Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 18, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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) | 195,053,981 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue and Other Operating (Loss) Income: | ||
(Loss) Gain on Commodity Derivative Instruments | $ (1,726,394) | $ 33,414 |
Other Revenue and Operating Income | 22,830 | 24,950 |
Total Revenue and Other Operating (Loss) Income | (913,098) | 473,073 |
Operating Expense | ||
Lease Operating Expense | 15,398 | 9,268 |
Production, Ad Valorem and Other Fees | 9,927 | 5,968 |
Depreciation, Depletion and Amortization | 118,623 | 128,944 |
Purchased Gas Costs | 44,816 | 32,411 |
Selling, General, and Administrative Costs | 31,560 | 28,321 |
Other Operating Expense | 12,170 | 15,658 |
Total Operating Expense | 322,469 | 299,804 |
Other Expense | ||
Other (Income) Expense | (736) | 4,366 |
Gain on Asset Sales and Abandonments, net | (13,395) | (2,873) |
Interest Expense | 27,069 | 36,372 |
Total Other Expense | 12,938 | 37,865 |
Total Costs and Expenses | 335,407 | 337,669 |
(Loss) Earnings Before Income Tax | (1,248,505) | 135,404 |
Income Tax (Benefit) Expense | (325,564) | 37,379 |
Net (Loss) Income | $ (922,941) | $ 98,025 |
(Loss) Earnings per Share | ||
Basic (in usd per share) | $ (4.62) | $ 0.45 |
Diluted (in usd per share) | (4.62) | 0.43 |
Dividends Declared (in usd per share) | $ 0 | $ 0 |
Natural Gas, NGLs and Oil Revenue | ||
Revenue and Other Operating (Loss) Income: | ||
Revenues | $ 744,625 | $ 381,225 |
Purchased Gas Revenue | ||
Revenue and Other Operating (Loss) Income: | ||
Revenues | 45,841 | 33,484 |
Transportation, Gathering and Compression | ||
Operating Expense | ||
Cost of Goods Sold | 88,286 | 77,158 |
Exploration and Production Related Other Costs | ||
Operating Expense | ||
Cost of Goods Sold | $ 1,689 | $ 2,076 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net (Loss) Income | $ (922,941) | $ 98,025 |
Other Comprehensive Income: | ||
Actuarially Determined Long-Term Liability Adjustments (Net of tax: $(48), $(48)) | 135 | 135 |
Comprehensive (Loss) Income | $ (922,806) | $ 98,160 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Adjustment For Actuarially Determined Liabilities | ||
Other comprehensive income, tax expense | $ (48) | $ (48) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and Cash Equivalents | $ 8,570 | $ 3,565 |
Accounts and Notes Receivable: | ||
Trade, net | 263,126 | 330,122 |
Other Receivables, net | 5,134 | 8,924 |
Supplies Inventories | 6,469 | 6,147 |
Recoverable Income Taxes | 0 | 72 |
Derivative Instruments | 119,838 | 95,002 |
Prepaid Expenses | 13,739 | 15,975 |
Total Current Assets | 416,876 | 459,807 |
Property, Plant and Equipment: | ||
Property, Plant and Equipment | 11,484,450 | 11,362,102 |
Less—Accumulated Depreciation, Depletion and Amortization | 4,488,326 | 4,372,619 |
Total Property, Plant and Equipment—Net | 6,996,124 | 6,989,483 |
Other Non-Current Assets: | ||
Operating Lease Right-of-Use Assets | 42,162 | 56,022 |
Derivative Instruments | 281,213 | 131,994 |
Goodwill | 323,314 | 323,314 |
Other Intangible Assets | 81,904 | 83,543 |
Deferred Income Taxes | 28,526 | 0 |
Other | 53,405 | 56,588 |
Total Other Non-Current Assets | 810,524 | 651,461 |
TOTAL ASSETS | 8,223,524 | 8,100,751 |
Current Liabilities: | ||
Accounts Payable | 120,513 | 121,751 |
Derivative Instruments | 1,411,964 | 521,598 |
Current Portion of Finance Lease Obligations | 603 | 555 |
Current Portion of Long-Term Debt | 336,083 | 0 |
Current Portion of Operating Lease Obligations | 10,003 | 22,940 |
Other Accrued Liabilities | 248,176 | 287,732 |
Total Current Liabilities | 2,127,342 | 954,576 |
Non-Current Liabilities: | ||
Long-Term Debt | 1,890,790 | 2,214,121 |
Finance Lease Obligations | 1,304 | 1,218 |
Operating Lease Obligations | 32,340 | 33,672 |
Derivative Instruments | 1,421,373 | 687,354 |
Deferred Income Taxes | 0 | 328,601 |
Asset Retirement Obligations | 89,403 | 88,859 |
Other | 91,460 | 92,077 |
Total Non-Current Liabilities | 3,526,670 | 3,445,902 |
TOTAL LIABILITIES | 5,654,012 | 4,400,478 |
Stockholders’ Equity: | ||
Common Stock, $.01 Par Value; 500,000,000 Shares Authorized, 195,139,160 Issued and Outstanding at March 31, 2022; 203,531,320 Issued and Outstanding at December 31, 2021 | 1,955 | 2,039 |
Capital in Excess of Par Value | 2,691,950 | 2,834,863 |
Preferred Stock, 15,000,000 shares authorized, None issued and outstanding | 0 | 0 |
(Accumulated Deficit) Retained Earnings | (110,005) | 877,894 |
Accumulated Other Comprehensive Loss | (14,388) | (14,523) |
Total CNX Resources Stockholders’ Equity | 2,569,512 | 3,700,273 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 8,223,524 | $ 8,100,751 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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) | 195,139,160 | 203,531,320 |
Common Stock, Outstanding (in shares) | 195,139,160 | 203,531,320 |
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 | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Capital in Excess of Par Value | Capital in Excess of Par ValueCumulative Effect, Period of Adoption, Adjustment | (Accumulated Deficit) Retained Earnings | (Accumulated Deficit) Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss |
Beginning balance at Dec. 31, 2020 | $ 4,422,437 | $ 2,208 | $ 2,959,357 | $ 1,476,056 | $ (15,184) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (Loss) Income | 98,025 | 98,025 | ||||||
Issuance of Common Stock | 4,799 | 7 | 4,792 | |||||
Purchase and Retirement of Common Stock | (17,987) | (14) | (11,701) | (6,272) | ||||
Shares Withheld for Taxes | (4,491) | (4,491) | ||||||
Amortization of Stock-Based Compensation Awards | 7,525 | 6 | 7,519 | |||||
Equity Component of Convertible Senior Notes, net of Issuance Costs | (33) | (33) | ||||||
Other Comprehensive Income | 135 | 135 | ||||||
Ending balance at Mar. 31, 2021 | 4,510,410 | 2,207 | 2,959,934 | 1,563,318 | (15,049) | |||
Beginning balance at Dec. 31, 2020 | 4,422,437 | 2,208 | 2,959,357 | 1,476,056 | (15,184) | |||
Ending balance at Dec. 31, 2021 | $ 3,700,273 | $ (59,337) | 2,039 | 2,834,863 | $ (78,284) | 877,894 | $ 18,947 | (14,523) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2020-06 | |||||||
Net (Loss) Income | $ (922,941) | (922,941) | ||||||
Issuance of Common Stock | 608 | 1 | 607 | |||||
Purchase and Retirement of Common Stock | (150,975) | (91) | (72,561) | (78,323) | ||||
Shares Withheld for Taxes | (5,582) | (5,582) | ||||||
Amortization of Stock-Based Compensation Awards | 7,331 | 6 | 7,325 | |||||
Other Comprehensive Income | 135 | 135 | ||||||
Ending balance at Mar. 31, 2022 | $ 2,569,512 | $ 1,955 | $ 2,691,950 | $ (110,005) | $ (14,388) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows from Operating Activities: | ||
Net (Loss) Income | $ (922,941) | $ 98,025 |
Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities: | ||
Depreciation, Depletion and Amortization | 118,623 | 128,944 |
Amortization of Deferred Financing Costs | 2,042 | 6,034 |
Stock-Based Compensation | 7,331 | 7,525 |
Gain on Asset Sales and Abandonments, net | (13,395) | (2,873) |
Loss (Gain) on Commodity Derivative Instruments | 1,726,394 | (33,414) |
Gain on Other Derivative Instruments | (5,223) | (4,194) |
Net Cash (Paid) Received in Settlement of Commodity Derivative Instruments | (270,842) | 2,405 |
Deferred Income Taxes | (334,184) | 37,352 |
Other | 1,700 | (150) |
Changes in Operating Assets: | ||
Accounts and Notes Receivable | 66,577 | (7,586) |
Recoverable Income Taxes | 72 | 88 |
Supplies Inventories | (322) | 411 |
Prepaid Expenses | 2,366 | 290 |
Changes in Other Assets | 322 | (36) |
Changes in Operating Liabilities: | ||
Accounts Payable | (2,032) | (3,807) |
Accrued Interest | (13,595) | (9,872) |
Other Operating Liabilities | (26,086) | 562 |
Changes in Other Liabilities | (412) | (56) |
Net Cash Provided by Operating Activities | 336,395 | 219,648 |
Cash Flows from Investing Activities: | ||
Capital Expenditures | (122,316) | (123,429) |
Proceeds from Asset Sales | 19,423 | 5,005 |
Net Cash Used in Investing Activities | (102,893) | (118,424) |
Cash Flows from Financing Activities: | ||
Net Payments on CSG Non-Revolving Credit Facilities | 0 | (5,823) |
Net Payments on Other Debt | (154) | (1,838) |
Proceeds from Issuance of Common Stock | 608 | 4,799 |
Shares Withheld for Taxes | (5,582) | (4,491) |
Purchases of Common Stock | (152,473) | (23,988) |
Debt Issuance and Financing Fees | (96) | (1,320) |
Net Cash Used in Financing Activities | (228,497) | (87,461) |
Net Increase in Cash, Cash Equivalents and Restricted Cash | 5,005 | 13,763 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 3,565 | 21,599 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 8,570 | 35,362 |
Revolving Credit Facility | ||
Cash Flows from Financing Activities: | ||
Net Payments on CNX Revolving Credit Facility | (96,000) | (800) |
Revolving Credit Facility | CNXM | ||
Cash Flows from Financing Activities: | ||
Net Payments on CNX Revolving Credit Facility | $ 25,200 | |
Net Payments on CNX Revolving Credit Facility | $ (54,000) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION: The accompanying Unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for future periods. The Consolidated Balance Sheet at December 31, 2021 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, 2021 included in CNX Resources Corporation's ("CNX," "CNX Resources," the "Company," "we," "us," or "our") Annual Report on Form 10-K as filed with the Securities and Exchange Commission (SEC) on February 10, 2022. Certain amounts in prior periods have been reclassified to conform to the current period presentation. Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the statement of cash flows: March 31, 2022 2021 Cash and Cash Equivalents $ 8,570 $ 29,610 Restricted Cash, Current Portion — 733 Restricted Cash, Less Current Portion — 5,019 Total Cash, Cash Equivalents, and Restricted Cash $ 8,570 $ 35,362 Restricted cash at March 31, 2021 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. In August 2021, CNX repaid in full the outstanding principal on both of these non-revolving credit facilities and terminated the Credit Agreements. Receivables As of March 31, 2022 and December 31, 2021, Accounts Receivable - Trade were $263,126 and $330,122, respectively, and Other Receivables were $5,134 and $8,924, 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 three months ended: March 31, 2022 2021 Allowance for Credit Losses - Trade, Beginning of Year $ 84 $ 84 Provision for Expected Credit Losses — — Allowance for Credit Losses - Trade, End of Period $ 84 $ 84 Allowance for Credit Losses - Other Receivables, Beginning of Year $ 3,322 $ 3,248 Provision for Expected Credit Losses 50 (129) Write-off of Uncollectible Accounts (124) (18) Allowance for Credit Losses - Other Receivables, End of Period $ 3,248 $ 3,101 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE: Basic earnings per share is computed by dividing net income or net loss 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 conversion of the Convertible Notes are issued (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 anti-dilutive effect. 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 anti-dilutive: For the Three Months Ended March 31, 2022 2021 Anti-Dilutive Options 2,347,218 943,838 Anti-Dilutive Restricted Stock Units 2,493,698 66,705 Anti-Dilutive Performance Share Units 2,071,418 — 6,912,334 1,010,543 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 March 31, 2022 2021 Options 83,424 656,368 Restricted Stock Units 915,921 701,757 Performance Share Units 72,353 291,653 1,071,698 1,649,778 The computations for basic and diluted loss per share are as follows: For the Three Months Ended March 31, 2022 2021 Net (Loss) Income $ (922,941) $ 98,025 Weighted-Average Shares of Common Stock Outstanding 199,854,257 219,923,634 Effect of Diluted Shares* — 8,746,814 Weighted-Average Diluted Shares of Common Stock Outstanding 199,854,257 228,670,448 (Loss) Earnings per Share: Basic $ (4.62) $ 0.45 Diluted $ (4.62) $ 0.43 |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 2021 Revenue from Contracts with Customers: Natural Gas Revenue $ 675,274 $ 347,376 NGL Revenue 64,796 31,863 Oil/Condensate Revenue 4,555 1,986 Total Natural Gas, NGL and Oil Revenue 744,625 381,225 Purchased Gas Revenue 45,841 33,484 Other Sources of Revenue and Other Operating (Loss) Income: (Loss) Gain on Commodity Derivative Instruments (1,726,394) 33,414 Other Revenue and Operating Income 22,830 24,950 Total Revenue and Other Operating (Loss) Income $ (913,098) $ 473,073 The disaggregated revenue information corresponds with the Company’s segment reporting found in Note 13 - 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 material 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 natural gas, NGL and oil 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 $44,542 as of March 31, 2022. The Company expects to recognize net revenue of $20,857 in the next 12 months and $13,147 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 months ended March 31, 2022 and 2021, revenue recognized in the current reporting period related to performance obligations satisfied in a prior reporting period was not material. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES: The effective tax rates for the three months ended March 31, 2022 and 2021 were 26.1% and 27.6%, respectively. The effective tax rates for the three months ended March 31, 2022 and 2021 differ from the U.S. federal statutory rate of 21.0% primarily due to the impact of equity compensation and state taxes. The total amount of uncertain tax positions at March 31, 2022 and December 31, 2021 was $67,805. If these uncertain tax positions were recognized, approximately $67,805 would affect CNX's effective tax rate at March 31, 2022 and December 31, 2021. There was no change to the unrecognized tax benefits during the three months ended March 31, 2022. CNX recognizes accrued interest and penalties related to uncertain tax positions in interest expense and income tax expense, respectively. As of March 31, 2022 and December 31, 2021, CNX had no accrued liabilities for interest and penalties related to uncertain tax positions. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT: March 31, December 31, Intangible Drilling Cost $ 5,327,242 $ 5,247,800 Gas Gathering Equipment 2,494,440 2,483,561 Proved Gas Properties 1,316,143 1,312,706 Gas Wells and Related Equipment 1,230,617 1,202,731 Unproved Gas Properties 733,440 730,400 Surface Land and Other Equipment 192,973 194,655 Other 189,595 190,249 Total Property, Plant and Equipment 11,484,450 11,362,102 Less: Accumulated Depreciation, Depletion and Amortization 4,488,326 4,372,619 Total Property, Plant and Equipment - Net $ 6,996,124 $ 6,989,483 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
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. The accumulated impairment losses on goodwill were $473,045, resulting in a carrying value of $323,314, at both March 31, 2022 and December 31, 2021. The carrying amount and accumulated amortization of other intangible assets consist of the following: March 31, December 31, Other Intangible Assets: Gross Amortizable Asset - Customer Relationships $ 109,752 $ 109,752 Less: Accumulated Amortization - Customer Relationships 27,848 26,209 Total Other Intangible Assets, net $ 81,904 $ 83,543 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 $1,639 for the three months ended March 31, 2022 and $1,638 for the three months ended March 31, 2021. The estimated annual amortization expense is expected to approximate $6,552 per year for each of the next five years. |
Revolving Credit Facilities
Revolving Credit Facilities | 3 Months Ended |
Mar. 31, 2022 | |
Short-term Debt, Other Disclosures [Abstract] | |
Revolving Credit Facilities | REVOLVING CREDIT FACILITIES: CNX: On October 6, 2021, CNX as borrower and certain of its subsidiaries (not including CNXM) as guarantor loan parties entered into a new Amended and Restated Credit Agreement for a senior secured revolving credit facility (the "CNX Credit Agreement"). The new CNX Credit Agreement replaced the prior CNX revolving 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. The CNX Credit Agreement 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 Agreement 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 Agreement (the first such date, the "Springing Maturity Date"), then the CNX Credit Agreement will mature on the Springing Maturity Date. In addition to refinancing all outstanding amounts under the prior CNX revolving credit facility, borrowings under the CNX Credit Agreement may be used by CNX for general corporate purposes. 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 availability under the CNX Credit Agreement, 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. The CNX Credit Agreement also requires that CNX maintain a maximum net leverage ratio of no greater than 3.50 to 1.00, which is calculated as the ratio of debt less cash on hand to consolidated EBITDA, measured quarterly. CNX must also maintain a minimum current ratio of no less than 1.00 to 1.00, which is calculated as the ratio of current assets, plus revolver availability, to current liabilities, excluding borrowings under the revolver, measured quarterly. The calculation of all of the ratios exclude CNXM. CNX was in compliance with all financial covenants as of March 31, 2022. At March 31, 2022, the CNX Credit Agreement had $96,000 of borrowings outstanding and $183,391 of letters of credit outstanding, leaving $1,020,609 of unused capacity. At December 31, 2021, the CNX Credit Agreement had $192,000 of borrowings outstanding and $184,131 of letters of credit outstanding, leaving $923,869 of unused capacity. CNX Midstream Partners LP (CNXM): 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 prior CNXM revolving credit facility and is not subject to semi-annual redetermination. CNX is not a guarantor under the CNXM Credit Agreement . In addition to refinancing all outstanding amounts under the prior CNXM revolving 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%. In addition, CNXM is obligated to maintain at the end of each fiscal quarter (x) a maximum net leverage ratio of no greater than between 5.00 to 1.00 ranging to no greater than 5.25 to 1.00 in certain circumstances; (y) a maximum secured leverage ratio of no greater than 3.25 to 1.00 and (z) a minimum interest coverage ratio of no less than 2.50 to 1.00; in each case as calculated in accordance with the terms and definitions determining such ratios contained in the CNXM Credit Agreement. CNXM was in compliance with all financial covenants as of March 31, 2022. At March 31, 2022, the CNXM Credit Agreement had $210,200 of borrowings outstanding and $30 of letters of credit outstanding, leaving $389,770 of unused capacity. At December 31, 2021, the CNXM Credit Agreement had $185,000 of borrowings outstanding and $30 of letters of credit outstanding, leaving $414,970 of unused capacity. |
Other Accrued Liabilities
Other Accrued Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | OTHER ACCRUED LIABILITIES: March 31, December 31, Royalties $ 141,860 $ 152,498 Accrued Interest 22,440 36,035 Deferred Revenue 15,577 18,984 Transportation Charges 15,181 15,808 Accrued Other Taxes 13,213 12,681 Accrued Payroll & Benefits 6,968 5,747 Short-Term Incentive Compensation 2,915 19,591 Litigation Contingency 1,792 1,200 Purchased Gas Payable 1,511 757 Other 17,329 15,435 Current Portion of Long-Term Liabilities: Asset Retirement Obligations 7,529 7,154 Salary Retirement 1,861 1,842 Total Other Accrued Liabilities $ 248,176 $ 287,732 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2022 | |
Long-term Debt, Other Disclosures [Abstract] | |
Long-term Debt | LONG-TERM DEBT: March 31, December 31, Senior Notes due March 2027 at 7.25% (Principal of $700,000 plus Unamortized Premium of $5,340 and $5,609, respectively) $ 705,340 $ 705,609 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 $4,663 and $4,808, respectively )* 395,337 395,192 Convertible Senior Notes due May 2026 at 2.25% (Principal of $345,000 less Unamortized Discount and Issuance Costs of $8,190 and $91,284, respectively) 336,810 253,716 CNX Midstream Partners LP Revolving Credit Facility* 210,200 185,000 CNX Revolving Credit Facility 96,000 192,000 Less: Unamortized Debt Issuance Costs 16,814 17,396 2,226,873 2,214,121 Less: Current Portion 336,083 — Long-Term Debt $ 1,890,790 $ 2,214,121 *CNX is not a guarantor of CNXM's 4.75% Senior Notes due April 2030 or CNXM's Credit Facility. 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 Convertible 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 $20.72 on March 31, 2022, the if-converted value of the Convertible Notes exceeded the principal amount by $323,074. 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. Pursuant to the terms of the Convertible Notes indenture, the Sale Price per share of Common Stock condition for conversion of the Convertible Notes was satisfied as of March 31, 2022, and, accordingly, holders of Convertible Notes are permitted to convert any of their Convertible Notes, at their option, at any time during the quarter beginning on April 1, 2022 and ending on June 30, 2022, subject to all terms and conditions set forth in the Convertible Notes indenture. Therefore, as of March 31, 2022, the net carrying value of the Convertible Notes was classified as current in the Consolidated Balance Sheet. On January 1, 2022, the Company adopted Accounting Standards Update (ASU) 2020-06 - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity using the modified transition approach with the cumulative effect recognized as an adjustment to the opening balance of retained earnings. This guidance is applicable to the Convertible Senior Notes due May 2026 ("Convertible Notes") that were issued in April 2020, for which the embedded conversion option was required to be separately accounted for as a component of stockholders’ equity. Upon adoption on January 1, 2022, long-term debt increased by $82,327 representing the net impact of two adjustments: (1) the $107,260 value of the embedded conversion, which is net of allocated offering costs, previously classified in additional paid-in-capital in stockholders’ equity, and (2) a $24,933 increase to retained earnings for the cumulative effect of adoption primarily related to the non-cash interest expense recorded for the amortization of the portion of the Convertible Notes allocated to stockholders’ equity. In addition, there was a decrease of $22,990 to deferred income taxes, a $5,986 decrease to retained earnings, and a $78,284 decrease in stockholders equity in the Consolidated Balance Sheet. Prospectively, the reported interest expense for the Convertible Notes will no longer include the non-cash interest expense of the equity component as required under prior accounting standards and will be equal to the 2.25% cash coupon rate. Also, as required by the new accounting guidance, the Company will use the if-converted method instead of the treasury stock method for the assumed conversion of the Convertible Notes on a prospective basis when calculating earnings per share. Prior to the adoption of ASU 2020-06 - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, 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 was not remeasured as long as it continued 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 was 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, 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 were being 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. The net carrying amount of the liability and equity components of the Convertible Notes was as follows: March 31, December 31, Liability Component: Principal $ 345,000 $ 345,000 Unamortized Discount — (85,950) Unamortized Issuance Costs (8,190) (5,334) Net Carrying Amount $ 336,810 $ 253,716 Fair Value $ 603,609 $ 453,765 Fair Value Hierarchy Level 2 Level 2 Equity Component, net of Purchase Discounts and Issuance Costs $ — $ 78,284 Interest expense related to the Convertible Notes is as follows: For the Three Months Ended March 31, 2022 2021 Contractual Interest Expense $ 1,941 $ 1,941 Amortization of Debt Discount — 3,722 Amortization of Issuance Costs 471 252 Total Interest Expense $ 2,412 $ 5,915 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
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. On March 29, 2022, the Court denied the Defendants’ Motions to Dismiss and we are now defending this action on the merits. 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 March 31, 2022, 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 $ 180,435 $ 180,435 $ — $ — $ — Other 2,986 2,986 — — — Total Letters of Credit 183,421 183,421 — — — Surety Bonds: Employee-Related 2,600 2,600 — — — Environmental 11,984 10,269 1,715 — — Financial Guarantees 81,270 81,270 — — — Other 8,858 5,303 3,555 — — Total Surety Bonds 104,712 99,442 5,270 — — Total Commitments $ 288,133 $ 282,863 $ 5,270 $ — $ — 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 2021 Annual Report on Form 10-K as filed with the SEC on February 10, 2022 ("2021 Form 10-K") 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 March 31, 2022, the purchase obligations for each of the next five years and beyond are as follows: Obligations Due Amount Less than 1 year $ 264,478 1 - 3 years 434,409 3 - 5 years 385,723 More than 5 years 867,632 Total Purchase Obligations $ 1,952,242 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2022 | |
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. 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. 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. In March 2020, CNX entered into a four-year interest rate swap related to an additional $250,000 of borrowings under the CNX Credit Facility, 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 lock in certain margins while balancing its basis hedges, during the first quarter of 2022 CNX purchased, rather than sold, financial swaps for the period April through October of 2022. 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 of 2021. Under these purchased financial swaps, CNX pays a fixed price to and receive a floating price from its hedge counterparties. Purchased swaps 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: March 31, December 31, Forecasted to 2022 2021 Settle Through Natural Gas Commodity Swaps (Bcf) 1,680.6 1,686.1 2027 Natural Gas Basis Swaps (Bcf) 1,248.1 * 1,233.3 2027 Interest Rate Swaps $ 410,000 $ 410,000 2024 *Net of purchased natural gas basis swaps of 15.7 Bcf. The gross fair value of CNX's derivative instruments was as follows: March 31, December 31, 2022 2021 Current Assets: Commodity Derivative Instruments: Commodity Swaps $ — $ 92 Basis Only Swaps 115,070 94,682 Interest Rate Swaps 4,768 228 Total Current Assets $ 119,838 $ 95,002 Other Non-Current Assets: Commodity Derivative Instruments: Commodity Swaps $ 140 $ 12,419 Basis Only Swaps 275,706 119,077 Interest Rate Swaps 5,367 498 Total Other Non-Current Assets $ 281,213 $ 131,994 Current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 1,385,222 $ 505,460 Basis Only Swaps 21,605 13,206 Interest Rate Swaps 5,137 2,932 Total Current Liabilities $ 1,411,964 $ 521,598 Non-Current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 1,404,422 $ 642,442 Basis Only Swaps 11,389 41,332 Interest Rate Swaps 5,562 3,580 Total Non-Current Liabilities $ 1,421,373 $ 687,354 The effect of commodity derivative instruments on the Company's Consolidated Statements of Income was as follows: For the Three Months Ended March 31, 2022 2021 Cash (Paid) Received in Settlement of Commodity Derivative Instruments: Natural Gas: Commodity Swaps $ (271,819) $ 6,550 Basis Swaps 977 (4,145) Total Cash (Paid) Received in Settlement of Commodity Derivative Instruments (270,842) 2,405 Unrealized (Loss) Gain on Commodity Derivative Instruments: Natural Gas: Commodity Swaps (1,654,113) (97,459) Basis Swaps 198,561 128,468 Total Unrealized (Loss) Gain on Commodity Derivative Instruments (1,455,552) 31,009 (Loss) Gain on Commodity Derivative Instruments: Natural Gas: Commodity Swaps (1,925,932) (90,909) Basis Swaps 199,538 124,323 Total (Loss) Gain on Commodity Derivative Instruments $ (1,726,394) $ 33,414 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 March 31, 2022 2021 Cash Paid in Settlement of Interest Rate Swaps $ (937) $ (1,227) Unrealized Gain on Interest Rate Swaps 5,223 4,194 Gain on Interest Rate Swaps $ 4,286 $ 2,967 The Company also enters into fixed price natural gas sales agreements that are satisfied by physical delivery. These physical commodity contracts qualify for the normal purchases and normal sales exception and are not subject to derivative instrument accounting. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS: CNX determines the fair value of assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. The fair value hierarchy is based on whether the inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources (including NYMEX forward curves, LIBOR-based discount rates and basis forward curves), while unobservable inputs reflect the Company's own assumptions of what market participants would use. The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below: Level 1 - Quoted prices for identical instruments in active markets. Level 2 - The fair value of the assets and liabilities included in Level 2 are based on standard industry income approach models that use significant observable inputs, including NYMEX forward curves, LIBOR-based discount rates and basis forward curves. Level 3 - Unobservable inputs significant to the fair value measurement supported by little or no market activity. In those cases when the inputs used to measure fair value meet the definition of more than one level of the fair value hierarchy, the lowest level input that is significant to the fair value measurement in its totality determines the applicable level in the fair value hierarchy. The financial instrument measured at fair value on a recurring basis is summarized below: Fair Value Measurements at March 31, 2022 Fair Value Measurements at December 31, 2021 Description Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Gas Derivatives $ — $ (2,431,722) $ — $ — $ (976,170) $ — Interest Rate Swaps $ — $ (564) $ — $ — $ (5,786) $ — The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: March 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Cash and Cash Equivalents $ 8,570 $ 8,570 $ 3,565 $ 3,565 Long-Term Debt (Excluding Debt Issuance Costs)* $ 2,243,687 $ 2,518,628 $ 2,231,517 $ 2,483,019 Cash and cash equivalents represent highly-liquid instruments and constitute Level 1 fair value measurements. Certain of the Company’s debt is actively traded on a public market and, as a result, constitute Level 1 fair value measurements. The portion of the Company’s debt obligations that is not actively traded is valued through reference to the applicable underlying benchmark rate and, as a result, constitute Level 2 fair value measurements. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
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 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, exploration and production related other costs, 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. Industry segment results for the three months ended March 31, 2022 are: Shale Coalbed Methane Other Consolidated Natural Gas, NGLs and Oil Revenue $ 680,811 $ 63,373 $ 441 $ 744,625 (A) Purchased Gas Revenue — — 45,841 45,841 Loss on Commodity Derivative Instruments (249,458) (21,280) (1,455,656) (1,726,394) Other Revenue and Operating Income 17,657 — 5,173 22,830 (B) Total Revenue and Other Operating Income (Loss) $ 449,010 $ 42,093 $ (1,404,201) $ (913,098) Total Operating Expense $ 197,429 $ 30,580 $ 94,460 $ 322,469 Earnings (Loss) Before Income Tax $ 251,581 $ 11,513 $ (1,511,599) $ (1,248,505) Segment Assets $ 6,020,173 $ 1,032,602 $ 1,170,749 $ 8,223,524 (C) Depreciation, Depletion and Amortization $ 101,444 $ 13,239 $ 3,940 $ 118,623 Capital Expenditures $ 118,800 $ 2,395 $ 1,121 $ 122,316 (A) Included in Total Natural Gas, NGLs and Oil Revenue are sales of $91,992 to Direct Energy Business Marketing LLC and $86,564 to Citadel Energy Marketing LLC, each of which comprises over 10% of revenue from contracts with external customers for the period. (B) Includes midstream revenue of $17,657 and equity in earnings of unconsolidated affiliates of $800 for Shale and Other, respectively. (C) Includes investments in unconsolidated equity affiliates of $15,602. Industry segment results for the three months ended March 31, 2021 are: Shale Coalbed Methane Other Consolidated Natural Gas, NGLs and Oil Revenue $ 342,169 $ 38,904 $ 152 $ 381,225 (D) Purchased Gas Revenue — — 33,484 33,484 Gain on Commodity Derivative Instruments 2,182 222 31,010 33,414 Other Revenue and Operating Income 19,066 — 5,884 24,950 (E) Total Revenue and Other Operating Income $ 363,417 $ 39,126 $ 70,530 $ 473,073 Total Operating Expense $ 188,711 $ 28,555 $ 82,538 $ 299,804 Earnings (Loss) Before Income Tax $ 174,706 $ 10,571 $ (49,873) $ 135,404 Segment Assets $ 6,074,252 $ 1,082,232 $ 912,753 $ 8,069,237 (F) Depreciation, Depletion and Amortization $ 109,506 $ 15,483 $ 3,955 $ 128,944 Capital Expenditures $ 121,118 $ 2,142 $ 169 $ 123,429 (D) Included in Total Natural Gas, NGLs and Oil Revenue are sales of $45,000 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 $19,066 and equity in earnings of unconsolidated affiliates of $950 for Shale and Other, respectively. (F) Includes investments in unconsolidated equity affiliates of $16,172. Reconciliation of Segment Information to Consolidated Amounts: Revenue and Other Operating (Loss) Income For the Three Months Ended March 31, 2022 2021 Total Segment Revenue from Contracts with External Customers $ 808,123 $ 433,775 (Loss) Gain on Commodity Derivative Instruments (1,726,394) 33,414 Other Operating Income 5,173 5,884 Total Consolidated Revenue and Other Operating (Loss) Income $ (913,098) $ 473,073 |
Stock Repurchase
Stock Repurchase | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 the amount available under the stock repurchase program is $863,633, 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 three months ended March 31, 2022, 9,081,396 shares were repurchased and retired at an average price of $16.60 per share for a total cost of $150,975. During the three months ended March 31, 2021, 1,464,454 shares were repurchased and retired at an average price of 12.26 per share for a total cost of $17,987. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS:See Note 9 - Long-Term Debt for the impact of adoption of ASU 2020-06 - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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 months ended March 31, 2022 are not necessarily indicative of the results that may be expected for future periods. The Consolidated Balance Sheet at December 31, 2021 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, 2021 included in CNX Resources Corporation's ("CNX," "CNX Resources," the "Company," "we," "us," or "our") Annual Report on Form 10-K as filed with the Securities and Exchange Commission (SEC) on February 10, 2022. |
Reclassification | Certain amounts in prior periods have been reclassified to conform to the current period presentation. |
Restricted Cash | Restricted cash at March 31, 2021 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. In August 2021, CNX repaid in full the outstanding principal on both of these non-revolving credit facilities and terminated the Credit Agreements. |
Receivables | Receivables As of March 31, 2022 and December 31, 2021, Accounts Receivable - Trade were $263,126 and $330,122, respectively, and Other Receivables were $5,134 and $8,924, 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. |
Recent Accounting Pronouncements | See Note 9 - Long-Term Debt for the impact of adoption of ASU 2020-06 - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the statement of cash flows: March 31, 2022 2021 Cash and Cash Equivalents $ 8,570 $ 29,610 Restricted Cash, Current Portion — 733 Restricted Cash, Less Current Portion — 5,019 Total Cash, Cash Equivalents, and Restricted Cash $ 8,570 $ 35,362 |
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: March 31, 2022 2021 Cash and Cash Equivalents $ 8,570 $ 29,610 Restricted Cash, Current Portion — 733 Restricted Cash, Less Current Portion — 5,019 Total Cash, Cash Equivalents, and Restricted Cash $ 8,570 $ 35,362 |
Schedule of Allowance for Credit Loss | The following represents activity related to the allowance for credit losses for the three months ended: March 31, 2022 2021 Allowance for Credit Losses - Trade, Beginning of Year $ 84 $ 84 Provision for Expected Credit Losses — — Allowance for Credit Losses - Trade, End of Period $ 84 $ 84 Allowance for Credit Losses - Other Receivables, Beginning of Year $ 3,322 $ 3,248 Provision for Expected Credit Losses 50 (129) Write-off of Uncollectible Accounts (124) (18) Allowance for Credit Losses - Other Receivables, End of Period $ 3,248 $ 3,101 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 anti-dilutive: For the Three Months Ended March 31, 2022 2021 Anti-Dilutive Options 2,347,218 943,838 Anti-Dilutive Restricted Stock Units 2,493,698 66,705 Anti-Dilutive Performance Share Units 2,071,418 — 6,912,334 1,010,543 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The table below sets forth the share-based awards that have been exercised or released: For the Three Months Ended March 31, 2022 2021 Options 83,424 656,368 Restricted Stock Units 915,921 701,757 Performance Share Units 72,353 291,653 1,071,698 1,649,778 |
Schedule of Earnings Per Share, Basic and Diluted | The computations for basic and diluted loss per share are as follows: For the Three Months Ended March 31, 2022 2021 Net (Loss) Income $ (922,941) $ 98,025 Weighted-Average Shares of Common Stock Outstanding 199,854,257 219,923,634 Effect of Diluted Shares* — 8,746,814 Weighted-Average Diluted Shares of Common Stock Outstanding 199,854,257 228,670,448 (Loss) Earnings per Share: Basic $ (4.62) $ 0.45 Diluted $ (4.62) $ 0.43 |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table is a disaggregation of revenue by major source: For the Three Months Ended March 31, 2022 2021 Revenue from Contracts with Customers: Natural Gas Revenue $ 675,274 $ 347,376 NGL Revenue 64,796 31,863 Oil/Condensate Revenue 4,555 1,986 Total Natural Gas, NGL and Oil Revenue 744,625 381,225 Purchased Gas Revenue 45,841 33,484 Other Sources of Revenue and Other Operating (Loss) Income: (Loss) Gain on Commodity Derivative Instruments (1,726,394) 33,414 Other Revenue and Operating Income 22,830 24,950 Total Revenue and Other Operating (Loss) Income $ (913,098) $ 473,073 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | March 31, December 31, Intangible Drilling Cost $ 5,327,242 $ 5,247,800 Gas Gathering Equipment 2,494,440 2,483,561 Proved Gas Properties 1,316,143 1,312,706 Gas Wells and Related Equipment 1,230,617 1,202,731 Unproved Gas Properties 733,440 730,400 Surface Land and Other Equipment 192,973 194,655 Other 189,595 190,249 Total Property, Plant and Equipment 11,484,450 11,362,102 Less: Accumulated Depreciation, Depletion and Amortization 4,488,326 4,372,619 Total Property, Plant and Equipment - Net $ 6,996,124 $ 6,989,483 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The carrying amount and accumulated amortization of other intangible assets consist of the following: March 31, December 31, Other Intangible Assets: Gross Amortizable Asset - Customer Relationships $ 109,752 $ 109,752 Less: Accumulated Amortization - Customer Relationships 27,848 26,209 Total Other Intangible Assets, net $ 81,904 $ 83,543 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | March 31, December 31, Royalties $ 141,860 $ 152,498 Accrued Interest 22,440 36,035 Deferred Revenue 15,577 18,984 Transportation Charges 15,181 15,808 Accrued Other Taxes 13,213 12,681 Accrued Payroll & Benefits 6,968 5,747 Short-Term Incentive Compensation 2,915 19,591 Litigation Contingency 1,792 1,200 Purchased Gas Payable 1,511 757 Other 17,329 15,435 Current Portion of Long-Term Liabilities: Asset Retirement Obligations 7,529 7,154 Salary Retirement 1,861 1,842 Total Other Accrued Liabilities $ 248,176 $ 287,732 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Long-term Debt, Other Disclosures [Abstract] | |
Schedule of Long-term Debt | March 31, December 31, Senior Notes due March 2027 at 7.25% (Principal of $700,000 plus Unamortized Premium of $5,340 and $5,609, respectively) $ 705,340 $ 705,609 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 $4,663 and $4,808, respectively )* 395,337 395,192 Convertible Senior Notes due May 2026 at 2.25% (Principal of $345,000 less Unamortized Discount and Issuance Costs of $8,190 and $91,284, respectively) 336,810 253,716 CNX Midstream Partners LP Revolving Credit Facility* 210,200 185,000 CNX Revolving Credit Facility 96,000 192,000 Less: Unamortized Debt Issuance Costs 16,814 17,396 2,226,873 2,214,121 Less: Current Portion 336,083 — Long-Term Debt $ 1,890,790 $ 2,214,121 |
Convertible Debt | The net carrying amount of the liability and equity components of the Convertible Notes was as follows: March 31, December 31, Liability Component: Principal $ 345,000 $ 345,000 Unamortized Discount — (85,950) Unamortized Issuance Costs (8,190) (5,334) Net Carrying Amount $ 336,810 $ 253,716 Fair Value $ 603,609 $ 453,765 Fair Value Hierarchy Level 2 Level 2 Equity Component, net of Purchase Discounts and Issuance Costs $ — $ 78,284 Interest expense related to the Convertible Notes is as follows: For the Three Months Ended March 31, 2022 2021 Contractual Interest Expense $ 1,941 $ 1,941 Amortization of Debt Discount — 3,722 Amortization of Issuance Costs 471 252 Total Interest Expense $ 2,412 $ 5,915 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Long-term Purchase Commitment | At March 31, 2022, 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 $ 180,435 $ 180,435 $ — $ — $ — Other 2,986 2,986 — — — Total Letters of Credit 183,421 183,421 — — — Surety Bonds: Employee-Related 2,600 2,600 — — — Environmental 11,984 10,269 1,715 — — Financial Guarantees 81,270 81,270 — — — Other 8,858 5,303 3,555 — — Total Surety Bonds 104,712 99,442 5,270 — — Total Commitments $ 288,133 $ 282,863 $ 5,270 $ — $ — |
Unrecorded Unconditional Purchase Obligations Disclosure | As of March 31, 2022, the purchase obligations for each of the next five years and beyond are as follows: Obligations Due Amount Less than 1 year $ 264,478 1 - 3 years 434,409 3 - 5 years 385,723 More than 5 years 867,632 Total Purchase Obligations $ 1,952,242 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Derivative Instruments | The total notional amounts of CNX's derivative instruments were as follows: March 31, December 31, Forecasted to 2022 2021 Settle Through Natural Gas Commodity Swaps (Bcf) 1,680.6 1,686.1 2027 Natural Gas Basis Swaps (Bcf) 1,248.1 * 1,233.3 2027 Interest Rate Swaps $ 410,000 $ 410,000 2024 *Net of purchased natural gas basis swaps of 15.7 Bcf. |
Schedule of Derivative Assets at Fair Value | The gross fair value of CNX's derivative instruments was as follows: March 31, December 31, 2022 2021 Current Assets: Commodity Derivative Instruments: Commodity Swaps $ — $ 92 Basis Only Swaps 115,070 94,682 Interest Rate Swaps 4,768 228 Total Current Assets $ 119,838 $ 95,002 Other Non-Current Assets: Commodity Derivative Instruments: Commodity Swaps $ 140 $ 12,419 Basis Only Swaps 275,706 119,077 Interest Rate Swaps 5,367 498 Total Other Non-Current Assets $ 281,213 $ 131,994 Current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 1,385,222 $ 505,460 Basis Only Swaps 21,605 13,206 Interest Rate Swaps 5,137 2,932 Total Current Liabilities $ 1,411,964 $ 521,598 Non-Current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 1,404,422 $ 642,442 Basis Only Swaps 11,389 41,332 Interest Rate Swaps 5,562 3,580 Total Non-Current Liabilities $ 1,421,373 $ 687,354 |
Schedule of Derivative Liabilities at Fair Value | The gross fair value of CNX's derivative instruments was as follows: March 31, December 31, 2022 2021 Current Assets: Commodity Derivative Instruments: Commodity Swaps $ — $ 92 Basis Only Swaps 115,070 94,682 Interest Rate Swaps 4,768 228 Total Current Assets $ 119,838 $ 95,002 Other Non-Current Assets: Commodity Derivative Instruments: Commodity Swaps $ 140 $ 12,419 Basis Only Swaps 275,706 119,077 Interest Rate Swaps 5,367 498 Total Other Non-Current Assets $ 281,213 $ 131,994 Current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 1,385,222 $ 505,460 Basis Only Swaps 21,605 13,206 Interest Rate Swaps 5,137 2,932 Total Current Liabilities $ 1,411,964 $ 521,598 Non-Current Liabilities: Commodity Derivative Instruments: Commodity Swaps $ 1,404,422 $ 642,442 Basis Only Swaps 11,389 41,332 Interest Rate Swaps 5,562 3,580 Total Non-Current Liabilities $ 1,421,373 $ 687,354 |
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 March 31, 2022 2021 Cash (Paid) Received in Settlement of Commodity Derivative Instruments: Natural Gas: Commodity Swaps $ (271,819) $ 6,550 Basis Swaps 977 (4,145) Total Cash (Paid) Received in Settlement of Commodity Derivative Instruments (270,842) 2,405 Unrealized (Loss) Gain on Commodity Derivative Instruments: Natural Gas: Commodity Swaps (1,654,113) (97,459) Basis Swaps 198,561 128,468 Total Unrealized (Loss) Gain on Commodity Derivative Instruments (1,455,552) 31,009 (Loss) Gain on Commodity Derivative Instruments: Natural Gas: Commodity Swaps (1,925,932) (90,909) Basis Swaps 199,538 124,323 Total (Loss) Gain on Commodity Derivative Instruments $ (1,726,394) $ 33,414 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 March 31, 2022 2021 Cash Paid in Settlement of Interest Rate Swaps $ (937) $ (1,227) Unrealized Gain on Interest Rate Swaps 5,223 4,194 Gain on Interest Rate Swaps $ 4,286 $ 2,967 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The financial instrument measured at fair value on a recurring basis is summarized below: Fair Value Measurements at March 31, 2022 Fair Value Measurements at December 31, 2021 Description Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Gas Derivatives $ — $ (2,431,722) $ — $ — $ (976,170) $ — Interest Rate Swaps $ — $ (564) $ — $ — $ (5,786) $ — |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: March 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Cash and Cash Equivalents $ 8,570 $ 8,570 $ 3,565 $ 3,565 Long-Term Debt (Excluding Debt Issuance Costs)* $ 2,243,687 $ 2,518,628 $ 2,231,517 $ 2,483,019 Cash and cash equivalents represent highly-liquid instruments and constitute Level 1 fair value measurements. Certain of the Company’s debt is actively traded on a public market and, as a result, constitute Level 1 fair value measurements. The portion of the Company’s debt obligations that is not actively traded is valued through reference to the applicable underlying benchmark rate and, as a result, constitute Level 2 fair value measurements. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Industry Segment Results | Industry segment results for the three months ended March 31, 2022 are: Shale Coalbed Methane Other Consolidated Natural Gas, NGLs and Oil Revenue $ 680,811 $ 63,373 $ 441 $ 744,625 (A) Purchased Gas Revenue — — 45,841 45,841 Loss on Commodity Derivative Instruments (249,458) (21,280) (1,455,656) (1,726,394) Other Revenue and Operating Income 17,657 — 5,173 22,830 (B) Total Revenue and Other Operating Income (Loss) $ 449,010 $ 42,093 $ (1,404,201) $ (913,098) Total Operating Expense $ 197,429 $ 30,580 $ 94,460 $ 322,469 Earnings (Loss) Before Income Tax $ 251,581 $ 11,513 $ (1,511,599) $ (1,248,505) Segment Assets $ 6,020,173 $ 1,032,602 $ 1,170,749 $ 8,223,524 (C) Depreciation, Depletion and Amortization $ 101,444 $ 13,239 $ 3,940 $ 118,623 Capital Expenditures $ 118,800 $ 2,395 $ 1,121 $ 122,316 (A) Included in Total Natural Gas, NGLs and Oil Revenue are sales of $91,992 to Direct Energy Business Marketing LLC and $86,564 to Citadel Energy Marketing LLC, each of which comprises over 10% of revenue from contracts with external customers for the period. (B) Includes midstream revenue of $17,657 and equity in earnings of unconsolidated affiliates of $800 for Shale and Other, respectively. (C) Includes investments in unconsolidated equity affiliates of $15,602. Industry segment results for the three months ended March 31, 2021 are: Shale Coalbed Methane Other Consolidated Natural Gas, NGLs and Oil Revenue $ 342,169 $ 38,904 $ 152 $ 381,225 (D) Purchased Gas Revenue — — 33,484 33,484 Gain on Commodity Derivative Instruments 2,182 222 31,010 33,414 Other Revenue and Operating Income 19,066 — 5,884 24,950 (E) Total Revenue and Other Operating Income $ 363,417 $ 39,126 $ 70,530 $ 473,073 Total Operating Expense $ 188,711 $ 28,555 $ 82,538 $ 299,804 Earnings (Loss) Before Income Tax $ 174,706 $ 10,571 $ (49,873) $ 135,404 Segment Assets $ 6,074,252 $ 1,082,232 $ 912,753 $ 8,069,237 (F) Depreciation, Depletion and Amortization $ 109,506 $ 15,483 $ 3,955 $ 128,944 Capital Expenditures $ 121,118 $ 2,142 $ 169 $ 123,429 (D) Included in Total Natural Gas, NGLs and Oil Revenue are sales of $45,000 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 $19,066 and equity in earnings of unconsolidated affiliates of $950 for Shale and Other, respectively. (F) Includes investments in unconsolidated equity affiliates of $16,172. |
Reconciliation of Revenue and Other Operating (Loss) Income from Segments to Consolidated | Revenue and Other Operating (Loss) Income For the Three Months Ended March 31, 2022 2021 Total Segment Revenue from Contracts with External Customers $ 808,123 $ 433,775 (Loss) Gain on Commodity Derivative Instruments (1,726,394) 33,414 Other Operating Income 5,173 5,884 Total Consolidated Revenue and Other Operating (Loss) Income $ (913,098) $ 473,073 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Receivables related to contracts with customers | $ 263,126 | $ 330,122 |
Other receivables | $ 5,134 | $ 8,924 |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Cash and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and Cash Equivalents | $ 8,570 | $ 3,565 | $ 29,610 | |
Restricted Cash, Current Portion | 0 | 733 | ||
Restricted Cash, Less Current Portion | 0 | 5,019 | ||
Total Cash, Cash Equivalents, and Restricted Cash | $ 8,570 | $ 3,565 | $ 35,362 | $ 21,599 |
Basis of Presentation - Sched_2
Basis of Presentation - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Trade Receivables | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for Credit Losses, Beginning of Year | $ 84 | $ 84 |
Provision for Expected Credit Losses | 0 | 0 |
Allowance for Credit Losses, End of Period | 84 | 84 |
Other Receivables | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for Credit Losses, Beginning of Year | 3,322 | 3,248 |
Provision for Expected Credit Losses | 50 | (129) |
Write-off of Uncollectible Accounts | (124) | (18) |
Allowance for Credit Losses, End of Period | $ 3,248 | $ 3,101 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) | Mar. 31, 2022$ / shares |
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 |
Earnings Per Share - Anti-Dilut
Earnings Per Share - Anti-Dilutive Options and Units Excluded from Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares) | 6,912,334 | 1,010,543 |
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) | 2,347,218 | 943,838 |
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) | 2,493,698 | 66,705 |
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) | 2,071,418 | 0 |
Earnings Per Share - Share-base
Earnings Per Share - Share-based Compensation (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total exercised or released (in shares) | 1,071,698 | 1,649,778 |
Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options exercised (in shares) | 83,424 | 656,368 |
Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options exercised (in shares) | 915,921 | 701,757 |
Performance Share Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options exercised (in shares) | 72,353 | 291,653 |
Earnings Per Share - Earnings P
Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator: | ||
Net (Loss) Income | $ (922,941) | $ 98,025 |
Denominator: | ||
Weighted-Average Shares of Common Stock Outstanding (in shares) | 199,854,257 | 219,923,634 |
Effect of Diluted Shares (in shares) | 0 | 8,746,814 |
Weighted-Average Diluted Shares of Common Stock Outstanding (in shares) | 199,854,257 | 228,670,448 |
(Loss) Earnings per Share | ||
Basic (in usd per share) | $ (4.62) | $ 0.45 |
Diluted (in usd per share) | $ (4.62) | $ 0.43 |
Revenue From Contracts With C_3
Revenue From Contracts With Customers - Narrative (Details) | 3 Months Ended |
Mar. 31, 2022USD ($) | |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
(Loss) Gain on Commodity Derivative Instruments | $ (1,726,394) | $ 33,414 |
Other Revenue and Operating Income | 22,830 | 24,950 |
Total Revenue and Other Operating (Loss) Income | (913,098) | 473,073 |
Natural Gas Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers: | 675,274 | 347,376 |
NGL Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers: | 64,796 | 31,863 |
Oil/Condensate Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers: | 4,555 | 1,986 |
Total Natural Gas, NGL and Oil Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers: | 744,625 | 381,225 |
Purchased Gas Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers: | $ 45,841 | $ 33,484 |
Revenue From Contracts With C_5
Revenue From Contracts With Customers - Performance Obligation (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 44,542 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 20,857 |
Remaining performance obligations, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 13,147 |
Remaining performance obligations, expected timing of satisfaction | 1 year |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Effective tax rate, percentage | 26.10% | 27.60% | |
Total amount of uncertain tax positions | $ 67,805,000 | $ 67,805,000 | |
Unrecognized tax benefits that would impact effective tax rate | 67,805,000 | 67,805,000 | |
Accrued interest liability | $ 0 | $ 0 |
Property, Plant and Equipment -
Property, Plant and Equipment - Components (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Abstract] | ||
Intangible Drilling Cost | $ 5,327,242 | $ 5,247,800 |
Gas Gathering Equipment | 2,494,440 | 2,483,561 |
Proved Gas Properties | 1,316,143 | 1,312,706 |
Gas Wells and Related Equipment | 1,230,617 | 1,202,731 |
Unproved Gas Properties | 733,440 | 730,400 |
Surface Land and Other Equipment | 192,973 | 194,655 |
Other | 189,595 | 190,249 |
Total Property, Plant and Equipment | 11,484,450 | 11,362,102 |
Less: Accumulated Depreciation, Depletion and Amortization | 4,488,326 | 4,372,619 |
Total Property, Plant and Equipment—Net | $ 6,996,124 | $ 6,989,483 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Dec. 31, 2017 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Jan. 03, 2018 | |
Goodwill [Line Items] | |||||
Goodwill | $ 323,314 | $ 323,314 | |||
Accumulated impairment losses on goodwill | $ 473,045 | $ 473,045 | |||
Useful life, customer relationship intangible assets | 17 years | ||||
Amortization expense | $ 1,639 | $ 1,638 | |||
Estimated annual amortization expense, Year 2022 | 6,552 | ||||
Estimated annual amortization expense, Year 2023 | 6,552 | ||||
Estimated annual amortization expense, Year 2024 | 6,552 | ||||
Estimated annual amortization expense, Year 2025 | 6,552 | ||||
Estimated annual amortization expense, Year 2026 | $ 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 - Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Gross Amortizable Asset - Customer Relationships | $ 109,752 | $ 109,752 |
Less: Accumulated Amortization - Customer Relationships | 27,848 | 26,209 |
Total Other Intangible Assets, net | $ 81,904 | $ 83,543 |
Revolving Credit Facilities (De
Revolving Credit Facilities (Details) | 3 Months Ended | ||||
Mar. 31, 2022USD ($) | Jan. 01, 2022 | Dec. 31, 2021USD ($) | Oct. 06, 2021USD ($) | Apr. 30, 2020 | |
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% | ||||
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 | 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 | 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 | 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 | 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 | 3.00% | ||||
Revolving Credit Facility | |||||
Short-term Debt [Line Items] | |||||
Initial borrowing base | $ 2,000,000,000 | ||||
Elected commitments | 1,300,000,000 | ||||
Percentage of aggregate commitments available under credit facility | 20.00% | ||||
Minimum current ratio | 1 | ||||
Borrowings outstanding | $ 96,000,000 | $ 192,000,000 | |||
Letters of credit outstanding | 183,391,000 | 184,131,000 | |||
Borrowings and issuance of letters of credit remaining capacity | 1,020,609,000 | 923,869,000 | |||
Revolving Credit Facility | Midstream | |||||
Short-term Debt [Line Items] | |||||
Borrowings outstanding | 210,200,000 | 185,000,000 | |||
Letters of credit outstanding | 30,000 | 30,000 | |||
Borrowings and issuance of letters of credit remaining capacity | $ 389,770,000 | ||||
Letters of credit aggregate sub-limit | $ 600,000,000 | ||||
Interest coverage ratio | 2.50 | ||||
Revolving credit available for borrowing | $ 414,970,000 | ||||
Revolving Credit Facility | Minimum | Midstream | |||||
Short-term Debt [Line Items] | |||||
Maximum net leverage ratio | 5 | ||||
Revolving Credit Facility | Maximum | |||||
Short-term Debt [Line Items] | |||||
Net leverage ratio | 3.50 | ||||
Revolving Credit Facility | Maximum | Midstream | |||||
Short-term Debt [Line Items] | |||||
Maximum net leverage ratio | 5.25 | ||||
Secured leverage ratio | 3.25 | ||||
Convertible Senior Notes Due 2026 | |||||
Short-term Debt [Line Items] | |||||
Stated rate, debt instrument | 2.25% | 2.25% | |||
Convertible Senior Notes Due 2026 | Convertible Debt | |||||
Short-term Debt [Line Items] | |||||
Stated rate, debt instrument | 2.25% | 2.25% |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Royalties | $ 141,860 | $ 152,498 |
Accrued Interest | 22,440 | 36,035 |
Deferred Revenue | 15,577 | 18,984 |
Transportation Charges | 15,181 | 15,808 |
Accrued Other Taxes | 13,213 | 12,681 |
Accrued Payroll & Benefits | 6,968 | 5,747 |
Short-Term Incentive Compensation | 2,915 | 19,591 |
Litigation Contingency | 1,792 | 1,200 |
Purchased Gas Payable | 1,511 | 757 |
Other | 17,329 | 15,435 |
Current Portion of Long-Term Liabilities: | ||
Asset Retirement Obligations | 7,529 | 7,154 |
Salary Retirement | 1,861 | 1,842 |
Total Other Accrued Liabilities | $ 248,176 | $ 287,732 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) | Mar. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Apr. 30, 2020 | Jun. 30, 2019 |
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 1,000 | ||||
Less: Unamortized Debt Issuance Costs | $ 16,814,000 | $ 17,396,000 | |||
Total Debt | 2,226,873,000 | 2,214,121,000 | |||
Less: Current Portion | 336,083,000 | 0 | |||
Long-Term Debt | $ 1,890,790,000 | 2,214,121,000 | |||
Senior Notes Due March 2027 | |||||
Debt Instrument [Line Items] | |||||
Stated rate, debt instrument | 7.25% | ||||
Debt instrument, face amount | $ 700,000,000 | 700,000,000 | |||
Debt instrument, unamortized premium | 5,340,000 | 5,609,000 | |||
Total Debt | $ 705,340,000 | 705,609,000 | |||
Senior Notes Due January 2029 | |||||
Debt Instrument [Line Items] | |||||
Stated rate, debt instrument | 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 discount | 4,663,000 | 4,808,000 | |||
Total Debt | $ 395,337,000 | 395,192,000 | |||
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 | 8,190,000 | 91,284,000 | |||
Total Debt | 336,810,000 | 253,716,000 | |||
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 | 210,200,000 | 185,000,000 | |||
Revolving Credit Facility | CNX Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Total Debt | $ 96,000,000 | $ 192,000,000 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | Jan. 01, 2022USD ($) | Apr. 30, 2020USD ($)day$ / shares | Dec. 31, 2020USD ($) | Mar. 31, 2022USD ($)$ / shares | Dec. 31, 2021USD ($) | Oct. 06, 2021 |
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 1,000 | |||||
Proceeds from issuance of convertible senior notes | $ 334,650,000 | |||||
Closing stock price (in usd per share) | $ / shares | $ 20.72 | |||||
Long-Term Debt | $ 1,890,790,000 | $ 2,214,121,000 | ||||
Retained earnings | (110,005,000) | 877,894,000 | ||||
Deferred Income Taxes | 0 | (328,601,000) | ||||
Accounting Standards Update 2020-06 | ||||||
Debt Instrument [Line Items] | ||||||
Long-Term Debt | $ 82,327,000 | |||||
Value of the embedded conversion | 107,260,000 | |||||
Retained earnings | (5,986,000) | |||||
Deferred Income Taxes | 22,990,000 | |||||
Decrease in stockholders equity | 78,284,000 | |||||
Accounting Standards Update 2020-06 | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Debt Instrument [Line Items] | ||||||
Retained earnings | $ 24,933,000 | |||||
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 | |||||
Convertible Senior Notes Due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 345,000,000 | $ 345,000,000 | ||||
Stated rate, debt instrument | 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% | 2.25% | ||||
Conversion ratio (in shares) | 77.8816 | |||||
Conversion price (in usd per share) | $ / shares | $ 12.84 | |||||
Amount of if-converted value in excess of principal amount | $ 323,074,000 | |||||
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 | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Unamortized Issuance Costs | $ (16,814) | $ (17,396) | |
Total Debt | 2,226,873 | 2,214,121 | |
Equity Component, net of Purchase Discounts and Issuance Costs | $ (33) | ||
Convertible Senior Notes Due 2026 | |||
Debt Instrument [Line Items] | |||
Total Debt | 336,810 | 253,716 | |
Convertible Debt | Convertible Senior Notes Due 2026 | |||
Debt Instrument [Line Items] | |||
Principal | 345,000 | 345,000 | |
Unamortized Discount | 0 | (85,950) | |
Unamortized Issuance Costs | (8,190) | (5,334) | |
Total Debt | 336,810 | 253,716 | |
Fair Value | 603,609 | 453,765 | |
Equity Component, net of Purchase Discounts and Issuance Costs | $ 0 | $ 78,284 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | ||
Contractual Interest Expense | $ 1,941 | $ 1,941 |
Amortization of Debt Discount | 0 | 3,722 |
Amortization of Issuance Costs | 471 | 252 |
Total Interest Expense | $ 2,412 | $ 5,915 |
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 | Mar. 31, 2022USD ($) |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | $ 288,133 |
Less Than 1 Year | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 282,863 |
1-3 Years | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 5,270 |
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 | 180,435 |
Letters of Credit | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 2,986 |
Letters of Credit | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 183,421 |
Letters of Credit | Less Than 1 Year | Firm Transportation | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 180,435 |
Letters of Credit | Less Than 1 Year | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 2,986 |
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 | 183,421 |
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 | 8,858 |
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 | 11,984 |
Surety Bond | Financial Guarantees | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 81,270 |
Surety Bond | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 104,712 |
Surety Bond | Less Than 1 Year | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 5,303 |
Surety Bond | Less Than 1 Year | Employee-Related | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 2,600 |
Surety Bond | Less Than 1 Year | Environmental | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 10,269 |
Surety Bond | Less Than 1 Year | Financial Guarantees | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 81,270 |
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 | 99,442 |
Surety Bond | 1-3 Years | Other | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 3,555 |
Surety Bond | 1-3 Years | Employee-Related | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | 1-3 Years | Environmental | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 1,715 |
Surety Bond | 1-3 Years | Financial Guarantees | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 0 |
Surety Bond | 1-3 Years | Loss Contingencies by Secondary Nature of Contingency | |
Schedule of Costs Related to Purchase Obligations [Line Items] | |
Guarantor obligations, maximum exposure | 5,270 |
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 | Mar. 31, 2022USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Less than 1 year | $ 264,478 |
1 - 3 years | 434,409 |
3 - 5 years | 385,723 |
More than 5 years | 867,632 |
Total Purchase Obligations | $ 1,952,242 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2020 | Apr. 30, 2020 | |
Derivative [Line Items] | ||||||
Credit facility, face amount | $ 1,000 | |||||
Cash received (paid) in settlement of commodity derivative instruments | $ (270,842,000) | $ 2,405,000 | ||||
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 | ||||
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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022USD ($)Mcf | Dec. 31, 2021USD ($)Mcf | |
Commodity Member | ||
Derivative [Line Items] | ||
Notional amount (in bcf) | 1,680.6 | 1,686.1 |
Basis Swap | ||
Derivative [Line Items] | ||
Notional amount (in bcf) | 1,248.1 | 1,233.3 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative notional amount | $ | $ 410,000 | $ 410,000 |
Basis Swap Purchased | ||
Derivative [Line Items] | ||
Notional amount (in bcf) | 15.7 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Total Current Assets | $ 119,838 | $ 95,002 |
Total Other Non-Current Assets | 281,213 | 131,994 |
Total Current Liabilities | 1,411,964 | 521,598 |
Total Non-Current Liabilities | 1,421,373 | 687,354 |
Commodity Swap | ||
Derivative [Line Items] | ||
Total Current Assets | 0 | 92 |
Total Other Non-Current Assets | 140 | 12,419 |
Total Current Liabilities | 1,385,222 | 505,460 |
Total Non-Current Liabilities | 1,404,422 | 642,442 |
Basis Swap | ||
Derivative [Line Items] | ||
Total Current Assets | 115,070 | 94,682 |
Total Other Non-Current Assets | 275,706 | 119,077 |
Total Current Liabilities | 21,605 | 13,206 |
Total Non-Current Liabilities | 11,389 | 41,332 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Total Current Assets | 4,768 | 228 |
Total Other Non-Current Assets | 5,367 | 498 |
Total Current Liabilities | 5,137 | 2,932 |
Total Non-Current Liabilities | $ 5,562 | $ 3,580 |
Derivative Instruments - The Ef
Derivative Instruments - The Effect of Derivative Instruments on the Consolidated Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative [Line Items] | ||
Cash (Paid) Received in Settlement of Commodity Derivative Instruments: | $ (270,842) | $ 2,405 |
Unrealized (Loss) Gain on Commodity Derivative Instruments: | (1,455,552) | 31,009 |
(Loss) Gain on Derivative Instruments | (1,726,394) | 33,414 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Cash Paid in Settlement of Interest Rate Swaps | (937) | (1,227) |
Unrealized Gain on Interest Rate Swaps | 5,223 | 4,194 |
(Loss) Gain on Derivative Instruments | 4,286 | 2,967 |
Natural Gas | Commodity Swap | ||
Derivative [Line Items] | ||
Cash (Paid) Received in Settlement of Commodity Derivative Instruments: | (271,819) | 6,550 |
Unrealized (Loss) Gain on Commodity Derivative Instruments: | (1,654,113) | (97,459) |
(Loss) Gain on Derivative Instruments | (1,925,932) | (90,909) |
Natural Gas | Basis Swap | ||
Derivative [Line Items] | ||
Cash (Paid) Received in Settlement of Commodity Derivative Instruments: | 977 | (4,145) |
Unrealized (Loss) Gain on Commodity Derivative Instruments: | 198,561 | 128,468 |
(Loss) Gain on Derivative Instruments | $ 199,538 | $ 124,323 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
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 | (2,431,722) | (976,170) |
Fair Value, Inputs, Level 2 | Interest Rate Swaps | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Derivative Asset | (564) | (5,786) |
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 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and Cash Equivalents | $ 8,570 | $ 3,565 | $ 29,610 |
Long-Term Debt (Excluding Debt Issuance Costs)* | 2,226,873 | 2,214,121 | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and Cash Equivalents | 8,570 | 3,565 | |
Long-Term Debt (Excluding Debt Issuance Costs)* | 2,243,687 | 2,231,517 | |
Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and Cash Equivalents | 8,570 | 3,565 | |
Long-Term Debt (Excluding Debt Issuance Costs)* | $ 2,518,628 | $ 2,483,019 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 3 Months Ended |
Mar. 31, 2022segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information - Industry
Segment Information - Industry Segment Results (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
(Loss) Gain on Commodity Derivative Instruments | $ (1,726,394) | $ 33,414 | |
Other Revenue and Operating Income | 22,830 | 24,950 | |
Total Revenue and Other Operating (Loss) Income | (913,098) | 473,073 | |
Total Operating Expense | 322,469 | 299,804 | |
Earnings (Loss) Before Income Tax | (1,248,505) | 135,404 | |
Segment Assets | 8,223,524 | 8,069,237 | $ 8,100,751 |
Depreciation, Depletion and Amortization | 118,623 | 128,944 | |
Capital Expenditures | 122,316 | 123,429 | |
Investments in unconsolidated equity affiliates | 15,602 | 16,172 | |
Natural Gas, NGLs and Oil Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers: | 744,625 | 381,225 | |
Natural Gas, NGLs and Oil Revenue | Citadel Energy Marketing, LLC | |||
Segment Reporting Information [Line Items] | |||
Total Revenue and Other Operating (Loss) Income | 86,564 | ||
Natural Gas, NGLs and Oil Revenue | Direct Energy Business Marketing LLC | |||
Segment Reporting Information [Line Items] | |||
Total Revenue and Other Operating (Loss) Income | 91,992 | 45,000 | |
Purchased Gas Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers: | 45,841 | 33,484 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers: | 808,123 | 433,775 | |
Operating Segments | Shale | |||
Segment Reporting Information [Line Items] | |||
(Loss) Gain on Commodity Derivative Instruments | (249,458) | 2,182 | |
Other Revenue and Operating Income | 17,657 | 19,066 | |
Total Revenue and Other Operating (Loss) Income | 449,010 | 363,417 | |
Total Operating Expense | 197,429 | 188,711 | |
Earnings (Loss) Before Income Tax | 251,581 | 174,706 | |
Segment Assets | 6,020,173 | 6,074,252 | |
Depreciation, Depletion and Amortization | 101,444 | 109,506 | |
Capital Expenditures | 118,800 | 121,118 | |
Operating Segments | Shale | Natural Gas, NGLs and Oil Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers: | 680,811 | 342,169 | |
Operating Segments | Shale | Purchased Gas Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers: | 0 | 0 | |
Operating Segments | Coalbed Methane | |||
Segment Reporting Information [Line Items] | |||
(Loss) Gain on Commodity Derivative Instruments | (21,280) | 222 | |
Other Revenue and Operating Income | 0 | 0 | |
Total Revenue and Other Operating (Loss) Income | 42,093 | 39,126 | |
Total Operating Expense | 30,580 | 28,555 | |
Earnings (Loss) Before Income Tax | 11,513 | 10,571 | |
Segment Assets | 1,032,602 | 1,082,232 | |
Depreciation, Depletion and Amortization | 13,239 | 15,483 | |
Capital Expenditures | 2,395 | 2,142 | |
Operating Segments | Coalbed Methane | Natural Gas, NGLs and Oil Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers: | 63,373 | 38,904 | |
Operating Segments | Coalbed Methane | Purchased Gas Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers: | 0 | 0 | |
Other | |||
Segment Reporting Information [Line Items] | |||
(Loss) Gain on Commodity Derivative Instruments | (1,455,656) | 31,010 | |
Other Revenue and Operating Income | 5,173 | 5,884 | |
Total Revenue and Other Operating (Loss) Income | (1,404,201) | 70,530 | |
Total Operating Expense | 94,460 | 82,538 | |
Earnings (Loss) Before Income Tax | (1,511,599) | (49,873) | |
Segment Assets | 1,170,749 | 912,753 | |
Depreciation, Depletion and Amortization | 3,940 | 3,955 | |
Capital Expenditures | 1,121 | 169 | |
Equity in earnings (loss) of unconsolidated affiliates | 800 | 950 | |
Other | Natural Gas, NGLs and Oil Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers: | 441 | 152 | |
Other | Purchased Gas Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contracts with Customers: | $ 45,841 | $ 33,484 |
Segment Information - Reconcili
Segment Information - Reconciliation of Segment Information, Revenue and Other Operating (Loss) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue, Major Customer [Line Items] | ||
(Loss) Gain on Commodity Derivative Instruments | $ (1,726,394) | $ 33,414 |
Other Operating Income | 5,173 | 5,884 |
Total Revenue and Other Operating (Loss) Income | (913,098) | 473,073 |
Operating Segments | ||
Revenue, Major Customer [Line Items] | ||
Total Segment Revenue from Contracts with External Customers | $ 808,123 | $ 433,775 |
Stock Repurchase (Details)
Stock Repurchase (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | Oct. 25, 2021 | Jan. 26, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | |||||
Share repurchase program, authorized amount | $ 1,900,000,000 | $ 900,000,000 | $ 750,000,000 | ||
Amount available under the current stock repurchase program | $ 863,633,000 | ||||
Shares repurchased during period (in shares) | 9,081,396 | 1,464,454 | |||
Shares repurchased, average price (in usd per share) | $ 16.60 | $ 12.26 | |||
Total value of shares repurchased | $ 150,975,000 | $ 17,987,000 |