Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 15, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
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 (in shares) | 211,199,776 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End | --12-31 | |
Entity Central Index Key | 0001070412 | |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue and Other Operating (Loss) Income: | ||||
Loss on Commodity Derivative Instruments | $ (1,507,270) | $ (168,834) | $ (2,012,714) | $ (116,995) |
Other Revenue and Operating Income | 24,783 | 21,155 | 75,227 | 60,463 |
Total Revenue and Other Operating (Loss) Income | (880,261) | 66,075 | (534,399) | 631,275 |
Operating Expense | ||||
Lease Operating Expense | 11,193 | 10,377 | 30,709 | 30,654 |
Production, Ad Valorem, and Other Fees | 9,552 | 5,994 | 22,965 | 17,540 |
Depreciation, Depletion and Amortization | 129,734 | 114,464 | 381,284 | 357,174 |
Purchased Gas Costs | 14,192 | 31,721 | 61,153 | 76,709 |
Impairment of Exploration and Production Properties | 0 | 0 | 0 | 61,849 |
Impairment of Goodwill | 0 | 0 | 0 | 473,045 |
Selling, General, and Administrative Costs | 24,851 | 22,714 | 76,849 | 76,350 |
Other Operating Expense | 21,654 | 23,284 | 52,452 | 70,561 |
Total Operating Expense | 304,858 | 279,505 | 885,372 | 1,385,298 |
Other Expense | ||||
Other Expense | 3,177 | 2,180 | 13,410 | 12,184 |
Gain on Asset Sales and Abandonments, net | (12,446) | (3,567) | (22,506) | (21,559) |
Loss (Gain) on Debt Extinguishment | 18,653 | 108 | 18,653 | (10,812) |
Interest Expense | 37,944 | 37,921 | 113,892 | 133,173 |
Total Other Expense | 47,328 | 36,642 | 123,449 | 112,986 |
Total Costs and Expenses | 352,186 | 316,147 | 1,008,821 | 1,498,284 |
Loss Before Income Tax | (1,232,447) | (250,072) | (1,543,220) | (867,009) |
Income Tax Benefit | (359,526) | (61,279) | (414,264) | (242,507) |
Net Loss | (872,921) | (188,793) | (1,128,956) | (624,502) |
Less: Net Income Attributable to Noncontrolling Interest | 0 | 15,905 | 0 | 55,031 |
Net Loss Attributable to CNX Resources Shareholders | $ (872,921) | $ (204,698) | $ (1,128,956) | $ (679,533) |
Loss per Share | ||||
Basic (in usd per share) | $ (4.05) | $ (1.03) | $ (5.17) | $ (3.56) |
Diluted (in usd per share) | (4.05) | (1.03) | (5.17) | (3.56) |
Dividends Declared (in usd per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Natural Gas, NGL and Oil Revenue | ||||
Revenue and Other Operating (Loss) Income: | ||||
Revenues | $ 585,915 | $ 182,213 | $ 1,336,588 | $ 609,483 |
Purchased Gas Revenue | ||||
Revenue and Other Operating (Loss) Income: | ||||
Revenues | 16,311 | 31,541 | 66,500 | 78,324 |
Transportation, Gathering and Compression | ||||
Operating Expense | ||||
Cost of Goods Sold | 90,609 | 68,810 | 251,881 | 212,077 |
Exploration and Production Related Other Costs | ||||
Operating Expense | ||||
Cost of Goods Sold | $ 3,073 | $ 2,141 | $ 8,079 | $ 9,339 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Loss | $ (872,921) | $ (188,793) | $ (1,128,956) | $ (624,502) |
Other Comprehensive Income: | ||||
Actuarially Determined Long-Term Liability Adjustments (Net of tax: $(49), $(40), $(145), $(119)) | 136 | 112 | 407 | 335 |
Comprehensive Loss | (872,785) | (188,681) | (1,128,549) | (624,167) |
Less: Comprehensive Income Attributable to Noncontrolling Interest | 0 | 15,905 | 0 | 55,031 |
Comprehensive Loss Attributable to CNX Resources Shareholders | $ (872,785) | $ (204,586) | $ (1,128,549) | $ (679,198) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Adjustment For Actuarially Determined Liabilities | ||||
Other comprehensive income, tax expense | $ (49) | $ (40) | $ (145) | $ (119) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and Cash Equivalents | $ 365 | $ 15,617 |
Restricted Cash | 220,386 | 735 |
Accounts and Notes Receivable: | ||
Trade, net | 250,406 | 145,929 |
Other Receivables, net | 10,234 | 4,238 |
Supplies Inventories | 5,486 | 9,657 |
Recoverable Income Taxes | 0 | 88 |
Derivative Instruments | 83,870 | 84,657 |
Prepaid Expenses | 13,077 | 12,411 |
Total Current Assets | 583,824 | 273,332 |
Property, Plant and Equipment: | ||
Property, Plant and Equipment | 11,206,740 | 10,963,996 |
Less—Accumulated Depreciation, Depletion and Amortization | 4,246,423 | 3,938,451 |
Total Property, Plant and Equipment—Net | 6,960,317 | 7,025,545 |
Other Non-Current Assets: | ||
Operating Lease Right-of-Use Asset | 69,871 | 108,683 |
Derivative Instruments | 179,176 | 188,237 |
Goodwill | 323,314 | 323,314 |
Other Intangible Assets | 85,181 | 90,095 |
Restricted Cash | 0 | 5,247 |
Other | 26,470 | 27,311 |
Total Other Non-Current Assets | 684,012 | 742,887 |
TOTAL ASSETS | 8,228,153 | 8,041,764 |
Current Liabilities: | ||
Accounts Payable | 107,266 | 118,185 |
Derivative Instruments | 1,168,597 | 42,329 |
Current Portion of Finance Lease Obligations | 495 | 6,876 |
Current Portion of Long-Term Debt | 231,675 | 22,574 |
Current Portion of Operating Lease Obligations | 35,461 | 52,575 |
Other Accrued Liabilities | 223,852 | 198,773 |
Total Current Liabilities | 1,767,346 | 441,312 |
Non-Current Liabilities: | ||
Long-Term Debt | 2,203,731 | 2,401,427 |
Finance Lease Obligations | 1,097 | 1,057 |
Operating Lease Obligations | 34,785 | 53,235 |
Derivative Instruments | 858,767 | 127,290 |
Deferred Income Taxes | 51,739 | 466,253 |
Asset Retirement Obligations | 81,029 | 84,712 |
Other | 43,143 | 44,041 |
Total Non-Current Liabilities | 3,274,291 | 3,178,015 |
TOTAL LIABILITIES | 5,041,637 | 3,619,327 |
Stockholders’ Equity: | ||
Common Stock, $.01 Par Value; 500,000,000 Shares Authorized, 211,982,785 Issued and Outstanding at September 30, 2021; 220,440,993 Issued and Outstanding at December 31, 2020 | 2,124 | 2,208 |
Capital in Excess of Par Value | 2,899,731 | 2,959,357 |
Preferred Stock, 15,000,000 shares authorized, None issued and outstanding | 0 | 0 |
Retained Earnings | 299,438 | 1,476,056 |
Accumulated Other Comprehensive Loss | (14,777) | (15,184) |
TOTAL STOCKHOLDERS' EQUITY | 3,186,516 | 4,422,437 |
TOTAL LIABILITIES AND EQUITY | $ 8,228,153 | $ 8,041,764 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
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) | 211,982,785 | 220,440,993 |
Common Stock, Outstanding (in shares) | 211,982,785 | 220,440,993 |
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 | Accumulated Other Comprehensive Loss | Total CNX Resources Stockholders’ Equity | Non- Controlling Interest |
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 | (624,502) | (679,533) | (679,533) | 55,031 | |||
Issuance of Common Stock | 1,805 | 8 | 1,797 | 1,805 | |||
Shares Withheld for Taxes | (1,954) | (1,645) | (1,645) | (309) | |||
Amortization of Stock-Based Compensation Awards | 11,909 | 10,424 | 10,424 | 1,485 | |||
Equity Component of Convertible Senior Notes, net of Issuance Costs | 78,317 | 78,317 | 78,317 | ||||
Purchase of Capped Call | (26,351) | (26,351) | (26,351) | ||||
Other Comprehensive Income | 335 | 335 | 335 | ||||
Distributions to CNXM Noncontrolling Interest Holders | (41,987) | (41,987) | |||||
CNXM Merger | (89,705) | 371 | 725,907 | 726,278 | (815,983) | ||
Ending Balance at Sep. 30, 2020 | 4,270,176 | 2,249 | 2,989,699 | 1,290,498 | (12,270) | 4,270,176 | 0 |
Beginning Balance at Dec. 31, 2019 | 4,962,309 | 1,870 | 2,199,605 | 1,971,676 | (12,605) | 4,160,546 | 801,763 |
Ending Balance at Dec. 31, 2020 | 4,422,437 | 2,208 | 2,959,357 | 1,476,056 | (15,184) | 4,422,437 | |
Beginning Balance at Jun. 30, 2020 | 4,566,954 | 1,878 | 2,261,729 | 1,495,197 | (12,382) | 3,746,422 | 820,532 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (Loss) Income | (188,793) | (204,698) | (204,698) | 15,905 | |||
Issuance of Common Stock | 151 | 151 | 151 | ||||
Shares Withheld for Taxes | (1) | (1) | (1) | ||||
Amortization of Stock-Based Compensation Awards | 2,503 | 1,902 | 1,902 | 601 | |||
Equity Component of Convertible Senior Notes, net of Issuance Costs | 10 | 10 | 10 | ||||
Other Comprehensive Income | 112 | 112 | 112 | ||||
Distributions to CNXM Noncontrolling Interest Holders | (21,055) | (21,055) | |||||
CNXM Merger | (89,705) | 371 | 725,907 | 726,278 | (815,983) | ||
Ending Balance at Sep. 30, 2020 | 4,270,176 | 2,249 | 2,989,699 | 1,290,498 | (12,270) | 4,270,176 | $ 0 |
Beginning Balance at Dec. 31, 2020 | 4,422,437 | 2,208 | 2,959,357 | 1,476,056 | (15,184) | 4,422,437 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (Loss) Income | (1,128,956) | (1,128,956) | (1,128,956) | ||||
Issuance of Common Stock | 4,984 | 7 | 4,977 | 4,984 | |||
Purchase and Retirement of Common Stock | (121,557) | (98) | (78,341) | (43,118) | (121,557) | ||
Shares Withheld for Taxes | (4,544) | (4,544) | (4,544) | ||||
Amortization of Stock-Based Compensation Awards | 13,778 | 7 | 13,771 | 13,778 | |||
Equity Component of Convertible Senior Notes, net of Issuance Costs | (33) | (33) | (33) | ||||
Other Comprehensive Income | 407 | 407 | 407 | ||||
Ending Balance at Sep. 30, 2021 | 3,186,516 | 2,124 | 2,899,731 | 299,438 | (14,777) | 3,186,516 | |
Beginning Balance at Jun. 30, 2021 | 4,136,931 | 2,191 | 2,950,083 | 1,199,570 | (14,913) | 4,136,931 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (Loss) Income | (872,921) | (872,921) | (872,921) | ||||
Issuance of Common Stock | 183 | 183 | 183 | ||||
Purchase and Retirement of Common Stock | (80,879) | (67) | (53,610) | (27,202) | (80,879) | ||
Shares Withheld for Taxes | (9) | (9) | (9) | ||||
Amortization of Stock-Based Compensation Awards | 3,075 | 3,075 | 3,075 | ||||
Other Comprehensive Income | 136 | 136 | 136 | ||||
Ending Balance at Sep. 30, 2021 | $ 3,186,516 | $ 2,124 | $ 2,899,731 | $ 299,438 | $ (14,777) | $ 3,186,516 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities: | ||
Net Loss | $ (1,128,956) | $ (624,502) |
Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities: | ||
Depreciation, Depletion and Amortization | 381,284 | 357,174 |
Amortization of Deferred Financing Costs | 18,149 | 14,602 |
Impairment of Exploration and Production Properties | 0 | 61,849 |
Impairment of Goodwill | 0 | 473,045 |
Stock-Based Compensation | 13,778 | 11,909 |
Gain on Asset Sales and Abandonments, net | (22,506) | (21,559) |
Loss (Gain) on Debt Extinguishment | 18,653 | (10,812) |
Loss on Commodity Derivative Instruments | 2,012,714 | 116,995 |
(Gain) Loss on Other Derivative Instruments | (6,075) | 14,389 |
Net Cash (Paid) Received in Settlement of Commodity Derivative Instruments | (139,045) | 383,727 |
Deferred Income Taxes | (414,659) | (186,707) |
Other | (999) | 1,025 |
Changes in Operating Assets: | ||
Accounts and Notes Receivable | (109,249) | 64,843 |
Recoverable Income Taxes | 88 | 61,781 |
Supplies Inventories | 2,148 | (3,106) |
Prepaid Expenses | (360) | 4,700 |
Changes in Other Assets | (1,070) | 267 |
Changes in Operating Liabilities: | ||
Accounts Payable | 6,927 | (29,641) |
Accrued Interest | (14,334) | (13,967) |
Other Operating Liabilities | 56,961 | (40,479) |
Changes in Other Liabilities | (164) | (1,186) |
Net Cash Provided by Operating Activities | 673,285 | 634,347 |
Cash Flows from Investing Activities: | ||
Capital Expenditures | (349,150) | (395,236) |
Proceeds from Asset Sales | 24,234 | 31,981 |
Net Cash Used in Investing Activities | (324,916) | (363,255) |
Cash Flows from Financing Activities: | ||
Payments on Long-Term Notes | (174,614) | (518,865) |
Net (Payments on) Proceeds from CNXM Revolving Credit Facility | (145,000) | 31,250 |
Net Proceeds from (Payments on) CNX Revolving Credit Facility | 64,550 | |
Net Proceeds from (Payments on) CNX Revolving Credit Facility | (251,000) | |
Net (Payments on) Proceeds from CSG Non-Revolving Credit Facilities | (160,544) | |
Net (Payments on) Proceeds from CSG Non-Revolving Credit Facilities | 164,381 | |
Net Payments on Other Debt | (2,648) | (5,348) |
Proceeds from Issuance of Convertible Senior Notes | 0 | 334,650 |
Purchase of Capped Call Related to Convertible Senior Notes | 0 | (35,673) |
Distributions to CNXM Noncontrolling Interest Holders | 0 | (41,987) |
Proceeds from Issuance of Common Stock | 4,984 | 1,805 |
Shares Withheld for Taxes | (4,544) | (1,954) |
Purchases of Common Stock | (124,418) | 0 |
Debt Issuance and Financing Fees | (1,983) | (15,313) |
Net Cash Used in Financing Activities | (149,217) | (131,054) |
Net Increase in Cash, Cash Equivalents and Restricted Cash | 199,152 | 140,038 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 21,599 | 16,283 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 220,751 | 156,321 |
CNX Senior Notes | ||
Cash Flows from Financing Activities: | ||
Proceeds from Issuance of Senior Long-term Debt | 0 | 207,000 |
CNXM Senior Notes | ||
Cash Flows from Financing Activities: | ||
Proceeds from Issuance of Senior Long-term Debt | $ 395,000 | $ 0 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
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 and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for future periods. The Consolidated Balance Sheet at December 31, 2020 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, 2020 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 9, 2021. On September 28, 2020, the Merger (as defined in Note 13 – Acquisitions and Dispositions) of CNX Midstream Partners LP (CNXM) was completed. Prior to the Merger, public unitholders held a 46.9% equity interest in CNXM and CNX owned the remaining 53.1% equity interest. The earnings of CNXM that were attributed to its common units held by the public prior to the Merger are reflected in net income attributable to noncontrolling interest in the Consolidated Statements of Income. There were no changes in our ownership interest in CNXM during the three and nine months ended September 30, 2021. 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: September 30, 2021 2020 Cash and Cash Equivalents $ 365 $ 150,132 Restricted Cash, Current Portion 220,386 733 Restricted Cash, Less Current Portion — 5,456 Total Cash, Cash Equivalents, and Restricted Cash $ 220,751 $ 156,321 Restricted Cash Restricted cash at September 30, 2021 consists of cash held by the Trustee that, pursuant to the indentures governing the CNX Midstream Partners LP Senior Notes due March 2026 at 6.50% ("CNXM Senior Notes due March 2026"), was restricted in its use to fund the redemption of the remaining outstanding CNXM Senior Notes due March 2026 recorded in the Consolidated Balance Sheet as of September 30, 2021 under the terms of the Tender Offer. See Note 9 – Long-Term Debt for more information. Restricted cash at September 30, 2020 consisted of cash that the Company was contractually obligated to maintain in accordance with the terms of the Cardinal States Gathering LLC and CSG Holdings II LLC Credit Agreement, each dated March 13, 2020 (See Note 9 - Long-Term Debt for more information). Receivables As of September 30, 2021 and December 31, 2020, Accounts Receivable - Trade were $250,406 and $145,929, respectively, and Other Receivables were $10,234 and $4,238, respectively. 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. 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 following represents activity related to the allowance for credit losses for the nine months ended: September 30, 2021 2020 Allowance for Credit Losses - Trade, Beginning of Year $ 84 $ — Provision for Expected Credit Losses — 78 Allowance for Credit Losses - Trade, End of Period $ 84 $ 78 Allowance for Credit Losses - Other Receivables, Beginning of Year $ 3,248 $ 2,463 Provision for Expected Credit Losses 38 2,974 Write-off of Uncollectible Accounts (16) (923) Allowance for Credit Losses - Other Receivables, End of Period $ 3,270 $ 4,514 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
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, restricted stock units, performance share units and shares issuable upon conversion of CNX's outstanding Convertible Notes (See Note 9 - Long-Term Debt). The number of additional shares is calculated by assuming that outstanding stock options were exercised, that outstanding restricted stock units and performance share units were released, that the shares that are issuable from the Convertible Notes are converted (subject to the considerations discussed further in the paragraph below), and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period. In periods when CNX recognizes a net loss, the impact of outstanding stock awards and the potential share settlement impact related to CNX's Convertible Notes are excluded from the diluted loss per share calculation as their inclusion would have an antidilutive effect. Pursuant to the Merger (See Note 13 - Acquisitions and Dispositions for more information), all outstanding phantom units previously granted under the CNXM long-term incentive plan were converted into the right to receive 0.88 shares of common stock of CNX. As such, all outstanding phantom units were converted, effective as of the closing of the Merger, into CNX restricted stock units. Each CNX restricted stock unit is subject to the same vesting, forfeiture and other terms and conditions applicable to the converted CNXM phantom units. Under Accounting Standards Codification Topic 718, Compensation - Stock Compensation, it was determined that there was no additional compensation cost to record as the conversion of awards did not result in incremental fair value. CNXM's dilutive units did not have a material impact on the Company's earnings per share calculations for the three or nine months ended September 30, 2020. 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 September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Anti-Dilutive Options 3,002,504 4,237,319 3,002,504 4,237,319 Anti-Dilutive Restricted Stock Units 2,475,944 2,180,548 2,475,944 2,180,548 Anti-Dilutive Performance Share Units 951,828 780,335 951,828 780,335 6,430,276 7,198,202 6,430,276 7,198,202 The Company expects to settle the principal amount of the Convertible Notes in cash. As a result, only the amount by which the conversion value exceeds the aggregated principal amount of the Convertible Notes is included in the diluted earnings per share computation under the treasury stock method. The conversion spread has a dilutive impact on diluted earnings per share when the average market price of the Company's common stock for a given period exceeds the initial conversion price of $12.84 per share for the Convertible Notes. In connection with the Convertible Notes' issuance, the Company entered into privately negotiated capped call transactions with certain counterparties (the "Capped Calls" and "Capped Call Transactions"), which were not included in calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive. The table below sets forth the share-based awards that have been exercised or released: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Options 26,664 21,864 683,237 261,703 Restricted Stock Units 2,375 21,186 738,188 525,226 Performance Share Units — — 291,653 274,716 29,039 43,050 1,713,078 1,061,645 The computations for basic and diluted loss per share are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Net Loss $ (872,921) $ (188,793) $ (1,128,956) $ (624,502) Less: Net Income Attributable to Noncontrolling Interest — 15,905 — 55,031 Net Loss Attributable to CNX Resources Shareholders $ (872,921) $ (204,698) $ (1,128,956) $ (679,533) Weighted-Average Shares of Common Stock Outstanding 215,738,737 198,727,472 218,504,542 191,015,680 Effect of Diluted Shares* — — — — Weighted-Average Diluted Shares of Common Stock Outstanding 215,738,737 198,727,472 218,504,542 191,015,680 Loss per Share: Basic $ (4.05) $ (1.03) $ (5.17) $ (3.56) Diluted $ (4.05) $ (1.03) $ (5.17) $ (3.56) |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 9 Months Ended |
Sep. 30, 2021 | |
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. Included in Other Revenue and Operating Income in the Consolidated Statements of Income and in the below table are revenues generated from natural gas gathering services provided to third-parties. 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 September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Revenue from Contracts with Customers: Natural Gas Revenue $ 514,821 $ 163,054 $ 1,183,178 $ 561,162 NGL Revenue 62,792 15,053 136,176 40,691 Oil/Condensate Revenue 8,302 4,106 17,234 7,630 Total Natural Gas, NGL and Oil Revenue 585,915 182,213 1,336,588 609,483 Purchased Gas Revenue 16,311 31,541 66,500 78,324 Other Sources of Revenue and Other Operating (Loss) Income: Loss on Commodity Derivative Instruments (1,507,270) (168,834) (2,012,714) (116,995) Other Revenue and Operating Income 24,783 21,155 75,227 60,463 Total Revenue and Other Operating (Loss) Income $ (880,261) $ 66,075 $ (534,399) $ 631,275 The disaggregated revenue information 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. 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 $72,216 as of September 30, 2021. The Company expects to recognize net revenue of $23,156 in the next 12 months and $14,526 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, NGL and oil 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 and nine months ended September 30, 2021 and 2020, revenue recognized in the current reporting period related to performance obligations satisfied in a prior reporting period was not material. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES: The effective tax rates for the three and nine months ended September 30, 2021 were 29.2% and 26.8%, respectively. The effective tax rates for the three and nine months ended September 30, 2020 were 24.5% and 28.0%, respectively. The effective tax rate for the three and nine months ended September 30, 2021 differs from the U.S. federal statutory rate of 21.0% primarily due to the impact of federal tax credits, equity compensation, and state taxes. The effective tax rate for the three and nine months ended September 30, 2020 differs from the U.S. federal statutory rate of 21.0% primarily due to the impact of noncontrolling interest (See Note 13 - Acquisitions and Dispositions for more information), 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 five-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, in the first quarter of 2020 the Company recorded AMT refunds of $102,482 in Recoverable Income Taxes in the Consolidated Balance Sheets for the AMT refund received in 2020. The impact of other tax implications of the Act on the financial statements and related disclosures are immaterial. The total amount of uncertain tax positions at September 30, 2021 and December 31, 2020 was $67,806 and $31,891, respectively. The increase of $35,915 was the result of $38,736 additional tax credits claimed on the 2020 federal income tax return filed in October 2021, for which a reserve was recorded for a portion of the federal tax credits claimed on the return, offset in part by a decrease relating to the statutory expiration of a prior federal tax position of $2,821. If these uncertain tax positions were recognized, approximately $67,806 would affect CNX's effective tax rate at September 30, 2021 and December 31, 2020. CNX recognizes accrued interest and penalties related to uncertain tax positions in interest expense and income tax expense, respectively. As of September 30, 2021 and December 31, 2020, 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 states. 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 2017. The Internal Revenue Service and the Joint Committee on Taxation concluded its review of tax years 2016 through 2017 during the third quarter of 2020. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT: September 30, December 31, Intangible Drilling Cost $ 5,179,078 $ 4,965,252 Gas Gathering Equipment 2,464,392 2,510,917 Proved Gas Properties 1,286,205 1,253,094 Gas Wells and Related Equipment 1,181,664 1,120,061 Unproved Gas Properties 710,470 725,705 Surface Land and Other Equipment 196,399 199,322 Other 188,532 189,645 Total Property, Plant and Equipment 11,206,740 10,963,996 Less: Accumulated Depreciation, Depletion and Amortization 4,246,423 3,938,451 Total Property, Plant and Equipment - Net $ 6,960,317 $ 7,025,545 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 forward commodity 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 generally determined based on an estimation of discounted cash flows 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 | 9 Months Ended |
Sep. 30, 2021 | |
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 reporting unit within the Shale 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 master limited partnership (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 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. 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 seven-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 utilized in the impairment analysis described above were subjective in nature and are subject to impacts from business risks as described in "Item 1A. Risk Factors" in CNX's 2020 Annual Report on Form 10-K as filed with the SEC on February 9, 2021 ("2020 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: For the Nine Months Ended September 30, 2021 2020 Carrying Amount, Beginning of Period $ 323,314 $ 796,359 Impairment — 473,045 Carrying Amount, End of Period $ 323,314 $ 323,314 Other Intangible Assets The carrying amount and accumulated amortization of other intangible assets consist of the following: September 30, December 31, Other Intangible Assets: Gross Amortizable Asset - Customer Relationships $ 109,752 $ 109,752 Less: Accumulated Amortization - Customer Relationships 24,571 19,657 Total Other Intangible Assets, net $ 85,181 $ 90,095 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 September 30, 2021 and 2020, and $4,914 for the nine months ended September 30, 2021 and 2020. 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 | 9 Months Ended |
Sep. 30, 2021 | |
Short-term Debt, Other Disclosures [Abstract] | |
Revolving Credit Facilities | REVOLVING CREDIT FACILITIES: CNX CNX's senior secured revolving credit facility (the "CNX Credit Facility") was set to mature in April 2024, prior to its amendment and restatement in October 2021. Borrowings under the CNX Credit Facility were subject to borrowing base limitations based on the collateral value of CNX’s assets and were subject to regular semi-annual redeterminations. In November 2020, as part of the issuance of the $500,000 6.00% Senior Notes due January 2029 (See Note 9 - Long-Term Debt), both the lenders' commitments and borrowing base under the CNX Credit Facility decreased to $1,775,000 from $1,900,000. In April 2021, as part of the semi-annual borrowing base redetermination, the lenders reaffirmed CNX's $1,775,000 borrowing base. Under the terms of the CNX Credit Facility, borrowings would 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 0.75% to 1.75%; or • the LIBOR rate, which is the LIBOR rate plus a margin ranging from 1.75% to 2.75%. The CNX Credit Facility also required 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 was also required to maintain a minimum current ratio of no less than 1.00 to 1.00, calculated as the ratio of current assets, plus revolver availability under the CNX Credit Facility, to current liabilities, excluding borrowings under the CNX Credit Facility, measured quarterly. The calculation of all of the ratios excluded CNXM. CNX was in compliance with all financial covenants as of September 30, 2021. At September 30, 2021, the CNX Credit Facility had $225,350 of borrowings outstanding and $188,566 of letters of credit outstanding, leaving $1,361,084 of unused capacity. At December 31, 2020, the CNX Credit Facility had $160,800 of borrowings outstanding and $185,272 of letters of credit outstanding, leaving $1,428,928 of unused capacity. On October 6, 2021, CNX as borrower and certain of its subsidiaries as guarantor loan parties entered into a new Amended and Restated Credit Agreement for a $2,000,000 senior secured revolving credit facility (the "CNX Credit Agreement") that matures on October 6, 2026. The new CNX Credit Agreement replaced the CNX Credit Facility and remains subject to semi-annual redetermination. The CNX Credit Agreement has a $2,000,000 borrowing base and $1,300,000 in elected commitments, including borrowings and letters of credit. In addition to refinancing all outstanding amounts under the CNX Credit Facility, borrowings under the CNX Credit Agreement may be used by CNX for general corporate purposes. The availability under the CNX Credit Facility, including availability for letters of credit, is generally limited to a borrowing base, which is determined by the required number of lenders in good faith by calculating a loan value of the Company’s proved reserves. Under the terms of the CNX Credit Agreement, borrowings will bear interest at CNX's option at either: • the highest of (i) PNC Bank, National Association’s prime rate, (ii) the federal funds open rate plus 0.50%, and (iii) the one-month LIBOR rate plus 1.0%, in each case, plus a margin ranging from 0.75% to 1.75%; or • the LIBOR rate plus a margin ranging from 1.75% to 2.75%. The CNX Credit Facility matures on October 6, 2026, provided that if at any time on or after January 30, 2026, if any of the Company’s 2.25% Convertible Senior Notes due 2026 are outstanding and (a) availability under the CNX Credit Facility minus (b) the aggregate principal amount of all such outstanding Convertible Senior Notes is less than 20% of the aggregate commitments under the CNX Credit Facility (the first such date, the “Springing Maturity Date”), then the CNX Credit Facility will mature on the Springing Maturity Date. CNX Midstream Partners LP (CNXM) CNXM's senior secured revolving credit facility (the "CNXM Credit Facility") was set to mature in April 2024, prior to its amendment and restatement in October 2021. The lenders’ commitments under the CNXM Credit Facility were $600,000, with an accordion feature that allowed CNXM to increase the available borrowings by up to an additional $250,000 under certain terms and conditions. The CNXM Credit Facility included the ability to issue letters of credit up to $100,000 in the aggregate. Under the terms of the CNXM Credit Facility, borrowings would 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 were based on the total leverage ratio, measured quarterly. The CNXM Credit Facility required CNXM to comply with a number of affirmative and negative covenants. In addition, CNXM was obligated to maintain at the end of each fiscal quarter (w) for so long as at least $150,000 of the CNXM 6.50% Senior Notes due March 2026 ("CNXM Senior Notes") were outstanding, a maximum total leverage ratio of no greater than 5.25 to 1.00 (which increased to no greater than 5.50 to 1.00 during qualifying acquisition periods); (x) if less than $150,000 of the CNXM Senior Notes due March 2026 were outstanding, a maximum total leverage ratio of no greater than 4.75 to 1.00 (which increased 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 September 30, 2021. The obligations under the CNXM Credit Facility were secured by substantially all of the assets of CNXM and its wholly-owned subsidiaries. CNX was not a guarantor under the CNXM Credit Facility. At September 30, 2021, the CNXM Credit Facility had $146,000 of borrowings outstanding and $30 of letters of credit outstanding, leaving $453,970 of unused capacity. At December 31, 2020, the CNXM Credit Facility had $291,000 of borrowings outstanding and $30 of letters of credit outstanding, leaving $308,970 of unused capacity. On October 6, 2021, CNXM as borrower and certain of its subsidiaries as guarantor loan parties entered into a new Amended and Restated Credit Agreement for a $600,000 senior secured revolving credit facility (the "CNXM Credit Agreement") that matures on October 6, 2026. The CNXM Credit Agreement replaced the CNXM Credit Facility and is not subject to semi-annual redetermination. CNX is not a guarantor under the CNXM Credit Facility. In addition to refinancing all outstanding amounts under the Existing CNXM Credit Facility, borrowings under the CNXM Credit Agreement may be used by CNXM for general corporate purposes. Interest on outstanding indebtedness under the CNXM Credit Agreement currently accrues, at CNXM’s option, at a rate based on either: • the highest of (i) PNC Bank, National Association’s prime rate, (ii) the federal funds open rate plus 0.50%, and (iii) the one-month LIBOR rate plus 1.0%, in each case, plus a margin ranging from 1.00% to 2.00%; or • the LIBOR rate plus a margin ranging from 2.00% to 3.00%. |
Other Accrued Liabilities
Other Accrued Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | OTHER ACCRUED LIABILITIES: September 30, December 31, Royalties $ 121,533 $ 72,401 Deferred Revenue 17,472 10,986 Transportation Charges 15,607 15,969 Accrued Other Taxes 12,404 10,580 Accrued Interest 12,215 26,549 Short-Term Incentive Compensation 7,974 20,340 Litigation Contingency 7,215 2,025 Accrued Payroll & Benefits 6,504 5,009 Purchased Gas Payable 1,229 1,528 Other 11,413 23,144 Current Portion of Long-Term Liabilities: Asset Retirement Obligations 8,455 8,455 Salary Retirement 1,831 1,787 Total Other Accrued Liabilities $ 223,852 $ 198,773 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2021 | |
Long-term Debt, Other Disclosures [Abstract] | |
Long-term Debt | LONG-TERM DEBT: September 30, December 31, Senior Notes due March 2027 at 7.25% (Principal of $700,000 plus Unamortized Premium of $5,878 and $6,686, respectively) $ 705,878 $ 706,686 Senior Notes due January 2029 at 6.00%, Issued at Par Value 500,000 500,000 CNX Midstream Partners LP Senior Notes due April 2030 at 4.75% (Principal of $400,000 less Unamortized Discount of $4,952 at September 30, 2021)* 395,048 — Convertible Senior Notes due May 2026 at 2.25% (Principal of $345,000 less Unamortized Discount and Issuance Costs of $95,537 and $107,735, respectively) 249,463 237,265 CNX Midstream Partners LP Senior Notes due March 2026 at 6.50% (Principal of $234,169 and $400,000, respectively, less Unamortized Discount of $1,976 and $3,875, respectively)* 232,193 396,125 CNX Revolving Credit Facility 225,350 160,800 CNX Midstream Partners LP Revolving Credit Facility* 146,000 291,000 Cardinal States Gathering Company Credit Facility maturing in March 2028 (Principal of $114,985 less Unamortized Discount of $1,126 at December 31, 2020) — 113,859 CSG Holdings II LLC Credit Facility maturing in March 2027 (Principal of $45,559 less Unamortized Discount of $441 at December 31, 2020) — 45,118 Less: Unamortized Debt Issuance Costs 18,526 26,852 2,435,406 2,424,001 Less: Current Portion 231,675 22,574 Long-Term Debt $ 2,203,731 $ 2,401,427 *CNX is not a guarantor of CNXM's 6.50% Senior Notes due March 2026, CNXM's 4.75% Senior Notes due April 2030, or CNXM's Credit Facility. CNXM’s Credit Facility and the CNXM Senior Notes due March 2026 were not impacted by the Merger (See Note 13 - Acquisitions and Dispositions). During the three months ended September 30, 2021, CNXM completed a private offering of $400,000 aggregate principal amount of 4.75% CNXM Senior Notes due April 2030 (the "CNXM Senior Notes due April 2030") less an unamortized bond discount of $5,000. The notes, along with the related guarantees, were issued pursuant to an indenture dated September 22, 2021. The notes accrue interest from September 22, 2021 at a rate of 4.75% per year. Interest is payable semi-annually in arrears on April 15 and October 15 of each year, beginning on April 15, 2022. The notes mature on April 15, 2030. The CNXM Senior Notes due April 2030 rank equally in right of payment to all of CNXM's existing and future indebtedness and senior to any subordinated indebtedness that CNXM may incur. CNX is not a guarantor of the CNXM Senior Notes due April 2030. During the three months ended September 30, 2021, CNXM purchased and retired $165,831 aggregate principal amount of its outstanding 6.50% Senior Notes due March 2026. As part of this transaction, a loss of $10,549 was included in Loss (Gain) on Debt Extinguishment in the Consolidated Statements of Income during the three and nine months ended September 30, 2021. On September 15, 2021 CNXM announced that it had commenced a cash tender offer to purchase any and all of the outstanding 6.50% Senior Notes due March 2026. On October 15, 2021, CNXM redeemed the remaining $234,169 aggregate principal amount of the CNX Midstream Partners LP Senior Notes due March 2026 at a total cost of $246,853, inclusive of redemption premiums of $11,416 and interest of $1,268. During the three months ended September 30, 2021, CNX's wholly-owned subsidiary Cardinal States Gathering Company LLC (Cardinal States) repaid in full the outstanding principal of $107,705 of its non-revolving credit facility and terminated the facility. As part of this transaction, a loss of $5,830 was included in Loss (Gain) on Debt Extinguishment in the Consolidated Statements of Income during the three and nine months ended September 30, 2021. Additionally, during the three months ended September 30, 2021, CNX's wholly-owned subsidiary CSG Holdings II LLC (CSG Holdings) repaid in full the outstanding principal of $39,726 on its non-revolving credit facility and terminated the facility. As part of this transaction, a loss of $2,274 was included in Loss (Gain) on Debt Extinguishment in the Consolidated Statements of Income during the three and nine months ended September 30, 2021. During the three months ended September 30, 2020, CNX completed a private offering of $200,000 of 7.25% Senior Notes due March 2027 (the "Senior Notes due March 2027") plus $7,000 of unamortized bond premium at a price of 103.5% of par with an effective yield of 6.34%. The notes, along with the related guarantees, were issued pursuant to an indenture, dated March 14, 2019. The notes accrue interest from September 14, 2020 at a rate of 7.25% per year. Interest is payable semi-annually in arrears on March 14 and September 14 of each year, beginning March 14, 2021. The notes mature on March 14, 2027. The Senior Notes due March 2027 rank equally in right of payment with all of the Company’s existing and future senior indebtedness and senior to any subordinated indebtedness that the Company may incur. The notes are guaranteed by most of CNX's subsidiaries but does not include CNXM (or its subsidiaries or general partner). During the three and nine months ended September 30, 2020, CNX purchased and retired $50,000 and $530,959, respectively, of its outstanding 5.875% Senior Notes due April 2022. As part of these transactions, a loss of $108 and a gain of $10,812 were included in Loss (Gain) on Debt Extinguishment in the Consolidated Statements of Income during the three and nine months ended September 30, 2020, respectively. In April 2020, CNX issued $345,000 in aggregate principal amount of 2.25% convertible senior notes due May 2026 (the "Convertible Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, including $45,000 aggregate principal amount of Convertible Notes issued pursuant to the exercise in full of the initial purchasers’ option to purchase additional Convertible Notes. The Convertible Notes are senior, unsecured obligations of the Company. The Convertible Notes bear interest at a fixed rate of 2.25% per annum, payable semi-annually in arrears on May 1 and November 1 of each year, commencing on November 1, 2020. Proceeds from the issuance of the Convertible Notes totaled $334,650, net of initial purchaser discounts and issuance costs. The notes are guaranteed by most of CNX's subsidiaries but does not include CNXM (or its subsidiaries or general partner). The initial conversion rate is 77.8816 shares of CNX's common stock per $1,000 principal amount of Convertible Notes, which represents an initial conversion price of approximately $12.84 per share, subject to adjustment upon the occurrence of specified events. Based on the closing stock price of CNX common stock of $12.62 on September 30, 2021, the if-converted value of the Convertible Notes exceeded the principal amount by $61,906. The Convertible Notes will mature on May 1, 2026, unless earlier repurchased, redeemed or converted. Before February 1, 2026, note holders will have the right to convert their Convertible Notes only upon the occurrence of the following events: • during any calendar quarter (and only during such calendar quarter) commencing after June 30, 2020, if the Last Reported Sale Price per share of Common Stock exceeds one hundred and thirty percent (130%) of the Conversion Price for each of at least twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter. • during the five (5) consecutive Business Days immediately after any ten (10) consecutive trading day period (such ten (10) consecutive Trading Day period, the "Measurement Period") if the trading Price per $1,000 principal amount of Notes, as determined following a request by a Holder in accordance with the procedures set forth below, for each trading day of the Measurement Period was less than ninety eight percent (98%) of the product of the last reported sale price per share of common stock on such trading day and the conversion rate on such trading day. • if CNX calls any or all of the Convertible Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or • upon the occurrence of certain specified corporate events as set forth in the indenture governing the Convertible Notes. From and after February 1, 2026, note holders may convert their Convertible Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Upon conversion, the Company may satisfy its conversion obligation by paying and/or delivering, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the indenture governing the Convertible Notes. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the indenture governing the Convertible Notes. In addition, following certain corporate events, as described in the indenture governing the Convertible Notes, that occur prior to the maturity date, the Company will increase the conversion rate, in certain circumstances, for a holder who elects to convert its Convertible Notes in connection with such a corporate event. The Company will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election. The Company’s current intent is to settle the principal amount of the Convertible Notes in cash upon conversion. If certain corporate events that constitute a "Fundamental Change" (as defined in the indenture governing the Convertible Notes) occur, then noteholders may require the Company to repurchase their Convertible Notes at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. The definition of Fundamental Change includes certain business combination transactions involving the Company and certain de-listing events with respect to the Company’s common stock. During the three and nine months ended September 30, 2021, the conditions allowing holders of the Convertible Notes to exercise their conversion right were not met and as of September 30, 2021, the Convertible Notes were not convertible. The Convertible Notes are therefore classified as long-term debt at September 30, 2021. In accounting for the transaction, the Convertible Notes were separated into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated conversion feature. The fair value was based on market data available for publicly traded, senior, unsecured corporate bonds with similar maturity, which represent Level 2 observable inputs. The carrying amount of the equity component, representing the conversion option, was determined by deducting the fair value of the liability component from the principal value of the Convertible Notes and was recorded in Capital in Excess of Par Value in the Consolidated Statement of Stockholders Equity and is not remeasured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the Convertible Notes over the liability component and the debt issuance costs are amortized to interest expense over the contractual term of the Convertible Notes using the effective interest method. In accounting for the debt issuance costs of $10,350 related to the Convertible Notes, the Company allocated the total amount incurred to the liability and equity components using the same proportions as the proceeds of the Convertible Notes. Issuance costs attributable to the liability component were $7,024 and will be amortized to interest expense using the effective interest method over the contractual term of the Convertible Notes. Issuance costs attributable to the equity component were $3,326 and were netted with the equity component in Capital in Excess of Par Value in the Consolidated Statement of Stockholders Equity and are not subject to amortization. The net carrying amount of the liability and equity components of the Convertible Notes was as follows: September 30, December 31, Liability Component: Principal $ 345,000 $ 345,000 Unamortized Discount (89,938) (101,367) Unamortized Issuance Costs (5,599) (6,368) Net Carrying Amount $ 249,463 $ 237,265 Equity Component, net of Purchase Discounts and Issuance Costs $ 78,284 $ 78,317 Interest expense related to the Convertible Notes is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Contractual Interest Expense $ 1,941 $ 1,941 $ 5,822 $ 3,234 Amortization of Debt Discount 3,897 3,554 11,428 5,879 Amortization of Issuance Costs 260 245 769 407 Total Interest Expense $ 6,098 $ 5,740 $ 18,019 $ 9,520 In connection with the offering of the Convertible Notes, the Company entered into privately negotiated capped call transactions with certain counterparties (the "Capped Calls"). The Capped Calls each have an initial strike price of $12.84 per share, subject to certain adjustments, which correspond to the initial conversion price of the Convertible Notes. The Capped Calls have an initial cap price of $18.19 per share, subject to certain adjustments. The Capped Calls cover, subject to anti-dilution adjustments, the aggregate number of shares of the Company’s common stock that initially underlie the Convertible Notes, and are expected generally to reduce potential dilution to the Company’s common stock upon any conversion of Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap, based on the cap price of the Capped Call Transactions. The conditions that cause adjustments to the initial strike price of the Capped Calls mirror the conditions that result in corresponding adjustments for the Convertible Notes. For accounting purposes, the Capped Calls are separate transactions, and not part of the terms of the Convertible Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders’ equity and are not accounted for as derivatives. The cost of $35,673 incurred in connection with the Capped Calls was recorded as a reduction to Capital in Excess of Par Value. During the nine months ended September 30, 2020, CNX's wholly-owned subsidiary Cardinal States entered into a $125,000 non-revolving credit facility agreement (the "Cardinal States Facility"). The Cardinal States Facility was set to mature in 2028, and was secured by substantially all of the Cardinal States assets, required a minimum level of hedging of the variable interest rate exposure and was non-recourse to CNX. The Cardinal States Facility was repaid in full and terminated during the three months ended September 30, 2021 per above. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
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. The 1992 Coal Industry Retiree Health Benefit Act ("Coal Act"), in Section 9711, requires coal companies that were providing health benefits to United Mine Workers of America ("UMWA") retirees as of February 1993 to continue providing health benefits to such individuals, in substantially the same coverages, for as long as the last signatory operator remains in business. Section 9711 also requires any "related person" to be joint and severally liable for the provision of these health benefits. On May 1, 2020, the court in the Murray Energy Corporation ("Murray") bankruptcy proceedings approved a settlement agreement between Murray and the UMWA that transferred to the UMWA 1992 Benefit Plan the Coal Act liabilities for retirees in Murray’s Section 9711 plan. The retirees transferred by Murray to the 1992 Benefit Plan include approximately 2,159 retirees allegedly traced to the December 2013 sale by CONSOL Energy Inc. to Murray Energy of the following possible last signatory operators: Consolidation Coal Company, McElroy Coal Company, Southern Ohio Coal Company, Central Ohio Coal Company, Keystone Coal Mining Corp., and Eight-Four Coal Mining Company (the "Sold Subsidiaries"). On May 2, 2020, the Trustees of the UMWA 1992 Benefit Plan sued CNX and CONSOL Energy Inc. ("CONSOL") in federal court contending that the Sold Subsidiaries were last signatory operators and that CNX and CONSOL are related persons to the Sold Subsidiaries and, as such, CNX and CONSOL are jointly and severally liable for the Coal Act health benefits allegedly owed to the eligible retirees traced to the Sold Subsidiaries. The 1992 Plan seeks, among other relief, a declaration that CNX and CONSOL are obligated to enroll the eligible retirees attributed to the Sold Subsidiaries in a Section 9711 Plan; that CNX and CONSOL are liable to post the security required by Section 9712; and, that CNX and CONSOL are liable to pay per beneficiary premiums until the eligible retirees are enrolled in a Section 9711 plan, and other fees, costs and disbursements under the Coal Act. We disagree with the suit filed by the UMWA 1992 Plan, have filed a Motion to Dismiss and intend to defend this action. Further, under the Separation and Distribution Agreement that was entered into at the time we spun-out our coal business in 2017, CONSOL agreed to indemnify CNX for all coal-related liabilities, including this lawsuit. With respect to this matter, although a loss is possible, it is not probable, and accordingly no accrual has been recognized. On July 22, 2021, CNX received a letter from the UMWA 1974 Pension Plan requesting information related to the facts and circumstances surrounding the 2013 sale of certain of its coal subsidiaries to Murray Energy. The letter indicates that litigation related to potential withdrawal liabilities from the plan created by the 2019 bankruptcy of Murray Energy is reasonably foreseeable. At this time, no liability has been assessed. Under the Separation and Distribution Agreement that was entered into at the time we spun-out our coal business in 2017, CONSOL agreed to indemnify CNX for all coal-related liabilities including any potential withdrawal liabilities. At September 30, 2021, 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 CNX's financial condition. Amount of Commitment Expiration Per Period Total Less Than 1-3 Years 3-5 Years Beyond Letters of Credit: Firm Transportation $ 181,575 $ 181,575 $ — $ — $ — Other 7,021 7,021 — — — Total Letters of Credit 188,596 188,596 — — — Surety Bonds: Employee-Related 2,600 — 2,600 — — Environmental 12,015 10,270 1,745 — — Financial Guarantees 81,670 26,400 55,270 — — Other 8,897 8,283 614 — — Total Surety Bonds 105,182 44,953 60,229 — — Total Commitments $ 293,778 $ 233,549 $ 60,229 $ — $ — 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 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 will satisfy its obligations to indemnify CNX in the event that CNX is so called upon (See "Item 1A. Risk Factors" in CNX's 2020 Form 10-K and in our Quarterly Report on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021 for additional information). 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 September 30, 2021, the purchase obligations for each of the next five years and beyond are as follows: Obligations Due Amount Less than 1 year $ 261,174 1 - 3 years 428,350 3 - 5 years 393,544 More than 5 years 992,713 Total Purchase Obligations $ 2,075,781 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2021 | |
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 is 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 swaps 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 reduced over time based upon the expected amortization profile for each respective credit facility. In addition, CSG Holdings entered into a call option commencing March 31, 2023. In August 2021, these swaps were terminated in conjunction with the repayment and termination of both the Cardinal States Facility and the CSG Holdings Facility (See Note 9 - Long-Term Debt). In June 2019, CNX entered into an interest rate swap agreement related to $160,000 of borrowings under the CNX 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-year period. In March 2020, this swap was terminated and replaced via a new interest rate swap, effective immediately, into a new four-year interest rate swap inclusive of a put option at zero basis points. Also executed in March 2020 was a new four-year $250,000 interest rate swap, inclusive of a put option at zero basis points, effective April 3, 2020. In December 2020, CNX executed an offsetting $250,000 interest rate swap, effective immediately, which expires in April 2024. Consistent with the previous interest rate swap agreements, the $250,000 interest rate swaps were entered into to manage CNX's exposure to interest rate volatility. CNX enters into financial derivative instruments (over-the-counter swaps) to manage its exposure to natural gas price fluctuations. Typically, CNX "sells" swaps under which it receives a fixed price from counterparties and pays a floating market price. In order to enhance production flexibility, during the first quarter of 2021, CNX purchased, rather than sold, financial swaps for the period April through October 2021 under which CNX will pay a fixed price to and receive a floating price from its hedge counterparties. Swaps purchased have the effect of reducing total hedged volumes for the period of the swap. 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: September 30, December 31, Forecasted to 2021 2020 Settle Through Natural Gas Commodity Swaps (Bcf) 1,728.5 1,256.9 2027 Natural Gas Basis Swaps (Bcf) 1,239.4 * 1,294.1 2027 Interest Rate Swaps $ 410,000 $ 569,972 2024 *Net of purchased natural gas basis swaps of 3.4 Bcf. The gross fair value of CNX's derivative instruments was as follows: September 30, December 31, 2021 2020 Current Assets: Commodity Derivative Instruments: Commodity Swaps $ — $ 53,668 Basis Only Swaps 83,841 30,848 Interest Rate Swaps 29 141 Total Current Assets $ 83,870 $ 84,657 Other Non-Current Assets: Commodity Derivative Instruments: Commodity Swaps $ 6,665 $ 134,661 Basis Only Swaps 172,511 52,903 Interest Rate Swaps — 673 Total Other Non-Current Assets $ 179,176 $ 188,237 Current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 1,133,730 $ 23,506 Basis Only Swaps 31,413 14,491 Interest Rate Swaps 3,454 4,332 Total Current Liabilities $ 1,168,597 $ 42,329 Non-Current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 834,009 $ 59,388 Basis Only Swaps 19,987 57,150 Interest Rate Swaps 4,771 10,752 Total Non-Current Liabilities $ 858,767 $ 127,290 The effect of commodity derivative instruments on the Company's Consolidated Statements of Income was as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Cash (Paid) Received in Settlement of Commodity Derivative Instruments: Natural Gas: Commodity Swaps $ (161,887) $ 72,062 $ (171,829) $ 382,891 Basis Swaps 30,796 18,248 32,784 836 Total Cash (Paid) Received in Settlement of Commodity Derivative Instruments (131,091) 90,310 (139,045) 383,727 Unrealized (Loss) Gain on Commodity Derivative Instruments: Natural Gas: Commodity Swaps (1,339,362) (369,121) (2,066,509) (550,694) Basis Swaps (36,817) 109,977 192,840 49,972 Total Unrealized Loss on Commodity Derivative Instruments (1,376,179) (259,144) (1,873,669) (500,722) (Loss) Gain on Commodity Derivative Instruments: Natural Gas: Commodity Swaps (1,501,249) (297,059) (2,238,338) (167,803) Basis Swaps (6,021) 128,225 225,624 50,808 Total Loss on Commodity Derivative Instruments $ (1,507,270) $ (168,834) $ (2,012,714) $ (116,995) The effect of interest rate swaps on Interest Expense in the Company's Consolidated Statements of Income was as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Cash Paid in Settlement of Interest Rate Swaps $ (2,154) $ (1,257) $ (4,621) $ (1,850) Unrealized Gain (Loss) on Interest Rate Swaps 1,416 (152) 6,075 (14,389) (Loss) Gain on Interest Rate Swaps $ (738) $ (1,409) $ 1,454 $ (16,239) Cash Received in Settlement of Commodity Derivative Instruments for the nine months ended September 30, 2020 includes $54,982 related to 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 this monetization. In addition, Cash Received in Settlement of Commodity Derivative Instruments for the nine months ended September 30, 2020 included $5,851 related to the monetization and termination of approximately 8 million MMBtus of NYMEX natural gas hedges and a similar quantity of financial basis hedges that were to settle at various times from October through November of 2020. Net proceeds received from the monetizations 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 | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 Fair Value Measurements at December 31, 2020 Description Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Gas Derivatives $ — $ (1,756,122) $ — $ — $ 117,545 $ — Interest Rate Swaps $ — $ (8,196) $ — $ — $ (14,270) $ — The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Cash and Cash Equivalents (Excluding Restricted Cash) $ 365 $ 365 $ 15,617 $ 15,617 Restricted Cash* $ 220,386 $ 220,386 $ 5,982 $ 5,982 Long-Term Debt (Excluding Debt Issuance Costs) $ 2,453,932 $ 2,719,220 $ 2,450,853 $ 2,638,251 *The September 30, 2021 restricted cash balance is located in current assets in the Consolidated Balance Sheets. The December 31, 2020 restricted cash balance includes $735 and $5,247 located in current assets and other non-current assets, respectively, in the Consolidated Balance Sheets. Cash and cash equivalents and restricted cash 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. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisitions And Dispositions | ACQUISITIONS AND DISPOSITIONS: On July 26, 2020, CNX entered into an Agreement and Plan of Merger (the "Merger Agreement") with CNXM, CNX Midstream GP LLC (the "General Partner") and CNX Resources Holding LLC, a wholly owned subsidiary of CNX ("Merger Sub"), pursuant to which Merger Sub merged with and into CNXM with CNXM surviving as an indirect wholly owned subsidiary of CNX (the "Merger"). On September 28, 2020, the Merger was completed and CNX issued 37,054,223 shares of common stock to acquire the 42,107,071 common units of CNXM not owned by CNX prior to the Merger at a fixed exchange ratio of 0.88 shares of CNX common stock for each CNXM common unit, for total implied consideration of $384,623. As a result of the Merger, CNXM’s common units are no longer publicly traded. Except for the Class B units of CNXM, which were automatically canceled immediately prior to the effective time of the Merger for no consideration in accordance with CNXM’s partnership agreement, the interests in CNXM owned by CNX and its subsidiaries remain outstanding as limited partner interests in the surviving entity. The General Partner will continue to own the non-economic general partner interest in the surviving entity. Because CNX controlled CNXM prior to the Merger and continues to control CNXM after the Merger, CNX accounted for the change in its ownership interest in CNXM as an equity transaction which was reflected as a reduction of noncontrolling interest with corresponding increases to common stock and capital in excess of par value. No gain or loss was recognized in its condensed consolidated statements of operations as a result of the Merger. The tax effects of the Merger were reported as adjustments to deferred income taxes and capital in excess of par value. Prior to the effective time of the Merger on September 28, 2020, public unitholders held a 46.9% equity interest in CNXM and CNX owned the remaining 53.1% equity interest. The earnings of CNXM that were attributed to its common units held by the public prior to the Merger are reflected in Net Income Attributable to Noncontrolling Interest in the Consolidated Statements of Income. There were no changes in CNX's ownership interest in CNXM during the three or nine months ended September 30, 2021. The CNXM Credit Facility (See Note 7 - Revolving Credit Facilities) and the CNXM Senior Notes due March 2026 (See Note 9 - Long-Term Debt) were not impacted by the Merger. The Company incurred $4,518 and $4,737 of transaction costs directly attributable to the Merger during the three and nine months ended September 30, 2020, respectively, including financial advisory, legal service and other professional fees, which were recorded to Other Expense in the Consolidated Statements of Income. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION: The Company reports segment information based on the "management" approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments. The Company evaluates the performance of its reportable segments based on total revenue and other operating income, and operating expenses directly attributable to that segment. Certain expenses are managed outside the reportable segments and therefore are not allocated. These expenses include, but are not limited to, interest expense, impairment of exploration and production properties, impairment of goodwill and other corporate expenses such as selling, general and administrative costs. CNX's principal activity is to produce pipeline quality natural gas for sale primarily to gas wholesalers and the Company has two reportable segments that conducts those operations: Shale and Coalbed Methane. The Other Segment includes nominal 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 monetized prior to their settlement dates, exploration and production related other costs, impairments of exploration and production properties, as well as various other expenses that are managed outside the reportable segments as discussed above. Operating profit for each segment is based on sales less identifiable operating and non-operating expenses. Prior to the Merger of CNXM that occurred in September 2020 (See Note 13 - Acquisitions and Dispositions), CNX consisted of two principal business divisions: Exploration and Production (E&P) and Midstream. The E&P Division included four reportable segments, Marcellus Shale, Utica Shale, Coalbed Methane and Other Gas. Industry segment results for the three months ended September 30, 2021 are: Shale Coalbed Methane Other Consolidated Natural Gas, NGL and Oil Revenue $ 536,412 $ 49,107 $ 396 $ 585,915 (A) Purchased Gas Revenue — — 16,311 16,311 Loss on Commodity Derivative Instruments (119,429) (11,620) (1,376,221) (1,507,270) Other Revenue and Operating Income 19,050 — 5,733 24,783 (B) Total Revenue and Other Operating Income (Loss) $ 436,033 $ 37,487 $ (1,353,781) $ (880,261) Total Operating Expense $ 206,703 $ 30,124 $ 68,031 $ 304,858 Earnings (Loss) Before Income Tax $ 229,330 $ 7,363 $ (1,469,140) $ (1,232,447) Segment Assets $ 6,076,533 $ 1,057,543 $ 1,094,077 $ 8,228,153 (C) Depreciation, Depletion and Amortization $ 111,643 $ 14,031 $ 4,060 $ 129,734 Capital Expenditures $ 94,317 $ 2,105 $ 341 $ 96,763 (A) Included in Total Natural Gas, NGL and Oil Revenue are sales of $93,499 to Citadel Energy Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period. (B) Includes midstream revenue of $19,050 and equity in earnings of unconsolidated affiliates of $995 for Shale and Other, respectively. (C) Includes investments in unconsolidated equity affiliates of $17,020. Industry segment results for the three months ended September 30, 2020 are: Shale Coalbed Methane Other Consolidated Natural Gas, NGL and Oil Revenue $ 155,792 $ 25,667 $ 754 $ 182,213 (D) Purchased Gas Revenue — — 31,541 31,541 Gain (Loss) on Commodity Derivative Instruments 79,773 10,518 (259,125) (168,834) Other Revenue and Operating Income 16,689 — 4,466 21,155 (E) Total Revenue and Other Operating Income (Loss) $ 252,254 $ 36,185 $ (222,364) $ 66,075 Total Operating Expense $ 165,587 $ 30,439 $ 83,479 $ 279,505 Earnings (Loss) Before Income Tax $ 86,667 $ 5,746 $ (342,485) $ (250,072) Segment Assets $ 6,070,356 $ 1,125,312 $ 933,506 $ 8,129,174 (F) Depreciation, Depletion and Amortization $ 94,617 $ 15,763 $ 4,084 $ 114,464 Capital Expenditures $ 105,988 $ 2,310 $ 37 $ 108,335 (D) Included in Total Natural Gas, NGL and Oil Revenue are sales of $35,645 to Direct Energy Business Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period. (E) Includes midstream revenue of $16,689 and equity in earnings of unconsolidated affiliates of $396 for Shale and Other, respectively. (F) Includes investments in unconsolidated equity affiliates of $15,685. Industry segment results for the nine months ended September 30, 2021 are: Shale Coalbed Methane Other Consolidated Natural Gas, NGL and Oil Revenue $ 1,211,239 $ 124,516 $ 833 $ 1,336,588 (A) Purchased Gas Revenue — — 66,500 66,500 Loss on Commodity Derivative Instruments (126,641) (12,359) (1,873,714) (2,012,714) Other Revenue and Operating Income 56,795 — 18,432 75,227 (B) Total Revenue and Other Operating Income (Loss) $ 1,141,393 $ 112,157 $ (1,787,949) $ (534,399) Total Operating Expense $ 587,409 $ 86,883 $ 211,080 $ 885,372 Earnings (Loss) Before Income Tax $ 553,984 $ 25,274 $ (2,122,478) $ (1,543,220) Segment Assets $ 6,076,533 $ 1,057,543 $ 1,094,077 $ 8,228,153 (C) Depreciation, Depletion and Amortization $ 325,529 $ 43,779 $ 11,976 $ 381,284 Capital Expenditures $ 342,665 $ 5,749 $ 736 $ 349,150 (A) Included in Total Natural Gas, NGL and Oil Revenue are sales of $193,964 to Citadel Energy Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period. (B) Includes midstream revenue of $56,795 and equity in earnings of unconsolidated affiliates of $3,499 for Shale and Other, respectively. (C) Includes investments in unconsolidated equity affiliates of $17,020. Industry segment results for the nine months ended September 30, 2020 are: Shale Coalbed Methane Other Consolidated Natural Gas, NGL and Oil Revenue $ 528,913 $ 79,319 $ 1,251 $ 609,483 (D) Purchased Gas Revenue — — 78,324 78,324 Gain (Loss) on Commodity Derivative Instruments 266,488 33,210 (416,693) (116,995) (E) Other Revenue and Operating Income 47,286 — 13,177 60,463 (F) Total Revenue and Other Operating Income (Loss) $ 842,687 $ 112,529 $ (323,941) $ 631,275 Total Operating Expense $ 511,653 $ 94,113 $ 779,532 $ 1,385,298 Earnings (Loss) Before Income Tax $ 331,034 $ 18,416 $ (1,216,459) $ (867,009) Segment Assets $ 6,070,356 $ 1,125,312 $ 933,506 $ 8,129,174 (G) Depreciation, Depletion and Amortization $ 295,648 $ 49,903 $ 11,623 $ 357,174 Capital Expenditures $ 385,763 $ 6,796 $ 2,677 $ 395,236 (D) Included in Total Natural Gas, NGL and Oil Revenue are sales of $115,011 to Direct Energy Business Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period. (E) Included in Other is a realized gain on commodity derivative instruments of $83,997 related to the monetization of hedges (see Note 11 - Derivative Instruments for more information). (F) Includes midstream revenue of $47,286 and equity in losses of unconsolidated affiliates of $1,025 for Shale and Other, respectively. (G) Includes investments in unconsolidated equity affiliates of $15,685. Reconciliation of Segment Information to Consolidated Amounts: Revenue and Other Operating (Loss) Income For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Total Segment Revenue from Contracts with External Customers $ 621,276 $ 230,443 $ 1,459,883 $ 735,093 Loss on Commodity Derivative Instruments (1,507,270) (168,834) (2,012,714) (116,995) Other Operating Income 5,733 4,466 18,432 13,177 Total Consolidated Revenue and Other Operating (Loss) Income $ (880,261) $ 66,075 $ (534,399) $ 631,275 |
Stock Repurchase
Stock Repurchase | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stock Repurchase | STOCK REPURCHASE:On January 26, 2021, the Company’s Board of Directors approved an increase in the aggregate amount of the previous $750,000 stock repurchase program plan to $900,000, and on October 25, 2021, the Board of Directors approved an additional increase in the aggregate amount of the stock repurchase program plan to $1,900,000. As of October 25, 2021, the amount available under the stock repurchase program is $1,123,738, and 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 nine months ended September 30, 2021, 9,804,958 shares were repurchased and retired at an average price of $12.38 per share for a total cost of $121,557. There were no shares repurchased and retired during the nine months ended September 30, 2020. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS:In May 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2021-04 - Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. This ASU provides guidance on how an issuer would measure and recognize the effect of these transactions. Specifically, it provides a principles-based framework to determine whether an issuer should recognize the modification or exchange as an adjustment to equity or an expense. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. Early adoption is permitted. The Company is still evaluating the effect of adopting this guidance. In August 2020, the FASB issued ASU 2020-06 - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. This ASU simplifies an entity's accounting for convertible instruments by eliminating two of the three models in ASC 470-20 that require separate accounting for embedded conversion features, simplifies the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification, requires entities to use the if-converted method for all convertible instruments in the diluted EPS calculation and include the effect of potential share settlement (if the effect is more dilutive) for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards, requires new disclosures about events that occur during the reporting period and cause conversion contingencies to be met and about the fair value of an entity's convertible debt at the instrument level, among other things. The amendments in this ASU are effective for public entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, and can be adopted through either a modified retrospective method of transition or a fully retrospective method of transition. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is still evaluating the effect of adopting this guidance. 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. In January 2021, the FASB issued ASU 2021-01, which clarifies that certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments in these ASUs 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. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for future periods. The Consolidated Balance Sheet at December 31, 2020 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, 2020 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 9, 2021. |
Reclassification | Certain amounts in prior periods have been reclassified to conform to the current period presentation. |
Restricted Cash | Restricted Cash Restricted cash at September 30, 2021 consists of cash held by the Trustee that, pursuant to the indentures governing the CNX Midstream Partners LP Senior Notes due March 2026 at 6.50% ("CNXM Senior Notes due March 2026"), was restricted in its use to fund the redemption of the remaining outstanding CNXM Senior Notes due March 2026 recorded in the Consolidated Balance Sheet as of September 30, 2021 under the terms of the Tender Offer. See Note 9 – Long-Term Debt for more information. Restricted cash at September 30, 2020 consisted of cash that the Company was contractually obligated to maintain in accordance with the terms of the Cardinal States Gathering LLC and CSG Holdings II LLC Credit Agreement, each dated March 13, 2020 (See Note 9 - Long-Term Debt for more information). |
Receivables | Receivables As of September 30, 2021 and December 31, 2020, Accounts Receivable - Trade were $250,406 and $145,929, respectively, and Other Receivables were $10,234 and $4,238, respectively. 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. |
Recent Accounting Pronouncements | In May 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2021-04 - Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. This ASU provides guidance on how an issuer would measure and recognize the effect of these transactions. Specifically, it provides a principles-based framework to determine whether an issuer should recognize the modification or exchange as an adjustment to equity or an expense. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. Early adoption is permitted. The Company is still evaluating the effect of adopting this guidance. In August 2020, the FASB issued ASU 2020-06 - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. This ASU simplifies an entity's accounting for convertible instruments by eliminating two of the three models in ASC 470-20 that require separate accounting for embedded conversion features, simplifies the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification, requires entities to use the if-converted method for all convertible instruments in the diluted EPS calculation and include the effect of potential share settlement (if the effect is more dilutive) for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards, requires new disclosures about events that occur during the reporting period and cause conversion contingencies to be met and about the fair value of an entity's convertible debt at the instrument level, among other things. The amendments in this ASU are effective for public entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, and can be adopted through either a modified retrospective method of transition or a fully retrospective method of transition. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is still evaluating the effect of adopting this guidance. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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: September 30, 2021 2020 Cash and Cash Equivalents $ 365 $ 150,132 Restricted Cash, Current Portion 220,386 733 Restricted Cash, Less Current Portion — 5,456 Total Cash, Cash Equivalents, and Restricted Cash $ 220,751 $ 156,321 |
Restrictions on 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: September 30, 2021 2020 Cash and Cash Equivalents $ 365 $ 150,132 Restricted Cash, Current Portion 220,386 733 Restricted Cash, Less Current Portion — 5,456 Total Cash, Cash Equivalents, and Restricted Cash $ 220,751 $ 156,321 |
Schedule of Allowance for Credit Loss | The following represents activity related to the allowance for credit losses for the nine months ended: September 30, 2021 2020 Allowance for Credit Losses - Trade, Beginning of Year $ 84 $ — Provision for Expected Credit Losses — 78 Allowance for Credit Losses - Trade, End of Period $ 84 $ 78 Allowance for Credit Losses - Other Receivables, Beginning of Year $ 3,248 $ 2,463 Provision for Expected Credit Losses 38 2,974 Write-off of Uncollectible Accounts (16) (923) Allowance for Credit Losses - Other Receivables, End of Period $ 3,270 $ 4,514 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Anti-Dilutive Options 3,002,504 4,237,319 3,002,504 4,237,319 Anti-Dilutive Restricted Stock Units 2,475,944 2,180,548 2,475,944 2,180,548 Anti-Dilutive Performance Share Units 951,828 780,335 951,828 780,335 6,430,276 7,198,202 6,430,276 7,198,202 |
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 September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Options 26,664 21,864 683,237 261,703 Restricted Stock Units 2,375 21,186 738,188 525,226 Performance Share Units — — 291,653 274,716 29,039 43,050 1,713,078 1,061,645 |
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 September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Net Loss $ (872,921) $ (188,793) $ (1,128,956) $ (624,502) Less: Net Income Attributable to Noncontrolling Interest — 15,905 — 55,031 Net Loss Attributable to CNX Resources Shareholders $ (872,921) $ (204,698) $ (1,128,956) $ (679,533) Weighted-Average Shares of Common Stock Outstanding 215,738,737 198,727,472 218,504,542 191,015,680 Effect of Diluted Shares* — — — — Weighted-Average Diluted Shares of Common Stock Outstanding 215,738,737 198,727,472 218,504,542 191,015,680 Loss per Share: Basic $ (4.05) $ (1.03) $ (5.17) $ (3.56) Diluted $ (4.05) $ (1.03) $ (5.17) $ (3.56) |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Revenue from Contracts with Customers: Natural Gas Revenue $ 514,821 $ 163,054 $ 1,183,178 $ 561,162 NGL Revenue 62,792 15,053 136,176 40,691 Oil/Condensate Revenue 8,302 4,106 17,234 7,630 Total Natural Gas, NGL and Oil Revenue 585,915 182,213 1,336,588 609,483 Purchased Gas Revenue 16,311 31,541 66,500 78,324 Other Sources of Revenue and Other Operating (Loss) Income: Loss on Commodity Derivative Instruments (1,507,270) (168,834) (2,012,714) (116,995) Other Revenue and Operating Income 24,783 21,155 75,227 60,463 Total Revenue and Other Operating (Loss) Income $ (880,261) $ 66,075 $ (534,399) $ 631,275 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | September 30, December 31, Intangible Drilling Cost $ 5,179,078 $ 4,965,252 Gas Gathering Equipment 2,464,392 2,510,917 Proved Gas Properties 1,286,205 1,253,094 Gas Wells and Related Equipment 1,181,664 1,120,061 Unproved Gas Properties 710,470 725,705 Surface Land and Other Equipment 196,399 199,322 Other 188,532 189,645 Total Property, Plant and Equipment 11,206,740 10,963,996 Less: Accumulated Depreciation, Depletion and Amortization 4,246,423 3,938,451 Total Property, Plant and Equipment - Net $ 6,960,317 $ 7,025,545 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill consist of the following activity: For the Nine Months Ended September 30, 2021 2020 Carrying Amount, Beginning of Period $ 323,314 $ 796,359 Impairment — 473,045 Carrying Amount, End of Period $ 323,314 $ 323,314 |
Schedule of Finite-Lived Intangible Assets | The carrying amount and accumulated amortization of other intangible assets consist of the following: September 30, December 31, Other Intangible Assets: Gross Amortizable Asset - Customer Relationships $ 109,752 $ 109,752 Less: Accumulated Amortization - Customer Relationships 24,571 19,657 Total Other Intangible Assets, net $ 85,181 $ 90,095 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | September 30, December 31, Royalties $ 121,533 $ 72,401 Deferred Revenue 17,472 10,986 Transportation Charges 15,607 15,969 Accrued Other Taxes 12,404 10,580 Accrued Interest 12,215 26,549 Short-Term Incentive Compensation 7,974 20,340 Litigation Contingency 7,215 2,025 Accrued Payroll & Benefits 6,504 5,009 Purchased Gas Payable 1,229 1,528 Other 11,413 23,144 Current Portion of Long-Term Liabilities: Asset Retirement Obligations 8,455 8,455 Salary Retirement 1,831 1,787 Total Other Accrued Liabilities $ 223,852 $ 198,773 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Long-term Debt, Other Disclosures [Abstract] | |
Schedule of Long-term Debt | September 30, December 31, Senior Notes due March 2027 at 7.25% (Principal of $700,000 plus Unamortized Premium of $5,878 and $6,686, respectively) $ 705,878 $ 706,686 Senior Notes due January 2029 at 6.00%, Issued at Par Value 500,000 500,000 CNX Midstream Partners LP Senior Notes due April 2030 at 4.75% (Principal of $400,000 less Unamortized Discount of $4,952 at September 30, 2021)* 395,048 — Convertible Senior Notes due May 2026 at 2.25% (Principal of $345,000 less Unamortized Discount and Issuance Costs of $95,537 and $107,735, respectively) 249,463 237,265 CNX Midstream Partners LP Senior Notes due March 2026 at 6.50% (Principal of $234,169 and $400,000, respectively, less Unamortized Discount of $1,976 and $3,875, respectively)* 232,193 396,125 CNX Revolving Credit Facility 225,350 160,800 CNX Midstream Partners LP Revolving Credit Facility* 146,000 291,000 Cardinal States Gathering Company Credit Facility maturing in March 2028 (Principal of $114,985 less Unamortized Discount of $1,126 at December 31, 2020) — 113,859 CSG Holdings II LLC Credit Facility maturing in March 2027 (Principal of $45,559 less Unamortized Discount of $441 at December 31, 2020) — 45,118 Less: Unamortized Debt Issuance Costs 18,526 26,852 2,435,406 2,424,001 Less: Current Portion 231,675 22,574 Long-Term Debt $ 2,203,731 $ 2,401,427 |
Convertible Debt | The net carrying amount of the liability and equity components of the Convertible Notes was as follows: September 30, December 31, Liability Component: Principal $ 345,000 $ 345,000 Unamortized Discount (89,938) (101,367) Unamortized Issuance Costs (5,599) (6,368) Net Carrying Amount $ 249,463 $ 237,265 Equity Component, net of Purchase Discounts and Issuance Costs $ 78,284 $ 78,317 Interest expense related to the Convertible Notes is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Contractual Interest Expense $ 1,941 $ 1,941 $ 5,822 $ 3,234 Amortization of Debt Discount 3,897 3,554 11,428 5,879 Amortization of Issuance Costs 260 245 769 407 Total Interest Expense $ 6,098 $ 5,740 $ 18,019 $ 9,520 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Long-term Purchase Commitment | At September 30, 2021, 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 CNX's financial condition. Amount of Commitment Expiration Per Period Total Less Than 1-3 Years 3-5 Years Beyond Letters of Credit: Firm Transportation $ 181,575 $ 181,575 $ — $ — $ — Other 7,021 7,021 — — — Total Letters of Credit 188,596 188,596 — — — Surety Bonds: Employee-Related 2,600 — 2,600 — — Environmental 12,015 10,270 1,745 — — Financial Guarantees 81,670 26,400 55,270 — — Other 8,897 8,283 614 — — Total Surety Bonds 105,182 44,953 60,229 — — Total Commitments $ 293,778 $ 233,549 $ 60,229 $ — $ — |
Unrecorded Unconditional Purchase Obligations Disclosure | As of September 30, 2021, the purchase obligations for each of the next five years and beyond are as follows: Obligations Due Amount Less than 1 year $ 261,174 1 - 3 years 428,350 3 - 5 years 393,544 More than 5 years 992,713 Total Purchase Obligations $ 2,075,781 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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: September 30, December 31, Forecasted to 2021 2020 Settle Through Natural Gas Commodity Swaps (Bcf) 1,728.5 1,256.9 2027 Natural Gas Basis Swaps (Bcf) 1,239.4 * 1,294.1 2027 Interest Rate Swaps $ 410,000 $ 569,972 2024 *Net of purchased natural gas basis swaps of 3.4 Bcf. |
Schedule of Derivative Assets at Fair Value | The gross fair value of CNX's derivative instruments was as follows: September 30, December 31, 2021 2020 Current Assets: Commodity Derivative Instruments: Commodity Swaps $ — $ 53,668 Basis Only Swaps 83,841 30,848 Interest Rate Swaps 29 141 Total Current Assets $ 83,870 $ 84,657 Other Non-Current Assets: Commodity Derivative Instruments: Commodity Swaps $ 6,665 $ 134,661 Basis Only Swaps 172,511 52,903 Interest Rate Swaps — 673 Total Other Non-Current Assets $ 179,176 $ 188,237 Current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 1,133,730 $ 23,506 Basis Only Swaps 31,413 14,491 Interest Rate Swaps 3,454 4,332 Total Current Liabilities $ 1,168,597 $ 42,329 Non-Current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 834,009 $ 59,388 Basis Only Swaps 19,987 57,150 Interest Rate Swaps 4,771 10,752 Total Non-Current Liabilities $ 858,767 $ 127,290 |
Schedule of Derivative Liabilities at Fair Value | The gross fair value of CNX's derivative instruments was as follows: September 30, December 31, 2021 2020 Current Assets: Commodity Derivative Instruments: Commodity Swaps $ — $ 53,668 Basis Only Swaps 83,841 30,848 Interest Rate Swaps 29 141 Total Current Assets $ 83,870 $ 84,657 Other Non-Current Assets: Commodity Derivative Instruments: Commodity Swaps $ 6,665 $ 134,661 Basis Only Swaps 172,511 52,903 Interest Rate Swaps — 673 Total Other Non-Current Assets $ 179,176 $ 188,237 Current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 1,133,730 $ 23,506 Basis Only Swaps 31,413 14,491 Interest Rate Swaps 3,454 4,332 Total Current Liabilities $ 1,168,597 $ 42,329 Non-Current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 834,009 $ 59,388 Basis Only Swaps 19,987 57,150 Interest Rate Swaps 4,771 10,752 Total Non-Current Liabilities $ 858,767 $ 127,290 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position | The effect of commodity derivative instruments on the Company's Consolidated Statements of Income was as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Cash (Paid) Received in Settlement of Commodity Derivative Instruments: Natural Gas: Commodity Swaps $ (161,887) $ 72,062 $ (171,829) $ 382,891 Basis Swaps 30,796 18,248 32,784 836 Total Cash (Paid) Received in Settlement of Commodity Derivative Instruments (131,091) 90,310 (139,045) 383,727 Unrealized (Loss) Gain on Commodity Derivative Instruments: Natural Gas: Commodity Swaps (1,339,362) (369,121) (2,066,509) (550,694) Basis Swaps (36,817) 109,977 192,840 49,972 Total Unrealized Loss on Commodity Derivative Instruments (1,376,179) (259,144) (1,873,669) (500,722) (Loss) Gain on Commodity Derivative Instruments: Natural Gas: Commodity Swaps (1,501,249) (297,059) (2,238,338) (167,803) Basis Swaps (6,021) 128,225 225,624 50,808 Total Loss on Commodity Derivative Instruments $ (1,507,270) $ (168,834) $ (2,012,714) $ (116,995) The effect of interest rate swaps on Interest Expense in the Company's Consolidated Statements of Income was as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Cash Paid in Settlement of Interest Rate Swaps $ (2,154) $ (1,257) $ (4,621) $ (1,850) Unrealized Gain (Loss) on Interest Rate Swaps 1,416 (152) 6,075 (14,389) (Loss) Gain on Interest Rate Swaps $ (738) $ (1,409) $ 1,454 $ (16,239) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 Fair Value Measurements at December 31, 2020 Description Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Gas Derivatives $ — $ (1,756,122) $ — $ — $ 117,545 $ — Interest Rate Swaps $ — $ (8,196) $ — $ — $ (14,270) $ — |
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: September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Cash and Cash Equivalents (Excluding Restricted Cash) $ 365 $ 365 $ 15,617 $ 15,617 Restricted Cash* $ 220,386 $ 220,386 $ 5,982 $ 5,982 Long-Term Debt (Excluding Debt Issuance Costs) $ 2,453,932 $ 2,719,220 $ 2,450,853 $ 2,638,251 *The September 30, 2021 restricted cash balance is located in current assets in the Consolidated Balance Sheets. The December 31, 2020 restricted cash balance includes $735 and $5,247 located in current assets and other non-current assets, respectively, in the Consolidated Balance Sheets. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Industry Segment Results | Industry segment results for the three months ended September 30, 2021 are: Shale Coalbed Methane Other Consolidated Natural Gas, NGL and Oil Revenue $ 536,412 $ 49,107 $ 396 $ 585,915 (A) Purchased Gas Revenue — — 16,311 16,311 Loss on Commodity Derivative Instruments (119,429) (11,620) (1,376,221) (1,507,270) Other Revenue and Operating Income 19,050 — 5,733 24,783 (B) Total Revenue and Other Operating Income (Loss) $ 436,033 $ 37,487 $ (1,353,781) $ (880,261) Total Operating Expense $ 206,703 $ 30,124 $ 68,031 $ 304,858 Earnings (Loss) Before Income Tax $ 229,330 $ 7,363 $ (1,469,140) $ (1,232,447) Segment Assets $ 6,076,533 $ 1,057,543 $ 1,094,077 $ 8,228,153 (C) Depreciation, Depletion and Amortization $ 111,643 $ 14,031 $ 4,060 $ 129,734 Capital Expenditures $ 94,317 $ 2,105 $ 341 $ 96,763 (A) Included in Total Natural Gas, NGL and Oil Revenue are sales of $93,499 to Citadel Energy Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period. (B) Includes midstream revenue of $19,050 and equity in earnings of unconsolidated affiliates of $995 for Shale and Other, respectively. (C) Includes investments in unconsolidated equity affiliates of $17,020. Industry segment results for the three months ended September 30, 2020 are: Shale Coalbed Methane Other Consolidated Natural Gas, NGL and Oil Revenue $ 155,792 $ 25,667 $ 754 $ 182,213 (D) Purchased Gas Revenue — — 31,541 31,541 Gain (Loss) on Commodity Derivative Instruments 79,773 10,518 (259,125) (168,834) Other Revenue and Operating Income 16,689 — 4,466 21,155 (E) Total Revenue and Other Operating Income (Loss) $ 252,254 $ 36,185 $ (222,364) $ 66,075 Total Operating Expense $ 165,587 $ 30,439 $ 83,479 $ 279,505 Earnings (Loss) Before Income Tax $ 86,667 $ 5,746 $ (342,485) $ (250,072) Segment Assets $ 6,070,356 $ 1,125,312 $ 933,506 $ 8,129,174 (F) Depreciation, Depletion and Amortization $ 94,617 $ 15,763 $ 4,084 $ 114,464 Capital Expenditures $ 105,988 $ 2,310 $ 37 $ 108,335 (D) Included in Total Natural Gas, NGL and Oil Revenue are sales of $35,645 to Direct Energy Business Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period. (E) Includes midstream revenue of $16,689 and equity in earnings of unconsolidated affiliates of $396 for Shale and Other, respectively. (F) Includes investments in unconsolidated equity affiliates of $15,685. Industry segment results for the nine months ended September 30, 2021 are: Shale Coalbed Methane Other Consolidated Natural Gas, NGL and Oil Revenue $ 1,211,239 $ 124,516 $ 833 $ 1,336,588 (A) Purchased Gas Revenue — — 66,500 66,500 Loss on Commodity Derivative Instruments (126,641) (12,359) (1,873,714) (2,012,714) Other Revenue and Operating Income 56,795 — 18,432 75,227 (B) Total Revenue and Other Operating Income (Loss) $ 1,141,393 $ 112,157 $ (1,787,949) $ (534,399) Total Operating Expense $ 587,409 $ 86,883 $ 211,080 $ 885,372 Earnings (Loss) Before Income Tax $ 553,984 $ 25,274 $ (2,122,478) $ (1,543,220) Segment Assets $ 6,076,533 $ 1,057,543 $ 1,094,077 $ 8,228,153 (C) Depreciation, Depletion and Amortization $ 325,529 $ 43,779 $ 11,976 $ 381,284 Capital Expenditures $ 342,665 $ 5,749 $ 736 $ 349,150 (A) Included in Total Natural Gas, NGL and Oil Revenue are sales of $193,964 to Citadel Energy Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period. (B) Includes midstream revenue of $56,795 and equity in earnings of unconsolidated affiliates of $3,499 for Shale and Other, respectively. (C) Includes investments in unconsolidated equity affiliates of $17,020. Industry segment results for the nine months ended September 30, 2020 are: Shale Coalbed Methane Other Consolidated Natural Gas, NGL and Oil Revenue $ 528,913 $ 79,319 $ 1,251 $ 609,483 (D) Purchased Gas Revenue — — 78,324 78,324 Gain (Loss) on Commodity Derivative Instruments 266,488 33,210 (416,693) (116,995) (E) Other Revenue and Operating Income 47,286 — 13,177 60,463 (F) Total Revenue and Other Operating Income (Loss) $ 842,687 $ 112,529 $ (323,941) $ 631,275 Total Operating Expense $ 511,653 $ 94,113 $ 779,532 $ 1,385,298 Earnings (Loss) Before Income Tax $ 331,034 $ 18,416 $ (1,216,459) $ (867,009) Segment Assets $ 6,070,356 $ 1,125,312 $ 933,506 $ 8,129,174 (G) Depreciation, Depletion and Amortization $ 295,648 $ 49,903 $ 11,623 $ 357,174 Capital Expenditures $ 385,763 $ 6,796 $ 2,677 $ 395,236 (D) Included in Total Natural Gas, NGL and Oil Revenue are sales of $115,011 to Direct Energy Business Marketing LLC, which comprises over 10% of revenue from contracts with external customers for the period. (E) Included in Other is a realized gain on commodity derivative instruments of $83,997 related to the monetization of hedges (see Note 11 - Derivative Instruments for more information). (F) Includes midstream revenue of $47,286 and equity in losses of unconsolidated affiliates of $1,025 for Shale and Other, respectively. (G) Includes investments in unconsolidated equity affiliates of $15,685. |
Reconciliation of Revenue and Other Operating (Loss) Income from Segments to Consolidated | Revenue and Other Operating (Loss) Income For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Total Segment Revenue from Contracts with External Customers $ 621,276 $ 230,443 $ 1,459,883 $ 735,093 Loss on Commodity Derivative Instruments (1,507,270) (168,834) (2,012,714) (116,995) Other Operating Income 5,733 4,466 18,432 13,177 Total Consolidated Revenue and Other Operating (Loss) Income $ (880,261) $ 66,075 $ (534,399) $ 631,275 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 27, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Receivables related to contracts with customers | $ 250,406 | $ 145,929 | |
Other receivables | $ 10,234 | $ 4,238 | |
6.50% Senior Notes due March 2026 | |||
Business Acquisition [Line Items] | |||
Stated rate, debt instrument | 6.50% | 6.50% | |
CNXM | 6.50% Senior Notes due March 2026 | |||
Business Acquisition [Line Items] | |||
Stated rate, debt instrument | 6.50% | ||
CNXM | Public Unitholders | |||
Business Acquisition [Line Items] | |||
Ownership percentage of public unitholders | 46.90% | ||
CNXM | CNX | |||
Business Acquisition [Line Items] | |||
Ownership percentage by parent | 53.10% |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Cash and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and Cash Equivalents | $ 365 | $ 15,617 | $ 150,132 | |
Restricted Cash, Current Portion | 220,386 | 735 | 733 | |
Restricted Cash, Less Current Portion | 0 | 5,247 | 5,456 | |
Total Cash, Cash Equivalents, and Restricted Cash | $ 220,751 | $ 21,599 | $ 156,321 | $ 16,283 |
Basis of Presentation - Sched_2
Basis of Presentation - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Trade Receivables | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for Credit Losses, Beginning of Year | $ 84 | $ 0 |
Provision for Expected Credit Losses | 0 | 78 |
Allowance for Credit Losses, End of Period | 84 | 78 |
Other Receivables | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for Credit Losses, Beginning of Year | 3,248 | 2,463 |
Provision for Expected Credit Losses | 38 | 2,974 |
Write-off of Uncollectible Accounts | (16) | (923) |
Allowance for Credit Losses, End of Period | $ 3,270 | $ 4,514 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - $ / shares | Sep. 28, 2020 | Sep. 30, 2021 |
Convertible Debt | Convertible Senior Notes Due 2026 | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Conversion price (in usd per share) | $ 12.84 | |
CNXM, CNX Midstream GP LLC, CNX Resources Holding LLC Merger Agreement | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Entity shares issued per acquiree share (in shares) | 0.88 |
Earnings Per Share - Anti-Dilut
Earnings Per Share - Anti-Dilutive Options and Units Excluded from Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 6,430,276 | 7,198,202 | 6,430,276 | 7,198,202 |
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) | 3,002,504 | 4,237,319 | 3,002,504 | 4,237,319 |
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) | 2,475,944 | 2,180,548 | 2,475,944 | 2,180,548 |
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) | 951,828 | 780,335 | 951,828 | 780,335 |
Earnings Per Share - Share-base
Earnings Per Share - Share-based Compensation (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total exercised or released (in shares) | 29,039 | 43,050 | 1,713,078 | 1,061,645 |
Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options exercised (in shares) | 26,664 | 21,864 | 683,237 | 261,703 |
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options exercised (in shares) | 2,375 | 21,186 | 738,188 | 525,226 |
Performance Share Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options exercised (in shares) | 0 | 0 | 291,653 | 274,716 |
Earnings Per Share - Earnings P
Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator: | ||||
Net Loss | $ (872,921) | $ (188,793) | $ (1,128,956) | $ (624,502) |
Less: Net Income Attributable to Noncontrolling Interest | 0 | 15,905 | 0 | 55,031 |
Net Loss Attributable to CNX Resources Shareholders | $ (872,921) | $ (204,698) | $ (1,128,956) | $ (679,533) |
Denominator: | ||||
Weighted-Average Shares of Common Stock Outstanding (in shares) | 215,738,737 | 198,727,472 | 218,504,542 | 191,015,680 |
Effect of Diluted Shares (in shares) | 0 | 0 | 0 | 0 |
Weighted-Average Diluted Shares of Common Stock Outstanding (in shares) | 215,738,737 | 198,727,472 | 218,504,542 | 191,015,680 |
Loss per Share | ||||
Basic (in usd per share) | $ (4.05) | $ (1.03) | $ (5.17) | $ (3.56) |
Diluted (in usd per share) | $ (4.05) | $ (1.03) | $ (5.17) | $ (3.56) |
Revenue From Contracts With C_3
Revenue From Contracts With Customers - Narrative (Details) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Payment terms for contract with customers | 25 days |
Contract asset | $ 0 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Loss on Commodity Derivative Instruments | $ (1,507,270) | $ (168,834) | $ (2,012,714) | $ (116,995) |
Other Revenue and Operating Income | 24,783 | 21,155 | 75,227 | 60,463 |
Total Revenue and Other Operating (Loss) Income | (880,261) | 66,075 | (534,399) | 631,275 |
Natural Gas Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers: | 514,821 | 163,054 | 1,183,178 | 561,162 |
NGL Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers: | 62,792 | 15,053 | 136,176 | 40,691 |
Oil/Condensate Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers: | 8,302 | 4,106 | 17,234 | 7,630 |
Total Natural Gas, NGL and Oil Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers: | 585,915 | 182,213 | 1,336,588 | 609,483 |
Purchased Gas Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers: | $ 16,311 | $ 31,541 | $ 66,500 | $ 78,324 |
Revenue From Contracts With C_5
Revenue From Contracts With Customers - Performance Obligation (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 72,216 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 23,156 |
Remaining performance obligations, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 14,526 |
Remaining performance obligations, expected timing of satisfaction | 1 year |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Apr. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||||||
Effective tax rate, percentage | 29.20% | 24.50% | 26.80% | 28.00% | |||
AMT tax credit refund | $ 102,482,000 | ||||||
Total amount of uncertain tax positions | $ 67,806,000 | $ 67,806,000 | $ 31,891,000 | ||||
Increase in uncertain tax positions | 35,915,000 | ||||||
Increase resulting in additional tax credits claimed | 38,736,000 | ||||||
Decrease resulting to statute expiration of prior federal tax position | 2,821,000 | ||||||
Unrecognized tax benefits that would impact effective tax rate | 67,806,000 | 67,806,000 | 67,806,000 | ||||
Accrued interest liability | $ 0 | $ 0 | $ 0 | ||||
Net increase in deferred tax expense | $ 11,455,000 | ||||||
Increase in deferred taxes relating to state apportionment rate changes | 16,507,000 | ||||||
State Net Operating Loss | |||||||
Valuation Allowance [Line Items] | |||||||
Change in valuation allowance | $ 5,052,000 |
Property, Plant and Equipment -
Property, Plant and Equipment - Components (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Abstract] | ||
Intangible Drilling Cost | $ 5,179,078 | $ 4,965,252 |
Gas Gathering Equipment | 2,464,392 | 2,510,917 |
Proved Gas Properties | 1,286,205 | 1,253,094 |
Gas Wells and Related Equipment | 1,181,664 | 1,120,061 |
Unproved Gas Properties | 710,470 | 725,705 |
Surface Land and Other Equipment | 196,399 | 199,322 |
Other | 188,532 | 189,645 |
Total Property, Plant and Equipment | 11,206,740 | 10,963,996 |
Less: Accumulated Depreciation, Depletion and Amortization | 4,246,423 | 3,938,451 |
Total Property, Plant and Equipment—Net | $ 6,960,317 | $ 7,025,545 |
Property, Plant, and Equipment
Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Property, Plant and Equipment [Line Items] | ||||
Impairment of Exploration and Production Properties | $ 0 | $ 0 | $ 0 | $ 61,849 |
Southwest Pennsylvania CBM Asset Group [Member] | ||||
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 | 9 Months Ended | ||||||
Dec. 31, 2017 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 03, 2018 | |
Goodwill [Line Items] | |||||||||
Goodwill | $ 323,314 | $ 323,314 | $ 323,314 | $ 323,314 | $ 323,314 | $ 796,359 | |||
Impairment of goodwill | 0 | 0 | $ 473,045 | $ 0 | 473,045 | ||||
Useful life, customer relationship intangible assets | 17 years | ||||||||
Amortization expense | 1,638 | $ 1,638 | $ 4,914 | $ 4,914 | |||||
Estimated annual amortization expense, Year 2021 | 6,552 | 6,552 | |||||||
Estimated annual amortization expense, Year 2022 | 6,552 | 6,552 | |||||||
Estimated annual amortization expense, Year 2023 | 6,552 | 6,552 | |||||||
Estimated annual amortization expense, Year 2024 | 6,552 | 6,552 | |||||||
Estimated annual amortization expense, Year 2025 | $ 6,552 | $ 6,552 | |||||||
Midstream Acquisition | |||||||||
Goodwill [Line Items] | |||||||||
Cash consideration transferred | $ 305,000 | ||||||||
Fair value of previously held equity interest | $ 799,033 | ||||||||
Goodwill | $ 796,359 | ||||||||
Other intangible assets | $ 128,781 | ||||||||
CNX Gathering LLC | |||||||||
Goodwill [Line Items] | |||||||||
Ownership percentage in equity method investment | 50.00% |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill [Roll Forward] | |||||
Carrying Amount, Beginning of Period | $ 796,359 | $ 323,314 | $ 796,359 | ||
Impairment | $ 0 | $ 0 | $ 473,045 | 0 | 473,045 |
Carrying Amount, End of Period | $ 323,314 | $ 323,314 | $ 323,314 | $ 323,314 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Gross Amortizable Asset - Customer Relationships | $ 109,752 | $ 109,752 |
Less: Accumulated Amortization - Customer Relationships | 24,571 | 19,657 |
Total Other Intangible Assets, net | $ 85,181 | $ 90,095 |
Revolving Credit Facilities (De
Revolving Credit Facilities (Details) - USD ($) | Oct. 06, 2021 | Sep. 30, 2021 | Apr. 30, 2021 | Dec. 31, 2020 | Nov. 30, 2020 | Apr. 30, 2020 | Jun. 30, 2019 | Apr. 30, 2019 |
Short-term Debt [Line Items] | ||||||||
Debt instrument, face amount | $ 400,000,000 | |||||||
Federal Funds Open Rate | ||||||||
Short-term Debt [Line Items] | ||||||||
Basis spread on variable rate | 0.50% | |||||||
Federal Funds Open Rate | Midstream | ||||||||
Short-term Debt [Line Items] | ||||||||
Basis spread on variable rate | 0.50% | |||||||
Federal Funds Open Rate | Midstream | Subsequent Event | ||||||||
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 | Midstream | ||||||||
Short-term Debt [Line Items] | ||||||||
Basis spread on variable rate | 1.00% | |||||||
One-Month LIBOR | Midstream | Subsequent Event | ||||||||
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 | 0.75% | |||||||
One-Month LIBOR | Minimum | Midstream | ||||||||
Short-term Debt [Line Items] | ||||||||
Basis spread on variable rate | 0.50% | |||||||
One-Month LIBOR | Minimum | Midstream | Subsequent Event | ||||||||
Short-term Debt [Line Items] | ||||||||
Basis spread on variable rate | 1.00% | |||||||
One-Month LIBOR | Maximum | ||||||||
Short-term Debt [Line Items] | ||||||||
Basis spread on variable rate | 1.75% | |||||||
One-Month LIBOR | Maximum | Midstream | ||||||||
Short-term Debt [Line Items] | ||||||||
Basis spread on variable rate | 1.50% | |||||||
One-Month LIBOR | Maximum | Midstream | Subsequent Event | ||||||||
Short-term Debt [Line Items] | ||||||||
Basis spread on variable rate | 2.00% | |||||||
LIBOR | Minimum | ||||||||
Short-term Debt [Line Items] | ||||||||
Basis spread on variable rate | 1.75% | |||||||
LIBOR | Minimum | Midstream | ||||||||
Short-term Debt [Line Items] | ||||||||
Basis spread on variable rate | 1.50% | |||||||
LIBOR | Minimum | Midstream | Subsequent Event | ||||||||
Short-term Debt [Line Items] | ||||||||
Basis spread on variable rate | 2.00% | |||||||
LIBOR | Maximum | ||||||||
Short-term Debt [Line Items] | ||||||||
Basis spread on variable rate | 2.75% | |||||||
LIBOR | Maximum | Midstream | ||||||||
Short-term Debt [Line Items] | ||||||||
Basis spread on variable rate | 2.50% | |||||||
LIBOR | Maximum | Midstream | Subsequent Event | ||||||||
Short-term Debt [Line Items] | ||||||||
Basis spread on variable rate | 3.00% | |||||||
Revolving Credit Facility | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt instrument, face amount | $ 160,000,000 | |||||||
Initial borrowing base | $ 1,775,000,000 | $ 1,775,000,000 | $ 1,900,000,000 | |||||
Minimum current ratio | 1 | |||||||
Borrowings outstanding | $ 225,350,000 | 160,800,000 | ||||||
Letters of credit outstanding | 188,566,000 | 185,272,000 | ||||||
Borrowings and issuance of letters of credit remaining capacity | 1,361,084,000 | 1,428,928,000 | ||||||
Letters of credit aggregate sub-limit | 1,775,000,000 | |||||||
Revolving Credit Facility | Subsequent Event | ||||||||
Short-term Debt [Line Items] | ||||||||
Letters of credit aggregate sub-limit | $ 2,000,000,000 | |||||||
Elected commitments | 1,300,000 | |||||||
Revolving Credit Facility | Midstream | ||||||||
Short-term Debt [Line Items] | ||||||||
Borrowings outstanding | 146,000,000 | 291,000,000 | ||||||
Letters of credit outstanding | 30,000 | 30,000 | ||||||
Borrowings and issuance of letters of credit remaining capacity | $ 453,970,000 | |||||||
Letters of credit aggregate sub-limit | $ 600,000,000 | |||||||
Increase in available borrowings | 250,000,000 | |||||||
Maximum borrowing capacity, letters of credit | $ 100,000,000 | |||||||
Interest coverage ratio | 2.50 | |||||||
Revolving credit available for borrowing | 308,970,000 | |||||||
Revolving Credit Facility | Midstream | Subsequent Event | ||||||||
Short-term Debt [Line Items] | ||||||||
Letters of credit aggregate sub-limit | $ 600,000,000 | |||||||
Interest coverage ratio | 2.50 | |||||||
Revolving Credit Facility | Minimum | Midstream | ||||||||
Short-term Debt [Line Items] | ||||||||
Maximum net leverage ratio | 5.25 | |||||||
Total leverage ratio | 4.75 | |||||||
Revolving Credit Facility | Minimum | Midstream | Subsequent Event | ||||||||
Short-term Debt [Line Items] | ||||||||
Maximum net leverage ratio | 5 | |||||||
Revolving Credit Facility | Maximum | ||||||||
Short-term Debt [Line Items] | ||||||||
Net leverage ratio | 4 | |||||||
Revolving Credit Facility | Maximum | Midstream | ||||||||
Short-term Debt [Line Items] | ||||||||
Maximum net leverage ratio | 5.50 | |||||||
Total leverage ratio | 5.25 | |||||||
Secured leverage ratio | 3.50 | |||||||
Revolving Credit Facility | Maximum | Midstream | Subsequent Event | ||||||||
Short-term Debt [Line Items] | ||||||||
Maximum net leverage ratio | 5.25 | |||||||
Secured leverage ratio | 3.25 | |||||||
Revolving Credit Facility | Federal Funds Open Rate | Subsequent Event | ||||||||
Short-term Debt [Line Items] | ||||||||
Basis spread on variable rate | 0.50% | |||||||
Revolving Credit Facility | One-Month LIBOR | Subsequent Event | ||||||||
Short-term Debt [Line Items] | ||||||||
Basis spread on variable rate | 1.00% | |||||||
Revolving Credit Facility | One-Month LIBOR | Minimum | Subsequent Event | ||||||||
Short-term Debt [Line Items] | ||||||||
Basis spread on variable rate | 0.75% | |||||||
Revolving Credit Facility | One-Month LIBOR | Maximum | Subsequent Event | ||||||||
Short-term Debt [Line Items] | ||||||||
Basis spread on variable rate | 1.75% | |||||||
Senior Notes due in January 2029 | Debt Instrument, Issuance, Period Two | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt instrument, face amount | $ 500,000,000 | |||||||
Stated rate, debt instrument | 6.00% | |||||||
Convertible Senior Notes Due 2026 | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt instrument, face amount | $ 345,000,000 | $ 345,000,000 | ||||||
Stated rate, debt instrument | 2.25% | 2.25% | ||||||
6.50% Senior Notes due March 2026 | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt instrument, face amount | $ 234,169,000 | |||||||
Stated rate, debt instrument | 6.50% | 6.50% | ||||||
6.50% Senior Notes due March 2026 | Midstream | ||||||||
Short-term Debt [Line Items] | ||||||||
Stated rate, debt instrument | 6.50% | |||||||
6.50% Senior Notes due March 2026 | Minimum | Midstream | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt instrument, face amount | $ 150,000,000 | |||||||
6.50% Senior Notes due March 2026 | Maximum | Midstream | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt instrument, face amount | $ 150,000,000 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Royalties | $ 121,533 | $ 72,401 |
Deferred Revenue | 17,472 | 10,986 |
Transportation Charges | 15,607 | 15,969 |
Accrued Other Taxes | 12,404 | 10,580 |
Accrued Interest | 12,215 | 26,549 |
Short-Term Incentive Compensation | 7,974 | 20,340 |
Litigation Contingency | 7,215 | 2,025 |
Accrued Payroll & Benefits | 6,504 | 5,009 |
Purchased Gas Payable | 1,229 | 1,528 |
Other | 11,413 | 23,144 |
Current Portion of Long-Term Liabilities: | ||
Asset Retirement Obligations | 8,455 | 8,455 |
Salary Retirement | 1,831 | 1,787 |
Total Other Accrued Liabilities | $ 223,852 | $ 198,773 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 |
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 400,000,000 | ||||
Less: Unamortized Debt Issuance Costs | $ 18,526,000 | 26,852,000 | |||
Total Debt | 2,435,406,000 | 2,424,001,000 | |||
Less: Current Portion | 231,675,000 | 22,574,000 | |||
Long-Term Debt | $ 2,203,731,000 | $ 2,401,427,000 | |||
Senior Notes Due March 2027 | |||||
Debt Instrument [Line Items] | |||||
Stated rate, debt instrument | 7.25% | 7.25% | |||
Debt instrument, face amount | $ 700,000,000 | $ 700,000,000 | |||
Debt instrument, unamortized premium | 5,878,000 | 6,686,000 | |||
Total Debt | $ 705,878,000 | $ 706,686,000 | |||
Senior Notes Due March 2027 | Debt Instrument, Issuance, Period One | |||||
Debt Instrument [Line Items] | |||||
Stated rate, debt instrument | 7.25% | ||||
Senior Notes Due March 2027 | Debt Instrument, Issuance, Period Two | Private Offering | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 200,000,000 | ||||
Unamortized bond premium | $ 7,000,000 | ||||
Senior Notes Due January 2029 | |||||
Debt Instrument [Line Items] | |||||
Stated rate, debt instrument | 6.00% | 6.00% | |||
Total Debt | $ 500,000,000 | $ 500,000,000 | |||
Senior Notes Due April 2030 | |||||
Debt Instrument [Line Items] | |||||
Stated rate, debt instrument | 4.75% | ||||
Debt instrument, face amount | $ 400,000,000 | ||||
Debt instrument, unamortized premium | 4,952,000 | ||||
Total Debt | $ 395,048,000 | $ 0 | |||
Senior Notes Due March 2026 | |||||
Debt Instrument [Line Items] | |||||
Stated rate, debt instrument | 6.50% | 6.50% | |||
Debt instrument, face amount | $ 234,169,000 | ||||
Debt instrument, unamortized discount | 1,976,000 | $ 3,875,000 | |||
Total Debt | $ 232,193,000 | $ 396,125,000 | |||
Convertible Senior Notes Due May 2026 | |||||
Debt Instrument [Line Items] | |||||
Stated rate, debt instrument | 2.25% | 2.25% | |||
Debt instrument, face amount | $ 345,000,000 | $ 345,000,000 | |||
Debt instrument, unamortized discount | 95,537,000 | 107,735,000 | |||
Total Debt | 249,463,000 | 237,265,000 | |||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 160,000,000 | ||||
Revolving Credit Facility | CNX Midstream Partners LP Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Total Debt | 146,000,000 | 291,000,000 | |||
Revolving Credit Facility | CNX Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Total Debt | 225,350,000 | 160,800,000 | |||
Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 175,000,000 | ||||
Line of Credit | Cardinal States Gathering Company Credit Facility maturing in March 2028 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | 114,985,000 | ||||
Debt instrument, unamortized discount | 1,126,000 | ||||
Total Debt | 0 | 113,859,000 | |||
Line of Credit | CSG Holdings II LLC Credit Facility maturing in March 2027 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | 45,559,000 | ||||
Debt instrument, unamortized discount | 441,000 | ||||
Total Debt | $ 0 | $ 45,118,000 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | Oct. 15, 2021USD ($) | Apr. 30, 2020USD ($)day$ / shares | Sep. 30, 2021USD ($)$ / shares | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2021USD ($)$ / shares | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) |
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 400,000,000 | ||||||||
Loss (gain) on debt extinguishment | $ 18,653,000 | $ 108,000 | $ 18,653,000 | $ (10,812,000) | |||||
Proceeds from issuance of convertible senior notes | $ 334,650,000 | $ 0 | 334,650,000 | ||||||
Closing stock price (in usd per share) | $ / shares | $ 12.62 | $ 12.62 | |||||||
Cost incurred in connection with Capped Calls | $ 0 | 35,673,000 | |||||||
Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 175,000,000 | ||||||||
Capped Call Transaction | |||||||||
Debt Instrument [Line Items] | |||||||||
Cost incurred in connection with Capped Calls | $ 35,673,000 | ||||||||
Capped Call Transaction | Call Option | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Strike price (in usd per share) | $ / shares | $ 12.84 | ||||||||
Capped Call Transaction | Call Option | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Strike price (in usd per share) | $ / shares | $ 18.19 | ||||||||
Senior Notes Due April 2030 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 400,000,000 | $ 400,000,000 | |||||||
Stated rate, debt instrument | 4.75% | 4.75% | |||||||
Unamortized discount | $ 5,000,000 | $ 5,000,000 | |||||||
6.50% Senior Notes due March 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 234,169,000 | $ 234,169,000 | |||||||
Stated rate, debt instrument | 6.50% | 6.50% | 6.50% | ||||||
Purchase of outstanding debt | $ 165,831,000 | ||||||||
Loss (gain) on debt extinguishment | 10,549,000 | $ 10,549,000 | |||||||
6.50% Senior Notes due March 2026 | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Purchase of outstanding debt | $ 246,853,000 | ||||||||
Redemption premium on long term debt | 11,416,000 | ||||||||
Accrued interest on redeemed long term debt | $ 1,268,000 | ||||||||
Cardinal States Gathering Company Credit Facility maturing in March 2028 | |||||||||
Debt Instrument [Line Items] | |||||||||
Purchase of outstanding debt | 107,705,000 | ||||||||
Loss (gain) on debt extinguishment | 5,830,000 | 5,830,000 | |||||||
Cardinal States Gathering Company Credit Facility maturing in March 2028 | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 114,985,000 | ||||||||
Line of credit facility maximum borrowing capacity | 125,000,000 | 125,000,000 | |||||||
CSG Holdings II LLC Credit Facility maturing in March 2027 | |||||||||
Debt Instrument [Line Items] | |||||||||
Purchase of outstanding debt | 39,726,000 | ||||||||
Loss (gain) on debt extinguishment | 2,274,000 | 2,274,000 | |||||||
CSG Holdings II LLC Credit Facility maturing in March 2027 | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | 45,559,000 | ||||||||
Line of credit facility maximum borrowing capacity | 50,000,000 | 50,000,000 | |||||||
Senior Notes Due March 2027 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 700,000,000 | $ 700,000,000 | $ 700,000,000 | ||||||
Stated rate, debt instrument | 7.25% | 7.25% | 7.25% | ||||||
Senior Notes Due March 2027 | Private Offering | Debt Instrument, Issuance, Period Two | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 200,000,000 | $ 200,000,000 | |||||||
Redemption price | 103.50% | ||||||||
Effective interest rate percentage | 6.34% | 6.34% | |||||||
Senior Notes Due April 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated rate, debt instrument | 5.875% | 5.875% | |||||||
Purchase of outstanding debt | $ 50,000,000 | $ 530,959,000 | |||||||
Loss (gain) on debt extinguishment | $ 108,000 | $ (10,812,000) | |||||||
Convertible Senior Notes Due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 345,000,000 | $ 345,000,000 | $ 345,000,000 | ||||||
Stated rate, debt instrument | 2.25% | 2.25% | 2.25% | ||||||
Convertible Debt | Convertible Senior Notes Due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 345,000,000 | ||||||||
Stated rate, debt instrument | 2.25% | ||||||||
Unamortized discount | $ 89,938,000 | $ 89,938,000 | $ 101,367,000 | ||||||
Conversion ratio (in shares) | 77.8816 | ||||||||
Conversion price (in usd per share) | $ / shares | $ 12.84 | $ 12.84 | |||||||
Amount of if-converted value in excess of principal amount | $ 61,906,000 | $ 61,906,000 | |||||||
Threshold percentage of stock price trigger | 130.00% | ||||||||
Debt issuance costs gross | $ 10,350,000 | ||||||||
Convertible Debt | Convertible Senior Notes Due 2026 | Debt Instrument, Redemption, Period One | |||||||||
Debt Instrument [Line Items] | |||||||||
Threshold trading days | day | 20 | ||||||||
Threshold consecutive trading days | day | 30 | ||||||||
Convertible Debt | Convertible Senior Notes Due 2026 | Debt Instrument, Redemption, Period Two | |||||||||
Debt Instrument [Line Items] | |||||||||
Threshold percentage of stock price trigger | 98.00% | ||||||||
Threshold trading days | day | 5 | ||||||||
Threshold consecutive trading days | day | 10 | ||||||||
Convertible Debt | Convertible 2.25% Senior Notes Due 2026, Additional Option To Initial Purchasers | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 45,000 | ||||||||
Convertible Debt | Convertible 2.25% Senior Notes Due 2026, Liability Component | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt issuance costs gross | 7,024,000 | ||||||||
Convertible Debt | Convertible 2.25% Senior Notes Due 2026, Equity Component | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt issuance costs gross | $ 3,326,000 |
Long-Term Debt - Schedule of Co
Long-Term Debt - Schedule of Convertible Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||
Unamortized Issuance Costs | $ (18,526) | $ (26,852) | ||
Total Debt | 2,435,406 | 2,424,001 | ||
Equity Component, net of Purchase Discounts and Issuance Costs | $ 10 | (33) | $ 78,317 | |
Convertible Senior Notes Due 2026 | ||||
Debt Instrument [Line Items] | ||||
Total Debt | 249,463 | 237,265 | ||
Convertible Debt | Convertible Senior Notes Due 2026 | ||||
Debt Instrument [Line Items] | ||||
Principal | 345,000 | 345,000 | ||
Unamortized Discount | (89,938) | (101,367) | ||
Unamortized Issuance Costs | (5,599) | (6,368) | ||
Total Debt | 249,463 | 237,265 | ||
Equity Component, net of Purchase Discounts and Issuance Costs | $ 78,284 | $ 78,317 |
Long-Term Debt - Schedule of In
Long-Term Debt - Schedule of Interest (Details) - Convertible Debt - Convertible Senior Notes Due 2026 - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Instrument [Line Items] | ||||
Contractual Interest Expense | $ 1,941 | $ 1,941 | $ 5,822 | $ 3,234 |
Amortization of Debt Discount | 3,897 | 3,554 | 11,428 | 5,879 |
Amortization of Issuance Costs | 260 | 245 | 769 | 407 |
Total Interest Expense | $ 6,098 | $ 5,740 | $ 18,019 | $ 9,520 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Narrative (Details) | May 01, 2020retiree |
Commitments and Contingencies Disclosure [Abstract] | |
Number of impacted retirees | 2,159 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Amount of Commitment Expiration Per Period (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | $ 293,778 |
Less Than 1 Year | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 233,549 |
1-3 Years | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 60,229 |
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 |
Letters of Credit | Firm Transportation | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 181,575 |
Letters of Credit | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 7,021 |
Letters of Credit | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 188,596 |
Letters of Credit | Less Than 1 Year | Firm Transportation | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 181,575 |
Letters of Credit | Less Than 1 Year | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 7,021 |
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 | 188,596 |
Letters of Credit | 1-3 Years | Firm Transportation | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Letters of Credit | 1-3 Years | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
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 | 0 |
Letters of Credit | 3-5 Years | Firm Transportation | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Letters of Credit | 3-5 Years | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
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 |
Letters of Credit | Beyond 5 Years | Firm Transportation | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Letters of Credit | Beyond 5 Years | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
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 | 8,897 |
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 | 12,015 |
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 | 105,182 |
Surety Bond | Less Than 1 Year | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 8,283 |
Surety Bond | Less Than 1 Year | Employee-Related | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | Less Than 1 Year | Environmental | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 10,270 |
Surety Bond | Less Than 1 Year | Financial Guarantees | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 26,400 |
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 | 44,953 |
Surety Bond | 1-3 Years | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 614 |
Surety Bond | 1-3 Years | Employee-Related | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 2,600 |
Surety Bond | 1-3 Years | Environmental | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 1,745 |
Surety Bond | 1-3 Years | Financial Guarantees | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 55,270 |
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 | 60,229 |
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_5
Commitments and Contingent Liabilities - Unrecorded Unconditional Purchase Obligation (Details) - Purchase Commitment $ in Thousands | Sep. 30, 2021USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Less than 1 year | $ 261,174 |
1 - 3 years | 428,350 |
3 - 5 years | 393,544 |
More than 5 years | 992,713 |
Total Purchase Obligations | $ 2,075,781 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) BTU in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2020USD ($) | Jun. 30, 2019USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($)BTU | Dec. 31, 2020USD ($) | |
Derivative [Line Items] | |||||||
Credit facility, face amount | $ 400,000,000 | ||||||
Cash received (paid) in settlement of commodity derivative instruments | $ (131,091,000) | $ 90,310,000 | $ (139,045,000) | $ 383,727,000 | |||
Interest Rate Swap on Line of Credit | Long | |||||||
Derivative [Line Items] | |||||||
Put option, basis points (as a percent) | 0.25% | ||||||
Interest Rate Swap on Revolving Credit Facility | Long | |||||||
Derivative [Line Items] | |||||||
Put option, basis points (as a percent) | 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 | ||||||
NYMEX Natural Gas Hedges | Natural Gas | |||||||
Derivative [Line Items] | |||||||
Cash received (paid) in settlement of commodity derivative instruments | $ 5,851,000 | ||||||
Quantity of natural gas contract terminated (in mmbtus) | BTU | 8 | ||||||
Line of Credit | |||||||
Derivative [Line Items] | |||||||
Credit facility, face amount | $ 175,000,000 | ||||||
Revolving Credit Facility | |||||||
Derivative [Line Items] | |||||||
Credit facility, face amount | $ 160,000,000 | ||||||
Credit facility, modification period | 3 years |
Derivative Instruments - Notion
Derivative Instruments - Notional Amounts of Derivative Instruments (Details) $ in Thousands, Mcf in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)Mcf | Dec. 31, 2020USD ($)Mcf | |
Commodity Member | ||
Derivative [Line Items] | ||
Notional amount (in bcf) | 1,728.5 | 1,256.9 |
Basis Swap | ||
Derivative [Line Items] | ||
Notional amount (in bcf) | 1,239.4 | 1,294.1 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative notional amount | $ | $ 410,000 | $ 569,972 |
Basis Swap Purchased | ||
Derivative [Line Items] | ||
Notional amount (in bcf) | 3.4 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Total Current Assets | $ 83,870 | $ 84,657 |
Total Other Non-Current Assets | 179,176 | 188,237 |
Total Current Liabilities | 1,168,597 | 42,329 |
Total Non-Current Liabilities | 858,767 | 127,290 |
Commodity Swap | ||
Derivative [Line Items] | ||
Total Current Assets | 0 | 53,668 |
Total Other Non-Current Assets | 6,665 | 134,661 |
Total Current Liabilities | 1,133,730 | 23,506 |
Total Non-Current Liabilities | 834,009 | 59,388 |
Basis Swap | ||
Derivative [Line Items] | ||
Total Current Assets | 83,841 | 30,848 |
Total Other Non-Current Assets | 172,511 | 52,903 |
Total Current Liabilities | 31,413 | 14,491 |
Total Non-Current Liabilities | 19,987 | 57,150 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Total Current Assets | 29 | 141 |
Total Other Non-Current Assets | 0 | 673 |
Total Current Liabilities | 3,454 | 4,332 |
Total Non-Current Liabilities | $ 4,771 | $ 10,752 |
Derivative Instruments - The Ef
Derivative Instruments - The Effect of Derivative Instruments on the Consolidated Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative [Line Items] | ||||
Cash (Paid) Received in Settlement of Commodity Derivative Instruments: | $ (131,091) | $ 90,310 | $ (139,045) | $ 383,727 |
Unrealized (Loss) Gain on Commodity Derivative Instruments: | (1,376,179) | (259,144) | (1,873,669) | (500,722) |
(Loss) Gain on Derivative Instruments | (1,507,270) | (168,834) | (2,012,714) | (116,995) |
Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Cash Paid in Settlement of Interest Rate Swaps | (2,154) | (1,257) | (4,621) | (1,850) |
Unrealized Gain (Loss) on Interest Rate Swaps | 1,416 | (152) | 6,075 | (14,389) |
(Loss) Gain on Derivative Instruments | (738) | (1,409) | 1,454 | (16,239) |
Natural Gas | Commodity Swap | ||||
Derivative [Line Items] | ||||
Cash (Paid) Received in Settlement of Commodity Derivative Instruments: | (161,887) | 72,062 | (171,829) | 382,891 |
Unrealized (Loss) Gain on Commodity Derivative Instruments: | (1,339,362) | (369,121) | (2,066,509) | (550,694) |
(Loss) Gain on Derivative Instruments | (1,501,249) | (297,059) | (2,238,338) | (167,803) |
Natural Gas | Basis Swap | ||||
Derivative [Line Items] | ||||
Cash (Paid) Received in Settlement of Commodity Derivative Instruments: | 30,796 | 18,248 | 32,784 | 836 |
Unrealized (Loss) Gain on Commodity Derivative Instruments: | (36,817) | 109,977 | 192,840 | 49,972 |
(Loss) Gain on Derivative Instruments | $ (6,021) | $ 128,225 | $ 225,624 | $ 50,808 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Inputs, Level 1 | Gas Derivatives | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Derivative Asset | $ 0 | $ 0 |
Fair Value, Inputs, Level 1 | Interest Rate Swaps | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Derivative Asset | 0 | 0 |
Fair Value, Inputs, Level 2 | Gas Derivatives | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Derivative Asset | (1,756,122) | 117,545 |
Fair Value, Inputs, Level 2 | Interest Rate Swaps | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Derivative Asset | (8,196) | (14,270) |
Fair Value, Inputs, Level 3 | Gas Derivatives | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Derivative Asset | 0 | 0 |
Fair Value, Inputs, Level 3 | Interest Rate Swaps | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Derivative Asset | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Fair Value Disclosures (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and Cash Equivalents | $ 365 | $ 15,617 | $ 150,132 |
Long-Term Debt (Excluding Debt Issuance Costs) | 2,435,406 | 2,424,001 | |
Restricted Cash, Current Portion | 220,386 | 735 | 733 |
Restricted Cash, Less Current Portion | 0 | 5,247 | $ 5,456 |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and Cash Equivalents | 365 | 15,617 | |
Restricted Cash | 220,386 | 5,982 | |
Long-Term Debt (Excluding Debt Issuance Costs) | 2,453,932 | 2,450,853 | |
Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and Cash Equivalents | 365 | 15,617 | |
Restricted Cash | 220,386 | 5,982 | |
Long-Term Debt (Excluding Debt Issuance Costs) | $ 2,719,220 | $ 2,638,251 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Details) - USD ($) $ in Thousands | Sep. 28, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 27, 2020 |
Business Acquisition [Line Items] | ||||||
Common units (in shares) | 211,982,785 | 220,440,993 | ||||
CNXM, CNX Midstream GP LLC, CNX Resources Holding LLC Merger Agreement | ||||||
Business Acquisition [Line Items] | ||||||
Number of shares issued in acquisition (in shares) | 37,054,223 | |||||
Entity shares issued per acquiree share (in shares) | 0.88 | |||||
Consideration | $ 384,623 | |||||
Merger costs | $ 4,518 | $ 4,737 | ||||
CNXM | ||||||
Business Acquisition [Line Items] | ||||||
Common units (in shares) | 42,107,071 | |||||
CNXM | Public Unitholders | ||||||
Business Acquisition [Line Items] | ||||||
Ownership percentage of public unitholders | 46.90% | |||||
CNXM | CNX | ||||||
Business Acquisition [Line Items] | ||||||
Ownership percentage by parent | 53.10% |
Segment Information - Narrative
Segment Information - Narrative (Details) - segment | 8 Months Ended | 9 Months Ended |
Aug. 31, 2020 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | 2 | |
Number of divisions | 2 | |
Exploration and Production | ||
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 | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Gain (Loss) on Commodity Derivative Instruments | $ (1,507,270) | $ (168,834) | $ (2,012,714) | $ (116,995) | |
Other Revenue and Operating Income | 24,783 | 21,155 | 75,227 | 60,463 | |
Total Revenue and Other Operating (Loss) Income | (880,261) | 66,075 | (534,399) | 631,275 | |
Total Operating Expense | 304,858 | 279,505 | 885,372 | 1,385,298 | |
Earnings (Loss) Before Income Tax | (1,232,447) | (250,072) | (1,543,220) | (867,009) | |
Assets | 8,228,153 | 8,129,174 | 8,228,153 | 8,129,174 | $ 8,041,764 |
Depreciation, Depletion and Amortization | 129,734 | 114,464 | 381,284 | 357,174 | |
Capital Expenditures | 96,763 | 108,335 | 349,150 | 395,236 | |
Investments in unconsolidated equity affiliates | 17,020 | 15,685 | 17,020 | 15,685 | |
Natural Gas | Commodity Swap | |||||
Segment Reporting Information [Line Items] | |||||
Gain (Loss) on Commodity Derivative Instruments | (1,501,249) | (297,059) | (2,238,338) | (167,803) | |
Natural Gas, NGL and Oil Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contracts with Customers: | 585,915 | 182,213 | 1,336,588 | 609,483 | |
Natural Gas, NGL and Oil Revenue | Citadel Energy Marketing, LLC | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue and Other Operating (Loss) Income | 93,499 | 193,964 | |||
Natural Gas, NGL and Oil Revenue | Direct Energy Business Marketing LLC | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue and Other Operating (Loss) Income | 35,645 | 115,011 | |||
Purchased Gas Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contracts with Customers: | 16,311 | 31,541 | 66,500 | 78,324 | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contracts with Customers: | 621,276 | 230,443 | 1,459,883 | 735,093 | |
Operating Segments | Shale | |||||
Segment Reporting Information [Line Items] | |||||
Gain (Loss) on Commodity Derivative Instruments | (119,429) | 79,773 | (126,641) | 266,488 | |
Other Revenue and Operating Income | 19,050 | 16,689 | 56,795 | 47,286 | |
Total Revenue and Other Operating (Loss) Income | 436,033 | 252,254 | 1,141,393 | 842,687 | |
Total Operating Expense | 206,703 | 165,587 | 587,409 | 511,653 | |
Earnings (Loss) Before Income Tax | 229,330 | 86,667 | 553,984 | 331,034 | |
Assets | 6,076,533 | 6,070,356 | 6,076,533 | 6,070,356 | |
Depreciation, Depletion and Amortization | 111,643 | 94,617 | 325,529 | 295,648 | |
Capital Expenditures | 94,317 | 105,988 | 342,665 | 385,763 | |
Operating Segments | Shale | Natural Gas, NGL and Oil Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contracts with Customers: | 536,412 | 155,792 | 1,211,239 | 528,913 | |
Operating Segments | Shale | Purchased Gas Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contracts with Customers: | 0 | 0 | 0 | 0 | |
Operating Segments | Coalbed Methane | |||||
Segment Reporting Information [Line Items] | |||||
Gain (Loss) on Commodity Derivative Instruments | (11,620) | 10,518 | (12,359) | 33,210 | |
Other Revenue and Operating Income | 0 | 0 | 0 | 0 | |
Total Revenue and Other Operating (Loss) Income | 37,487 | 36,185 | 112,157 | 112,529 | |
Total Operating Expense | 30,124 | 30,439 | 86,883 | 94,113 | |
Earnings (Loss) Before Income Tax | 7,363 | 5,746 | 25,274 | 18,416 | |
Assets | 1,057,543 | 1,125,312 | 1,057,543 | 1,125,312 | |
Depreciation, Depletion and Amortization | 14,031 | 15,763 | 43,779 | 49,903 | |
Capital Expenditures | 2,105 | 2,310 | 5,749 | 6,796 | |
Operating Segments | Coalbed Methane | Natural Gas, NGL and Oil Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contracts with Customers: | 49,107 | 25,667 | 124,516 | 79,319 | |
Operating Segments | Coalbed Methane | Purchased Gas Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contracts with Customers: | 0 | 0 | 0 | 0 | |
Other | |||||
Segment Reporting Information [Line Items] | |||||
Gain (Loss) on Commodity Derivative Instruments | (1,376,221) | (259,125) | (1,873,714) | (416,693) | |
Other Revenue and Operating Income | 5,733 | 4,466 | 18,432 | 13,177 | |
Total Revenue and Other Operating (Loss) Income | (1,353,781) | (222,364) | (1,787,949) | (323,941) | |
Total Operating Expense | 68,031 | 83,479 | 211,080 | 779,532 | |
Earnings (Loss) Before Income Tax | (1,469,140) | (342,485) | (2,122,478) | (1,216,459) | |
Assets | 1,094,077 | 933,506 | 1,094,077 | 933,506 | |
Depreciation, Depletion and Amortization | 4,060 | 4,084 | 11,976 | 11,623 | |
Capital Expenditures | 341 | 37 | 736 | 2,677 | |
Equity in earnings (loss) of unconsolidated affiliates | 995 | 396 | 3,499 | 1,025 | |
Other | Natural Gas | Commodity Swap | |||||
Segment Reporting Information [Line Items] | |||||
Gain (Loss) on Commodity Derivative Instruments | 83,997 | ||||
Other | Natural Gas, NGL and Oil Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contracts with Customers: | 396 | 754 | 833 | 1,251 | |
Other | Purchased Gas Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contracts with Customers: | $ 16,311 | $ 31,541 | $ 66,500 | $ 78,324 |
Segment Information - Reconcili
Segment Information - Reconciliation of Segment Information, Revenue and Other Operating (Loss) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue, Major Customer [Line Items] | ||||
Loss on Commodity Derivative Instruments | $ (1,507,270) | $ (168,834) | $ (2,012,714) | $ (116,995) |
Other Operating Income | 5,733 | 4,466 | 18,432 | 13,177 |
Total Revenue and Other Operating (Loss) Income | (880,261) | 66,075 | (534,399) | 631,275 |
Operating Segments | ||||
Revenue, Major Customer [Line Items] | ||||
Total Segment Revenue from Contracts with External Customers | $ 621,276 | $ 230,443 | $ 1,459,883 | $ 735,093 |
Stock Repurchase (Details)
Stock Repurchase (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Oct. 25, 2021 | Jan. 26, 2021 | Dec. 31, 2020 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Share repurchase program, authorized amount | $ 900,000,000 | $ 750,000,000 | ||||
Shares repurchased during period (in shares) | 9,804,958 | 0 | ||||
Shares repurchased, average price (in usd per share) | $ 12.38 | |||||
Total value of shares repurchased | $ 80,879,000 | $ 121,557,000 | ||||
Subsequent Event | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Share repurchase program, authorized amount | $ 1,900,000,000 | |||||
Amount available under the current stock repurchase program | $ 1,123,738,000 |