Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 15, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-14901 | |
Entity Registration Name | CNX Resources Corporation | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 51-0337383 | |
Entity Address, Address Line One | CNX Center | |
Entity Address, Address Line Two | 1000 CONSOL Energy Drive Suite 400 | |
Entity Address, City or Town | Canonsburg | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15317-6506 | |
City Area Code | 724 | |
Local Phone Number | 485-4000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 187,058,569 | |
Entity Central Index Key | 0001070412 | |
Current Fiscal Year End | --12-31 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Common Stock ($.01 par value) | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock ($.01 par value) | |
Trading Symbol | CNX | |
Security Exchange Name | NYSE | |
Preferred Share Purchase Rights | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Preferred Share Purchase Rights | |
Security Exchange Name | NYSE | |
No Trading Symbol Flag | true |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue and Other Operating Income: | ||
Gain (Loss) on Commodity Derivative Instruments | $ 115,142 | $ (195,376) |
Other Operating Income | 4,958 | 3,197 |
Total Revenue | 416,359 | 278,431 |
Operating Expense | ||
Lease Operating Expense | 10,033 | 18,627 |
Production, Ad Valorem, and Other Fees | 6,162 | 6,946 |
Depreciation, Depletion and Amortization | 129,164 | 125,161 |
Purchased Gas Costs | 24,998 | 16,214 |
Impairment of Exploration and Production Properties | 61,849 | 0 |
Impairment of Goodwill | 473,045 | 0 |
Selling, General, and Administrative Costs | 30,238 | 35,738 |
Other Operating Expense | 20,681 | 23,474 |
Total Operating Expense | 843,300 | 308,827 |
Other Expense (Income) | ||
Other Expense (Income) | 5,186 | (579) |
(Gain) Loss on Asset Sales and Abandonments | (12,055) | 3,085 |
(Gain) Loss on Debt Extinguishment | (11,263) | 7,537 |
Interest Expense | 48,995 | 35,771 |
Total Other Expense | 30,863 | 45,814 |
Total Costs and Expenses | 874,163 | 354,641 |
Loss Before Income Tax | (457,804) | (76,210) |
Income Tax Benefit | (152,582) | (11,559) |
Net Loss | (305,222) | (64,651) |
Less: Net Income Attributable to Noncontrolling Interest | 23,864 | 22,686 |
Net Loss Attributable to CNX Resources Shareholders | $ (329,086) | $ (87,337) |
Loss per Share | ||
Basic (in usd per share) | $ (1.76) | $ (0.44) |
Diluted (in usd per share) | (1.76) | (0.44) |
Dividends Declared (in usd per share) | $ 0 | $ 0 |
Natural Gas, NGLs and Oil Revenue | ||
Revenue and Other Operating Income: | ||
Revenues | $ 251,494 | $ 435,946 |
Purchased Gas Revenue | ||
Revenue and Other Operating Income: | ||
Revenues | 26,359 | 16,221 |
Midstream Revenue | ||
Revenue and Other Operating Income: | ||
Revenues | 18,406 | 18,443 |
Transportation, Gathering and Compression | ||
Operating Expense | ||
Cost of Goods Sold | 83,242 | 79,409 |
Exploration and Production Related Other Costs | ||
Operating Expense | ||
Cost of Goods Sold | $ 3,888 | $ 3,258 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net Loss | $ (305,222) | $ (64,651) |
Other Comprehensive Income: | ||
Actuarially Determined Long-Term Liability Adjustments (Net of tax: ($40), ($15)) | 112 | 44 |
Comprehensive Loss | (305,110) | (64,607) |
Less: Comprehensive Income Attributable to Noncontrolling Interest | 23,864 | 22,686 |
Comprehensive Loss Attributable to CNX Resources Shareholders | $ (328,974) | $ (87,293) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Adjustment For Actuarially Determined Liabilities | ||
Other comprehensive income, tax expense | $ (40) | $ (15) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and Cash Equivalents | $ 31,833 | $ 16,283 |
Restricted Cash | 853 | 0 |
Accounts and Notes Receivable: | ||
Trade, net | 91,477 | 133,480 |
Other Receivables, net | 10,839 | 13,679 |
Supplies Inventories | 10,266 | 6,984 |
Recoverable Income Taxes | 115,261 | 62,425 |
Derivative Instruments | 312,749 | 247,794 |
Prepaid Expenses | 12,775 | 17,456 |
Total Current Assets | 586,053 | 498,101 |
Property, Plant and Equipment: | ||
Property, Plant and Equipment | 10,691,516 | 10,572,006 |
Less—Accumulated Depreciation, Depletion and Amortization | 3,622,413 | 3,435,431 |
Total Property, Plant and Equipment—Net | 7,069,103 | 7,136,575 |
Other Assets: | ||
Operating Lease Right-of-Use Asset | 159,521 | 187,097 |
Investment in Affiliates | 16,549 | 16,710 |
Derivative Instruments | 258,111 | 314,096 |
Goodwill | 323,314 | 796,359 |
Other Intangible Assets | 95,009 | 96,647 |
Restricted Cash | 5,340 | 0 |
Other | 15,950 | 15,221 |
Total Other Assets | 873,794 | 1,426,130 |
TOTAL ASSETS | 8,528,950 | 9,060,806 |
Current Liabilities: | ||
Accounts Payable | 171,890 | 202,553 |
Derivative Instruments | 49,058 | 41,466 |
Current Portion of Finance Lease Obligations | 7,200 | 7,164 |
Current Portion of Long-Term Debt | 20,451 | 0 |
Current Portion of Operating Lease Obligations | 54,622 | 61,670 |
Other Accrued Liabilities | 197,130 | 216,086 |
Total Current Liabilities | 500,351 | 528,939 |
Non-Current Liabilities: | ||
Long-Term Debt | 2,640,148 | 2,754,443 |
Finance Lease Obligations | 6,095 | 7,706 |
Operating Lease Obligations | 92,463 | 110,466 |
Derivative Instruments | 163,898 | 115,862 |
Deferred Income Taxes | 376,401 | 476,108 |
Asset Retirement Obligations | 64,387 | 63,377 |
Other | 40,497 | 41,596 |
Total Non-Current Liabilities | 3,383,889 | 3,569,558 |
TOTAL LIABILITIES | 3,884,240 | 4,098,497 |
Stockholders’ Equity: | ||
Common Stock, $.01 Par Value; 500,000,000 Shares Authorized, 187,035,851 Issued and Outstanding at March 31, 2020; 186,642,962 Issued and Outstanding at December 31, 2019 | 1,874 | 1,870 |
Capital in Excess of Par Value | 2,205,941 | 2,199,605 |
Preferred Stock, 15,000,000 shares authorized, None issued and outstanding | 0 | 0 |
Retained Earnings | 1,641,009 | 1,971,676 |
Accumulated Other Comprehensive Loss | (12,493) | (12,605) |
Total CNX Resources Stockholders’ Equity | 3,836,331 | 4,160,546 |
Noncontrolling Interest | 808,379 | 801,763 |
TOTAL STOCKHOLDERS' EQUITY | 4,644,710 | 4,962,309 |
TOTAL LIABILITIES AND EQUITY | $ 8,528,950 | $ 9,060,806 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Common Stock | ||
Common Stock, Par Value (in usd per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized (in shares) | 500,000,000 | 500,000,000 |
Common Stock, Issued (in shares) | 187,035,851 | 186,642,962 |
Common Stock, Outstanding (in shares) | 187,035,851 | 186,642,962 |
Preferred Stock | ||
Preferred Stock, Authorized (in shares) | 15,000,000 | 15,000,000 |
Preferred Stock, Issued (in shares) | 0 | 0 |
Preferred Stock, Outstanding (in shares) | 0 | 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings (Deficit) | Accumulated Other Comprehensive Income (Loss) | Total CNX Resources Stockholders’ Equity | Non- Controlling Interest |
Beginning Balance at Dec. 31, 2018 | $ 5,081,743 | $ 1,990 | $ 2,264,063 | $ 2,071,809 | $ (7,904) | $ 4,329,958 | $ 751,785 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (Loss) Income | (64,651) | (87,337) | (87,337) | 22,686 | |||
Issuance of Common Stock | 99 | 5 | 94 | 99 | |||
Purchase and Retirement of Common Stock | (33,497) | (31) | (24,937) | (8,529) | (33,497) | ||
Shares Withheld for Taxes | (4,709) | (4,045) | (4,045) | (664) | |||
Amortization of Stock-Based Compensation Awards | 10,903 | 10,291 | 10,291 | 612 | |||
Other Comprehensive Income | 44 | 44 | 44 | ||||
Distributions to CNXM Noncontrolling Interest Holders | (15,123) | (15,123) | |||||
Ending Balance at Mar. 31, 2019 | 4,974,809 | 1,964 | 2,249,511 | 1,971,898 | (7,860) | 4,215,513 | 759,296 |
Beginning Balance at Dec. 31, 2019 | 4,962,309 | 1,870 | 2,199,605 | 1,971,676 | (12,605) | 4,160,546 | 801,763 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (Loss) Income | (305,222) | (329,086) | (329,086) | 23,864 | |||
Issuance of Common Stock | 4 | 4 | 4 | ||||
Shares Withheld for Taxes | (1,890) | (1,581) | (1,581) | (309) | |||
Amortization of Stock-Based Compensation Awards | 6,840 | 6,336 | 6,336 | 504 | |||
Other Comprehensive Income | 112 | 112 | 112 | ||||
Distributions to CNXM Noncontrolling Interest Holders | (17,443) | (17,443) | |||||
Ending Balance at Mar. 31, 2020 | $ 4,644,710 | $ 1,874 | $ 2,205,941 | $ 1,641,009 | $ (12,493) | $ 3,836,331 | $ 808,379 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows from Operating Activities: | ||
Net Loss | $ (305,222) | $ (64,651) |
Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities: | ||
Depreciation, Depletion and Amortization | 129,164 | 125,161 |
Amortization of Deferred Financing Costs | 2,447 | 1,707 |
Impairment of Exploration and Production Properties | 61,849 | 0 |
Impairment of Goodwill | 473,045 | 0 |
Stock-Based Compensation | 6,840 | 10,903 |
(Gain) Loss on Asset Sales and Abandonments | (12,055) | 3,085 |
(Gain) Loss on Debt Extinguishment | (11,263) | 7,537 |
(Gain) Loss on Commodity Derivative Instruments | (115,142) | 195,376 |
Loss on Other Derivative Instruments | 10,639 | 0 |
Net Cash Received (Paid) in Settlement of Commodity Derivative Instruments | 151,161 | (41,382) |
Deferred Income Taxes | (99,746) | (11,559) |
Equity in Loss (Earnings) of Affiliates | 161 | (503) |
Return on Equity Investment | 0 | 1,306 |
Changes in Operating Assets: | ||
Accounts and Notes Receivable | 43,639 | 94,480 |
Recoverable Income Taxes | (52,836) | 35,888 |
Supplies Inventories | (3,282) | (6,927) |
Prepaid Expenses | 4,710 | 3,961 |
Changes in Other Assets | 692 | (6) |
Changes in Operating Liabilities: | ||
Accounts Payable | 2,322 | (5,962) |
Accrued Interest | (5,063) | 2,180 |
Other Operating Liabilities | (13,626) | (34,434) |
Changes in Other Liabilities | (1,047) | (7,508) |
Net Cash Provided by Operating Activities | 267,387 | 308,652 |
Cash Flows from Investing Activities: | ||
Capital Expenditures | (152,049) | (299,138) |
Proceeds from Asset Sales | 13,975 | 5,806 |
Net Cash Used in Investing Activities | (138,074) | (293,332) |
Cash Flows from Financing Activities: | ||
Payments on Miscellaneous Borrowings | (1,792) | (1,747) |
Payments on Long-Term Notes | (59,880) | (405,876) |
Net Proceeds from CNXM Revolving Credit Facility | 35,250 | 52,650 |
Payments on CNX Revolving Credit Facility | (224,000) | (98,000) |
Proceeds from Issuance of CNX Senior Notes | 0 | 500,000 |
Net Proceeds from CSG Non-Revolving Credit Facilities | 173,250 | 0 |
Distributions to CNXM Noncontrolling Interest Holders | (17,443) | (15,123) |
Proceeds from Issuance of Common Stock | 4 | 99 |
Shares Withheld for Taxes | (1,890) | (4,709) |
Purchases of Common Stock | 0 | (32,498) |
Debt Issuance and Financing Fees | (11,069) | (3,342) |
Net Cash Used in Financing Activities | (107,570) | (8,546) |
Net Increase in Cash, Cash Equivalents and Restricted Cash | 21,743 | 6,774 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 16,283 | 17,198 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ 38,026 | $ 23,972 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION: The accompanying Unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for future periods. The Consolidated Balance Sheet at December 31, 2019 has been derived from the Audited Consolidated Financial Statements at that date but does not include all the notes required by generally accepted accounting principles for complete financial statements. For further information, refer to the Consolidated Financial Statements and related notes for the year ended December 31, 2019 included in CNX Resources Corporation's ("CNX," "CNX Resources," the "Company," "we," "us," or "our") Annual Report on Form 10-K as filed with the Securities and Exchange Commission (SEC) on February 10, 2020. Certain amounts in prior periods have been reclassified to conform to the current period presentation. Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the statement of cash flows: March 31, 2020 2019 Cash and Cash Equivalents $ 31,833 $ 23,972 Restricted Cash, Current Portion 853 — Restricted Cash, Less Current Portion 5,340 — Total Cash, Cash Equivalents, and Restricted Cash $ 38,026 $ 23,972 Restricted Cash Consists of cash that the Company is contractually obligated to maintain in accordance with the terms of the Cardinal States Gathering LLC and CSG Holdings II LLC Credit Agreement dated March 13, 2020 (See Note 9 - Long-Term Debt for more information). Receivables On January 1, 2020, CNX adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. CNX adopted Topic 326 using the prospective transition method. Prior to adopting Topic 326, CNX reserved for specific accounts receivable when it was probable that all or a part of an outstanding balance would not be collected, such as customer bankruptcies. Collectability was determined based on terms of sale, credit status of customers and various other circumstances. CNX regularly reviewed collectability and established or adjusted the allowance as necessary using the specific identification method. Account balances were charged off against the allowance after all means of collection had been exhausted and the potential for recovery was considered remote. Reserves for uncollectable amounts were not material in the periods presented. Under Topic 326 management records an allowance for credit losses related to the collectability of third-party customers receivables using the historical aging of the customer receivable balance. The collectability is determined based on past events, including historical experience, customer credit rating, as well as current market conditions. CNX monitors customer ratings and collectability on an on-going basis. Account balances will be charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The allowance for credit losses are as follows: March 31, December 31, 2020 2019 Accounts Receivable - Trade $ 91,608 $ 133,480 Allowance for Credit Losses (131) — Accounts Receivable - Trade, net $ 91,477 $ 133,480 Other Receivables $ 15,868 $ 16,142 Allowance for Credit Losses (5,029) (2,463) Other Receivables, net $ 10,839 $ 13,679 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE: Basic earnings per share is computed by dividing net income attributable to CNX shareholders by the weighted average shares outstanding during the reporting period. Diluted earnings per share is computed similarly to basic earnings per share, except that the weighted average shares outstanding are increased to include, if dilutive, additional shares from stock options, performance stock options, restricted stock units and performance share units. 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. CNX Midstream Partners LP's ("CNXM") dilutive units did not have a material impact on the Company's earnings per share calculations for the three months ended March 31, 2020 or March 31, 2019. 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, 2020 2019 Anti-Dilutive Options 4,274,552 4,756,292 Anti-Dilutive Restricted Stock Units 2,007,960 1,708,610 Anti-Dilutive Performance Share Units 457,746 540,400 Anti-Dilutive Performance Stock Options 927,268 927,268 7,667,526 7,932,570 The table below sets forth the share-based awards that have been exercised or released: For the Three Months Ended March 31, 2020 2019 Options — 13,748 Restricted Stock Units 340,883 457,969 Performance Share Units 274,716 342,882 615,599 814,599 The computations for basic and diluted loss per share are as follows: For the Three Months Ended March 31, 2020 2019 Net Loss $ (305,222) $ (64,651) Less: Net Income Attributable to Non-Controlling Interest 23,864 22,686 Net Loss Attributable to CNX Resources Shareholders $ (329,086) $ (87,337) Weighted-Average Shares of Common Stock Outstanding 186,918,361 197,475,702 Effect of Diluted Shares* — — Weighted-Average Diluted Shares of Common Stock Outstanding 186,918,361 197,475,702 Loss per Share: Basic $ (1.76) $ (0.44) Diluted $ (1.76) $ (0.44) *During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards is antidilutive. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue From Contracts With Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS: Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company has elected to exclude all taxes from the measurement of transaction price. For natural gas, NGL and oil, and purchased gas revenue, the Company generally considers the delivery of each unit (MMBtu or Bbl) to be a separate performance obligation that is satisfied upon delivery. Payment terms for these contracts typically require payment within 25 days of the end of the calendar month in which the hydrocarbons are delivered. A significant number of these contracts contain variable consideration because the payment terms refer to market prices at future delivery dates. In these situations, the Company has not identified a standalone selling price because the terms of the variable payments relate specifically to the Company’s efforts to satisfy the performance obligations. A portion of the contracts contain fixed consideration (i.e. fixed price contracts or contracts with a fixed differential to NYMEX or index prices). The fixed consideration is allocated to each performance obligation on a relative standalone selling price basis, which requires judgment from management. For these contracts, the Company generally concludes that the fixed price or fixed differentials in the contracts are representative of the standalone selling price. Revenue associated with natural gas, NGL and oil as presented on the accompanying Consolidated Statements of Income represent the Company’s share of revenues net of royalties and excluding revenue interests owned by others. When selling natural gas, NGL and oil on behalf of royalty owners or working interest owners, the Company is acting as an agent and thus reports the revenue on a net basis. 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 as a separate performance obligation. Payment terms for these contracts typically require payment within 25 days of the end of the calendar month in which the hydrocarbons are gathered. Disaggregation of Revenue The following table is a disaggregation of revenue by major source: For the Three Months Ended March 31, 2020 2019 Revenue from Contracts with Customers Natural Gas Revenue $ 229,599 $ 403,687 NGL Revenue 19,412 29,766 Condensate Revenue 1,901 2,327 Oil Revenue 582 166 Total Natural Gas, NGL and Oil Revenue 251,494 435,946 Purchased Gas Revenue 26,359 16,221 Midstream Revenue 18,406 18,443 Other Sources of Revenue and Other Operating Income Gain (Loss) on Commodity Derivative Instruments 115,142 (195,376) Other Operating Income 4,958 3,197 Total Revenue and Other Operating Income $ 416,359 $ 278,431 The disaggregated revenue corresponds with the Company’s segment reporting found in Note 14 - Segment Information. Contract Balances CNX invoices its customers once a performance obligation has been satisfied, at which point payment is unconditional. Accordingly, CNX's contracts with customers do not give rise to contract assets or liabilities under ASC 606. The Company has no contract assets recognized from the costs to obtain or fulfill a contract with a customer. The opening and closing balances of the Company’s receivables related to contracts with customers were $133,480 and $91,477, respectively, as of March 31, 2020. Transaction Price Allocated to Remaining Performance Obligations ASC 606 requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied. However, the guidance provides certain practical expedients that limit this requirement, including when variable consideration is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a series. A significant portion of CNX's natural gas, NGL and oil and purchased gas revenue is short-term in nature with a contract term of one year or less. For those contracts, CNX has utilized the practical expedient in ASC 606-10-50-14 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. For revenue associated with contract terms greater than one year, a significant portion of the consideration in those contracts is variable in nature and the Company allocates the variable consideration in its contract entirely to each specific performance obligation to which it relates. Therefore, any remaining variable consideration in the transaction price is allocated entirely to wholly unsatisfied performance obligations. As such, the Company has not disclosed the value of unsatisfied performance obligations pursuant to the practical expedient. For revenue associated with contract terms greater than one year with a fixed price component, the aggregate amount of the transaction price allocated to remaining performance obligations was $145,670 as of March 31, 2020. The Company expects to recognize net revenue of $41,981 in the next 12 months and $48,783 over the following 12 months, with the remainder recognized thereafter. For revenue associated with CNX's midstream contracts, which also have terms greater than one year, the interruptible gathering of each unit of natural gas represents a separate performance obligation; therefore, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required. Prior-Period Performance Obligations CNX records revenue in the month production is delivered to the purchaser. However, settlement statements for certain natural gas and NGL revenue may not be received for 30 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. CNX records the differences between the estimate and the actual amounts received in the month that payment is received from the purchaser. The Company has existing internal controls for its revenue estimation process and the related accruals, and any identified differences between its revenue estimates and the actual revenue received historically have not been significant. For the three months ended March 31, 2020 and 2019, revenue recognized in the current reporting period related to performance obligations satisfied in a prior reporting period was not material. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES: The effective tax rates for the three months ended March 31, 2020 and 2019 were 33.3% and 15.2%, respectively. The effective tax rate for the three months ended March 31, 2020 differs from the U.S. federal statutory rate of 21% primarily due to the impact of noncontrolling interest, equity compensation and state taxes. On March 27, 2020, the United States enacted the Coronavirus Aid, Relief, and Economic Security Act (the "Act") which, among other things; removed the 80% taxable income limitation for utilization of net operating losses generated in tax years 2018 through 2020, allowing for 5-year net operating loss carrybacks, increased the adjusted taxable income limitation for the disallowance of interest expense from 30% to 50%, and provided for refunds of any remaining alternative minimum tax (“AMT”) credits. As a result of the Act, the Company recorded AMT refunds of $102,482 in Recoverable Income Taxes on the Consolidated Balance Sheets in anticipation of the AMT refund being received in 2020. The impact of other tax implications of the Act on the financial statements and related disclosures are immaterial. In December 2019, the FASB issued Accounting Standards Update (ASU) 2019-12 - Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740), which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. This ASU removes the following exceptions: (1) exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items; (2) exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment; (3) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary; and (4) exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in this ASU also improve consistency and simplify other areas of Topic 740 by clarifying and amending existing guidance. The amendments in this ASU will be applied using different approaches depending on what the specific amendment relates to and, for public entities, are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company early adopted ASU 2019-12 as of January 1, 2020. The total amount of uncertain tax positions at March 31, 2020 and December 31, 2019 was $31,516. If these uncertain tax positions were recognized, approximately $31,516 would affect CNX's effective tax rate at March 31, 2020 and December 31, 2019 . There were no changes in unrecognized tax benefits during the three months ended March 31, 2020. CNX recognizes accrued interest and penalties related to uncertain tax positions in interest expense and income tax expense, respectively. As of March 31, 2020 and December 31, 2019, CNX had no accrued liabilities for interest and penalties related to uncertain tax positions. CNX and its subsidiaries file federal income tax returns with the United States and tax returns within various state 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 2016. The Company expects the Internal Revenue Service and the Joint Committee on Taxation to conclude its audit of tax years 2016 through 2017 during 2020. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT: March 31, December 31, Intangible Drilling Cost $ 4,764,284 $ 4,688,497 Gas Gathering Equipment 2,477,889 2,463,866 Proved Gas Properties 1,209,521 1,208,046 Gas Wells and Related Equipment 1,067,318 1,042,000 Unproved Gas Properties 756,151 755,590 Surface Land and Other Equipment 225,074 226,285 Other 191,279 187,722 Total Property, Plant and Equipment 10,691,516 10,572,006 Less: Accumulated Depreciation, Depletion and Amortization 3,622,413 3,435,431 Total Property, Plant and Equipment - Net $ 7,069,103 $ 7,136,575 Impairment of Proved Property CNX performs a quantitative impairment test whenever events or changes in circumstances indicate that an asset group's carrying amount may not be recoverable, over proved properties using the published NYMEX forward prices, timing, methods and other assumptions consistent with historical periods. When indicators of impairment are present, tests require that the Company first compare expected future undiscounted cash flows by asset group to their respective carrying values. If the carrying amount exceeds the estimated undiscounted future cash flows, a reduction of the carrying amount of the natural gas properties to their estimated fair values is required, which is determined based on discounted cash flow techniques using significant assumptions including projected revenues, future commodity prices, and a market-specific weighted average cost of capital which are affected by expectations about future market and economic conditions. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS: In December 2017, CNX Gas entered into a purchase agreement with Noble Energy, pursuant to which CNX Gas acquired Noble’s 50% membership interest in CNX Gathering (then named "CONE Gathering LLC"), for a cash purchase price of $305,000 (the "Midstream Acquisition"). Prior to the Midstream Acquisition, the Company accounted for its 50% interest in CNX Gathering as an equity method investment as the Company had the ability to exercise significant influence, but not control, over the operating and financial policies of the midstream operations. In conjunction with the Midstream Acquisition, the Company obtained a controlling interest in CNX Gathering and control over the Partnership. Accordingly, the Midstream Acquisition was accounted for as a business combination using the acquisition method of accounting pursuant to ASC Topic 805, Business Combinations, or ASC 805. ASC 805 requires that, in circumstances where a business combination is achieved in stages (or step acquisition), previously held equity interests are remeasured at fair value. The fair value assigned to the previously held equity interest in CNX Gathering and CNXM was $799,033 and was determined using the income approach, based on a discounted cash flow methodology. As part of the allocation of purchase price and in connection with the fair value of consideration transferred at closing on January 3, 2018, CNX recorded $796,359 of goodwill and $128,781 of other intangible assets which are comprised of customer relationships. Impairment of Goodwill All goodwill is attributed to the Midstream reportable segment. Goodwill is evaluated for impairment at least annually and whenever events or changes in circumstance indicate that the fair value of a reporting unit is less than its carrying amount. In connection with the evaluation of goodwill for impairment, CNX may first consider qualitative factors to assess whether there are indicators that it is more likely than not that the fair value of a reporting unit may not exceed its carrying amount. If after assessing such factors or circumstances, CNX determines it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then a quantitative assessment is not required. If CNX chooses to bypass the qualitative assessment, or if it chooses to perform a qualitative assessment but is unable to qualitatively conclude that no impairment has occurred, then CNX will perform a quantitative assessment If the estimated fair value of a reporting unit is less than its carrying value, an impairment charge is recognized for the excess of the reporting unit's carrying value over its fair value. The Company uses a combination of the income approach (generally a discounted cash flow method) and market approach (which may include the guideline public company method and/or the guideline transaction method) to estimate the fair value of a reporting unit. During the first quarter of 2020, the Company identified indicators of impairment in the form of deteriorating macroeconomic conditions, and the decline in the observable market value of CNXM securities both in relation to the COVID-19 pandemic and the overall decline in the MLP market space. Management concluded that these factors presented indications that the fair value of the midstream reporting unit was more likely than not below the reporting unit’s carrying value. CNX bypassed the qualitative assessment and performed a quantitative test that utilized a combination of the income and market approaches as described above to estimate the fair value of the Midstream reporting unit. As a result of this assessment, CNX concluded that the carrying value exceeded its estimated fair value, and a corresponding impairment of $473,045 was recorded, which was included in Impairment of Goodwill in the accompanying Consolidated Statements of Income. Any additional adverse changes in the future could reduce the underlying cash flows used to estimate fair values and could result in a decline in fair value that could trigger future impairment charges relating to the Midstream reporting unit. In estimating the fair value of the midstream reporting unit, the Company used the income approach’s discounted cash flow method, which applies significant inputs not observable in the public market (Level 3), including estimates and assumptions related to the use of an appropriate discount rate, future throughput volumes, operating costs and capital spending, discounted to present value using an industry rate adjusted for company-specific risk, which management feels reflects the overall level of inherent risk of the reporting unit. These assumptions are affected by expectations about future market, industry and economic conditions. Cash flow projections were derived from board approved budgeted amounts, a five-year operating forecast and an estimate of future cash flows. Subsequent cash flows were developed using growth or contraction rates that management believes are reasonably likely to occur. The Company used the market approach’s comparable company method. The comparable company method evaluates the value of a company using metrics of other businesses of similar size and industry. The estimates of future cash flows and EBITDA are subjective in nature and are subject to impacts from business risks as described in “Item 1A. Risk Factors” in CNX's 2019 Annual Report on Form 10-K as filed with the SEC on February 10, 2020 ("2019 Form 10-K"). The fair value estimation process requires considerable judgment and determining the fair value is sensitive to changes in assumptions impacting management’s estimates of future financial results. Although CNX believes the estimates and assumptions used in estimating the fair value are reasonable and appropriate, different assumptions and estimates could materially impact the estimated fair value. Future results could differ from our current estimates and assumptions. Changes in the carrying amount of goodwill consist of the following activity: Amount December 31, 2019 $ 796,359 Impairment 473,045 March 31, 2020 $ 323,314 Other Intangible Assets The carrying amount and accumulated amortization of other intangible assets consist of the following: March 31, December 31, Other Intangible Assets Gross Amortizable Asset - Customer Relationships $ 109,752 $ 109,752 Less: Accumulated Amortization - Customer Relationships 14,743 13,105 Total Other Intangible Assets, net $ 95,009 $ 96,647 The customer relationship intangible asset is being amortized on a straight-line basis over approximately 17 years. Amortization expense related to other intangible assets was $1,638 for the three months ended March 31, 2020 and 2019. The estimated annual amortization expense is expected to approximate $6,552 per year for each of the next five years. |
Revolving Credit Facilities
Revolving Credit Facilities | 3 Months Ended |
Mar. 31, 2020 | |
Short-term Debt, Other Disclosures [Abstract] | |
Revolving Credit Facilities | REVOLVING CREDIT FACILITIES: CNX Resources Corporation (CNX) In April 2019, CNX amended its senior secured revolving credit facility ("Credit Facility") and extended its maturity to April 2024. The lenders' commitments remained unchanged at $2,100,000, with an accordion feature that allows the Company to increase the commitments to $3,000,000. The borrowing base was reaffirmed at $2,100,000, including a $650,000 letters of credit aggregate sub-limit. In addition, the Cumulative Credit Basket for dividends and distributions was replaced with a basket for dividends and distributions subject to a pro forma net leverage ratio of at least 3.00 to 1.00 and availability under the credit facility of at least 15% of the aggregate commitments. If the aggregate principal amount of the existing 5.875% Senior Notes due in April 2022 and certain other publicly traded debt securities outstanding 91 days prior to the earliest maturity of such debt (the "Springing Maturity Date") is greater than $500,000, then the Credit Facility will mature on the Springing Maturity Date. In April 2020, as part of the semi-annual borrowing base redetermination, both the lenders' commitments and borrowing base decreased to $1,900,000. Under the terms of the amended agreement, borrowings under the revolving credit facility will bear interest at CNX's option at either: • the base rate, which is the highest of (i) the federal funds open rate plus 0.50%, (ii) PNC Bank, N.A.’s prime rate, or (iii) the one-month LIBOR rate plus 1.0%, in each case, plus a margin ranging from 0.25% to 1.25%; or • the LIBOR rate, which is the LIBOR rate plus a margin ranging from 1.25% to 2.25%. The CNX Credit Facility is secured by substantially all of the assets of CNX and certain of its subsidiaries (excluding the Excluded Subsidiaries, which includes Cardinal States Gathering LLC, CNX Midstream GP LLC and CNXM and their respective subsidiaries). Fees and interest rate spreads are based on the percentage of facility utilization, measured quarterly. Availability under the Credit Facility is limited to a borrowing base, which is determined by the lenders' syndication agent and approved by the required number of lenders in good faith by calculating a value of CNX's proved natural gas reserves. The CNX Credit Facility contains a number of affirmative and negative covenants including those that, except in certain circumstances, limit the Company and the subsidiary guarantors' ability to create, incur, assume or suffer to exist indebtedness, create or permit to exist liens on properties, dispose of assets, make investments, purchase or redeem CNX common stock, pay dividends, merge with another corporation 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 CNX Credit Facility contains customary events of default, including, but not limited to, a cross-default to certain other debt, breaches of representations and warranties, change of control events and breaches of covenants. The CNX Credit Facility also requires that CNX maintain a maximum net leverage ratio of no greater than 4.00 to 1.00, which is calculated as the ratio of debt less cash on hand to consolidated EBITDA, measured quarterly. CNX must also maintain a minimum current ratio of no less than 1.00 to 1.00, which is calculated as the ratio of current assets, plus revolver availability, to current liabilities, excluding borrowings under the revolver, measured quarterly. The calculation of all of the ratios exclude CNXM. CNX was in compliance with all financial covenants as of March 31, 2020. At March 31, 2020, the CNX Credit Facility had $437,000 of borrowings outstanding and $204,839 of letters of credit outstanding, leaving $1,458,161 of unused capacity. At December 31, 2019, the CNX Credit Facility had $661,000 of borrowings outstanding and $204,726 of letters of credit outstanding, leaving $1,234,274 of unused capacity. CNX Midstream Partners LP (CNXM) In April 2019, CNXM amended its senior secured revolving credit facility and extended its maturity to April 2024. The lenders’ commitments remained unchanged at $600,000, with an accordion feature that allows CNXM to increase the available borrowings by up to an additional $250,000 under certain terms and conditions. Among other things, the revolving credit facility now includes (i) the addition of a restricted payment basket permitting cash repurchases of Incentive Distribution Rights (IDRs) subject to a pro forma secured leverage ratio of 3.00 to 1.00, a pro forma total leverage ratio of 4.00 to 1.00 and pro forma availability of 20% of commitments and (ii) a restricted payment basket for the repurchase of LP units not to exceed Available Cash (as defined in the partnership agreement) in any quarter, of up to $150,000 per year and up to $200,000 during the life of the facility. Under the terms of the amended agreement, borrowings under the revolving credit facility will bear interest at CNXM's option at either: • the base rate, which is the highest of (i) the federal funds open rate plus 0.50%, (ii) PNC Bank, N.A.’s prime rate, or (iii) the one-month LIBOR rate plus 1.0%, in each case, plus a margin ranging from 0.50% to 1.50%; or • the LIBOR rate, plus a margin ranging from 1.50% to 2.50%. Fees and interest rate spreads under the CNXM credit facility are based on the total leverage ratio, measured quarterly. The CNXM credit facility includes the ability to issue letters of credit up to $100,000 in the aggregate. The CNXM revolving credit facility contains a number of affirmative and negative covenants that include, among others, covenants that, except in certain circumstances, restrict the ability of CNXM, its subsidiary guarantors and certain of its non-guarantor, non-wholly-owned subsidiaries, except in certain circumstances, to: (i) create, incur, assume or suffer to exist indebtedness; (ii) create or permit to exist liens on their properties; (iii) prepay certain indebtedness unless there is no default or event of default under the revolving facility; (iv) make or pay any dividends or distributions in excess of certain amounts; (v) merge with or into another person, liquidate or dissolve; or acquire all or substantially all of the assets of any going concern or going line of business or acquire all or a substantial portion of another person’s assets; (vi) make particular investments and loans; (vii) sell, transfer, convey, assign or dispose of its assets or properties other than in the ordinary course of business and other select instances; (viii) deal with any affiliate except in the ordinary course of business on terms no less favorable to CNXM than it would otherwise receive in an arm’s length transaction; and (ix) amend in any material manner its certificate of incorporation, bylaws, or other organizational documents without giving prior notice to the lenders and, in some cases, obtaining the consent of the lenders. In addition, CNXM is obligated to maintain at the end of each fiscal quarter (w) for so long as at least $150,000 of the CNXM senior notes are outstanding, a maximum total leverage ratio of no greater than 5.25 to 1.00 (which increases to no greater than 5.50 to 1.00 during qualifying acquisition periods); (x) if less than $150,000 of the CNXM senior notes are outstanding, a maximum total leverage ratio of no greater than 4.75 to 1.00 (which increases to no greater than 5.25 to 1.00 during qualifying acquisition periods); (y) a maximum secured leverage ratio of no greater than 3.50 to 1.00 and (z) a minimum interest coverage ratio of no less than 2.50 to 1.00. CNXM was in compliance with all financial covenants as of March 31, 2020. The CNXM revolving credit facility also contains customary events of default, including, but not limited to, a cross-default to certain other debt, breaches of representations and warranties, change of control events and breaches of covenants. The obligations under the revolving credit facility are secured by substantially all of the assets of CNXM and its wholly-owned subsidiaries. CNX is not a guarantor under the revolving credit facility. |
Other Accrued Liabilities
Other Accrued Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | OTHER ACCRUED LIABILITIES: March 31, December 31, Royalties $ 70,803 $ 74,061 Accrued Interest 25,800 30,862 Transportation Charges 22,355 16,533 Deferred Revenue 12,123 13,964 Accrued Other Taxes 9,385 9,115 Accrued Payroll & Benefits 6,209 6,248 Short-Term Incentive Compensation 2,626 21,030 Other 41,145 37,610 Current Portion of Long-Term Liabilities: Asset Retirement Obligations 5,076 5,076 Salary Retirement 1,608 1,587 Total Other Accrued Liabilities $ 197,130 $ 216,086 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2020 | |
Long-term Debt, Other Disclosures [Abstract] | |
Long-term Debt | LONG-TERM DEBT: March 31, December 31, Senior Notes due April 2022 at 5.875% (Principal of $822,973 and $894,307 $ 823,795 $ 895,308 Senior Notes due March 2027 at 7.25%, Issued at Par Value 500,000 500,000 CNX Revolving Credit Facility 437,000 661,000 CNX Midstream Partners LP Senior Notes due March 2026 at 6.50% (Principal of $400,000 less Unamortized Discount of $4,438 and $4,625, respectively)* 395,562 395,375 CNX Midstream Partners LP Revolving Credit Facility* 347,000 311,750 Cardinal States Gathering Company Credit Facility maturing in March 2028 (Principal of $125,000 less Unamortized Discount of $1,243) 123,757 — CSG Holdings II LLC Credit Facility maturing in December 2026 (Principal of $50,000 less Unamortized Discount of $497) 49,503 — Less: Unamortized Debt Issuance Costs 16,018 8,990 2,660,599 2,754,443 Less: Amounts Due in One Year 20,451 — Long-Term Debt $ 2,640,148 $ 2,754,443 *CNX is not a guarantor of CNXM's 6.50% senior notes due in March 2026 or CNXM's senior secured revolving credit facility. During the three months ended March 31, 2020, CNX's wholly-owned subsidiary Cardinal States Gathering Company LLC (Cardinal States) entered into a $125,000 non-revolving credit facility agreement (the Cardinal States Facility). The Cardinal States Facility matures in 2028, has an interest rate of 3-month LIBOR + 450 basis points and includes an excess cash flow sweep in an amount required to achieve a quarterly targeted debt balance. The facility is secured by substantially all of the Cardinal States assets, requires a minimum level of hedging of the variable interest rate exposure and is non-recourse to CNX. Additionally, during the three months ended March 31, 2020, CNX's wholly-owned subsidiary CSG Holdings II LLC (CSG Holdings) entered into a $50,000 non-revolving credit facility agreement (the CSG Holdings Facility). The CSG Holdings Facility matures in 2026, has interest rate of 3-month LIBOR + 675 basis points and includes a full excess cash sweep. The facility is secured by substantially all of the CSG Holding assets, requires a minimum level of hedging of the variable interest rate exposure and is non-recourse to CNX. During the three months ended March 31, 2020, CNX purchased and retired $71,334 of its outstanding 5.875% senior notes due in April 2022. As part of this transaction, a gain of $11,263 was included in (Gain) Loss on Debt Extinguishment in the Consolidated Statements of Income. During the three months ended March 31, 2019, CNX completed a private offering of $500,000 of 7.25% senior notes due in March 2027. The notes are guaranteed by most of CNX's subsidiaries but do not include CNXM's general partner or CNXM. During the three months ended March 31, 2019, CNX purchased $400,000 of its outstanding 5.875% senior notes due in April 2022. As part of this transaction, a loss of $7,537 was included in (Gain) Loss on Debt Extinguishment in the Consolidated Statements of Income. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES: CNX and its subsidiaries are subject to various lawsuits and claims with respect to such matters as personal injury, royalty accounting, damage to property, climate change, governmental regulations including environmental violations and remediation, employment and contract disputes and other claims and actions arising out of the normal course of business. CNX accrues the estimated loss for these lawsuits and claims when the loss is probable and can be estimated. The Company's current estimated accruals related to these pending claims, individually and in the aggregate, are immaterial to the financial position, results of operations or cash flows of CNX. It is possible that the aggregate loss in the future with respect to these lawsuits and claims could ultimately be material to the financial position, results of operations or cash flows of CNX; however, such amounts cannot be reasonably estimated. At March 31, 2020, CNX has provided the following financial guarantees, unconditional purchase obligations, and letters of credit to certain third-parties as described by major category in the following tables. These amounts represent the maximum potential of total future payments that the Company could be required to make under these instruments. These amounts have not been reduced for potential recoveries under recourse or collateralization provisions. Generally, recoveries under reclamation bonds would be limited to the extent of the work performed at the time of the default. No amounts related to these unconditional purchase obligations and letters of credit are recorded as liabilities in the financial statements. CNX management believes that the commitments in the following table will expire without being funded, and therefore will not have a material adverse effect on financial condition. Amount of Commitment Expiration Per Period Total Less Than 1-3 Years 3-5 Years Beyond Letters of Credit: Firm Transportation $ 197,889 $ 196,917 $ 972 $ — $ — Other 6,950 6,950 — — — Total Letters of Credit 204,839 203,867 972 — — Surety Bonds: Employee-Related 2,600 2,600 — — — Environmental 12,480 10,605 1,875 — — Financial Guarantees 81,670 81,670 — — — Other 9,322 8,129 1,193 — — Total Surety Bonds 106,072 103,004 3,068 — — Total Commitments $ 310,911 $ 306,871 $ 4,040 $ — $ — Excluded from the above table are commitments and guarantees entered into in conjunction with the spin-off of the Company's coal business in November 2017. Although CONSOL Energy has agreed to indemnify CNX to the extent that CNX would be called upon to pay any of these liabilities, there is no assurance that CONSOL Energy will satisfy its obligations to indemnify CNX in the event that CNX is so called upon. CNX enters into long-term unconditional purchase obligations to procure major equipment purchases, natural gas firm transportation, gas drilling services and other operating goods and services. These purchase obligations are not recorded in the Consolidated Balance Sheets. As of March 31, 2020, the purchase obligations for each of the next five years and beyond were as follows: Obligations Due Amount Less than 1 year $ 249,924 1 - 3 years 475,567 3 - 5 years 398,180 More than 5 years 1,033,218 Total Purchase Obligations $ 2,156,889 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS: CNX enters into interest rate swap agreements to manage its exposure to interest rate volatility. These swaps change the variable-rate cash flow exposure on the debt obligations to fixed cash flows. The change in fair value of the interest rate swap agreements are accounted for on a mark-to-market basis with the changes in fair value recorded in current period earnings. In March 2020, CNX entered into interest rate swap related to $175,000 of borrowings under the Cardinal States Facility and CSG Holdings Facility (See Note 9 - Long-Term Debt). In order to manage exposure to interest rate volatility, each respective entity entered into an interest rate swap for the full outstanding principal amounts inclusive of a put option at 25 basis points. The underlying notional for each swap and put option reduces over time based upon an expected amortization profile for each respective credit facility. In addition, CSG Holdings entered into a call option commencing March 31, 2023. In June 2019, CNX entered into an interest rate swap agreement related to $160,000 of borrowings under CNX’s senior secured revolving credit facility (See Note 7 - Revolving Credit Facilities) which has the economic effect of modifying the variable-interest obligation into a fixed-interest obligation over a three four four CNX enters into financial derivative instruments to manage its exposure to commodity price volatility. These natural gas commodity hedges are accounted for on a mark-to-market basis with changes in fair value recorded in current period earnings. CNX is exposed to credit risk in the event of non-performance by counterparties. The creditworthiness of counterparties is subject to continuing review. The Company has not experienced any issues of non-performance by derivative counterparties. None of the Company's counterparty master agreements currently require CNX to post collateral for any of its positions. However, as stated in the counterparty master agreements, if CNX's obligations with one of its counterparties cease to be secured on the same basis as similar obligations with the other lenders under the credit facility, CNX would have to post collateral for instruments in a liability position in excess of defined thresholds. All of the Company's derivative instruments are subject to master netting arrangements with our counterparties. CNX recognizes all financial derivative instruments as either assets or liabilities at fair value in the Consolidated Balance Sheets on a gross basis. Each of the Company's counterparty master agreements allows, in the event of default, the ability to elect early termination of outstanding contracts. If early termination is elected, CNX and the applicable counterparty would net settle all open hedge positions. The total notional amounts of CNX's derivative instruments were as follows: March 31, December 31, Forecasted to 2020 2019 Settle Through Natural Gas Commodity Swaps (Bcf) 1,387.1 1,460.6 2025 Natural Gas Basis Swaps (Bcf) 1,235.9 1,290.4 2025 Interest Rate Swaps $ 585,000 $ 160,000 2028 The gross fair value of CNX's derivative instruments was as follows: March 31, December 31, 2020 2019 Current Assets: Commodity Derivative Instruments: Commodity Swaps $ 296,834 $ 234,238 Basis Only Swaps 15,718 13,556 Interest Rate Swaps 197 — Total Current Assets $ 312,749 $ 247,794 Other Assets: Commodity Derivative Instruments: Commodity Swaps $ 244,501 $ 288,543 Basis Only Swaps 12,396 25,553 Interest Rate Swaps 1,214 — Total Other Assets $ 258,111 $ 314,096 Current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 5,028 $ 345 Basis Only Swaps 41,069 40,626 Interest Rate Swaps 2,961 495 Total Current Liabilities $ 49,058 $ 41,466 Non-current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 23,018 $ 9,693 Basis Only Swaps 130,572 105,445 Interest Rate Swaps 10,308 724 Total Non-current Liabilities $ 163,898 $ 115,862 The effect of commodity derivative instruments on the Company's Consolidated Statements of Income was as follows: For the Three Months Ended March 31, 2020 2019 Cash Received (Paid) in Settlement of Commodity Derivative Instruments: Natural Gas: Commodity Swaps $ 157,579 $ (26,950) Basis Swaps (6,418) (14,432) Total Cash Received (Paid) in Settlement of Commodity Derivative Instruments 151,161 (41,382) Unrealized Gain (Loss) on Commodity Derivative Instruments: Natural Gas: Commodity Swaps 545 (50,761) Basis Swaps (36,564) (103,233) Total Unrealized Loss on Commodity Derivative Instruments (36,019) (153,994) Gain (Loss) on Commodity Derivative Instruments: Natural Gas: Commodity Swaps 158,124 (77,711) Basis Swaps (42,982) (117,665) Total Gain (Loss) on Commodity Derivative Instruments $ 115,142 $ (195,376) During the three months ended March 31, 2020, cash of $57 was paid in settlement of interest rate swaps, and an unrealized loss of $10,639 was recognized, resulting in a total loss on interest rate swaps of $10,696, which is included in Interest Expense in the Consolidated Statements of Income. Cash Received in Settlement of Commodity Derivative Instruments for the three months ended March 31, 2020 includes$54,982 related the monetization of certain NYMEX commodity swaps.. The monetization resulted from reducing the contract swap prices of certain 2022, 2023, and 2024 NYMEX natural gas swap contracts. The notional quantities of the contracts were not changed by the monetization. Net proceeds received from the monetization are classified as operating cash flows in the Consolidated Statements of Cash Flows The Company also enters into fixed price natural gas sales agreements that are satisfied by physical delivery. These physical commodity contracts qualify for the normal purchases and normal sales exception and are not subject to derivative instrument accounting. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS: CNX determines the fair value of assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. The fair value hierarchy is based on whether the inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources (including NYMEX forward curves, LIBOR-based discount rates and basis forward curves), while unobservable inputs reflect the Company's own assumptions of what market participants would use. The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below: Level 1 - Quoted prices for identical instruments in active markets. Level 2 - The fair value of the assets and liabilities included in Level 2 are based on standard industry income approach models that use significant observable inputs, including NYMEX forward curves, LIBOR-based discount rates and basis forward curves. Level 3 - Unobservable inputs significant to the fair value measurement supported by little or no market activity. In those cases when the inputs used to measure fair value meet the definition of more than one level of the fair value hierarchy, the lowest level input that is significant to the fair value measurement in its totality determines the applicable level in the fair value hierarchy. The financial instrument measured at fair value on a recurring basis is summarized below: Fair Value Measurements at March 31, 2020 Fair Value Measurements at December 31, 2019 Description Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Gas Derivatives $ — $ 369,762 $ — $ — $ 405,781 $ — Interest Rate Swaps $ — $ (11,858) $ — $ — $ (1,219) $ — The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: March 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Cash and Cash Equivalents $ 31,833 $ 31,833 $ 16,283 $ 16,283 Long-Term Debt (Excluding Debt Issuance Costs) $ 2,676,617 $ 2,308,846 $ 2,763,433 $ 2,619,676 Cash and cash equivalents represent highly-liquid instruments and constitute Level 1 fair value measurements. Certain of the Company’s debt is actively traded on a public market and, as a result, constitute Level 1 fair value measurements. The portion of the Company’s debt obligations that is not actively traded is valued through reference to the applicable underlying benchmark rate and, as a result, constitute Level 2 fair value measurements. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES: The Company determined CNXM to be a variable interest entity. The Company has the power through its ownership and control of CNXM's general partner (CNX Midstream GP LLC) to direct the activities that most significantly impact CNXM's economic performance. In addition, through its limited partner interest 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. The risks associated with the operations of CNXM are discussed in its Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 10, 2020 and its other periodic reports filed thereafter. On January 29, 2020, CNX and CNXM executed definitive agreements to eliminate CNXM's incentive distribution rights, or IDRs, held by its general partner and to convert the 2.0% general partner interest in CNXM into a non-economic general partnership interest (collectively, the "IDR Elimination Transaction"). Pursuant to the IDR Elimination Transaction agreements, CNX received the following consideration in exchange for the cancellation of the IDRs and conversion of the 2.0% general partner interest: • 26 million CNXM common units; • 3 million new CNXM Class B units. The newly issued Class B units will not receive or accrue distributions until January 1, 2022 at which time they will automatically convert into CNXM common units on a one-for-one basis; and • $135,000 to be paid in three installments as follows: $50,000 due December 31, 2020, $50,000 due December 31, 2021 and $35,000 due December 31, 2022. After giving effect to the IDR Elimination Transaction, CNX now owns 47.7 million common units, or approximately 53%, of the outstanding limited partner interests in CNXM, excluding the Class B units. Prior to the IDR Elimination Transaction, the Company owned approximately 34% of the outstanding limited partner interest and 100% of the general partner interest. Upon conversion of the Class B units to CNXM common units on January 1, 2022, CNX's ownership will increase to 50.7 million common units or approximately 56.5% of the outstanding limited partner interest in CNXM on a proforma basis. The following table presents amounts included in the Company's Consolidated Balance Sheets that were for the use or obligation of CNXM: March 31, December 31, 2020 2019 Assets: Cash $ 5,235 $ 31 Receivables - Related Party 21,714 21,076 Receivables - Third Party 4,980 7,935 Other Current Assets 2,064 1,976 Property, Plant and Equipment, net 1,200,544 1,195,591 Operating Lease ROU Asset 3,225 4,731 Other Assets 2,945 3,262 Total Assets $ 1,240,707 $ 1,234,602 Liabilities: Accounts Payable and Accrued Liabilities $ 32,223 $ 67,290 Accounts Payable - Related Party 51,688 4,787 Revolving Credit Facility 347,000 311,750 Long-Term Debt 394,399 394,162 Long-Term Liabilities - Related Party 85,000 — Total Liabilities $ 910,310 $ 777,989 The following table summarizes CNXM's Consolidated Statements of Operations and Cash Flows, inclusive of affiliate amounts: For the Three Months Ended March 31, 2020 2019 Revenue Gathering Revenue - Related Party $ 62,178 $ 53,776 Gathering Revenue - Third Party 17,953 18,443 Miscellaneous Income 65 — Total Revenue 80,196 72,219 Expenses Operating Expense - Related Party 3,828 5,548 Operating Expense - Third Party 8,596 5,974 General and Administrative Expense - Related Party 2,857 3,967 General and Administrative Expense - Third Party 2,765 1,536 (Gain) Loss on Asset Sales and Abandonments (11) 7,229 Depreciation Expense 7,578 5,650 Interest Expense 8,793 7,339 Total Expense 34,406 37,243 Net Income $ 45,790 $ 34,976 Net Cash Provided by Operating Activities $ 40,123 $ 49,913 Net Cash Used in Investing Activities $ (32,659) $ (78,557) Net Cash (Used in) Provided by Financing Activities $ (2,260) $ 24,748 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
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, realized gain on commodity derivative instruments that were partially monetized prior to their settlement dates, exploration and production related other costs, impairments 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's principal activity is the ownership, operation, development and acquisition of natural gas gathering and other midstream energy assets of CNX Gathering and CNXM, which 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. Excluded from the Midstream Division are the gathering assets and operations of CNX that have not been contributed to CNX Gathering and CNXM. CNX owns and controls 100% of CNX Gathering, making CNXM a single-sponsor master limited partnership and thus the Company consolidates CNXM. The Midstream Division is comprised of a single Midstream segment. The Company's unallocated expenses include other income/expense, gain on asset sales related to non-core assets, gain/loss on debt extinguishment and income taxes. In the preparation of the following information, intersegment sales have been recorded at amounts approximating market prices. 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. Industry segment results for the three months ended March 31, 2020: Marcellus Utica Shale Coalbed Methane Other Total Midstream Unallocated Intercompany Eliminations Consolidated Natural Gas, NGL and Oil Revenue $ 179,044 $ 41,450 $ 30,723 $ 277 $ 251,494 $ — $ — $ — $ 251,494 (A) Purchased Gas Revenue — — — 26,359 26,359 — — — 26,359 Midstream Revenue — — — — — 80,341 — (61,935) 18,406 Gain on Commodity Derivative Instruments 68,452 18,000 9,687 19,003 115,142 — — — 115,142 Other Operating Income — — — 5,466 5,466 — — (508) 4,958 (B) Total Revenue and Other Operating Income $ 247,496 $ 59,450 $ 40,410 $ 51,105 $ 398,461 $ 80,341 $ — $ (62,443) $ 416,359 Total Operating Expense $ 183,172 $ 48,817 $ 34,254 $ 138,585 $ 404,828 $ 500,915 $ — $ (62,443) $ 843,300 (C) Earnings (Loss) Before Income Tax $ 64,324 $ 10,633 $ 6,156 $ (127,666) $ (46,553) $ (429,544) $ 18,293 $ — $ (457,804) Segment Assets $ 6,785,652 $ 1,754,819 $ 147,094 $ (158,615) $ 8,528,950 (D) Depreciation, Depletion and Amortization $ 119,152 $ 10,012 $ — $ — $ 129,164 Capital Expenditures $ 119,393 $ 32,656 $ — $ — $ 152,049 (A) Included in Total Natural Gas, NGL and Oil Revenue are sales of $45,656 to Direct Energy Business Marketing LLC and $32,176 to NJR Energy Services Company, each of which comprises over 10% of revenue from contracts with external customers for the period. (B) Includes equity in loss of unconsolidated affiliates of $161 for Total E&P. (C) Included in Marcellus and Utica are $59,176 and $2,759, respectively of intercompany gathering fees. Included in Midstream is a goodwill impairment charge of $473,045 (See Note 6 - Goodwill and Other Intangible Assets for more information). (D) Includes investments in unconsolidated equity affiliates of $16,549 for Total E&P. Industry segment results for the three months ended March 31, 2019: Marcellus Utica Shale Coalbed Methane Other Total Midstream Unallocated Intercompany Eliminations Consolidated Natural Gas, NGL and Oil Revenue $ 293,257 $ 92,951 $ 49,835 $ (97) $ 435,946 $ — $ — $ — $ 435,946 (D) Purchased Gas Revenue — — — 16,221 16,221 — — — 16,221 Midstream Revenue — — — — — 72,569 — (54,126) 18,443 Loss on Commodity Derivative Instruments (27,458) (9,601) (4,302) (154,015) (195,376) — — — (195,376) Other Operating Income — — — 3,258 3,258 — — (61) 3,197 (E) Total Revenue and Other Operating Income $ 265,799 $ 83,350 $ 45,533 $ (134,633) $ 260,049 $ 72,569 $ — $ (54,187) $ 278,431 Total Operating Expense $ 178,868 $ 50,333 $ 32,634 $ 76,217 $ 338,052 $ 24,962 $ — $ (54,187) $ 308,827 (F) Earnings (Loss) Before Income Tax $ 86,931 $ 33,017 $ 12,899 $ (239,277) $ (106,430) $ 32,584 $ (2,364) $ — $ (76,210) Segment Assets $ 6,638,207 $ 2,011,616 $ 137,564 $ (10,026) $ 8,777,361 (G) Depreciation, Depletion and Amortization $ 117,075 $ 8,086 $ — $ — $ 125,161 Capital Expenditures $ 223,791 $ 75,347 $ — $ — $ 299,138 (D) Included in Total Natural Gas, NGL and Oil Revenue are sales of $67,769 to Direct Energy Business Marketing LLC and $66,001 to NJR Energy Services Company, each of which comprises over 10% of revenue from contracts with external customers for the period. (E) Includes equity in earnings of unconsolidated affiliates of $503 for Total E&P. (F) Included in Marcellus and Utica are $53,462 and $664, respectively of intercompany gathering fees. (G) Includes investments in unconsolidated equity affiliates of $17,860 for Total E&P. Reconciliation of Segment Information to Consolidated Amounts: Revenue and Other Operating Income For the Three Months Ended March 31, 2020 2019 Total Segment Revenue from Contracts with External Customers $ 296,259 $ 470,610 Gain (Loss) on Commodity Derivative Instruments 115,142 (195,376) Other Operating Income 4,958 3,197 Total Consolidated Revenue and Other Operating Income $ 416,359 $ 278,431 Loss Before Income Tax: For the Three Months Ended March 31, 2020 2019 Segment Earnings (Loss) Before Income Taxes for Reportable Business Segments: E&P $ (46,553) $ (106,430) Midstream (429,544) 32,584 Total Segment Earnings (Loss) Before Income Taxes for Reportable Business Segments $ (476,097) $ (73,846) Unallocated Expenses: Other (Expense) Income (5,013) 1,030 Gain on Certain Asset Sales 12,043 4,143 Gain (Loss) on Debt Extinguishment 11,263 (7,537) Loss Before Income Tax $ (457,804) $ (76,210) Total Assets: March 31, 2020 2019 Segment Assets for Total Reportable Business Segments: E&P $ 6,785,652 $ 6,638,207 Midstream 1,754,819 2,011,616 Intercompany Eliminations (158,615) (10,026) Items Excluded from Segment Assets: Cash and Cash Equivalents 31,833 23,972 Recoverable Income Taxes 115,261 113,592 Total Consolidated Assets $ 8,528,950 $ 8,777,361 |
Stock Repurchase
Stock Repurchase | 3 Months Ended |
Mar. 31, 2020 | |
Stock Repurchase [Abstract] | |
Stock Repurchase | STOCK REPURCHASE:Since the October 30, 2017 inception of the current stock repurchase program, CNX's Board of Directors has approved in total a $750,000 stock repurchase program, which is not subject to an expiration date. The repurchases may be affected from time-to-time through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, accelerated stock repurchases, block trades, derivative contracts or otherwise in compliance with Rule 10b-18. The timing of any repurchases will be based on a number of factors, including available liquidity, the Company's stock price, the Company's financial outlook, and alternative investment options. The stock repurchase program does not obligate the Company to repurchase any dollar amount or number of shares and the Board may modify, suspend, or discontinue its authorization of the program at any time. The Board of Directors will continue to evaluate the size of the stock repurchase program based on CNX's free cash flow position, leverage ratio, and capital plans. During the three months ended March 31, 2019, 3,121,054 shares were repurchased and retired at an average price of $10.71 per share for a total cost of $33,497. There were no shares repurchased and retired during the three months ended March 31, 2020. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS:In March 2020, the FASB issued ASU 2020-04 - Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). This ASU provides optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates (IBORs) and, particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is still evaluating the effect of adopting this guidance.In March 2020, the FASB issued ASU 2020-03 - Codification Improvements to Financial Instruments. This ASU improves and clarifies various financial instruments topics, including the CECL standard (see Note 1 - Basis of Presentation for more information). The ASU includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The amendments in this ASU have different effective dates. The adoption of this guidance is not expected to have a material impact on the Company's financial statements. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS: CNX is closely monitoring the impact of the coronavirus COVID-19 ("COVID-19") pandemic on all aspects of our business and geographies, including how it may impact our customers, employees, vendors and contractors. While we did not incur significant disruptions during the three months ended March 31, 2020 from COVID-19, we are unable to predict the impact that the COVID-19 pandemic will have on our financial position, operating results and ability to obtain future financing due to numerous uncertainties. The federal Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020. CNX continues to assess the potential impacts of this recently enacted legislation on its financial position and results of operations. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | In March 2020, the FASB issued ASU 2020-04 - Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). This ASU provides optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates (IBORs) and, particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is still evaluating the effect of adopting this guidance.In March 2020, the FASB issued ASU 2020-03 - Codification Improvements to Financial Instruments. This ASU improves and clarifies various financial instruments topics, including the CECL standard (see Note 1 - Basis of Presentation for more information). The ASU includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The amendments in this ASU have different effective dates. The adoption of this guidance is not expected to have a material impact on the Company's financial statements. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the statement of cash flows: March 31, 2020 2019 Cash and Cash Equivalents $ 31,833 $ 23,972 Restricted Cash, Current Portion 853 — Restricted Cash, Less Current Portion 5,340 — Total Cash, Cash Equivalents, and Restricted Cash $ 38,026 $ 23,972 |
Schedule of Accounts, Notes, Loans and Financing Receivable | The allowance for credit losses are as follows: March 31, December 31, 2020 2019 Accounts Receivable - Trade $ 91,608 $ 133,480 Allowance for Credit Losses (131) — Accounts Receivable - Trade, net $ 91,477 $ 133,480 Other Receivables $ 15,868 $ 16,142 Allowance for Credit Losses (5,029) (2,463) Other Receivables, net $ 10,839 $ 13,679 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The table below sets forth the share-based awards that have been excluded from the computation of diluted earnings per share because their effect would be antidilutive: For the Three Months Ended March 31, 2020 2019 Anti-Dilutive Options 4,274,552 4,756,292 Anti-Dilutive Restricted Stock Units 2,007,960 1,708,610 Anti-Dilutive Performance Share Units 457,746 540,400 Anti-Dilutive Performance Stock Options 927,268 927,268 7,667,526 7,932,570 |
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, 2020 2019 Options — 13,748 Restricted Stock Units 340,883 457,969 Performance Share Units 274,716 342,882 615,599 814,599 |
Schedule of Earnings Per Share, Basic and Diluted | The computations for basic and diluted loss per share are as follows: For the Three Months Ended March 31, 2020 2019 Net Loss $ (305,222) $ (64,651) Less: Net Income Attributable to Non-Controlling Interest 23,864 22,686 Net Loss Attributable to CNX Resources Shareholders $ (329,086) $ (87,337) Weighted-Average Shares of Common Stock Outstanding 186,918,361 197,475,702 Effect of Diluted Shares* — — Weighted-Average Diluted Shares of Common Stock Outstanding 186,918,361 197,475,702 Loss per Share: Basic $ (1.76) $ (0.44) Diluted $ (1.76) $ (0.44) *During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards is antidilutive. |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table is a disaggregation of revenue by major source: For the Three Months Ended March 31, 2020 2019 Revenue from Contracts with Customers Natural Gas Revenue $ 229,599 $ 403,687 NGL Revenue 19,412 29,766 Condensate Revenue 1,901 2,327 Oil Revenue 582 166 Total Natural Gas, NGL and Oil Revenue 251,494 435,946 Purchased Gas Revenue 26,359 16,221 Midstream Revenue 18,406 18,443 Other Sources of Revenue and Other Operating Income Gain (Loss) on Commodity Derivative Instruments 115,142 (195,376) Other Operating Income 4,958 3,197 Total Revenue and Other Operating Income $ 416,359 $ 278,431 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | March 31, December 31, Intangible Drilling Cost $ 4,764,284 $ 4,688,497 Gas Gathering Equipment 2,477,889 2,463,866 Proved Gas Properties 1,209,521 1,208,046 Gas Wells and Related Equipment 1,067,318 1,042,000 Unproved Gas Properties 756,151 755,590 Surface Land and Other Equipment 225,074 226,285 Other 191,279 187,722 Total Property, Plant and Equipment 10,691,516 10,572,006 Less: Accumulated Depreciation, Depletion and Amortization 3,622,413 3,435,431 Total Property, Plant and Equipment - Net $ 7,069,103 $ 7,136,575 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill consist of the following activity: Amount December 31, 2019 $ 796,359 Impairment 473,045 March 31, 2020 $ 323,314 |
Schedule of Finite-Lived Intangible Assets | The carrying amount and accumulated amortization of other intangible assets consist of the following: March 31, December 31, Other Intangible Assets Gross Amortizable Asset - Customer Relationships $ 109,752 $ 109,752 Less: Accumulated Amortization - Customer Relationships 14,743 13,105 Total Other Intangible Assets, net $ 95,009 $ 96,647 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | March 31, December 31, Royalties $ 70,803 $ 74,061 Accrued Interest 25,800 30,862 Transportation Charges 22,355 16,533 Deferred Revenue 12,123 13,964 Accrued Other Taxes 9,385 9,115 Accrued Payroll & Benefits 6,209 6,248 Short-Term Incentive Compensation 2,626 21,030 Other 41,145 37,610 Current Portion of Long-Term Liabilities: Asset Retirement Obligations 5,076 5,076 Salary Retirement 1,608 1,587 Total Other Accrued Liabilities $ 197,130 $ 216,086 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Long-term Debt, Other Disclosures [Abstract] | |
Schedule of Long-term Debt | March 31, December 31, Senior Notes due April 2022 at 5.875% (Principal of $822,973 and $894,307 $ 823,795 $ 895,308 Senior Notes due March 2027 at 7.25%, Issued at Par Value 500,000 500,000 CNX Revolving Credit Facility 437,000 661,000 CNX Midstream Partners LP Senior Notes due March 2026 at 6.50% (Principal of $400,000 less Unamortized Discount of $4,438 and $4,625, respectively)* 395,562 395,375 CNX Midstream Partners LP Revolving Credit Facility* 347,000 311,750 Cardinal States Gathering Company Credit Facility maturing in March 2028 (Principal of $125,000 less Unamortized Discount of $1,243) 123,757 — CSG Holdings II LLC Credit Facility maturing in December 2026 (Principal of $50,000 less Unamortized Discount of $497) 49,503 — Less: Unamortized Debt Issuance Costs 16,018 8,990 2,660,599 2,754,443 Less: Amounts Due in One Year 20,451 — Long-Term Debt $ 2,640,148 $ 2,754,443 *CNX is not a guarantor of CNXM's 6.50% senior notes due in March 2026 or CNXM's senior secured revolving credit facility. |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Long-term Purchase Commitment | At March 31, 2020, CNX has provided the following financial guarantees, unconditional purchase obligations, and letters of credit to certain third-parties as described by major category in the following tables. These amounts represent the maximum potential of total future payments that the Company could be required to make under these instruments. These amounts have not been reduced for potential recoveries under recourse or collateralization provisions. Generally, recoveries under reclamation bonds would be limited to the extent of the work performed at the time of the default. No amounts related to these unconditional purchase obligations and letters of credit are recorded as liabilities in the financial statements. CNX management believes that the commitments in the following table will expire without being funded, and therefore will not have a material adverse effect on financial condition. Amount of Commitment Expiration Per Period Total Less Than 1-3 Years 3-5 Years Beyond Letters of Credit: Firm Transportation $ 197,889 $ 196,917 $ 972 $ — $ — Other 6,950 6,950 — — — Total Letters of Credit 204,839 203,867 972 — — Surety Bonds: Employee-Related 2,600 2,600 — — — Environmental 12,480 10,605 1,875 — — Financial Guarantees 81,670 81,670 — — — Other 9,322 8,129 1,193 — — Total Surety Bonds 106,072 103,004 3,068 — — Total Commitments $ 310,911 $ 306,871 $ 4,040 $ — $ — |
Unrecorded Unconditional Purchase Obligations Disclosure | As of March 31, 2020, the purchase obligations for each of the next five years and beyond were as follows: Obligations Due Amount Less than 1 year $ 249,924 1 - 3 years 475,567 3 - 5 years 398,180 More than 5 years 1,033,218 Total Purchase Obligations $ 2,156,889 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Derivative Instruments | The total notional amounts of CNX's derivative instruments were as follows: March 31, December 31, Forecasted to 2020 2019 Settle Through Natural Gas Commodity Swaps (Bcf) 1,387.1 1,460.6 2025 Natural Gas Basis Swaps (Bcf) 1,235.9 1,290.4 2025 Interest Rate Swaps $ 585,000 $ 160,000 2028 |
Schedule of Derivative Assets at Fair Value | The gross fair value of CNX's derivative instruments was as follows: March 31, December 31, 2020 2019 Current Assets: Commodity Derivative Instruments: Commodity Swaps $ 296,834 $ 234,238 Basis Only Swaps 15,718 13,556 Interest Rate Swaps 197 — Total Current Assets $ 312,749 $ 247,794 Other Assets: Commodity Derivative Instruments: Commodity Swaps $ 244,501 $ 288,543 Basis Only Swaps 12,396 25,553 Interest Rate Swaps 1,214 — Total Other Assets $ 258,111 $ 314,096 Current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 5,028 $ 345 Basis Only Swaps 41,069 40,626 Interest Rate Swaps 2,961 495 Total Current Liabilities $ 49,058 $ 41,466 Non-current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 23,018 $ 9,693 Basis Only Swaps 130,572 105,445 Interest Rate Swaps 10,308 724 Total Non-current Liabilities $ 163,898 $ 115,862 |
Schedule of Derivative Liabilities at Fair Value | The gross fair value of CNX's derivative instruments was as follows: March 31, December 31, 2020 2019 Current Assets: Commodity Derivative Instruments: Commodity Swaps $ 296,834 $ 234,238 Basis Only Swaps 15,718 13,556 Interest Rate Swaps 197 — Total Current Assets $ 312,749 $ 247,794 Other Assets: Commodity Derivative Instruments: Commodity Swaps $ 244,501 $ 288,543 Basis Only Swaps 12,396 25,553 Interest Rate Swaps 1,214 — Total Other Assets $ 258,111 $ 314,096 Current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 5,028 $ 345 Basis Only Swaps 41,069 40,626 Interest Rate Swaps 2,961 495 Total Current Liabilities $ 49,058 $ 41,466 Non-current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 23,018 $ 9,693 Basis Only Swaps 130,572 105,445 Interest Rate Swaps 10,308 724 Total Non-current Liabilities $ 163,898 $ 115,862 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The effect of commodity derivative instruments on the Company's Consolidated Statements of Income was as follows: For the Three Months Ended March 31, 2020 2019 Cash Received (Paid) in Settlement of Commodity Derivative Instruments: Natural Gas: Commodity Swaps $ 157,579 $ (26,950) Basis Swaps (6,418) (14,432) Total Cash Received (Paid) in Settlement of Commodity Derivative Instruments 151,161 (41,382) Unrealized Gain (Loss) on Commodity Derivative Instruments: Natural Gas: Commodity Swaps 545 (50,761) Basis Swaps (36,564) (103,233) Total Unrealized Loss on Commodity Derivative Instruments (36,019) (153,994) Gain (Loss) on Commodity Derivative Instruments: Natural Gas: Commodity Swaps 158,124 (77,711) Basis Swaps (42,982) (117,665) Total Gain (Loss) on Commodity Derivative Instruments $ 115,142 $ (195,376) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The financial instrument measured at fair value on a recurring basis is summarized below: Fair Value Measurements at March 31, 2020 Fair Value Measurements at December 31, 2019 Description Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Gas Derivatives $ — $ 369,762 $ — $ — $ 405,781 $ — Interest Rate Swaps $ — $ (11,858) $ — $ — $ (1,219) $ — |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: March 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Cash and Cash Equivalents $ 31,833 $ 31,833 $ 16,283 $ 16,283 Long-Term Debt (Excluding Debt Issuance Costs) $ 2,676,617 $ 2,308,846 $ 2,763,433 $ 2,619,676 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 Sheets that were for the use or obligation of CNXM: March 31, December 31, 2020 2019 Assets: Cash $ 5,235 $ 31 Receivables - Related Party 21,714 21,076 Receivables - Third Party 4,980 7,935 Other Current Assets 2,064 1,976 Property, Plant and Equipment, net 1,200,544 1,195,591 Operating Lease ROU Asset 3,225 4,731 Other Assets 2,945 3,262 Total Assets $ 1,240,707 $ 1,234,602 Liabilities: Accounts Payable and Accrued Liabilities $ 32,223 $ 67,290 Accounts Payable - Related Party 51,688 4,787 Revolving Credit Facility 347,000 311,750 Long-Term Debt 394,399 394,162 Long-Term Liabilities - Related Party 85,000 — Total Liabilities $ 910,310 $ 777,989 The following table summarizes CNXM's Consolidated Statements of Operations and Cash Flows, inclusive of affiliate amounts: For the Three Months Ended March 31, 2020 2019 Revenue Gathering Revenue - Related Party $ 62,178 $ 53,776 Gathering Revenue - Third Party 17,953 18,443 Miscellaneous Income 65 — Total Revenue 80,196 72,219 Expenses Operating Expense - Related Party 3,828 5,548 Operating Expense - Third Party 8,596 5,974 General and Administrative Expense - Related Party 2,857 3,967 General and Administrative Expense - Third Party 2,765 1,536 (Gain) Loss on Asset Sales and Abandonments (11) 7,229 Depreciation Expense 7,578 5,650 Interest Expense 8,793 7,339 Total Expense 34,406 37,243 Net Income $ 45,790 $ 34,976 Net Cash Provided by Operating Activities $ 40,123 $ 49,913 Net Cash Used in Investing Activities $ (32,659) $ (78,557) Net Cash (Used in) Provided by Financing Activities $ (2,260) $ 24,748 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Industry Segment Results | Industry segment results for the three months ended March 31, 2020: Marcellus Utica Shale Coalbed Methane Other Total Midstream Unallocated Intercompany Eliminations Consolidated Natural Gas, NGL and Oil Revenue $ 179,044 $ 41,450 $ 30,723 $ 277 $ 251,494 $ — $ — $ — $ 251,494 (A) Purchased Gas Revenue — — — 26,359 26,359 — — — 26,359 Midstream Revenue — — — — — 80,341 — (61,935) 18,406 Gain on Commodity Derivative Instruments 68,452 18,000 9,687 19,003 115,142 — — — 115,142 Other Operating Income — — — 5,466 5,466 — — (508) 4,958 (B) Total Revenue and Other Operating Income $ 247,496 $ 59,450 $ 40,410 $ 51,105 $ 398,461 $ 80,341 $ — $ (62,443) $ 416,359 Total Operating Expense $ 183,172 $ 48,817 $ 34,254 $ 138,585 $ 404,828 $ 500,915 $ — $ (62,443) $ 843,300 (C) Earnings (Loss) Before Income Tax $ 64,324 $ 10,633 $ 6,156 $ (127,666) $ (46,553) $ (429,544) $ 18,293 $ — $ (457,804) Segment Assets $ 6,785,652 $ 1,754,819 $ 147,094 $ (158,615) $ 8,528,950 (D) Depreciation, Depletion and Amortization $ 119,152 $ 10,012 $ — $ — $ 129,164 Capital Expenditures $ 119,393 $ 32,656 $ — $ — $ 152,049 (A) Included in Total Natural Gas, NGL and Oil Revenue are sales of $45,656 to Direct Energy Business Marketing LLC and $32,176 to NJR Energy Services Company, each of which comprises over 10% of revenue from contracts with external customers for the period. (B) Includes equity in loss of unconsolidated affiliates of $161 for Total E&P. (C) Included in Marcellus and Utica are $59,176 and $2,759, respectively of intercompany gathering fees. Included in Midstream is a goodwill impairment charge of $473,045 (See Note 6 - Goodwill and Other Intangible Assets for more information). (D) Includes investments in unconsolidated equity affiliates of $16,549 for Total E&P. Industry segment results for the three months ended March 31, 2019: Marcellus Utica Shale Coalbed Methane Other Total Midstream Unallocated Intercompany Eliminations Consolidated Natural Gas, NGL and Oil Revenue $ 293,257 $ 92,951 $ 49,835 $ (97) $ 435,946 $ — $ — $ — $ 435,946 (D) Purchased Gas Revenue — — — 16,221 16,221 — — — 16,221 Midstream Revenue — — — — — 72,569 — (54,126) 18,443 Loss on Commodity Derivative Instruments (27,458) (9,601) (4,302) (154,015) (195,376) — — — (195,376) Other Operating Income — — — 3,258 3,258 — — (61) 3,197 (E) Total Revenue and Other Operating Income $ 265,799 $ 83,350 $ 45,533 $ (134,633) $ 260,049 $ 72,569 $ — $ (54,187) $ 278,431 Total Operating Expense $ 178,868 $ 50,333 $ 32,634 $ 76,217 $ 338,052 $ 24,962 $ — $ (54,187) $ 308,827 (F) Earnings (Loss) Before Income Tax $ 86,931 $ 33,017 $ 12,899 $ (239,277) $ (106,430) $ 32,584 $ (2,364) $ — $ (76,210) Segment Assets $ 6,638,207 $ 2,011,616 $ 137,564 $ (10,026) $ 8,777,361 (G) Depreciation, Depletion and Amortization $ 117,075 $ 8,086 $ — $ — $ 125,161 Capital Expenditures $ 223,791 $ 75,347 $ — $ — $ 299,138 (D) Included in Total Natural Gas, NGL and Oil Revenue are sales of $67,769 to Direct Energy Business Marketing LLC and $66,001 to NJR Energy Services Company, each of which comprises over 10% of revenue from contracts with external customers for the period. (E) Includes equity in earnings of unconsolidated affiliates of $503 for Total E&P. (F) Included in Marcellus and Utica are $53,462 and $664, respectively of intercompany gathering fees. (G) Includes investments in unconsolidated equity affiliates of $17,860 for Total E&P. |
Reconciliation of Revenue from Segments to Consolidated | Revenue and Other Operating Income For the Three Months Ended March 31, 2020 2019 Total Segment Revenue from Contracts with External Customers $ 296,259 $ 470,610 Gain (Loss) on Commodity Derivative Instruments 115,142 (195,376) Other Operating Income 4,958 3,197 Total Consolidated Revenue and Other Operating Income $ 416,359 $ 278,431 |
Reconciliation of Revenue and Operating Income from Segments to Consolidated | Loss Before Income Tax: For the Three Months Ended March 31, 2020 2019 Segment Earnings (Loss) Before Income Taxes for Reportable Business Segments: E&P $ (46,553) $ (106,430) Midstream (429,544) 32,584 Total Segment Earnings (Loss) Before Income Taxes for Reportable Business Segments $ (476,097) $ (73,846) Unallocated Expenses: Other (Expense) Income (5,013) 1,030 Gain on Certain Asset Sales 12,043 4,143 Gain (Loss) on Debt Extinguishment 11,263 (7,537) Loss Before Income Tax $ (457,804) $ (76,210) |
Reconciliation of Assets and Liabilities from Segment to Consolidated | Total Assets: March 31, 2020 2019 Segment Assets for Total Reportable Business Segments: E&P $ 6,785,652 $ 6,638,207 Midstream 1,754,819 2,011,616 Intercompany Eliminations (158,615) (10,026) Items Excluded from Segment Assets: Cash and Cash Equivalents 31,833 23,972 Recoverable Income Taxes 115,261 113,592 Total Consolidated Assets $ 8,528,950 $ 8,777,361 |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Cash and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and Cash Equivalents | $ 31,833 | $ 16,283 | $ 23,972 | |
Restricted Cash, Current Portion | 853 | 0 | ||
Restricted Cash, Less Current Portion | 5,340 | 0 | 0 | |
Total Cash, Cash Equivalents, and Restricted Cash | $ 38,026 | $ 16,283 | $ 23,972 | $ 17,198 |
Basis of Presentation - Sched_2
Basis of Presentation - Schedule of Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts Receivable - Trade | $ 91,608 | $ 133,480 |
Allowance for Credit Losses | (131) | 0 |
Accounts Receivable - Trade, net | 91,477 | 133,480 |
Other Receivables | 15,868 | 16,142 |
Allowance for Credit Losses | (5,029) | (2,463) |
Other Receivables, net | $ 10,839 | $ 13,679 |
Earnings Per Share - Anti-Dilut
Earnings Per Share - Anti-Dilutive Options and Units Excluded from Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 7,667,526 | 7,932,570 |
Anti-Dilutive Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 4,274,552 | 4,756,292 |
Anti-Dilutive Restricted Stock Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 2,007,960 | 1,708,610 |
Anti-Dilutive Performance Share Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 457,746 | 540,400 |
Anti-Dilutive Performance Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 927,268 | 927,268 |
Earnings Per Share - Share-base
Earnings Per Share - Share-based Compensation (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total exercised or released (in shares) | 615,599 | 814,599 |
Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options exercised (in shares) | 0 | 13,748 |
Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options exercised (in shares) | 340,883 | 457,969 |
Performance Share Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options exercised (in shares) | 274,716 | 342,882 |
Earnings Per Share - Earnings P
Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator: | ||
Net Loss | $ (305,222) | $ (64,651) |
Less: Net Income Attributable to Noncontrolling Interest | 23,864 | 22,686 |
Net Loss Attributable to CNX Resources Shareholders | $ (329,086) | $ (87,337) |
Denominator: | ||
Weighted-average shares of common stock outstanding (in shares) | 186,918,361 | 197,475,702 |
Effect of dilutive shares (in shares) | 0 | 0 |
Weighted-average diluted shares of common stock outstanding (in shares) | 186,918,361 | 197,475,702 |
Loss per Share | ||
Basic (in usd per share) | $ (1.76) | $ (0.44) |
Diluted (in usd per share) | $ (1.76) | $ (0.44) |
Revenue From Contracts With C_3
Revenue From Contracts With Customers - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Payment terms for contract with customers | 25 days | |
Receivables related to contracts with customers | $ 91,477 | $ 133,480 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Gain (Loss) on Commodity Derivative Instruments | $ 115,142 | $ (195,376) |
Other Operating Income | 4,958 | 3,197 |
Total Revenue | 416,359 | 278,431 |
Natural Gas Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 229,599 | 403,687 |
NGL Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 19,412 | 29,766 |
Condensate Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,901 | 2,327 |
Oil Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 582 | 166 |
Total Natural Gas, NGL and Oil Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 251,494 | 435,946 |
Purchased Gas Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 26,359 | 16,221 |
Midstream Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | $ 18,406 | $ 18,443 |
Revenue From Contracts With C_5
Revenue From Contracts With Customers - Performance Obligation (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligations | $ 145,670 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligations | $ 41,981 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligations | $ 48,783 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations, expected timing of satisfaction | 1 year |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Effective tax rate, percentage | 33.30% | 15.20% | |
AMT tax credit refund | $ 102,482,000 | ||
Total amount of uncertain tax positions | 31,516,000 | $ 31,516,000 | |
Unrecognized tax benefits that would impact effective tax rate | 31,516,000 | 31,516,000 | |
Accrued interest liability | $ 0 | $ 0 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Abstract] | ||
Intangible Drilling Cost | $ 4,764,284 | $ 4,688,497 |
Gas Gathering Equipment | 2,477,889 | 2,463,866 |
Proved Gas Properties | 1,209,521 | 1,208,046 |
Gas Wells and Related Equipment | 1,067,318 | 1,042,000 |
Unproved Gas Properties | 756,151 | 755,590 |
Surface Land and Other Equipment | 225,074 | 226,285 |
Other | 191,279 | 187,722 |
Total Property, Plant and Equipment | 10,691,516 | 10,572,006 |
Less: Accumulated Depreciation, Depletion and Amortization | 3,622,413 | 3,435,431 |
Total Property, Plant and Equipment—Net | $ 7,069,103 | $ 7,136,575 |
Property, Plant, and Equipment
Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Impairment of Exploration and Production Properties | $ 61,849 | $ 0 |
Pinebank Facility | ||
Property, Plant and Equipment [Line Items] | ||
Impairment of Exploration and Production Properties | $ 61,849 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Dec. 31, 2017 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Jan. 03, 2018 | |
Goodwill [Line Items] | |||||
Goodwill | $ 323,314 | $ 796,359 | |||
Impairment of Goodwill | $ 473,045 | $ 0 | |||
Useful life, customer relationship intangible assets | 17 years | ||||
Amortization expense | $ 1,638 | $ 1,638 | |||
Estimated annual amortization expense, Year 2021 | 6,552 | ||||
Estimated annual amortization expense, Year 2022 | 6,552 | ||||
Estimated annual amortization expense, Year 2023 | 6,552 | ||||
Estimated annual amortization expense, Year 2024 | 6,552 | ||||
Estimated annual amortization expense, Year 2025 | $ 6,552 | ||||
CNX Gathering LLC | |||||
Goodwill [Line Items] | |||||
Ownership percentage in equity method investment | 50.00% | 100.00% | |||
Midstream Acquisition | |||||
Goodwill [Line Items] | |||||
Cash consideration transferred | $ 305,000 | ||||
Fair value of previously held equity interest | $ 799,033 | ||||
Goodwill | $ 323,314 | $ 796,359 | |||
Other intangible assets | $ 128,781 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Goodwill [Roll Forward] | ||
December 31, 2019 | $ 796,359 | |
Impairment of Goodwill | 473,045 | $ 0 |
March 31, 2020 | $ 323,314 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Gross Amortizable Asset - Customer Relationships | $ 109,752 | $ 109,752 |
Less: Accumulated Amortization - Customer Relationships | 14,743 | 13,105 |
Total Other Intangible Assets, net | $ 95,009 | $ 96,647 |
Revolving Credit Facilities (De
Revolving Credit Facilities (Details) | 1 Months Ended | 3 Months Ended | |||
Apr. 30, 2019USD ($) | Mar. 31, 2020USD ($) | Apr. 27, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | |
Short-term Debt [Line Items] | |||||
Number of days outstanding, prior to springing maturity date | 91 days | ||||
Value of proved reserves, percentage to mortgage | 80.00% | ||||
Value of proved developing producing reserves, percentage to mortgage | 80.00% | ||||
Revolving Credit Facility | |||||
Short-term Debt [Line Items] | |||||
Debt instrument, face amount | $ 2,100,000,000 | $ 160,000,000 | |||
Accordion feature, increased commitment | 3,000,000,000 | ||||
Initial borrowing base | 2,100,000,000 | ||||
Letters of credit aggregate sub-limit | $ 650,000,000 | ||||
Net leverage ratio | 3 | ||||
Percentage of aggregate commitments available under credit facility | 15.00% | ||||
Minimum threshold to activate springing maturity date | $ 500,000,000 | ||||
Minimum current ratio | 1 | ||||
Borrowings outstanding | $ 437,000,000 | $ 661,000,000 | |||
Letters of credit outstanding | 204,839,000 | 204,726,000 | |||
Borrowings and issuance of letters of credit remaining capacity | $ 1,458,161,000 | 1,234,274,000 | |||
Revolving Credit Facility | Subsequent Event | |||||
Short-term Debt [Line Items] | |||||
Initial borrowing base | $ 1,900,000,000 | ||||
Maximum | Revolving Credit Facility | |||||
Short-term Debt [Line Items] | |||||
Net leverage ratio | 4 | ||||
5.875% Senior Notes due 2022 | |||||
Short-term Debt [Line Items] | |||||
Stated rate, debt instrument | 5.875% | ||||
CNXM | Revolving Credit Facility | |||||
Short-term Debt [Line Items] | |||||
Letters of credit aggregate sub-limit | $ 600,000,000 | ||||
Borrowings outstanding | $ 347,000,000 | 311,750,000 | |||
Borrowings and issuance of letters of credit remaining capacity | $ 253,000,000 | ||||
Increase in available borrowings | $ 250,000,000 | ||||
Secured leverage ratio | 3 | ||||
Total leverage ratio | 4 | ||||
Pro forma availability of commitments, percentage | 20.00% | ||||
Basket for repurchase of LP units tied to Available Cash, annual limit | $ 150,000,000 | ||||
Basket for repurchase of LP units tied to Available Cash, lifetime limit | 200,000,000 | ||||
Maximum borrowing capacity, letters of credit | $ 100,000,000 | ||||
Interest coverage ratio | 2.50 | ||||
Revolving credit available for borrowing | $ 288,250,000 | ||||
CNXM | Minimum | Revolving Credit Facility | |||||
Short-term Debt [Line Items] | |||||
Total leverage ratio | 4.75 | ||||
Maximum net leverage ratio | 5.25 | ||||
CNXM | Maximum | Revolving Credit Facility | |||||
Short-term Debt [Line Items] | |||||
Secured leverage ratio | 3.50 | ||||
Total leverage ratio | 5.25 | ||||
Maximum net leverage ratio | 5.50 | ||||
CNXM | 5.875% Senior Notes due 2022 | Minimum | |||||
Short-term Debt [Line Items] | |||||
Debt instrument, face amount | $ 150,000,000 | ||||
CNXM | 5.875% Senior Notes due 2022 | Maximum | |||||
Short-term Debt [Line Items] | |||||
Debt instrument, face amount | $ 150,000,000 | ||||
Federal Funds Open Rate | |||||
Short-term Debt [Line Items] | |||||
Basis spread on variable rate | 0.50% | ||||
Federal Funds Open Rate | CNXM | |||||
Short-term Debt [Line Items] | |||||
Basis spread on variable rate | 0.50% | ||||
One-Month LIBOR | |||||
Short-term Debt [Line Items] | |||||
Basis spread on variable rate | 1.00% | ||||
One-Month LIBOR | Minimum | |||||
Short-term Debt [Line Items] | |||||
Basis spread on variable rate | 0.25% | ||||
One-Month LIBOR | Maximum | |||||
Short-term Debt [Line Items] | |||||
Basis spread on variable rate | 1.25% | ||||
One-Month LIBOR | CNXM | |||||
Short-term Debt [Line Items] | |||||
Basis spread on variable rate | 1.00% | ||||
One-Month LIBOR | CNXM | Minimum | |||||
Short-term Debt [Line Items] | |||||
Basis spread on variable rate | 0.50% | ||||
One-Month LIBOR | CNXM | Maximum | |||||
Short-term Debt [Line Items] | |||||
Basis spread on variable rate | 1.50% | ||||
London Interbank Offered Rate (LIBOR) | Minimum | |||||
Short-term Debt [Line Items] | |||||
Basis spread on variable rate | 1.25% | ||||
London Interbank Offered Rate (LIBOR) | Maximum | |||||
Short-term Debt [Line Items] | |||||
Basis spread on variable rate | 2.25% | ||||
London Interbank Offered Rate (LIBOR) | CNXM | Minimum | |||||
Short-term Debt [Line Items] | |||||
Basis spread on variable rate | 1.50% | ||||
London Interbank Offered Rate (LIBOR) | CNXM | Maximum | |||||
Short-term Debt [Line Items] | |||||
Basis spread on variable rate | 2.50% |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Royalties | $ 70,803 | $ 74,061 |
Accrued Interest | 25,800 | 30,862 |
Transportation Charges | 22,355 | 16,533 |
Deferred Revenue | 12,123 | 13,964 |
Short-Term Incentive Compensation | 2,626 | 21,030 |
Accrued Other Taxes | 9,385 | 9,115 |
Accrued Payroll & Benefits | 6,209 | 6,248 |
Other | 41,145 | 37,610 |
Current Portion of Long-Term Liabilities: | ||
Asset Retirement Obligations | 5,076 | 5,076 |
Salary Retirement | 1,608 | 1,587 |
Total Other Accrued Liabilities | $ 197,130 | $ 216,086 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2019 | Mar. 31, 2019 |
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 2,660,599,000 | $ 2,754,443,000 | ||
Less: Unamortized Debt Issuance Costs | 16,018,000 | 8,990,000 | ||
Less: Amounts Due in One Year | 20,451,000 | 0 | ||
Long-Term Debt | $ 2,640,148,000 | 2,754,443,000 | ||
Senior Notes due April 2022 | ||||
Debt Instrument [Line Items] | ||||
Stated rate, debt instrument | 5.875% | 5.875% | ||
Debt instrument, face amount | $ 822,973,000 | 894,307,000 | ||
Debt instrument, unamortized premium | 822,000 | 1,001,000 | ||
Long-term debt, gross | $ 823,795,000 | 895,308,000 | ||
Senior Notes due March 2027 | ||||
Debt Instrument [Line Items] | ||||
Stated rate, debt instrument | 7.25% | 7.25% | ||
Debt instrument, face amount | $ 500,000,000 | |||
Long-term debt, gross | $ 500,000,000 | 500,000,000 | ||
Senior Notes due March 2026 | ||||
Debt Instrument [Line Items] | ||||
Stated rate, debt instrument | 6.50% | |||
Debt instrument, face amount | $ 400,000,000 | 400,000,000 | ||
Debt instrument, unamortized discount | 4,438,000 | 4,625,000 | ||
Long-term debt, gross | 395,562,000 | 395,375,000 | ||
Cardinal States Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, unamortized discount | 1,243,000 | |||
CSG Holdings Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, unamortized discount | 497,000 | |||
Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 175,000,000 | |||
Line of Credit | Cardinal States Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility maximum borrowing capacity | 125,000,000 | |||
Long-term debt, gross | 123,757,000 | 0 | ||
Line of Credit | CSG Holdings Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility maximum borrowing capacity | 50,000,000 | |||
Long-term debt, gross | 49,503,000 | 0 | ||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 160,000,000 | $ 2,100,000,000 | ||
Line of credit facility maximum borrowing capacity | $ 650,000,000 | |||
Revolving Credit Facility | CNX Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | 437,000,000 | 661,000,000 | ||
Revolving Credit Facility | CNX Midstream Partners LP Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 347,000,000 | $ 311,750,000 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Gain (loss) on extinguishment of debt | $ 11,263,000 | $ (7,537,000) | |
Line of Credit | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 175,000,000 | ||
Cardinal States Facility | Line of Credit | |||
Debt Instrument [Line Items] | |||
Line of credit facility maximum borrowing capacity | $ 125,000,000 | ||
Cardinal States Facility | Line of Credit | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 4.50% | ||
CSG Holdings Facility | Line of Credit | |||
Debt Instrument [Line Items] | |||
Line of credit facility maximum borrowing capacity | $ 50,000,000 | ||
CSG Holdings Facility | Line of Credit | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 6.75% | ||
Senior Notes due April 2022 | |||
Debt Instrument [Line Items] | |||
Stated rate, debt instrument | 5.875% | 5.875% | |
Gain (loss) on extinguishment of debt | $ 11,263,000 | $ (7,537,000) | |
Debt instrument, face amount | 822,973,000 | $ 894,307,000 | |
Purchase of outstanding debt | $ 71,334,000 | $ 400,000,000 | |
Senior Notes due March 2027 | |||
Debt Instrument [Line Items] | |||
Stated rate, debt instrument | 7.25% | 7.25% | |
Debt instrument, face amount | $ 500,000,000 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Amount of Commitment Expiration Per Period (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | $ 310,911 |
Less Than 1 Year | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 306,871 |
1-3 Years | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 4,040 |
3-5 Years | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Beyond 5 Years | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Standby Letters of Credit | Firm Transportation | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 197,889 |
Standby Letters of Credit | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 6,950 |
Standby Letters of Credit | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 204,839 |
Standby Letters of Credit | Less Than 1 Year | Firm Transportation | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 196,917 |
Standby Letters of Credit | Less Than 1 Year | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 6,950 |
Standby Letters of Credit | Less Than 1 Year | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 203,867 |
Standby Letters of Credit | 1-3 Years | Firm Transportation | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 972 |
Standby Letters of Credit | 1-3 Years | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Standby Letters of Credit | 1-3 Years | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 972 |
Standby Letters of Credit | 3-5 Years | Firm Transportation | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Standby Letters of Credit | 3-5 Years | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Standby Letters of Credit | 3-5 Years | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Standby Letters of Credit | Beyond 5 Years | Firm Transportation | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Standby Letters of Credit | Beyond 5 Years | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Standby Letters of Credit | Beyond 5 Years | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 9,322 |
Surety Bond | Employee-Related | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 2,600 |
Surety Bond | Environmental | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 12,480 |
Surety Bond | Financial Guarantees | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 81,670 |
Surety Bond | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 106,072 |
Surety Bond | Less Than 1 Year | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 8,129 |
Surety Bond | Less Than 1 Year | Employee-Related | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 2,600 |
Surety Bond | Less Than 1 Year | Environmental | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 10,605 |
Surety Bond | Less Than 1 Year | Financial Guarantees | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 81,670 |
Surety Bond | Less Than 1 Year | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 103,004 |
Surety Bond | 1-3 Years | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 1,193 |
Surety Bond | 1-3 Years | Employee-Related | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | 1-3 Years | Environmental | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 1,875 |
Surety Bond | 1-3 Years | Financial Guarantees | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | 1-3 Years | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 3,068 |
Surety Bond | 3-5 Years | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | 3-5 Years | Employee-Related | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | 3-5 Years | Environmental | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | 3-5 Years | Financial Guarantees | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | 3-5 Years | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | Beyond 5 Years | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | Beyond 5 Years | Employee-Related | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | Beyond 5 Years | Environmental | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | Beyond 5 Years | Financial Guarantees | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | Beyond 5 Years | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | $ 0 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Unrecorded Unconditional Purchase Obligation (Details) - Purchase Commitment $ in Thousands | Mar. 31, 2020USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Less than 1 year | $ 249,924 |
1 - 3 years | 475,567 |
3 - 5 years | 398,180 |
More than 5 years | 1,033,218 |
Total Purchase Obligations | $ 2,156,889 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Apr. 30, 2019 | |
Derivative [Line Items] | |||||
Change in unrealized gain (loss) on hedged item | $ (10,639,000) | $ 0 | |||
Cash Received (Paid) in Settlement of Commodity Derivative Instruments: | 151,161,000 | $ (41,382,000) | |||
Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Derivative notional amount | $ 585,000,000 | 585,000,000 | $ 160,000,000 | ||
Interest Rate Swap | Interest Expense | |||||
Derivative [Line Items] | |||||
Cash paid on settlement of derivatives | (57,000) | ||||
Change in unrealized gain (loss) on hedged item | (10,639,000) | ||||
Gain (loss) on derivative, net | $ (10,696,000) | ||||
Interest Rate Swap on Line of Credit | Long | |||||
Derivative [Line Items] | |||||
Put option | 0.25% | 0.25% | |||
Interest Rate Swap on Revolving Credit Facility | Long | |||||
Derivative [Line Items] | |||||
Put option | 0.00% | 0.00% | |||
Term of derivative contract | 4 years | ||||
Derivative notional amount | $ 250,000,000 | $ 250,000,000 | |||
NYMEX Commodity Swaps | Natural Gas | |||||
Derivative [Line Items] | |||||
Cash Received (Paid) in Settlement of Commodity Derivative Instruments: | 54,982,000 | ||||
Line of Credit | |||||
Derivative [Line Items] | |||||
Credit facility, face amount | 175,000,000 | 175,000,000 | |||
Revolving Credit Facility | |||||
Derivative [Line Items] | |||||
Credit facility, face amount | $ 160,000,000 | $ 160,000,000 | $ 2,100,000,000 | ||
Credit facility, modification period | 3 years |
Derivative Instruments - Notion
Derivative Instruments - Notional Amounts of Derivative Instruments (Details) $ in Thousands, Mcf in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020USD ($)Mcf | Dec. 31, 2019USD ($)Mcf | |
Commodity Member | ||
Derivative [Line Items] | ||
Notional amount | 1,387.1 | 1,460.6 |
Basis Swap | ||
Derivative [Line Items] | ||
Notional amount | 1,235.9 | 1,290.4 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative notional amount | $ | $ 585,000 | $ 160,000 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Total Current Assets | $ 312,749 | $ 247,794 |
Total Other Assets | 258,111 | 314,096 |
Total Current Liabilities | 49,058 | 41,466 |
Total Non-current Liabilities | 163,898 | 115,862 |
Commodity Swap | ||
Derivative [Line Items] | ||
Total Current Assets | 296,834 | 234,238 |
Total Other Assets | 244,501 | 288,543 |
Total Current Liabilities | 5,028 | 345 |
Total Non-current Liabilities | 23,018 | 9,693 |
Basis Swap | ||
Derivative [Line Items] | ||
Total Current Assets | 15,718 | 13,556 |
Total Other Assets | 12,396 | 25,553 |
Total Current Liabilities | 41,069 | 40,626 |
Total Non-current Liabilities | 130,572 | 105,445 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Total Current Assets | 197 | 0 |
Total Other Assets | 1,214 | 0 |
Total Current Liabilities | 2,961 | 495 |
Total Non-current Liabilities | $ 10,308 | $ 724 |
Derivative Instruments - The Ef
Derivative Instruments - The Effect of Derivative Instruments on the Consolidated Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative [Line Items] | ||
Cash Received (Paid) in Settlement of Commodity Derivative Instruments: | $ 151,161 | $ (41,382) |
Unrealized Gain (Loss) on Commodity Derivative Instruments: | (36,019) | (153,994) |
Gain (Loss) on Commodity Derivative Instruments: | 115,142 | (195,376) |
Natural Gas | Commodity Swap | ||
Derivative [Line Items] | ||
Cash Received (Paid) in Settlement of Commodity Derivative Instruments: | 157,579 | (26,950) |
Unrealized Gain (Loss) on Commodity Derivative Instruments: | 545 | (50,761) |
Gain (Loss) on Commodity Derivative Instruments: | 158,124 | (77,711) |
Natural Gas | Basis Swap | ||
Derivative [Line Items] | ||
Cash Received (Paid) in Settlement of Commodity Derivative Instruments: | (6,418) | (14,432) |
Unrealized Gain (Loss) on Commodity Derivative Instruments: | (36,564) | (103,233) |
Gain (Loss) on Commodity Derivative Instruments: | $ (42,982) | $ (117,665) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Inputs, Level 1 | Gas Derivatives | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Gas Derivatives | $ 0 | $ 0 |
Fair Value, Inputs, Level 1 | Interest Rate Swaps | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Gas Derivatives | 0 | 0 |
Fair Value, Inputs, Level 2 | Gas Derivatives | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Gas Derivatives | 369,762 | 405,781 |
Fair Value, Inputs, Level 2 | Interest Rate Swaps | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Gas Derivatives | (11,858) | (1,219) |
Fair Value, Inputs, Level 3 | Gas Derivatives | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Gas Derivatives | 0 | 0 |
Fair Value, Inputs, Level 3 | Interest Rate Swaps | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Gas Derivatives | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Fair Value Disclosures (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and Cash Equivalents | $ 31,833 | $ 16,283 | $ 23,972 |
Long-Term Debt (Excluding Debt Issuance Costs) | 2,660,599 | 2,754,443 | |
Long-term Debt, Fair Value | 2,308,846 | 2,619,676 | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and Cash Equivalents | 31,833 | 16,283 | |
Long-Term Debt (Excluding Debt Issuance Costs) | $ 2,676,617 | $ 2,763,433 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands, shares in Millions | Jan. 01, 2022 | Jan. 29, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | |||||
Payable to affiliates | $ 20,085 | $ 16,362 | |||
Common Units | Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Units of partnership interest (in shares) | 47.7 | ||||
Common Units | Variable Interest Entity, Primary Beneficiary | Forecast | Subsequent Event | |||||
Variable Interest Entity [Line Items] | |||||
Units of partnership interest (in shares) | 50.7 | ||||
IDR Elimination Transaction | Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Incentive distribution receivable, due 2020 | 50,000 | ||||
Incentive distribution receivable, due 2021 | 50,000 | ||||
Incentive distribution receivable, due 2022 | $ 35,000 | ||||
IDR Elimination Transaction | Variable Interest Entity, Primary Beneficiary | Forecast | Subsequent Event | |||||
Variable Interest Entity [Line Items] | |||||
Amount of consideration received | $ 135,000 | ||||
IDR Elimination Transaction | Common Units | Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Equity interests issued | 26 | ||||
IDR Elimination Transaction | Capital Unit, Class B | Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Equity interests issued | 3 | ||||
Limited Partner | Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Variable interest entity, ownership percentage | 53.00% | 34.00% | |||
Limited Partner | Variable Interest Entity, Primary Beneficiary | Forecast | Subsequent Event | |||||
Variable Interest Entity [Line Items] | |||||
Variable interest entity, ownership percentage | 56.50% | ||||
General Partner | Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Variable interest entity, ownership percentage | 100.00% | ||||
General Partner | CNX Midstream GP LLC | IDR Elimination Transaction | Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Variable interest entity, ownership percentage | 2.00% |
Variable Interest Entities Bala
Variable Interest Entities Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Assets: | |||
Current assets | $ 586,053 | $ 498,101 | |
TOTAL ASSETS | 8,528,950 | 9,060,806 | $ 8,777,361 |
Liabilities: | |||
Current liabilities | 500,351 | 528,939 | |
TOTAL LIABILITIES | 3,884,240 | 4,098,497 | |
Variable Interest Entity, Primary Beneficiary | |||
Assets: | |||
TOTAL ASSETS | 1,240,707 | 1,234,602 | |
Liabilities: | |||
TOTAL LIABILITIES | 910,310 | 777,989 | |
Cash | Variable Interest Entity, Primary Beneficiary | |||
Assets: | |||
Current assets | 5,235 | 31 | |
Receivables - Related Party | Variable Interest Entity, Primary Beneficiary | |||
Assets: | |||
Current assets | 21,714 | 21,076 | |
Receivables - Third Party | Variable Interest Entity, Primary Beneficiary | |||
Assets: | |||
Current assets | 4,980 | 7,935 | |
Other Current Assets | Variable Interest Entity, Primary Beneficiary | |||
Assets: | |||
Current assets | 2,064 | 1,976 | |
Property, Plant and Equipment, net | Variable Interest Entity, Primary Beneficiary | |||
Assets: | |||
Noncurrent assets | 1,200,544 | 1,195,591 | |
Operating Lease ROU Asset | Variable Interest Entity, Primary Beneficiary | |||
Assets: | |||
Noncurrent assets | 3,225 | 4,731 | |
Other Assets | Variable Interest Entity, Primary Beneficiary | |||
Assets: | |||
Noncurrent assets | 2,945 | 3,262 | |
Accounts Payable and Accrued Liabilities | Variable Interest Entity, Primary Beneficiary | |||
Liabilities: | |||
Current liabilities | 32,223 | 67,290 | |
Accounts Payable - Related Party | Variable Interest Entity, Primary Beneficiary | |||
Liabilities: | |||
Current liabilities | 51,688 | 4,787 | |
Revolving Credit Facility | Variable Interest Entity, Primary Beneficiary | |||
Liabilities: | |||
Current liabilities | 347,000 | 311,750 | |
Long-Term Debt | Variable Interest Entity, Primary Beneficiary | |||
Liabilities: | |||
Noncurrent liabilities | 394,399 | 394,162 | |
Long-Term Liabilities - Related Party | Variable Interest Entity, Primary Beneficiary | |||
Liabilities: | |||
Noncurrent liabilities | $ 85,000 | $ 0 |
Variable Interest Entities Stat
Variable Interest Entities Statement of Operations and Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Variable Interest Entity [Line Items] | ||
Miscellaneous Income | $ 4,958 | $ 3,197 |
Total Revenue | 416,359 | 278,431 |
(Gain) Loss on Asset Sales and Abandonments | (12,055) | 3,085 |
Interest Expense | 48,995 | 35,771 |
Total Costs and Expenses | 874,163 | 354,641 |
Net Loss Attributable to CNX Resources Shareholders | (329,086) | (87,337) |
Net Cash Provided by Operating Activities | 267,387 | 308,652 |
Net Cash Used in Investing Activities | (138,074) | (293,332) |
Net Cash (Used in) Provided by Financing Activities | (107,570) | (8,546) |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Gathering Revenue - Related Party | 62,178 | 53,776 |
Gathering Revenue - Third Party | 17,953 | 18,443 |
Miscellaneous Income | 65 | 0 |
Total Revenue | 80,196 | 72,219 |
Operating Expense - Related Party | 3,828 | 5,548 |
Operating Expense - Third Party | 8,596 | 5,974 |
General and Administrative Expense - Related Party | 2,857 | 3,967 |
General and Administrative Expense - Third Party | 2,765 | 1,536 |
(Gain) Loss on Asset Sales and Abandonments | (11) | 7,229 |
Depreciation Expense | 7,578 | 5,650 |
Interest Expense | 8,793 | 7,339 |
Total Costs and Expenses | 34,406 | 37,243 |
Net Loss Attributable to CNX Resources Shareholders | 45,790 | 34,976 |
Net Cash Provided by Operating Activities | 40,123 | 49,913 |
Net Cash Used in Investing Activities | (32,659) | (78,557) |
Net Cash (Used in) Provided by Financing Activities | $ (2,260) | $ 24,748 |
Segment Information (Details)
Segment Information (Details) - segment | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Number of divisions | 2 | |
CNX Gathering LLC | ||
Segment Reporting Information [Line Items] | ||
Ownership percentage in equity method investment | 100.00% | 50.00% |
E&P | ||
Segment Reporting Information [Line Items] | ||
Number of reportable segments | 4 |
Segment Information - Industry
Segment Information - Industry Segment Results (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Loss on Commodity Derivative Instruments | $ 115,142 | $ (195,376) | |
Other Operating Income | 4,958 | 3,197 | |
Total Revenue | 416,359 | 278,431 | |
Total Operating Expense | 843,300 | 308,827 | |
Earnings (Loss) Before Income Tax | (457,804) | (76,210) | |
Segment Assets | 8,528,950 | 8,777,361 | $ 9,060,806 |
Depreciation, Depletion and Amortization | 129,164 | 125,161 | |
Capital Expenditures | 152,049 | 299,138 | |
Equity in earnings of unconsolidated affiliates | (161) | 503 | |
Impairment of Goodwill | 473,045 | 0 | |
Direct Energy Business Marketing LLC | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 45,656 | 67,769 | |
NJR Energy Services Company | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 32,176 | 66,001 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 296,259 | 470,610 | |
Earnings (Loss) Before Income Tax | (476,097) | (73,846) | |
Equity in earnings of unconsolidated affiliates | 161 | 503 | |
Investments in unconsolidated equity affiliates | 16,549 | 17,860 | |
Corporate, Non-Segment | |||
Segment Reporting Information [Line Items] | |||
Loss on Commodity Derivative Instruments | 0 | 0 | |
Other Operating Income | 0 | 0 | |
Total Revenue | 0 | 0 | |
Total Operating Expense | 0 | 0 | |
Earnings (Loss) Before Income Tax | 18,293 | (2,364) | |
Segment Assets | 147,094 | 137,564 | |
Depreciation, Depletion and Amortization | 0 | 0 | |
Capital Expenditures | 0 | 0 | |
Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Loss on Commodity Derivative Instruments | 0 | 0 | |
Other Operating Income | (508) | (61) | |
Total Revenue | (62,443) | (54,187) | |
Total Operating Expense | (62,443) | (54,187) | |
Earnings (Loss) Before Income Tax | 0 | 0 | |
Segment Assets | (158,615) | (10,026) | |
Depreciation, Depletion and Amortization | 0 | 0 | |
Capital Expenditures | 0 | 0 | |
E&P | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Loss on Commodity Derivative Instruments | 115,142 | (195,376) | |
Other Operating Income | 5,466 | 3,258 | |
Total Revenue | 398,461 | 260,049 | |
Total Operating Expense | 404,828 | 338,052 | |
Earnings (Loss) Before Income Tax | (46,553) | (106,430) | |
Segment Assets | 6,785,652 | 6,638,207 | |
Depreciation, Depletion and Amortization | 119,152 | 117,075 | |
Capital Expenditures | 119,393 | 223,791 | |
E&P | Operating Segments | Reportable Subsegments | Marcellus Shale | |||
Segment Reporting Information [Line Items] | |||
Loss on Commodity Derivative Instruments | 68,452 | (27,458) | |
Other Operating Income | 0 | 0 | |
Total Revenue | 247,496 | 265,799 | |
Total Operating Expense | 183,172 | 178,868 | |
Earnings (Loss) Before Income Tax | 64,324 | 86,931 | |
Intercompany gathering fee | 59,176 | 53,462 | |
E&P | Operating Segments | Reportable Subsegments | Utica Shale | |||
Segment Reporting Information [Line Items] | |||
Loss on Commodity Derivative Instruments | 18,000 | (9,601) | |
Other Operating Income | 0 | 0 | |
Total Revenue | 59,450 | 83,350 | |
Total Operating Expense | 48,817 | 50,333 | |
Earnings (Loss) Before Income Tax | 10,633 | 33,017 | |
Intercompany gathering fee | 2,759 | 664 | |
E&P | Operating Segments | Reportable Subsegments | Coalbed Methane | |||
Segment Reporting Information [Line Items] | |||
Loss on Commodity Derivative Instruments | 9,687 | (4,302) | |
Other Operating Income | 0 | 0 | |
Total Revenue | 40,410 | 45,533 | |
Total Operating Expense | 34,254 | 32,634 | |
Earnings (Loss) Before Income Tax | 6,156 | 12,899 | |
E&P | Operating Segments | Reportable Subsegments | Other Gas | |||
Segment Reporting Information [Line Items] | |||
Loss on Commodity Derivative Instruments | 19,003 | (154,015) | |
Other Operating Income | 5,466 | 3,258 | |
Total Revenue | 51,105 | (134,633) | |
Total Operating Expense | 138,585 | 76,217 | |
Earnings (Loss) Before Income Tax | (127,666) | (239,277) | |
CNXM | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Loss on Commodity Derivative Instruments | 0 | 0 | |
Other Operating Income | 0 | 0 | |
Total Revenue | 80,341 | 72,569 | |
Total Operating Expense | 500,915 | 24,962 | |
Earnings (Loss) Before Income Tax | (429,544) | 32,584 | |
Segment Assets | 1,754,819 | 2,011,616 | |
Depreciation, Depletion and Amortization | 10,012 | 8,086 | |
Capital Expenditures | 32,656 | 75,347 | |
Oil and Gas | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 251,494 | 435,946 | |
Oil and Gas | Corporate, Non-Segment | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 0 | 0 | |
Oil and Gas | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 0 | 0 | |
Oil and Gas | E&P | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 251,494 | 435,946 | |
Oil and Gas | E&P | Operating Segments | Reportable Subsegments | Marcellus Shale | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 179,044 | 293,257 | |
Oil and Gas | E&P | Operating Segments | Reportable Subsegments | Utica Shale | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 41,450 | 92,951 | |
Oil and Gas | E&P | Operating Segments | Reportable Subsegments | Coalbed Methane | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 30,723 | 49,835 | |
Oil and Gas | E&P | Operating Segments | Reportable Subsegments | Other Gas | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 277 | (97) | |
Oil and Gas | CNXM | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 0 | 0 | |
Purchased Gas Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 26,359 | 16,221 | |
Purchased Gas Revenue | Corporate, Non-Segment | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 0 | 0 | |
Purchased Gas Revenue | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 0 | 0 | |
Purchased Gas Revenue | E&P | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 26,359 | 16,221 | |
Purchased Gas Revenue | E&P | Operating Segments | Reportable Subsegments | Marcellus Shale | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 0 | 0 | |
Purchased Gas Revenue | E&P | Operating Segments | Reportable Subsegments | Utica Shale | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 0 | 0 | |
Purchased Gas Revenue | E&P | Operating Segments | Reportable Subsegments | Coalbed Methane | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 0 | 0 | |
Purchased Gas Revenue | E&P | Operating Segments | Reportable Subsegments | Other Gas | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 26,359 | 16,221 | |
Purchased Gas Revenue | CNXM | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 0 | 0 | |
Midstream Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 18,406 | 18,443 | |
Midstream Revenue | Corporate, Non-Segment | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 0 | 0 | |
Midstream Revenue | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | (61,935) | (54,126) | |
Midstream Revenue | E&P | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 0 | 0 | |
Midstream Revenue | E&P | Operating Segments | Reportable Subsegments | Marcellus Shale | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 0 | 0 | |
Midstream Revenue | E&P | Operating Segments | Reportable Subsegments | Utica Shale | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 0 | 0 | |
Midstream Revenue | E&P | Operating Segments | Reportable Subsegments | Coalbed Methane | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 0 | 0 | |
Midstream Revenue | E&P | Operating Segments | Reportable Subsegments | Other Gas | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | 0 | 0 | |
Midstream Revenue | CNXM | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers | $ 80,341 | $ 72,569 |
Segment Information - Reconcili
Segment Information - Reconciliation of Segment Information, Revenue and Other Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue, Major Customer [Line Items] | ||
Loss on Commodity Derivative Instruments | $ 115,142 | $ (195,376) |
Other Operating Income | 4,958 | 3,197 |
Total Revenue | 416,359 | 278,431 |
Operating Segments | ||
Revenue, Major Customer [Line Items] | ||
Total Segment Revenue from Contracts with External Customers | $ 296,259 | $ 470,610 |
Segment Information - Reconci_2
Segment Information - Reconciliation of Segment Information, (Loss) Earnings Before Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Earnings (Loss) Before Income Taxes for Reportable Business Segments | $ (457,804) | $ (76,210) |
Other (Expense) Income | (5,186) | 579 |
Gain on Certain Asset Sales | 12,055 | (3,085) |
Gain (Loss) on Debt Extinguishment | 11,263 | (7,537) |
Impairment of Goodwill | 473,045 | 0 |
Loss Before Income Tax | (457,804) | (76,210) |
Operating Segments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Earnings (Loss) Before Income Taxes for Reportable Business Segments | (476,097) | (73,846) |
Loss Before Income Tax | (476,097) | (73,846) |
Corporate, Non-Segment | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Earnings (Loss) Before Income Taxes for Reportable Business Segments | 18,293 | (2,364) |
Other (Expense) Income | (5,013) | 1,030 |
Gain on Certain Asset Sales | 12,043 | 4,143 |
Gain (Loss) on Debt Extinguishment | 11,263 | (7,537) |
Loss Before Income Tax | 18,293 | (2,364) |
Total E&P | Operating Segments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Earnings (Loss) Before Income Taxes for Reportable Business Segments | (46,553) | (106,430) |
Loss Before Income Tax | (46,553) | (106,430) |
Midstream | Operating Segments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total Segment Earnings (Loss) Before Income Taxes for Reportable Business Segments | (429,544) | 32,584 |
Loss Before Income Tax | $ (429,544) | $ 32,584 |
Segment Information - Reconci_3
Segment Information - Reconciliation of Segment Information, Total Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
ASSETS | |||
Segment Assets for Total Reportable Business Segments: | $ 8,528,950 | $ 9,060,806 | $ 8,777,361 |
Items Excluded from Segment Assets: | |||
Recoverable Income Taxes | 115,261 | 62,425 | |
Total Consolidated Assets | 8,528,950 | $ 9,060,806 | 8,777,361 |
Intersegment Eliminations | |||
ASSETS | |||
Segment Assets for Total Reportable Business Segments: | (158,615) | (10,026) | |
Items Excluded from Segment Assets: | |||
Total Consolidated Assets | (158,615) | (10,026) | |
Segment Reconciling Items | |||
Items Excluded from Segment Assets: | |||
Cash and Cash Equivalents | 31,833 | 23,972 | |
Recoverable Income Taxes | 115,261 | 113,592 | |
E&P | Operating Segments | |||
ASSETS | |||
Segment Assets for Total Reportable Business Segments: | 6,785,652 | 6,638,207 | |
Items Excluded from Segment Assets: | |||
Total Consolidated Assets | 6,785,652 | 6,638,207 | |
Midstream | Operating Segments | |||
ASSETS | |||
Segment Assets for Total Reportable Business Segments: | 1,754,819 | 2,011,616 | |
Items Excluded from Segment Assets: | |||
Total Consolidated Assets | $ 1,754,819 | $ 2,011,616 |
Stock Repurchase (Details)
Stock Repurchase (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Oct. 30, 2017 | |
Stock Repurchase [Abstract] | |||
Stock repurchase program, additional authorized amount | $ 750,000,000 | ||
Shares repurchased during period (in shares) | 0 | 3,121,054 | |
Shares repurchased, average price (in usd per share) | $ 10.71 | ||
Total value of shares repurchased | $ 33,497,000 |
Subsequent Events (Details)
Subsequent Events (Details) - Senior Notes due April 2022 - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 27, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | |
Subsequent Event [Line Items] | |||
Purchase of outstanding debt | $ 71,334 | $ 400,000 | |
Stated rate, debt instrument | 5.875% | 5.875% | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Purchase of outstanding debt | $ 7,625 | ||
Debt instrument redemption price | 91.90% |