheets. These items relate to reimbursement of the one-time transaction costs as well as other reimbursements per the terms of the Separation and Distribution Agreement. All significant intercompany transactions between CNX and CONSOL Energy have been included in the Consolidated Financial Statements and are considered to have been effectively settled for cash at the time the transaction was recorded. In the Consolidated Statement of Stockholders' Equity, the distribution of CONSOL Energy Inc. is the net of the variety of intercompany transactions including, but not limited to, collection of trade receivables, payment of trade payables and accrued liabilities, settlement of charges for allocated selling, general and administrative costs and payment of taxes by CNX on CONSOL Energy's behalf. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS: Goodwill and other indefinite-lived intangible assets are not amortized, but are evaluated for impairment annually during the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of its carrying value. The Company may first consider qualitative factors to assess whether there are indicators that it is more likely than not that the fair value of a reporting unit may not exceed its carrying amount. To the extent that such indicators exist, a goodwill impairment test is completed. If the carrying value of the goodwill of a reporting unit exceeds its implied fair value, the difference is recognized as an impairment charge. The Company uses a combination of an income and market approach to estimate the fair value of a reporting unit. As a result of the acquisition of Noble’s 50% membership interest in CONE Gathering LLC, on January 3, 2018, CNX recorded $796,359 of goodwill and $128,781 of other intangible assets in conjunction with the preliminary purchase accounting. See Note 6 - Acquisitions and Dispositions for more information. All goodwill is attributed to the Midstream reportable segment. Changes in the carrying amount of goodwill consist of the following activity: December 31, 2017 $ — Acquisitions 796,359 March 31, 2018 $ 796,359 The carrying amount and accumulated amortization of other intangible assets consist of the following: March 31, 2018 December 31, 2017 Other Intangible Assets Customer Relationships $ 128,781 $ — Less: accumulated amortization for customer relationships (1,922 ) — Total other intangible assets, net $ 126,859 $ — Amortization expense for other intangible assets was $1,922 for the three months ended March 31, 2018. There was no amortization expense for the three months ended March 31, 2017. The customer relationships intangible asset category will be amortized on a straight line basis over approximately 17 years. The estimated future annual amortization expense for the next five fiscal years for other intangible assets recorded at March 31, 2018 is as follows: 2019 2020 2021 2022 2023 Estimated annual amortization expense $ 7,688 $ 7,688 $ 7,688 $ 7,688 $ 7,688 |
Stock Repurchase
Stock Repurchase | 3 Months Ended |
Mar. 31, 2018 | |
Stock Repurchase [Abstract] | |
Stock Repurchase | STOCK REPURCHASE: In September 2017, CNX's Board of Directors approved a one-year stock repurchase program of up to $200,000 . On October 30, 2017, the Board approved an increase to the aggregate amount of the repurchase plan to $450,000 . The repurchases may be effected from time-to-time through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, accelerated stock repurchases, block trades, derivative contracts or otherwise in compliance with Rule 10b-18. The timing of any repurchases will be based on a number of factors, including available liquidity, the Company's stock price, the Company's financial outlook, and alternative investment options. The share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares and the Board may modify, suspend, or discontinue its authorization of the program at any time. The Board of Directors will continue to evaluate the size of the stock repurchase program based on CNX's free cash flow position, leverage ratio, and capital plans. During three months ended March 31, 2018 , 5,785,900 shares were repurchased and retired at an average price of $ 14.49 per share for a total cost of $83,963 . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS: In February 2018, the FASB issued Update 2018-02 - Income Statement - Reporting Comprehensive Income (Topic 220), which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (the "Act"). Consequently, the amendments eliminate the stranded tax effects resulting from the Act and will improve the usefulness of information reported to financial statement users. However, because the amendments only relate to the reclassification of the income tax effects of the Act, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. This Update also requires certain disclosures about stranded tax effects. The amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted and the amendments should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Act is recognized. The Company is currently evaluating the impact this guidance may have on CNX's financial statements. In January 2017, the FASB issued Update 2017-04 - Simplifying the Test of Goodwill Impairment. This Update simplifies the quantitative goodwill impairment test requirements by eliminating the requirement to calculate the implied fair value of goodwill (Step 2 of the current goodwill impairment test). Instead a company would record an impairment charge based on the excess of a reporting unit's carrying value over its fair value (measured in Step 1 of the current goodwill impairment test). This Update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted. Entities will apply the standard's provisions prospectively. The Company adopted Update 2017-04 on January 1, 2018 and determined that this standard will not have a material quantitative effect on the financial statements, unless an impairment charge was necessary. In February 2016, the FASB issued Update 2016-02 - Leases (Topic 842), which increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Update 2016-02 does retain a distinction between finance leases and operating leases, which is substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous lease guidance. Retaining this distinction allows the recognition, measurement and presentation of expenses and cash flows arising from a lease to not significantly change from previous GAAP. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities, but to recognize lease expense on a straight-line basis over the lease term. For both financing and operating leases, the right-to-use asset and lease liability will be initially measured at the present value of the lease payments in the statement of financial position. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. CNX is currently reviewing all existing leases and agreements that are covered by this standard and is evaluating the impact on the financial statements and related disclosures. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS: On April 30, 2018, CNX's board of directors approved and on May 2, 2018 CNX closed on an Asset Exchange Agreement, (the “AEA”), with HG Energy II Appalachia, LLC (“HG Energy”), pursuant to which, among other things, HG Energy (i) paid to CNX approximately $7,000 in cash proceeds and (ii) contributed to CNX certain undeveloped Marcellus and Utica acreage in Southwest Pennsylvania. In exchange for the foregoing, CNX (x) assigned its indirectly held 95% interest in certain non-core midstream assets and surface acreage and (y) released its indirectly held interest in certain dedicated acreage. In connection with the transactions contemplated by the AEA, CNX also agreed to certain transactions with CNXM, including the amendment of the existing gas gathering agreement between CNX and CNXM to include a forty -well minimum commitment with CNXM. The AEA could have an impact on the future cash flows that were used in determining the fair value of certain of CNX’s customer relationship intangible assets that were acquired in connection with the Midstream acquisition (see Note 6 - Acquisition and Dispositions and Note 19 - Goodwill and Other Intangible Assets). If CNX determines that the carrying value of the other intangible asset exceeds its fair value, the difference will be recognized as an impairment charge during the second quarter. |
Recent Accounting Pronounceme32
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | In February 2018, the FASB issued Update 2018-02 - Income Statement - Reporting Comprehensive Income (Topic 220), which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (the "Act"). Consequently, the amendments eliminate the stranded tax effects resulting from the Act and will improve the usefulness of information reported to financial statement users. However, because the amendments only relate to the reclassification of the income tax effects of the Act, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. This Update also requires certain disclosures about stranded tax effects. The amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted and the amendments should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Act is recognized. The Company is currently evaluating the impact this guidance may have on CNX's financial statements. In January 2017, the FASB issued Update 2017-04 - Simplifying the Test of Goodwill Impairment. This Update simplifies the quantitative goodwill impairment test requirements by eliminating the requirement to calculate the implied fair value of goodwill (Step 2 of the current goodwill impairment test). Instead a company would record an impairment charge based on the excess of a reporting unit's carrying value over its fair value (measured in Step 1 of the current goodwill impairment test). This Update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted. Entities will apply the standard's provisions prospectively. The Company adopted Update 2017-04 on January 1, 2018 and determined that this standard will not have a material quantitative effect on the financial statements, unless an impairment charge was necessary. In February 2016, the FASB issued Update 2016-02 - Leases (Topic 842), which increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Update 2016-02 does retain a distinction between finance leases and operating leases, which is substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous lease guidance. Retaining this distinction allows the recognition, measurement and presentation of expenses and cash flows arising from a lease to not significantly change from previous GAAP. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities, but to recognize lease expense on a straight-line basis over the lease term. For both financing and operating leases, the right-to-use asset and lease liability will be initially measured at the present value of the lease payments in the statement of financial position. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. CNX is currently reviewing all existing leases and agreements that are covered by this standard and is evaluating the impact on the financial statements and related disclosures. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The table below sets forth the share-based awards that have been excluded from the computation of diluted earnings per share because their effect would be antidilutive: For the Three Months Ended March 31, 2018 2017 Antidilutive Options 2,293,506 5,472,165 Antidilutive Restricted Stock Units 11,480 951,320 Antidilutive Performance Share Units 312,296 1,762,690 Antidilutive Performance Stock Options 927,268 802,804 3,544,550 8,988,979 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The table below sets forth the share-based awards that have been exercised or released: For the Three Months Ended March 31, 2018 2017 Options 153,718 61,624 Restricted Stock Units 171,137 334,040 Performance Share Units 357,596 560,936 682,451 956,600 |
Schedule of Earnings Per Share, Basic and Diluted | The computations for basic and dilutive earnings per share are as follows: For the Three Months Ended March 31, 2018 2017 Income (Loss) from Continuing Operations $ 545,546 $ (91,007 ) Less: Net Income Attributable to Non-Controlling Interest 17,983 — Net Income (Loss) from Continuing Operations Attributable to CNX Resources Shareholders $ 527,563 $ (91,007 ) Income from Discontinued Operations — 52,041 Net Income (Loss) Attributable to CNX Resources Shareholders $ 527,563 $ (38,966 ) Weighted-average shares of common stock outstanding 221,930,165 229,817,169 Effect of dilutive shares 2,252,371 — Weighted-average diluted shares of common stock outstanding 224,182,536 229,817,169 Earnings (Loss) per Share: Basic (Continuing Operations) $ 2.38 $ (0.40 ) Basic (Discontinued Operations) — 0.23 Total Basic $ 2.38 $ (0.17 ) Dilutive (Continuing Operations) $ 2.35 $ (0.40 ) Dilutive (Discontinued Operations) — 0.23 Total Dilutive $ 2.35 $ (0.17 ) |
Changes in Accumulated Other 34
Changes in Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income/(Loss) by Component | Changes in Accumulated Other Comprehensive Loss by component, net of tax, were as follows: Long-Term Liabilities Balance at December 31, 2017 $ (8,476 ) Amounts Reclassified from Accumulated Other Comprehensive Loss, net of tax 170 Balance at March 31, 2018 $ (8,306 ) |
Schedule of Reclassification of Adjustments to Accumulated Other Comprehensive Income | The following table shows the reclassification of adjustments out of Accumulated Other Comprehensive Loss: For the Three Months Ended March 31, 2018 2017 Actuarially Determined Long-Term Liability Adjustments Amortization of Prior Service Costs $ (90 ) $ (749 ) Recognized Net Actuarial Loss 354 6,303 Total 264 5,554 Less: Tax Benefit 94 2,052 Net of Tax $ 170 $ 3,502 |
Revenue from Contract with Cuso
Revenue from Contract with Cusomter (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table is a disaggregation of our revenue by major sources: For the Three Months Ended March 31, 2018 2017 Revenue from Contracts with Customers Natural Gas Revenue $ 347,348 $ 273,546 NGLs Revenue 50,884 39,283 Condensate Revenue 6,503 4,305 Oil Revenue 888 629 Total Natural Gas, NGLs and Oil Revenue 405,623 317,763 Purchased Gas Revenue 18,055 8,979 Midstream Revenue 26,254 — Other Sources of Revenue and Other Operating Income Gain (Loss) on Commodity Derivative Instruments 35,087 (22,463 ) Other Operating Income 10,710 15,650 Total Revenue and Other Operating Income $ 495,729 $ 319,929 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table details selected financial information for the divested business included within discontinued operations: For the Three Months Ended March 31, 2017 Coal Revenue $ 316,448 Other Outside Sales 12,886 Freight-Outside Coal 12,282 Miscellaneous Other Income 17,396 Gain on Sale of Assets 7,955 Total Revenue and Other Income $ 366,967 Total Costs 315,829 Income From Operations Before Income Taxes $ 51,138 Income Tax Benefit (6,367 ) Less: Net Income Attributable to Noncontrolling Interest 5,464 Income From Discontinued Operations, net $ 52,041 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | : Cash Consideration $ 305,000 CNX Gathering Cash on Hand at January 3, 2018 Distributed to Noble 2,620 Fair Value of Previously Held Equity Interest 799,033 Total Estimated Fair Value of Consideration Transferred $ 1,106,653 The following is a summary of the preliminary estimated fair values of the net assets acquired: Fair Value of Assets Acquired: Cash and Cash Equivalents $ 8,348 Accounts and Notes Receivable 21,199 Prepaid Expense 2,006 Other Current Assets 163 Property, Plant and Equipment, Net 1,043,340 Intangible Assets 128,781 Other 593 Total Assets Acquired 1,204,430 Fair Value of Liabilities Assumed: Accounts Payable 26,059 CNXM Revolving Credit Facility 149,500 Total Liabilities Assumed 175,559 Total Identifiable Net Assets 1,028,871 Fair Value of Noncontrolling Interest in CNXM (718,577 ) Goodwill 796,359 Net Assets Acquired $ 1,106,653 |
Schedule of Pro Forma Information | The pro forma combined financial information has been included for comparative purposes and is not necessarily indicative of the results that might have actually occurred had the acquisition been completed at January 1, 2017; furthermore, the financial information is not intended to be a projection of future results. Pro Forma (in thousands, except per share data) (unaudited) Three Months Ended March 31, 2017 Pro Forma Total Revenue and Other Operating Income $ 344,637 Pro Forma Net Loss from Continuing Operations $ (57,810 ) Less: Pro Forma Net income Attributable to Noncontrolling Interests $ 19,414 Pro Forma Net Loss from Continuing Operations Attributable to CNX $ (77,224 ) Pro Forma Loss per Share from Continuing Operations (Basic) $ (0.34 ) Pro Forma Loss per Share from Continuing Operations (Diluted) $ (0.34 ) The acquisition contributed the following to the Company's Midstream segment for the three months ended March 31, 2018. Three Months Ended March 31, 2018 Midstream Revenue $ 64,178 Earnings From Continuing Operations Before Income Tax $ 35,550 |
Components of Pension Plan Ne38
Components of Pension Plan Net Periodic Benefit Cost (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Costs | Components of Net Periodic Benefit Cost are as follows: For the Three Months Ended March 31, 2018 2017 Service Cost $ 96 $ 44 Interest Cost 300 143 Amortization of Prior Service Credits (90 ) (43 ) Recognized Net Actuarial Loss 373 181 Net Periodic Benefit Cost $ 679 $ 325 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | March 31, December 31, Property, Plant and Equipment Intangible drilling cost $ 3,902,099 $ 3,849,689 Proved gas properties 975,256 1,999,891 Gas gathering equipment 2,146,869 1,182,234 Unproved gas properties 929,875 919,733 Gas wells and related equipment 772,542 834,120 Surface land and other equipment 310,460 309,602 Other gas assets 66,250 221,226 Total Property, Plant and Equipment $ 9,103,351 $ 9,316,495 Less: Accumulated Depreciation, Depletion and Amortization 2,481,535 3,526,742 Total Property, Plant and Equipment - Net $ 6,621,816 $ 5,789,753 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Long-term Debt, Other Disclosures [Abstract] | |
Schedule of Long-term Debt | March 31, December 31, Debt: Senior Notes due April 2022 at 5.875% (Principal of $1,314,307 and $1,705,682 $ 1,316,880 $ 1,709,226 Senior Notes due April 2023 at 8.00% (Principal of $500,000 less Unamortized Discount of $4,525 and $4,751, respectively) 495,475 495,249 CNX Midstream Partners LP Senior Notes due March 2026 at 6.50% (Principal of $400,000 less Unamortized Discount of $5,938 at March 31, 2018) 394,062 — CNX Midstream Partners LP Revolving Credit Facility 20,000 — Other Note Maturing in 2018 (Principal of $358 less Unamortized Discount of $8 at December 31, 2017) — 350 Less: Unamortized Debt Issuance Costs 15,252 17,536 2,211,165 2,187,289 Less: Amounts Due in One Year* — 263 Long-Term Debt $ 2,211,165 $ 2,187,026 * Excludes current portion of Capital Lease Obligations of $6,891 and $ 6,848 at March 31, 2018 and December 31, 2017 , respectively. |
Commitments and Contingent Li41
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Long-term Purchase Commitment | At March 31, 2018 , CNX has provided the following financial guarantees, unconditional purchase obligations and letters of credit to certain third parties as described by major category in the following table. These amounts represent the maximum potential of total future payments that the Company could be required to make under these instruments. These amounts have not been reduced for potential recoveries under recourse or collateralization provisions. Generally, recoveries under reclamation bonds would be limited to the extent of the work performed at the time of the default. No amounts related to these unconditional purchase obligations and letters of credit are recorded as liabilities in the financial statements. CNX management believes that these commitments will expire without being funded, and therefore will not have a material adverse effect on financial condition. Amount of Commitment Expiration Per Period Total Amounts Committed Less Than 1 Year 1-3 Years 3-5 Years Beyond 5 Years Letters of Credit: Firm Transportation $ 252,882 $ 252,882 $ — $ — $ — Other 285 285 — — — Total Letters of Credit 253,167 253,167 — — — Surety Bonds: Employee-Related 1,850 1,850 — — — Environmental 5,438 3,513 1,925 — — Other 12,498 11,988 510 — — Total Surety Bonds 19,786 17,351 2,435 — — Total Commitments $ 272,953 $ 270,518 $ 2,435 $ — $ — |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under operating leases at March 31, 2018 are as follows: Operating Lease Obligations Due Amount Less than 1 year $ 10,034 1 - 3 years 14,057 3 - 5 years 10,790 More than 5 years 39,667 Total Operating Lease Obligations $ 74,548 |
Unrecorded Unconditional Purchase Obligations Disclosure | As of March 31, 2018 , the purchase obligations for each of the next five years and beyond were as follows: Obligations Due Amount Less than 1 year $ 174,312 1 - 3 years 280,301 3 - 5 years 251,768 More than 5 years 593,715 Total Purchase Obligations $ 1,300,096 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Derivative Instruments | The total notional amounts of production of CNX's derivative instruments at March 31, 2018 and December 31, 2017 were as follows: March 31, December 31, Forecasted to 2018 2017 Settle Through Natural Gas Commodity Swaps (Bcf) 1,143.5 1,067.2 2022 Natural Gas Basis Swaps (Bcf) 766.9 688.1 2022 |
Schedule of Derivative Assets at Fair Value | The gross fair value of CNX's derivative instruments at March 31, 2018 and December 31, 2017 was as follows: Asset Derivative Instruments Liability Derivative Instruments March 31, December 31, March 31, December 31, 2018 2017 2018 2017 Commodity Swaps: Prepaid Expense $ 46,668 $ 62,369 Other Accrued Liabilities $ 20,908 $ 5,985 Other Assets 80,655 59,281 Other Liabilities 30,369 42,419 Total Asset $ 127,323 $ 121,650 Total Liability $ 51,277 $ 48,404 Basis Only Swaps: Prepaid Expense $ 25,922 $ 14,965 Other Accrued Liabilities $ 17,864 $ 35,306 Other Assets 43,481 24,223 Other Liabilities 15,557 17,179 Total Asset $ 69,403 $ 39,188 Total Liability $ 33,421 $ 52,485 |
Schedule of Derivative Liabilities at Fair Value | The gross fair value of CNX's derivative instruments at March 31, 2018 and December 31, 2017 was as follows: Asset Derivative Instruments Liability Derivative Instruments March 31, December 31, March 31, December 31, 2018 2017 2018 2017 Commodity Swaps: Prepaid Expense $ 46,668 $ 62,369 Other Accrued Liabilities $ 20,908 $ 5,985 Other Assets 80,655 59,281 Other Liabilities 30,369 42,419 Total Asset $ 127,323 $ 121,650 Total Liability $ 51,277 $ 48,404 Basis Only Swaps: Prepaid Expense $ 25,922 $ 14,965 Other Accrued Liabilities $ 17,864 $ 35,306 Other Assets 43,481 24,223 Other Liabilities 15,557 17,179 Total Asset $ 69,403 $ 39,188 Total Liability $ 33,421 $ 52,485 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The effect of derivative instruments on the Company's Consolidated Statements of Income was as follows: For the Three Months Ended March 31, 2018 2017 Cash Paid in Settlement of Commodity Derivative Instruments: Commodity Swaps: Natural Gas $ (434 ) $ (24,607 ) Propane — (1,216 ) Natural Gas Basis Swaps (16,557 ) (21,280 ) Total Cash Paid in Settlement of Commodity Derivative Instruments (16,991 ) (47,103 ) Unrealized Gain (Loss) on Commodity Derivative Instruments: Commodity Swaps: Natural Gas 2,800 162,604 Propane — 1,147 Natural Gas Basis Swaps 49,278 (139,111 ) Total Unrealized Gain on Commodity Derivative Instruments 52,078 24,640 Gain (Loss) on Commodity Derivative Instruments: Commodity Swaps: Natural Gas 2,366 137,997 Propane — (69 ) Natural Gas Basis Swaps 32,721 (160,391 ) Total Gain (Loss) on Commodity Derivative Instruments $ 35,087 $ (22,463 ) |
Fair Value of Financial Instr43
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The financial instruments measured at fair value on a recurring basis are summarized below: Fair Value Measurements at March 31, 2018 Fair Value Measurements at December 31, 2017 Description (Level 1) (Level 2) (Level 3) (Level 1) (Level 2) (Level 3) Gas Derivatives $ — $ 112,028 $ — $ — $ 59,949 $ — Put Option $ — $ — $ — $ — $ (3,500 ) $ — |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: March 31, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Cash and Cash Equivalents $ 82,490 $ 82,490 $ 509,167 $ 509,167 Long-Term Debt $ 2,226,417 $ 2,264,496 $ 2,204,825 $ 2,281,282 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The following table presents amounts included in the Company's Consolidated Balance Sheet that were for the use or obligation of CNXM as of March 31, 2018 : March 31, 2018 Assets: Cash $ 1,966 Receivables - Related Party 13,411 Receivables - Third Party 9,645 Other Current Assets 3,242 Property, Plant and Equipment, net 899,558 Other Assets 4,294 Liabilities: Accounts Payable $ 23,363 Accounts Payable - Related Party 3,056 Revolving Credit Facility 20,000 Long-Term Debt 392,647 The following table summarizes CNXM's Consolidated Statements of Operations and Cash Flows for the three months ended March 31, 2018 , inclusive of affiliate amounts: For the Three Months Ended March 31, 2018 Revenue Gathering Revenue - Related Party $ 37,730 Gathering Revenue - Third Party 26,139 Total Revenue 63,869 Expenses Operating Expense - Related Party 4,435 Operating Expense - Third Party 8,468 General and Administrative Expense - Related Party 3,612 General and Administrative Expense - Third Party 2,549 Loss on Asset Sales 2,755 Depreciation Expense 5,856 Interest Expense 2,489 Total Expense 30,164 Net Income $ 33,705 Net Cash Provided by Operating Activities $ 41,867 Net Cash Used in Investing Activities $ (10,156 ) Net Cash Used in Financing Activities $ (32,939 ) |
Investments in and Advances to Affiliates | The following is a summary of the Company's Investment in Affiliates balances included within the Consolidated Balance Sheets associated with CNX Gathering and CNXM, respectively: CNX Gathering CNXM Total Balance at December 31, 2016 $ 151,075 $ 18,133 $ 169,208 Equity in Earnings 9,823 38,523 48,346 Distributions (17,254 ) (24,929 ) (42,183 ) Asset Transfer (2,527 ) 2,527 — Balance at December 31, 2017 $ 141,117 $ 34,254 $ 175,371 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Industry Segment Results | Industry segment results for the three months ended March 31, 2018 : Marcellus Shale Utica Shale Coalbed Methane Other Gas Total E&P Midstream Unallocated Intercompany Eliminations Consolidated Natural Gas, NGLs and Oil Revenue $ 205,016 $ 130,322 $ 57,501 $ 12,784 $ 405,623 $ — $ — $ — $ 405,623 (A) Purchased Gas Revenue — — — 18,055 18,055 — — — 18,055 Midstream Revenue — — — — — 64,178 — (37,924 ) 26,254 (Loss) Gain on Commodity Derivative Instruments (9,513 ) (4,474 ) (2,430 ) 51,504 35,087 — — — 35,087 Other Operating Income — — — 10,791 10,791 — — (81 ) 10,710 (B) Total Revenue and Other Operating Income $ 195,503 $ 125,848 $ 55,071 $ 93,134 $ 469,556 $ 64,178 $ — $ (38,005 ) $ 495,729 Earnings (Loss) From Continuing Operations Before Income Tax $ 44,242 $ 56,107 $ 13,117 $ (13,657 ) $ 99,809 $ 35,534 $ 623,897 $ — $ 759,240 Segment Assets $ 6,034,660 $ 1,999,671 $ 102,668 $ (14,770 ) $ 8,122,229 (C) Depreciation, Depletion and Amortization $ 115,866 $ 8,801 $ — $ — $ 124,667 Capital Expenditures $ 216,508 $ 15,977 $ — $ — $ 232,485 (A) Included in Total Natural Gas, NGLs and Oil Revenue are sales of $72,637 to NJR Energy Services Company and $57,907 to Direct Energy Business Marketing LLC, each of which comprises over 10% of sales. (B) Includes equity in earnings of unconsolidated affiliates of $1,778 for Total E&P (C) Includes investments in unconsolidated equity affiliates of $20,678 for Total E&P. Industry segment results for the three months ended March 31, 2017 : Marcellus Utica Shale Coalbed Methane Other Total Unallocated Consolidated Natural Gas, NGLs and Oil Revenue $ 189,175 $ 53,668 $ 58,626 $ 16,294 $ 317,763 $ — $ 317,763 (D) Purchased Gas Revenue — — — 8,979 8,979 — 8,979 (Loss) Gain on Commodity Derivative Instruments (32,665 ) (2,688 ) (9,198 ) 22,088 (22,463 ) — (22,463 ) Other Operating Income — — — 15,650 15,650 — 15,650 Total Revenue and Other Operating Income $ 156,510 $ 50,980 $ 49,428 $ 63,011 $ 319,929 $ — $ 319,929 Earnings (Loss) From Continuing Operations Before Income Tax $ 29,969 $ 17,807 $ 3,608 $ (186,560 ) $ (135,176 ) $ (3,253 ) $ (138,429 ) (E) Segment Assets $ 6,350,772 $ 2,668,825 $ 9,019,597 (F) Depreciation, Depletion and Amortization $ 95,678 $ — $ 95,678 Capital Expenditures $ 103,922 $ — $ 103,922 (D) Included in Total Natural Gas, NGLs and Oil Revenue are sales of $57,030 to NJR Energy Services Company and $46,366 to Direct Energy Business Marketing LLC, each of which comprises over 10% of sales. (E) Includes equity in earnings of unconsolidated affiliates of $12,330 for Total E&P. (F) Includes investments in unconsolidated equity affiliates of $197,385 for Total E&P. |
Reconciliation of Revenue from Segments to Consolidated | Revenue and Other Operating Income For the Three Months Ended March 31, 2018 2017 Total Segment Revenue from Contracts with External Customers $ 449,932 $ 326,742 Gain (Loss) on Commodity Derivative Instruments 35,087 (22,463 ) Other Operating Income 10,710 15,650 Total Consolidated Revenue and Other Operating Income $ 495,729 $ 319,929 |
Reconciliation of Revenue and Operating Income from Segments to Consolidated | Income (Loss) From Continuing Operations Before Income Tax: For the Three Months Ended March 31, 2018 2017 Segment Income (Loss) Before Income Taxes for reportable business segments: Marcellus Shale $ 44,242 $ 29,969 Utica Shale 56,107 17,807 Coalbed Methane 13,117 3,608 Other Gas (13,657 ) (186,560 ) Total E&P 99,809 (135,176 ) Midstream 35,534 — Total Segment Income (Loss) Before Income Taxes for reportable business segments 135,343 (135,176 ) Unallocated Expenses: Other Income (Expense) 6,493 (4,075 ) Gain on Sale of Assets 9,376 — Gain on Previously Held Equity Interest 623,663 — Loss on debt extinguishment (15,635 ) 822 Income (Loss) From Continuing Operations Before Income Tax $ 759,240 $ (138,429 ) |
Reconciliation of Assets and Liabilities from Segment to Consolidated | Total Assets: March 31, 2018 2017 Segment assets for total reportable business segments E&P $ 6,034,660 $ 6,350,772 Midstream 1,999,671 — Intercompany Eliminations (14,770 ) — Items excluded from segment assets: Cash and other investments 82,490 53,766 Recoverable income taxes 20,178 121,243 Discontinued Operations — 2,493,816 Total Consolidated Assets $ 8,122,229 $ 9,019,597 |
Goodwill and Other Intangible46
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | All goodwill is attributed to the Midstream reportable segment. Changes in the carrying amount of goodwill consist of the following activity: December 31, 2017 $ — Acquisitions 796,359 March 31, 2018 $ 796,359 |
Schedule of Finite-Lived Intangible Assets | The carrying amount and accumulated amortization of other intangible assets consist of the following: March 31, 2018 December 31, 2017 Other Intangible Assets Customer Relationships $ 128,781 $ — Less: accumulated amortization for customer relationships (1,922 ) — Total other intangible assets, net $ 126,859 $ — |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future annual amortization expense for the next five fiscal years for other intangible assets recorded at March 31, 2018 is as follows: 2019 2020 2021 2022 2023 Estimated annual amortization expense $ 7,688 $ 7,688 $ 7,688 $ 7,688 $ 7,688 |
Earnings Per Share Anti-Dilutiv
Earnings Per Share Anti-Dilutive Options and Units Excluded from Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 3,544,550 | 8,988,979 |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 2,293,506 | 5,472,165 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 11,480 | 951,320 |
Performance Share Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 312,296 | 1,762,690 |
Performance Share Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 927,268 | 802,804 |
Earnings Per Share Share-based
Earnings Per Share Share-based Compensation (Details) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share-based awards, exercised or released (in shares) | 682,451 | 956,600 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options exercised (in shares) | 153,718 | 61,624 |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options exercised (in shares) | 171,137 | 334,040 |
Performance Share Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options exercised (in shares) | 357,596 | 560,936 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Numerator: | ||
Income (Loss) from Continuing Operations | $ 545,546 | $ (91,007) |
Less: Net Income Attributable to Noncontrolling Interest | 17,983 | 0 |
Net Income (Loss) from Continuing Operations Attributable to CNX Resources Shareholders | 527,563 | (91,007) |
Income from Discontinued Operations | 0 | 52,041 |
Net Income (Loss) Attributable to CNX Resources Shareholders | $ 527,563 | $ (38,966) |
Denominator: | ||
Weighted-average shares of common stock outstanding (in shares) | 221,930,165 | 229,817,169 |
Effect of dilutive shares (in shares) | 2,252,371 | 0 |
Weighted-average diluted shares of common stock outstanding (in shares) | 224,182,536 | 229,817,169 |
Earnings (Loss) Per Share | ||
Basic (Continuing Operations) (in usd per share) | $ 2.38 | $ (0.40) |
Basic (Discontinued Operations) (in usd per share) | 0 | 0.23 |
Total Basic (in usd per share) | 2.38 | (0.17) |
Dilutive (Continuing Operations) (in usd per share) | 2.35 | (0.40) |
Dilutive (Discontinued Operations) (in usd per share) | 0 | 0.23 |
Total Dilutive (in usd per share) | $ 2.35 | $ (0.17) |
Changes in Accumulated Other 50
Changes in Accumulated Other Comprehensive Loss Changes in Accumulated Other Comprehensive Income / (Loss) by Component (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance at December 31, 2017 | $ (8,476) |
Amounts Reclassified from Accumulated Other Comprehensive Loss, net of tax | 170 |
Balance at March 31, 2018 | $ (8,306) |
Changes in Accumulated Other 51
Changes in Accumulated Other Comprehensive Loss Reclassification of Adjustments out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Equity [Abstract] | ||
Amortization of Prior Service Costs | $ (90) | $ (749) |
Recognized Net Actuarial Loss | 354 | 6,303 |
Total | 264 | 5,554 |
Less: Tax Benefit | 94 | 2,052 |
Net of Tax | $ 170 | $ 3,502 |
Revenue from Contract with Cu52
Revenue from Contract with Cusomter Performance Obligation (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 2,299 |
Remaining performance obligations, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 7,938 |
Remaining performance obligations, expected timing of satisfaction | 2 years |
Revenue from Contract with Cu53
Revenue from Contract with Cusomter Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jan. 03, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||
Trade | $ 157,605 | $ 156,817 | |
Midstream Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Receivables related to acquisition | $ 9,353 |
Revenue from Contract with Cu54
Revenue from Contract with Cusomter Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Total Segment Revenue from Contracts with External Customers | $ 405,623 | $ 317,763 |
Gain (Loss) on Commodity Derivative Instruments | 35,087 | (22,463) |
Other Operating Income | 10,710 | 15,650 |
Total Revenue and Other Operating Income | 495,729 | 319,929 |
Natural Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Segment Revenue from Contracts with External Customers | 347,348 | 273,546 |
NGLs [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Segment Revenue from Contracts with External Customers | 50,884 | 39,283 |
Condensate [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Segment Revenue from Contracts with External Customers | 6,503 | 4,305 |
Oil [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Segment Revenue from Contracts with External Customers | 888 | 629 |
Purchased Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Segment Revenue from Contracts with External Customers | 18,055 | 8,979 |
Midstream [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Segment Revenue from Contracts with External Customers | $ 26,254 | $ 0 |
Discontinued Operations (Detail
Discontinued Operations (Details) - Buchanan and Other Assets [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Coal Revenue | $ 316,448 |
Other Outside Sales | 12,886 |
Freight-Outside Coal | 12,282 |
Miscellaneous Other Income | 17,396 |
Gain on Sale of Assets | 7,955 |
Total Revenue and Other Income | 366,967 |
Total Costs | 315,829 |
Income From Operations Before Income Taxes | 51,138 |
Income Tax Benefit | (6,367) |
Less: Net Income Attributable to Noncontrolling Interest | 5,464 |
Income From Discontinued Operations, net | $ 52,041 |
Acquisitions and Dispositions N
Acquisitions and Dispositions Narrative (Details) - USD ($) $ in Thousands | Mar. 30, 2018 | Jan. 03, 2018 | Dec. 14, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 13, 2017 |
Business Acquisition [Line Items] | ||||||
Net gain on sale | $ 11,342 | $ 3,996 | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 623,663 | $ 0 | ||||
Midstream Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash consideration transferred | $ 305,000 | $ 305,000 | ||||
Fair value of previously held equity interest | 799,033 | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 623,663 | |||||
Shallow Oil, Gas, and CBM Assets in Pennsylvania and West Virginia [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash consideration received in sale of oil and gas assets | $ 87,510 | |||||
Asset retirement obligations assumed | 196,514 | |||||
Net gain on sale | $ 4,751 | |||||
CNX Gathering LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Ownership percentage in equity method investment | 50.00% | 50.00% | 50.00% | 50.00% | ||
CONE Midstream GP LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Ownership percentage by parent | 100.00% |
Acquisitions and Dispositions C
Acquisitions and Dispositions Consideration Given In Acquisition (Details) - Midstream Acquisition [Member] - USD ($) $ in Thousands | Jan. 03, 2018 | Dec. 14, 2017 |
Business Acquisition [Line Items] | ||
Cash Consideration | $ 305,000 | $ 305,000 |
CNX Gathering Cash on Hand at January 3, 2018 Distributed to Noble | 2,620 | |
Fair Value of Previously Held Equity Interest | 799,033 | |
Total Estimated Fair Value of Consideration Transferred | $ 1,106,653 |
Acquisitions and Dispositions F
Acquisitions and Dispositions Fair Value of Net Assets Acquired (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jan. 03, 2018 | Dec. 31, 2017 |
Total Identifiable Net Assets | |||
Goodwill | $ 796,359 | $ 0 | |
Midstream Acquisition [Member] | |||
Fair Value of Assets Acquired: | |||
Cash and Cash Equivalents | $ 8,348 | ||
Accounts and Notes Receivable | 21,199 | ||
Prepaid Expense | 2,006 | ||
Other Current Assets | 163 | ||
Property, Plant and Equipment, Net | 1,043,340 | ||
Intangible Assets | 128,781 | ||
Other | 593 | ||
Total Assets Acquired | 1,204,430 | ||
Fair Value of Liabilities Assumed: | |||
Accounts Payable | 26,059 | ||
CNXM Revolving Credit Facility | 149,500 | ||
Total Liabilities Assumed | 175,559 | ||
Total Identifiable Net Assets | |||
Total Identifiable Net Assets | 1,028,871 | ||
Fair Value of Noncontrolling Interest in CNXM | (718,577) | ||
Goodwill | 796,359 | ||
Net Assets Acquired | $ 1,106,653 |
Acquisitions and Dispositions P
Acquisitions and Dispositions Post Acquisition Operating Results (Details) - CNXM [Member] - Midstream Acquisition [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Business Acquisition [Line Items] | |
Midstream Revenue | $ 64,178 |
Earnings From Continuing Operations Before Income Tax | $ 35,550 |
Acquisitions and Dispositions60
Acquisitions and Dispositions Pro Forma Financial Information (Details) - Midstream Acquisition [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Pro Forma Total Revenue and Other Operating Income | $ 344,637 |
Pro Forma Net Loss from Continuing Operations | (57,810) |
Less: Pro Forma Net income Attributable to Noncontrolling Interests | 19,414 |
Pro Forma Net Loss from Continuing Operations Attributable to CNX | $ (77,224) |
Pro Forma Loss per Share from Continuing Operations (Basic) (usd per share) | $ / shares | $ (0.34) |
Pro Forma Loss per Share from Continuing Operations (Diluted) (usd per share) | $ / shares | $ (0.34) |
Components of Pension Plan Ne61
Components of Pension Plan Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Amortization of Prior Service Credits | $ (90) | $ (749) |
Recognized Net Actuarial Loss | 354 | 6,303 |
Total | 264 | 5,554 |
Pension Plan [Member] | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service Cost | 96 | 44 |
Interest Cost | 300 | 143 |
Amortization of Prior Service Credits | (90) | (43) |
Recognized Net Actuarial Loss | 373 | 181 |
Total | $ 679 | $ 325 |
Income Tax Reconciliation (Deta
Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Effective tax rate, percentage | 28.80% | 34.30% | |
Total amount of uncertain tax positions | $ 37,813 | $ 37,813 | |
Unrecognized tax benefits that would impact effective tax rate | 29,376 | 29,376 | |
Accrued interest liability | 728 | $ 644 | |
Accrued interest expense | $ 84 |
Property, Plant and Equipment63
Property, Plant and Equipment (Details) a in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Feb. 28, 2017USD ($) | Mar. 31, 2018USD ($)a | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Total Property, Plant and Equipment | $ 9,103,351 | $ 9,316,495 | ||
Less: Accumulated Depreciation, Depletion and Amortization | 2,481,535 | 3,526,742 | ||
Total Property, Plant and Equipment—Net | 6,621,816 | 5,789,753 | ||
Impairment on Knox | 0 | $ 137,865 | ||
Gas Segment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Intangible drilling cost | 3,902,099 | 3,849,689 | ||
Proved gas properties | 975,256 | 1,999,891 | ||
Gas gathering equipment | 2,146,869 | 1,182,234 | ||
Unproved gas properties | 929,875 | 919,733 | ||
Gas wells and related equipment | 772,542 | 834,120 | ||
Surface land and other equipment | 310,460 | 309,602 | ||
Other gas assets | 66,250 | 221,226 | ||
Total Property, Plant and Equipment | 9,103,351 | 9,316,495 | ||
Less: Accumulated Depreciation, Depletion and Amortization | 2,481,535 | 3,526,742 | ||
Total Property, Plant and Equipment—Net | $ 6,621,816 | $ 5,789,753 | ||
Knox and Coalfield [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment on Knox | $ 137,865 | |||
Joint Venture [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Undivided interest under joint development agreement | 50.00% | |||
Drilling carry, working interest obligations | 50.00% | |||
Joint Venture [Member] | Utica Shale [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Net Utica Shale acres | a | 125 | |||
Joint Venture [Member] | Hess [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Drilling commitment carry | $ 335,000 |
Revolving Credit Facilities (De
Revolving Credit Facilities (Details) | Mar. 08, 2018USD ($) | Mar. 31, 2018USD ($) | Mar. 07, 2018USD ($) | Dec. 31, 2017USD ($) |
Short-term Debt [Line Items] | ||||
Percentage to mortgage, value of proved Reserves | 80.00% | |||
Percentage to mortgage, value of proved developing producing reserves | 80.00% | |||
Revolving Credit Facility [Member] | ||||
Short-term Debt [Line Items] | ||||
Credit facility, face amount | $ 2,100,000,000 | $ 1,500,000,000 | $ 1,500,000,000 | |
Accordion feature, increased commitment | 3,000,000,000 | |||
Initial borrowing base | 2,500,000,000 | 2,000,000,000 | ||
Revolving Credit Facility | $ 650,000,000 | |||
Minimum threshold to activate springing maturity date | $ 500,000,000 | |||
Maximum net leverage ratio | 4 | |||
Minimum current ratio | 1 | |||
Borrowings outstanding | 0 | 0 | ||
Letters of credit outstanding | 253,167,000 | 239,072,000 | ||
Borrowings and issuance of letters of credit remaining capacity | 1,846,833,000 | $ 1,260,928,000 | ||
8.00% Senior Notes due 2023 [Member] | ||||
Short-term Debt [Line Items] | ||||
Stated rate, debt instrument | 8.00% | |||
5.875% Senior Notes due 2022 [Member] | ||||
Short-term Debt [Line Items] | ||||
Stated rate, debt instrument | 5.875% | |||
CNX Midstream Partners LP [Member] | Revolving Credit Facility [Member] | ||||
Short-term Debt [Line Items] | ||||
Revolving Credit Facility | $ 600,000,000 | $ 250,000,000 | ||
Borrowings outstanding | $ 20,000,000 | |||
CNXM [Member] | Revolving Credit Facility [Member] | ||||
Short-term Debt [Line Items] | ||||
Secured Leverage Ratio | 3.50 | |||
Interest Coverage Ratio | 2.50 | |||
CNXM [Member] | Minimum [Member] | Revolving Credit Facility [Member] | ||||
Short-term Debt [Line Items] | ||||
Maximum net leverage ratio | 4.75 | |||
CNXM [Member] | Maximum [Member] | Revolving Credit Facility [Member] | ||||
Short-term Debt [Line Items] | ||||
Maximum net leverage ratio | 5.50 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 08, 2018 | Mar. 07, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||||
Gain (loss) on extinguishment of debt | $ 15,635,000 | $ (822,000) | |||
Senior Notes due March 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | 400,000,000 | ||||
Senior Notes Due April 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 1,314,307,000 | $ 1,705,682,000 | |||
Stated rate, debt instrument | 5.875% | 5.875% | |||
Repurchase amount on debt instrument | $ 391,375,000 | $ 99,956,000 | |||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 2,100,000,000 | $ 1,500,000,000 | 1,500,000,000 | ||
Revolving Credit Facility | 650,000,000 | ||||
Long-Term Debt | 0 | $ 0 | |||
CNX Midstream Partners LP [Member] | Senior Notes due March 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 400,000,000 | ||||
Stated rate, debt instrument | 6.50% | ||||
Unamortized bond discount | $ 6,000,000 | ||||
CNX Midstream Partners LP [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving Credit Facility | $ 600,000,000 | $ 250,000,000 | |||
Long-Term Debt | $ 20,000,000 |
Long-Term Debt Schedule of Long
Long-Term Debt Schedule of Long-Term Debt (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 2,211,165,000 | $ 2,187,289,000 |
Less: Unamortized Debt Issuance Costs | 15,252,000 | 17,536,000 |
Less: Amounts Due in One Year | 0 | 263,000 |
Long-Term Debt | 2,211,165,000 | 2,187,026,000 |
Current portion of capital lease obligation | 6,891,000 | 6,848,000 |
Senior Notes Due April 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | 1,314,307,000 | 1,705,682,000 |
Debt Instrument, Unamortized Premium | 2,573,000 | 3,544,000 |
Long-term Debt, Gross | 1,316,880,000 | 1,709,226,000 |
Senior Notes due April 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | 500,000,000 | 500,000,000 |
Debt Instrument, Unamortized Discount | 4,525,000 | 4,751,000 |
Long-term Debt, Gross | 495,475,000 | 495,249,000 |
Senior Notes due March 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | 400,000,000 | |
Debt Instrument, Unamortized Discount | 5,938,000 | |
Long-term Debt, Gross | 394,062,000 | 0 |
Revolving Credit Facility - CNXM [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 20,000,000 | 0 |
Other Note Maturing in 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | 358,000 | |
Debt Instrument, Unamortized Discount | 8,000 | |
Long-term Debt, Gross | $ 0 | $ 350,000 |
Commitments and Contingent Li67
Commitments and Contingent Liabilities Amount of Commitment Expiration Per Period (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | $ 272,953 |
Less Than 1 Year [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 270,518 |
1-3 Years [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 2,435 |
3-5 Years [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Beyond 5 Years [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Standby Letters of Credit [Member] | Firm Transportation [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 252,882 |
Standby Letters of Credit [Member] | Other Commitments [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 285 |
Standby Letters of Credit [Member] | Loss Contingencies by Secondary Nature of Contingency [Domain] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 253,167 |
Standby Letters of Credit [Member] | Less Than 1 Year [Member] | Firm Transportation [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 252,882 |
Standby Letters of Credit [Member] | Less Than 1 Year [Member] | Other Commitments [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 285 |
Standby Letters of Credit [Member] | Less Than 1 Year [Member] | Loss Contingencies by Secondary Nature of Contingency [Domain] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 253,167 |
Standby Letters of Credit [Member] | 1-3 Years [Member] | Firm Transportation [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Standby Letters of Credit [Member] | 1-3 Years [Member] | Other Commitments [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Standby Letters of Credit [Member] | 1-3 Years [Member] | Loss Contingencies by Secondary Nature of Contingency [Domain] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Standby Letters of Credit [Member] | 3-5 Years [Member] | Firm Transportation [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Standby Letters of Credit [Member] | 3-5 Years [Member] | Other Commitments [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Standby Letters of Credit [Member] | 3-5 Years [Member] | Loss Contingencies by Secondary Nature of Contingency [Domain] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Standby Letters of Credit [Member] | Beyond 5 Years [Member] | Firm Transportation [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Standby Letters of Credit [Member] | Beyond 5 Years [Member] | Other Commitments [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Standby Letters of Credit [Member] | Beyond 5 Years [Member] | Loss Contingencies by Secondary Nature of Contingency [Domain] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond [Member] | Other Commitments [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 12,498 |
Surety Bond [Member] | Employee Related Commitments [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 1,850 |
Surety Bond [Member] | Environment Related Commitments [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 5,438 |
Surety Bond [Member] | Loss Contingencies by Secondary Nature of Contingency [Domain] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 19,786 |
Surety Bond [Member] | Less Than 1 Year [Member] | Other Commitments [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 11,988 |
Surety Bond [Member] | Less Than 1 Year [Member] | Employee Related Commitments [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 1,850 |
Surety Bond [Member] | Less Than 1 Year [Member] | Environment Related Commitments [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 3,513 |
Surety Bond [Member] | Less Than 1 Year [Member] | Loss Contingencies by Secondary Nature of Contingency [Domain] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 17,351 |
Surety Bond [Member] | 1-3 Years [Member] | Other Commitments [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 510 |
Surety Bond [Member] | 1-3 Years [Member] | Employee Related Commitments [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond [Member] | 1-3 Years [Member] | Environment Related Commitments [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 1,925 |
Surety Bond [Member] | 1-3 Years [Member] | Loss Contingencies by Secondary Nature of Contingency [Domain] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 2,435 |
Surety Bond [Member] | 3-5 Years [Member] | Other Commitments [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond [Member] | 3-5 Years [Member] | Employee Related Commitments [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond [Member] | 3-5 Years [Member] | Environment Related Commitments [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond [Member] | 3-5 Years [Member] | Loss Contingencies by Secondary Nature of Contingency [Domain] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond [Member] | Beyond 5 Years [Member] | Other Commitments [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond [Member] | Beyond 5 Years [Member] | Employee Related Commitments [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond [Member] | Beyond 5 Years [Member] | Environment Related Commitments [Member] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond [Member] | Beyond 5 Years [Member] | Loss Contingencies by Secondary Nature of Contingency [Domain] | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | $ 0 |
Commitments and Contingent Li68
Commitments and Contingent Liabilities Operating Lease Obligations Due (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Less than 1 year | $ 10,034 |
1 - 3 years | 14,057 |
3 - 5 years | 10,790 |
More than 5 years | 39,667 |
Total Operating Lease Obligations | $ 74,548 |
Commitments and Contingent Li69
Commitments and Contingent Liabilities Unrecorded Unconditional Purchase Obligation (Details) - Purchase Commitment [Member] $ in Thousands | Mar. 31, 2018USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Less than 1 year | $ 174,312 |
1 - 3 years | 280,301 |
3 - 5 years | 251,768 |
More than 5 years | 593,715 |
Total Purchase Obligations | $ 1,300,096 |
Derivative Instruments Notional
Derivative Instruments Notional Amounts of Derivative Instruments (Details) - MMcf MMcf in Billions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Commodity Member [Member] | ||
Derivative [Line Items] | ||
Notional amount | 1,143.5 | 1,067.2 |
Basis Swap [Member] | ||
Derivative [Line Items] | ||
Notional amount | 766.9 | 688.1 |
Financial Instruments Measured
Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Gas Derivatives | $ 0 | $ 0 |
Put Option | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Gas Derivatives | 112,028 | 59,949 |
Put Option | 0 | (3,500) |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Gas Derivatives | 0 | 0 |
Put Option | $ 0 | $ 0 |
Derivative Instruments Fair Val
Derivative Instruments Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Commodity Swaps [Member] | ||
Asset Derivative Instruments | ||
Prepaid Expense | $ 46,668 | $ 62,369 |
Other Assets | 80,655 | 59,281 |
Total Asset | 127,323 | 121,650 |
Liability Derivative Instruments | ||
Other Accrued Liabilities | 20,908 | 5,985 |
Other Liabilities | 30,369 | 42,419 |
Total Liability | 51,277 | 48,404 |
Basis Swap [Member] | ||
Asset Derivative Instruments | ||
Prepaid Expense | 25,922 | 14,965 |
Other Assets | 43,481 | 24,223 |
Total Asset | 69,403 | 39,188 |
Liability Derivative Instruments | ||
Other Accrued Liabilities | 17,864 | 35,306 |
Other Liabilities | 15,557 | 17,179 |
Total Liability | $ 33,421 | $ 52,485 |
Fair Value Disclosures (Details
Fair Value Disclosures (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents | $ 82,490 | $ 509,167 | $ 53,766 | $ 46,299 |
Long-Term Debt | 2,211,165 | 2,187,289 | ||
Long-term Debt, Fair Value | 2,264,496 | 2,281,282 | ||
Carrying Amount [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents | 82,490 | 509,167 | ||
Long-Term Debt | $ 2,226,417 | $ 2,204,825 |
Derivative Instruments The Effe
Derivative Instruments The Effect of Derivative Instruments on the Consolidated Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative [Line Items] | ||
Cash Paid in Settlement of Commodity Derivative Instruments: | $ (16,991) | $ (47,103) |
Unrealized Gain (Loss) on Commodity Derivative Instruments: | 52,078 | 24,640 |
Gain (Loss) on Commodity Derivative Instruments | 35,087 | (22,463) |
Basis Swap [Member] | ||
Derivative [Line Items] | ||
Cash Paid in Settlement of Commodity Derivative Instruments: | (16,557) | (21,280) |
Unrealized Gain (Loss) on Commodity Derivative Instruments: | 49,278 | (139,111) |
Gain (Loss) on Commodity Derivative Instruments | 32,721 | (160,391) |
Natural Gas [Member] | Commodity Swaps [Member] | ||
Derivative [Line Items] | ||
Cash Paid in Settlement of Commodity Derivative Instruments: | (434) | (24,607) |
Unrealized Gain (Loss) on Commodity Derivative Instruments: | 2,800 | 162,604 |
Gain (Loss) on Commodity Derivative Instruments | 2,366 | 137,997 |
Propane [Member] | Commodity Swaps [Member] | ||
Derivative [Line Items] | ||
Cash Paid in Settlement of Commodity Derivative Instruments: | 0 | (1,216) |
Unrealized Gain (Loss) on Commodity Derivative Instruments: | 0 | 1,147 |
Gain (Loss) on Commodity Derivative Instruments | $ 0 | $ (69) |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | Mar. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Variable Interest Entity [Line Items] | |||
Payable to affiliates | $ 10 | ||
Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Variable interest entity, ownership percentage | 34.00% | ||
CNX Midstream Partners LP [Member] | Senior Notes due March 2026 [Member] | |||
Variable Interest Entity [Line Items] | |||
Stated rate, debt instrument | 6.50% | ||
Shirley-Penns System [Member] | |||
Variable Interest Entity [Line Items] | |||
Ownership percentage by parent | 95.00% | ||
Cash consideration transferred | $ 265,000 |
Variable Interest Entities Bala
Variable Interest Entities Balance Sheet (Details) - Variable Interest Entity, Primary Beneficiary [Member] $ in Thousands | Mar. 31, 2018USD ($) |
Cash [Member] | |
ASSETS | |
Current assets | $ 1,966 |
Receivables - Related Party [Member] | |
ASSETS | |
Current assets | 13,411 |
Receivables Excluding Third Party [Member] | |
ASSETS | |
Current assets | 9,645 |
Other Current Assets [Member] | |
ASSETS | |
Current assets | 3,242 |
Property, Plant and Equipment [Member] | |
ASSETS | |
Non-current assets | 899,558 |
Other Noncurrent Assets [Member] | |
ASSETS | |
Non-current assets | 4,294 |
Accounts Payable [Member] | |
Liabilities: | |
Current liabilities | 23,363 |
Accounts Payable - Related Party [Member] | |
Liabilities: | |
Current liabilities | 3,056 |
Revolving Credit Facility [Member] | |
Liabilities: | |
Current liabilities | 20,000 |
Long-term Debt [Member] | |
Liabilities: | |
Non-current liabilities | $ 392,647 |
Variable Interest Entities Stat
Variable Interest Entities Statement of Operations and Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Variable Interest Entity [Line Items] | ||
Total Consolidated Revenue and Other Operating Income | $ 495,729 | $ 319,929 |
Loss on Asset Sales | 11,342 | 3,996 |
Interest Expense | 38,551 | 41,606 |
Total Expense | (263,511) | 458,358 |
Net Income | 527,563 | (38,966) |
Net Cash Provided by Operating Activities | 259,340 | 211,795 |
Net Cash Used in Investing Activities | (426,344) | (87,642) |
Net Cash Used in Financing Activities | (259,673) | $ (116,686) |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Gathering Revenue - Related Party | 37,730 | |
Gathering Revenue - Third Party | 26,139 | |
Total Consolidated Revenue and Other Operating Income | 63,869 | |
Operating Expense - Related Party | 4,435 | |
Operating Expense - Third Party | 8,468 | |
General and Administrative Expense - Related Party | 3,612 | |
General and Administrative Expense, Third Parties | 2,549 | |
Loss on Asset Sales | 2,755 | |
Depreciation Expense | 5,856 | |
Interest Expense | 2,489 | |
Total Expense | 30,164 | |
Net Income | 33,705 | |
Net Cash Provided by Operating Activities | 41,867 | |
Net Cash Used in Investing Activities | (10,156) | |
Net Cash Used in Financing Activities | $ (32,939) |
Variable Interest Entities Inve
Variable Interest Entities Investment in Affiliates (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Equity Method [Roll Forward] | |||
Equity Method Investments | $ 175,371 | $ 169,208 | $ 169,208 |
Equity in Earnings | 1,778 | 12,330 | 48,346 |
Distributions | (42,183) | ||
Asset Transfer | 0 | ||
Equity Method Investments | 175,371 | ||
CNX Gathering LLC [Member] | |||
Equity Method [Roll Forward] | |||
Equity Method Investments | 141,117 | 151,075 | 151,075 |
Equity in Earnings | 9,823 | ||
Distributions | (17,254) | ||
Asset Transfer | (2,527) | ||
Equity Method Investments | 141,117 | ||
CNXM [Member] | |||
Equity Method [Roll Forward] | |||
Equity Method Investments | $ 34,254 | 18,133 | 18,133 |
Equity in Earnings | 38,523 | ||
Distributions | (24,929) | ||
Asset Transfer | 2,527 | ||
Equity Method Investments | $ 34,254 | ||
Other Operating Income (Expense) [Member] | CNX Gathering LLC [Member] | |||
Equity Method [Roll Forward] | |||
Equity in Earnings | 1,866 | ||
Other Operating Income (Expense) [Member] | CNXM [Member] | |||
Equity Method [Roll Forward] | |||
Equity in Earnings | 10,072 | ||
Transportation, Gathering and Compression [Member] | CNX Gathering LLC [Member] | |||
Equity Method [Roll Forward] | |||
Equity in Earnings | 253 | ||
Transportation, Gathering and Compression [Member] | CNXM [Member] | |||
Equity Method [Roll Forward] | |||
Equity in Earnings | $ 34,054 |
Segment Information (Details)
Segment Information (Details) - segment | 3 Months Ended | |||
Mar. 31, 2018 | Jan. 03, 2018 | Dec. 14, 2017 | Dec. 13, 2017 | |
Segment Reporting Information [Line Items] | ||||
Number of principal business divisions | 2 | |||
E&P Division [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | 4 | |||
Coal Division [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | 3 | |||
CNX Gathering LLC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Ownership percentage in equity method investment | 50.00% | 50.00% | 50.00% | 50.00% |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Variable interest entity, ownership percentage | 34.00% |
Segment Information Industry Se
Segment Information Industry Segment Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | ||||
Natural Gas, NGLs and Oil Revenue | $ 405,623 | $ 317,763 | ||
Purchased Gas Revenue | 18,055 | 8,979 | ||
Midstream Revenue | 26,254 | |||
(Loss) Gain on Commodity Derivative Instruments | 35,087 | (22,463) | ||
Other Operating Income | 10,710 | 15,650 | ||
Total Revenue and Other Operating Income | 495,729 | 319,929 | ||
Earnings (Loss) From Continuing Operations Before Income Tax | 759,240 | (138,429) | ||
Segment Assets | 8,122,229 | 9,019,597 | $ 6,931,913 | |
Depreciation, Depletion and Amortization | 124,667 | 95,678 | ||
Capital Expenditures | 232,485 | 103,922 | ||
Revenues | 495,729 | 319,929 | ||
Equity in Earnings | 1,778 | 12,330 | 48,346 | |
Investments in unconsolidated equity affiliates | $ 175,371 | $ 169,208 | ||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Equity in Earnings | 1,778 | 12,330 | ||
Investments in unconsolidated equity affiliates | 20,678 | 197,385 | ||
NJR Energy Services Company [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 72,637 | 57,030 | ||
Direct Energy Business Marketing LLC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 57,907 | 46,366 | ||
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Natural Gas, NGLs and Oil Revenue | 0 | |||
Purchased Gas Revenue | 0 | |||
Midstream Revenue | 0 | |||
(Loss) Gain on Commodity Derivative Instruments | 0 | |||
Other Operating Income | 0 | |||
Total Revenue and Other Operating Income | 0 | |||
Earnings (Loss) From Continuing Operations Before Income Tax | 623,897 | |||
Segment Assets | 102,668 | |||
Depreciation, Depletion and Amortization | 0 | |||
Capital Expenditures | 0 | |||
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Natural Gas, NGLs and Oil Revenue | 0 | |||
Purchased Gas Revenue | 0 | |||
Midstream Revenue | (37,924) | |||
(Loss) Gain on Commodity Derivative Instruments | 0 | |||
Other Operating Income | (81) | |||
Total Revenue and Other Operating Income | (38,005) | |||
Earnings (Loss) From Continuing Operations Before Income Tax | 0 | |||
Segment Assets | (14,770) | 0 | ||
Depreciation, Depletion and Amortization | 0 | |||
Capital Expenditures | 0 | |||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings (Loss) From Continuing Operations Before Income Tax | 135,343 | (135,176) | ||
Operating Segments [Member] | Other Gas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Natural Gas, NGLs and Oil Revenue | 12,784 | 16,294 | ||
Purchased Gas Revenue | 18,055 | 8,979 | ||
Midstream Revenue | 0 | |||
(Loss) Gain on Commodity Derivative Instruments | 51,504 | 22,088 | ||
Other Operating Income | 10,791 | 15,650 | ||
Total Revenue and Other Operating Income | 93,134 | 63,011 | ||
Earnings (Loss) From Continuing Operations Before Income Tax | (13,657) | (186,560) | ||
Operating Segments [Member] | Coalbed Methane [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Natural Gas, NGLs and Oil Revenue | 57,501 | 58,626 | ||
Purchased Gas Revenue | 0 | 0 | ||
Midstream Revenue | 0 | |||
(Loss) Gain on Commodity Derivative Instruments | (2,430) | (9,198) | ||
Other Operating Income | 0 | 0 | ||
Total Revenue and Other Operating Income | 55,071 | 49,428 | ||
Earnings (Loss) From Continuing Operations Before Income Tax | 13,117 | 3,608 | ||
Operating Segments [Member] | Utica Shale [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Natural Gas, NGLs and Oil Revenue | 130,322 | 53,668 | ||
Purchased Gas Revenue | 0 | 0 | ||
Midstream Revenue | 0 | |||
(Loss) Gain on Commodity Derivative Instruments | (4,474) | (2,688) | ||
Other Operating Income | 0 | 0 | ||
Total Revenue and Other Operating Income | 125,848 | 50,980 | ||
Earnings (Loss) From Continuing Operations Before Income Tax | 56,107 | 17,807 | ||
Operating Segments [Member] | Marcellus Shale [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Natural Gas, NGLs and Oil Revenue | 205,016 | 189,175 | ||
Purchased Gas Revenue | 0 | 0 | ||
Midstream Revenue | 0 | |||
(Loss) Gain on Commodity Derivative Instruments | (9,513) | (32,665) | ||
Other Operating Income | 0 | 0 | ||
Total Revenue and Other Operating Income | 195,503 | 156,510 | ||
Earnings (Loss) From Continuing Operations Before Income Tax | 44,242 | 29,969 | ||
E&P [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Natural Gas, NGLs and Oil Revenue | 405,623 | 317,763 | ||
Purchased Gas Revenue | 18,055 | 8,979 | ||
Midstream Revenue | 0 | |||
(Loss) Gain on Commodity Derivative Instruments | 35,087 | (22,463) | ||
Other Operating Income | 10,791 | 15,650 | ||
Total Revenue and Other Operating Income | 469,556 | 319,929 | ||
Earnings (Loss) From Continuing Operations Before Income Tax | 99,809 | (135,176) | ||
Segment Assets | 6,034,660 | 6,350,772 | ||
Depreciation, Depletion and Amortization | 115,866 | 95,678 | ||
Capital Expenditures | 216,508 | 103,922 | ||
CNXM [Member] | Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Natural Gas, NGLs and Oil Revenue | 0 | |||
Purchased Gas Revenue | 0 | |||
(Loss) Gain on Commodity Derivative Instruments | 0 | |||
Other Operating Income | 0 | |||
Total Revenue and Other Operating Income | 0 | |||
Earnings (Loss) From Continuing Operations Before Income Tax | (3,253) | |||
Segment Assets | 2,668,825 | |||
Depreciation, Depletion and Amortization | 0 | |||
Capital Expenditures | 0 | |||
CNXM [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Natural Gas, NGLs and Oil Revenue | 0 | |||
Purchased Gas Revenue | 0 | |||
Midstream Revenue | 64,178 | |||
(Loss) Gain on Commodity Derivative Instruments | 0 | |||
Other Operating Income | 0 | |||
Total Revenue and Other Operating Income | 64,178 | |||
Earnings (Loss) From Continuing Operations Before Income Tax | 35,534 | 0 | ||
Segment Assets | 1,999,671 | $ 0 | ||
Depreciation, Depletion and Amortization | 8,801 | |||
Capital Expenditures | $ 15,977 |
Segment Information Reconciliat
Segment Information Reconciliation of Segment Information, Revenue and Other Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue, Major Customer [Line Items] | ||
Total Segment Revenue from Contracts with External Customers | $ 405,623 | $ 317,763 |
Gain (Loss) on Commodity Derivative Instruments | 35,087 | (22,463) |
Other Operating Income | 10,710 | 15,650 |
Total Consolidated Revenue and Other Operating Income | 495,729 | 319,929 |
Operating Segments [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total Segment Revenue from Contracts with External Customers | $ 449,932 | $ 326,742 |
Segment Information Reconcili82
Segment Information Reconciliation of Segment Information, Income (Loss) From Continuing Operations Before Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Income (Loss) Before Income Taxes for reportable business segments | $ 759,240 | $ (138,429) |
Other Income (Expense) | 6,493 | (4,075) |
Gain on Sale of Assets | 11,342 | 3,996 |
Loss on debt extinguishment | (15,635) | 822 |
Income (Loss) From Continuing Operations Before Income Tax | 759,240 | (138,429) |
Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Income (Loss) Before Income Taxes for reportable business segments | 135,343 | (135,176) |
Income (Loss) From Continuing Operations Before Income Tax | 135,343 | (135,176) |
Operating Segments [Member] | Marcellus Shale [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Income (Loss) Before Income Taxes for reportable business segments | 44,242 | 29,969 |
Income (Loss) From Continuing Operations Before Income Tax | 44,242 | 29,969 |
Operating Segments [Member] | Utica Shale [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Income (Loss) Before Income Taxes for reportable business segments | 56,107 | 17,807 |
Income (Loss) From Continuing Operations Before Income Tax | 56,107 | 17,807 |
Operating Segments [Member] | Coalbed Methane [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Income (Loss) Before Income Taxes for reportable business segments | 13,117 | 3,608 |
Income (Loss) From Continuing Operations Before Income Tax | 13,117 | 3,608 |
Operating Segments [Member] | Other Gas [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Income (Loss) Before Income Taxes for reportable business segments | (13,657) | (186,560) |
Income (Loss) From Continuing Operations Before Income Tax | (13,657) | (186,560) |
Corporate, Non-Segment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Income (Loss) Before Income Taxes for reportable business segments | 623,897 | |
Other Income (Expense) | 6,493 | (4,075) |
Gain on Sale of Assets | 9,376 | 0 |
Gain on Previously Held Equity Interest | 623,663 | 0 |
Loss on debt extinguishment | (15,635) | 822 |
Income (Loss) From Continuing Operations Before Income Tax | 623,897 | |
Total E&P [Member] | Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Income (Loss) Before Income Taxes for reportable business segments | 99,809 | (135,176) |
Income (Loss) From Continuing Operations Before Income Tax | 99,809 | (135,176) |
Midstream [Member] | Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Income (Loss) Before Income Taxes for reportable business segments | 35,534 | 0 |
Income (Loss) From Continuing Operations Before Income Tax | $ 35,534 | 0 |
Midstream [Member] | Corporate, Non-Segment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Income (Loss) Before Income Taxes for reportable business segments | (3,253) | |
Income (Loss) From Continuing Operations Before Income Tax | $ (3,253) |
Segment Information Reconcili83
Segment Information Reconciliation of Segment Information, Total Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
ASSETS | |||
Segment assets for total reportable business segments | $ 8,122,229 | $ 6,931,913 | $ 9,019,597 |
Items excluded from segment assets: | |||
Recoverable income taxes | 20,178 | 31,523 | |
Total Consolidated Assets | 8,122,229 | $ 6,931,913 | 9,019,597 |
Intersegment Eliminations [Member] | |||
ASSETS | |||
Segment assets for total reportable business segments | (14,770) | 0 | |
Items excluded from segment assets: | |||
Total Consolidated Assets | (14,770) | 0 | |
Segment Reconciling Items [Member] | |||
Items excluded from segment assets: | |||
Cash and other investments | 82,490 | 53,766 | |
Recoverable income taxes | 20,178 | 121,243 | |
Discontinued Operations | 0 | 2,493,816 | |
E&P [Member] | Operating Segments [Member] | |||
ASSETS | |||
Segment assets for total reportable business segments | 6,034,660 | 6,350,772 | |
Items excluded from segment assets: | |||
Total Consolidated Assets | 6,034,660 | 6,350,772 | |
Midstream [Member] | Operating Segments [Member] | |||
ASSETS | |||
Segment assets for total reportable business segments | 1,999,671 | 0 | |
Items excluded from segment assets: | |||
Total Consolidated Assets | $ 1,999,671 | $ 0 |
Related Party Transaction (Deta
Related Party Transaction (Details) - CONSOL Energy [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Due from related parties | $ 1,007 | $ 12,540 |
Due to related parties | 11,133 | 15,415 |
Total Current Liabilities [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 4,845 | 4,500 |
Total Deferred Credits and Other Liabilities [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 6,288 | $ 10,915 |
Stock Repurchase (Details)
Stock Repurchase (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Oct. 30, 2017 | Sep. 30, 2017 | |
Stock Repurchase [Abstract] | |||
Stock repurchase program, authorized amount | $ 450,000 | $ 200,000 | |
Shares repurchased during period (in shares) | 5,785,900 | ||
Shares repurchased, average price (in usd per share) | $ 14.49 | ||
Total value of shares repurchased | $ 83,963 |
Goodwill and Other Intangible86
Goodwill and Other Intangible Assets (Details) - USD ($) | 3 Months Ended | |||||
Mar. 31, 2018 | Mar. 31, 2017 | Jan. 03, 2018 | Dec. 31, 2017 | Dec. 14, 2017 | Dec. 13, 2017 | |
Goodwill [Line Items] | ||||||
Goodwill | $ 796,359,000 | $ 0 | ||||
Amortization expense | $ 1,922,000 | $ 0 | ||||
Useful life, customer relationship intangible assets | 17 years | |||||
Midstream Acquisition [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $ 796,359,000 | |||||
Other intangible assets | $ 128,781,000 | |||||
CNX Gathering LLC [Member] | ||||||
Goodwill [Line Items] | ||||||
Ownership percentage in equity method investment | 50.00% | 50.00% | 50.00% | 50.00% |
Goodwill and Other Intangible87
Goodwill and Other Intangible Assets Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Goodwill [Roll Forward] | |
December 31, 2017 | $ 0 |
March 31, 2018 | 796,359 |
Midstream Acquisition [Member] | |
Goodwill [Roll Forward] | |
Acquisitions | $ 796,359 |
Goodwill and Other Intangible88
Goodwill and Other Intangible Assets Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Customer Relationships | $ 128,781 | $ 0 |
Less: accumulated amortization for customer relationships | (1,922) | 0 |
Total other intangible assets, net | $ 126,859 | $ 0 |
Goodwill and Other Intangible89
Goodwill and Other Intangible Assets Estimated Future Annual Amortization Expense (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated annual amortization expense, Year 2019 | $ 7,688 |
Estimated annual amortization expense, Year 2020 | 7,688 |
Estimated annual amortization expense, Year 2021 | 7,688 |
Estimated annual amortization expense, Year 2022 | 7,688 |
Estimated annual amortization expense, Year 2023 | $ 7,688 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] | May 02, 2018USD ($)wells |
Subsequent Event [Line Items] | |
Proceeds from Asset Exchange Agreement | $ | $ 7,000 |
Minimum commitment of wells | wells | 40 |
Non-Core Midstream Assets, Dedicated Acreage, Surface Acreage [Member] | |
Subsequent Event [Line Items] | |
Ownership percentage | 95.00% |