Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 21, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | RANGE RESOURCES CORPORATION | |
Entity Central Index Key | 0000315852 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 241,286,325 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-12209 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 34-1312571 | |
Entity Address, Address Line One | 100 Throckmorton Street | |
Entity Address, Address Line Two | Suite 1200 | |
Entity Address, City or Town | Fort Worth | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 76102 | |
City Area Code | 817 | |
Local Phone Number | 870-2601 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, (Par Value $0.01) | |
Trading Symbol | RRC | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Current assets: | |||
Cash and cash equivalents | $ 227,633 | $ 207 | |
Accounts receivable, less allowance for doubtful accounts of $308 and $314 | 256,030 | 481,050 | |
Contingent consideration receivable | 24,500 | 24,500 | |
Derivative assets | 147,529 | 925 | |
Other current assets | 38,072 | 32,905 | |
Total current assets | 693,764 | 539,587 | |
Derivative assets | 83,852 | 40,990 | |
Natural gas properties, successful efforts method | [1] | 10,800,630 | 10,655,879 |
Accumulated depletion and depreciation | [1] | (4,850,385) | (4,765,475) |
Natural gas and oil properties, successful efforts method, net | [1] | 5,950,245 | 5,890,404 |
Other property and equipment | 74,712 | 74,638 | |
Accumulated depreciation and amortization | (72,625) | (72,204) | |
Other Property and equipment, net | 2,087 | 2,434 | |
Operating lease right-of-use assets | 67,608 | 84,070 | |
Other assets | 84,711 | 68,077 | |
Total assets | 6,882,267 | 6,625,562 | |
Current liabilities: | |||
Accounts payable | 179,468 | 206,738 | |
Asset retirement obligations | 4,570 | 4,570 | |
Accrued liabilities | 341,525 | 442,922 | |
Deferred compensation liabilities | 100,104 | 89,334 | |
Accrued interest | 29,892 | 39,138 | |
Divestiture contract obligation | 85,322 | 86,546 | |
Derivative liabilities | 16,019 | 151,417 | |
Total current liabilities | 756,900 | 1,020,665 | |
Bank debt | 0 | 9,509 | |
Senior notes | 1,833,238 | 1,832,451 | |
Deferred tax liabilities | 452,753 | 333,571 | |
Derivative liabilities | 6,861 | 15,495 | |
Deferred compensation liabilities | 103,711 | 99,907 | |
Operating lease liabilities | 18,953 | 20,903 | |
Asset retirement obligations and other liabilities | 114,662 | 112,981 | |
Divestiture contract obligation | 289,734 | 304,074 | |
Total liabilities | 3,576,812 | 3,749,556 | |
Commitments and contingencies | |||
Stockholders’ Equity | |||
Preferred stock, $1 par, 10,000,000 shares authorized, none issued and outstanding | 0 | 0 | |
Common stock, $0.01 par, 475,000,000 shares authorized, _______ issued at March 31 2023 and 262 887 265 issued at December 31, 2022 | 2,657 | 2,629 | |
Common stock held in treasury, _______ shares at March 31, 2023 and 24,001,535 shares at December 31, 2022 | (437,473) | (429,659) | |
Additional paid-in capital | 5,740,361 | 5,764,970 | |
Accumulated other comprehensive income | 476 | 467 | |
Retained deficit | (2,000,566) | (2,462,401) | |
Total stockholders' equity | 3,305,455 | 2,876,006 | |
Total liabilities and stockholders’ equity | $ 6,882,267 | $ 6,625,562 | |
[1] Includes capitalized asset retirement costs and the associated accumulated amortization. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts on accounts receivable | $ 308,000 | $ 314,000 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 475,000,000 | 475,000,000 |
Common stock, shares issued | 265,686,795 | 262,887,265 |
Common stock held in treasury, shares | 24,324,065 | 24,001,535 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues and other income: | ||
Total Revenues from Contracts with Customers | $ 818,393 | $ 1,119,793 |
Derivative fair value income (loss) | 367,967 | (939,057) |
Total revenues and other income | 1,186,360 | 180,736 |
Costs and expenses: | ||
Taxes other than income | 7,894 | 7,079 |
Brokered natural gas and marketing | 67,068 | 93,123 |
Exploration | 4,604 | 4,699 |
Abandonment and impairment of unproved properties | 7,510 | 1,996 |
General and administrative | 43,146 | 42,537 |
Exit costs | 12,323 | 11,115 |
Deferred compensation plan | 9,396 | 73,343 |
Interest | 32,202 | 47,175 |
Loss on early extinguishment of debt | 0 | 69,210 |
Depletion, depreciation and amortization | 86,562 | 85,604 |
Gain on the sale of assets | (138) | (331) |
Total costs and expenses | 583,034 | 753,625 |
Income (loss) before income taxes | 603,326 | (572,889) |
Income tax expense (benefit): | ||
Current | 2,699 | 4,751 |
Deferred | 119,180 | (120,832) |
Total (benefit) expense for income taxes | 121,879 | (116,081) |
Net income (loss) | $ 481,447 | $ (456,808) |
Net income (loss) per common share: | ||
Basic | $ 1.98 | $ (1.86) |
Diluted | 1.95 | (1.86) |
Dividends declared per share | $ 0.08 | $ 0 |
Weighted average common shares outstanding: | ||
Basic | 238,019 | 245,350 |
Diluted | 240,882 | 245,350 |
Natural Gas, NGLs and Oil Sales | ||
Revenues and other income: | ||
Total Revenues from Contracts with Customers | $ 736,282 | $ 1,032,351 |
Brokered Natural Gas, Marketing and Other | ||
Revenues and other income: | ||
Total Revenues from Contracts with Customers | 82,111 | 87,442 |
Direct Operating | ||
Costs and expenses: | ||
Costs and expenses | 26,984 | 20,288 |
Transportation, Gathering, Processing and Compression | ||
Costs and expenses: | ||
Costs and expenses | $ 285,483 | $ 297,787 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 481,447 | $ (456,808) |
Postretirement benefits: | ||
Amortization of prior service costs/actuarial gain | 12 | 73 |
Income tax (benefit) expense | (3) | 2 |
Total comprehensive income (loss) | $ 481,456 | $ (456,733) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities: | ||
Net income (loss) | $ 481,447 | $ (456,808) |
Adjustments to reconcile net loss to net cash provided from operating activities: | ||
Deferred income tax expense (benefit) | 119,180 | (120,832) |
Depletion, depreciation and amortization and impairment of proved properties | 86,562 | 85,604 |
Abandonment and impairment of unproved properties | 7,510 | 1,996 |
Derivative fair value (income) loss | (367,967) | 939,057 |
Cash settlements on derivative financial instruments | 34,468 | (133,135) |
Divestiture contract obligation, including accretion, net of gain | 12,215 | 10,954 |
Amortization of deferred financing costs and other | 1,310 | 1,965 |
Deferred and stock-based compensation | 20,681 | 86,113 |
Gain on the sale of assets | (138) | (331) |
Loss on early extinguishment of debt | 0 | 69,210 |
Changes in working capital: | ||
Accounts receivable | 225,213 | 58,674 |
Other current assets | (5,335) | (5,908) |
Accounts payable | (10,822) | 51,996 |
Accrued liabilities and other | (129,368) | (182,141) |
Net cash provided from operating activities | 474,956 | 406,414 |
Investing activities: | ||
Additions to natural gas properties | (125,468) | (90,104) |
Additions to field service assets | (74) | (37) |
Acreage purchases | (12,742) | (12,599) |
Proceeds from disposal of assets | 660 | 349 |
Purchases of marketable securities held by the deferred compensation plan | (1,869) | (8,996) |
Proceeds from the sales of marketable securities held by the deferred compensation plan | 1,200 | 6,375 |
Net cash used in investing activities | (138,293) | (105,012) |
Financing activities: | ||
Borrowings on credit facilities | 185,000 | 282,000 |
Repayments on credit facilities | (204,000) | (282,000) |
Issuance of senior notes | 0 | 500,000 |
Repayment of senior notes | 0 | (850,000) |
Dividends paid | (19,334) | 0 |
Treasury stock purchases | (7,834) | (16,199) |
Debt issuance costs | 0 | (6,817) |
Taxes paid for shares withheld | (39,057) | (24,995) |
Change in cash overdrafts | (29,064) | (8,540) |
Proceeds from the sales of common stock held by the deferred compensation plan | 5,052 | 3,658 |
Net cash used in financing activities | (109,237) | (402,893) |
Increase (decrease) in cash and cash equivalents | 227,426 | (101,491) |
Cash and cash equivalents at beginning of period | 207 | 214,422 |
Cash and cash equivalents at end of period | $ 227,633 | $ 112,931 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Common stock held in treasury | Additional paid-in capital | Retained deficit | Accumulated other comprehensive loss |
Beginning balance at Dec. 31, 2021 | $ 2,085,663 | $ 2,598 | $ (30,007) | $ 5,720,277 | $ (3,607,055) | $ (150) |
Beginning balance Shares at Dec. 31, 2021 | 259,796,000 | 10,003,000 | ||||
Issuance of common stock | (21,247) | $ 29 | $ 0 | (21,276) | 0 | 0 |
Issuance of common stock, shares | 2,980,000 | |||||
Issuance of common stock upon vesting of PSUs | 0 | $ 0 | 0 | 78 | (78) | 0 |
Issuance of common stock upon vesting of PSUs, shares | 2,000 | |||||
Stock-based compensation expense | 8,619 | $ 0 | 0 | 8,619 | 0 | 0 |
Treasury stock | (16,198) | 0 | $ (16,152) | (46) | 0 | 0 |
Treasury stock, shares | 599,000 | |||||
Other comprehensive income | 75 | 0 | $ 0 | 0 | 0 | 75 |
Net income (loss) | (456,808) | 0 | 0 | 0 | (456,808) | 0 |
Ending balance at Mar. 31, 2022 | 1,600,104 | $ 2,627 | $ (46,159) | 5,707,652 | (4,063,941) | (75) |
Ending balance Shares at Mar. 31, 2022 | 262,778,000 | 10,602,000 | ||||
Beginning balance at Dec. 31, 2021 | 2,085,663 | $ 2,598 | $ (30,007) | 5,720,277 | (3,607,055) | (150) |
Beginning balance Shares at Dec. 31, 2021 | 259,796,000 | 10,003,000 | ||||
Ending balance at Dec. 31, 2022 | $ 2,876,006 | $ 2,629 | $ (429,659) | 5,764,970 | (2,462,401) | 467 |
Ending balance Shares at Dec. 31, 2022 | 262,887,265 | 262,887,000 | 24,002,000 | |||
Issuance of common stock | $ (33,935) | $ 28 | $ 0 | (33,963) | 0 | 0 |
Issuance of common stock, shares | 2,974,000 | |||||
Issuance of common stock upon vesting of PSUs | 0 | $ 0 | 0 | 278 | (278) | 0 |
Issuance of common stock upon vesting of PSUs, shares | 6,000 | |||||
Stock-based compensation expense | 9,096 | $ 0 | 0 | 9,096 | 0 | 0 |
Cash dividends paid ($0.08 per share) | (19,334) | (19,334) | ||||
Treasury stock | (7,737) | 0 | $ (7,717) | (20) | 0 | 0 |
Treasury stock, shares | 322,000 | |||||
Excise tax on stock repurchases | (97) | $ (97) | ||||
Other comprehensive income | 9 | 0 | 0 | 0 | 0 | 9 |
Net income (loss) | 481,447 | 0 | 0 | 0 | 481,447 | 0 |
Ending balance at Mar. 31, 2023 | $ 3,305,455 | $ 2,657 | $ (437,473) | $ 5,740,361 | $ (2,000,566) | $ 476 |
Ending balance Shares at Mar. 31, 2023 | 265,686,795 | 265,867,000 | 24,324,000 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) | 3 Months Ended |
Mar. 31, 2023 $ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Cash dividends paid per share | $ 0.08 |
Summary of Organization and Nat
Summary of Organization and Nature of Business | 3 Months Ended |
Mar. 31, 2023 | |
Industry-Specific Policies [Abstract] | |
Summary of Organization and Nature of Business | (1) SUMMARY OF ORGANIZATION AND NATURE OF BUSINESS Range Resources Corporation is a Fort Worth, Texas-based independent natural gas, natural gas liquids (NGLs) and crude oil and condensate company engaged in the exploration, development and acquisition of natural gas and liquids properties in the Appalachian region of the United States. Our objective is to build stockholder value through returns-focused development of natural gas properties. Range is a Delaware corporation with our common stock listed and traded on the New York Stock Exchange under the symbol “RRC.” |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | (2) BASIS OF PRESENTATION These consolidated financial statements are unaudited but, in the opinion of management, reflect all adjustments necessary for a fair statement of the results for the periods reported. All adjustments are of a normal recurring nature unless otherwise disclosed. These consolidated financial statements, including selected notes, have been prepared in accordance with the applicable rules of the Securities Exchange Commission (the SEC) and do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America (U.S. GAAP) for complete financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2022 Annual Report on Form 10-K filed with the SEC on February 27, 2023. The results of operations for first quarter ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Standards | (3) NEW ACCOUNTING STANDARDS Not Yet Adopted No accounting standards were adopted in first quarter 2023 that had a material impact on our consolidated financial statements. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | (4) REVENUES FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue We have three material revenue streams in our business: natural gas sales, NGLs sales and condensate sales (referred to below as oil sales). Brokered revenue attributable to each product sales type is included here because the volume of product that we purchase is subsequently sold to separate counterparties in accordance with existing sales contracts under which we also sell our production. Other marketing revenue for the three months ended March 31, 2023 includes the receipt of a $ 3.6 million make-whole payment. Accounts receivable attributable to our revenue contracts with customers was $ 243.9 million at March 31, 2023 and $ 463.3 million at December 31, 2022. Revenue attributable to each of our identified revenue streams is disaggregated below (in thousands): Three Months Ended 2023 2022 Natural gas sales $ 441,580 $ 629,923 NGLs sales 256,440 338,369 Oil sales 38,262 64,059 Total natural gas, NGLs and oil sales 736,282 1,032,351 Sales of purchased natural gas 75,060 84,062 Sales of purchased NGLs 368 1,640 Other marketing revenue 6,683 1,740 Total $ 818,393 $ 1,119,793 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (5) INCOME TAXES We evaluate and update our annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Consequently, based upon the mix and timing of our actual earnings compared to annual projections, our effective tax rate may vary quarterly and may make comparisons not meaningful. The effective income tax rate is influenced by a variety of factors including geographic sources and relative magnitude of these sources of income. Income taxes for discrete items are computed and recorded in the period that a specific transaction occurs. For three months ended March 31, 2023 and 2022, our overall effective tax rate was different than the federal statutory rate due primarily to state income taxes, equity compensation, valuation allowances and other tax items. Current income taxes reflect estimated state income taxes due for 2023 which is based on our estimated earnings, taking into account state tax rates and laws regarding NOL limitations. |
Income (Loss) Per Common Share
Income (Loss) Per Common Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Income (Loss) Per Common Share | (6) INCOME (LOSS) PER COMMON SHARE Basic income or loss per share attributable to common shareholders is computed as (1) income or loss attributable to common shareholders (2) less income allocable to participating securities (3) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common shareholders is computed as (1) basic income or loss attributable to common shareholders (2) plus diluted adjustments to income allocable to participating securities (3) divided by weighted average diluted shares outstanding. The following sets forth a reconciliation of income or loss attributable to common shareholders to basic income or loss attributable to common shareholders to diluted income or loss attributable to common shareholders (in thousands, except per share amounts): Three Months Ended 2023 2022 Net income (loss), as reported $ 481,447 $ ( 456,808 ) Participating earnings (a) ( 11,163 ) — Basic net income (loss) attributed to common 470,284 ( 456,808 ) Reallocation of participating earnings (a) 124 — Diluted net income (loss) attributed to common $ 470,408 $ ( 456,808 ) Net income (loss) per common share: Basic $ 1.98 $ ( 1.86 ) Diluted $ 1.95 $ ( 1.86 ) (a) Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses. The following details weighted average common shares outstanding and diluted weighted average common shares outstanding (in thousands): Three Months Ended 2023 2022 Weighted average common shares outstanding – basic 238,019 245,350 Effect of dilutive securities: Director and employee restricted stock and performance 2,863 — Weighted average common shares outstanding – diluted 240,882 245,350 Weighted average common shares outstanding − basic for first quarter 2023 excludes 5.6 million shares of restricted stock held in our deferred compensation plan compared to 6.2 million shares in first quarter 2022 (although all awards are issued and outstanding upon grant). For the three months ended March 31, 2023, equity grants of 4,000 shares were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computations. Due to our net loss for first quarter 2022, we excluded all equity grants from the computation of net loss per share because the effect would have been anti-dilutive to the computations. |
Capitalized Costs and Accumulat
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization | 3 Months Ended |
Mar. 31, 2023 | |
Extractive Industries [Abstract] | |
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization | (7) Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (a) March 31, December 31, (in thousands) Natural gas properties: Properties subject to depletion $ 9,996,412 $ 9,855,287 Unproved properties 804,218 800,592 Total 10,800,630 10,655,879 Accumulated depletion and depreciation ( 4,850,385 ) ( 4,765,475 ) Net capitalized costs $ 5,950,245 $ 5,890,404 (a) Includes capitalized asset retirement costs and the associated accumulated amortization. |
Indebtedness
Indebtedness | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Indebtedness | (8) INDEBTEDNESS We had the following debt outstanding as of the dates shown below. No interest was capitalized during three months ended March 31, 2023 or the year ended December 31, 2022 (in thousands). March 31, December 31, Bank debt $ — $ 19,000 Senior notes: 4.875 % senior notes due 2025 750,000 750,000 8.25 % senior notes due 2029 600,000 600,000 4.75 % senior notes due 2030 500,000 500,000 Total senior notes 1,850,000 1,850,000 Unamortized debt issuance costs ( 16,762 ) ( 27,040 ) Total debt net of debt issuance costs $ 1,833,238 $ 1,841,960 Bank Debt In April 2022, we entered into an amended and restated revolving bank facility, which we refer to as our bank debt or our bank credit facility, which is secured by substantially all of our assets and has a maturity date of April 14, 2027 . The bank credit facility provides for a maximum facility amount of $ 4.0 billion and an initial borrowing base of $ 3.0 billion. The bank credit facility also provides for a borrowing base subject to periodic redeterminations and for event-driven unscheduled redeterminations. As of March 31, 2023, our bank group was composed of seventeen financial institutions. The borrowing base may be increased or decreased based on our request and sufficient proved reserves, as determined by the bank group. The commitment amount may be increased to the borrowing base, subject to payment of a mutually acceptable commitment fee to those banks agreeing to participate in the facility increase. Borrowings under the bank credit facility can either be at the alternate base rate (ABR, as defined in the bank credit facility agreement) plus a spread ranging from 0.75 % to 1.75 % or at the secured overnight financing rate (SOFR, as defined in the bank credit facility agreement) plus a spread ranging from 1.75 % to 2.75 %. The applicable spread is dependent upon borrowings relative to the borrowing base. We may elect, from time to time, to convert all or any part of our SOFR loans to base rate loans or to convert all or any of the base rate loans to SOFR loans. The weighted average interest rate was 8.4 % for first quarter 2023 compared to 2.5 % for first quarter 2022. A commitment fee is paid on the undrawn balance based on an annual rate of 0.375 % to 0.50 %. At March 31, 2023, the commitment fee was 0.375 % and the interest rate margin was 1.75 % on our SOFR loans and 0.75 % on our ABR loans. As part of our redetermination completed in March 2023, our borrowing base was reaffirmed for $ 3.0 billion and our bank commitment was also reaffirmed at $ 1.5 billion. On March 31, 2023, we had no outstanding borrowings on our bank credit facility. Additionally, we had $ 292.3 million of undrawn letters of credit, leaving $ 1.2 billion of committed borrowing capacity available under the facility. Senior Note Redemption If we experience a change of control, noteholders may require us to repurchase all or a portion of our senior notes at 101 % of the aggregate principal amount plus accrued and unpaid interest, if any. Guarantees Range is a holding company that owns no operating assets and has no significant operations independent of its subsidiaries. The guarantees by our subsidiaries, which are directly or indirectly owned by Range, of our senior notes and our bank credit facility are full and unconditional and joint and several, subject to certain customary release provisions. The assets, liabilities and results of operations of Range and our guarantor subsidiaries are not materially different than our consolidated financial statements. A subsidiary guarantor may be released from its obligations under the guarantee: • in the event of a sale or other disposition of all or substantially all of the assets of the subsidiary guarantor or a sale or other disposition of all the capital stock of the subsidiary guarantor, to any corporation or other person (including an unrestricted subsidiary of Range) by way of merger, consolidation, or otherwise; or • if Range designates any restricted subsidiary that is a guarantor to be an unrestricted subsidiary in accordance with the terms of the indenture. Debt Covenants Our bank credit facility contains negative covenants that limit our ability, among other things, to pay cash dividends, incur additional indebtedness, sell assets, enter into certain hedging contracts, change the nature of our business or operations, merge, consolidate or make certain investments. We are required to maintain a maximum consolidated debt to EBITDAX ratio (as defined in the bank credit facility agreement) of 3.75 x and a minimum current ratio (as defined in the bank credit facility agreement) of 1.0 x. We were in compliance with applicable covenants under the bank credit facility as of and for the three months ended March 31, 2023. |
Asset Retirement Obligations
Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | (9) ASSET RETIREMENT OBLIGATIONS Our asset retirement obligations primarily represent the estimated present value of the amounts we will incur to plug, abandon and remediate our producing properties at the end of their productive lives. Significant inputs used in determining such obligations include estimates of plugging and abandonment costs, estimated future inflation rates and well lives. The inputs are calculated based on historical data as well as current estimated costs. A reconciliation of our liability for plugging and abandonment costs for three months ended March 31, 2023 and the year ended December 31, 2022 is as follows (in thousands): Three Months Year Beginning of period $ 109,851 $ 95,836 Liabilities incurred 920 2,589 Liabilities settled ( 104 ) ( 10,650 ) Accretion expense 1,455 6,569 Change in estimate ( 129 ) 15,507 End of period 111,993 109,851 Less current portion ( 4,570 ) ( 4,570 ) Long-term asset retirement obligations $ 107,423 $ 105,281 Accretion expense is recognized as a component of depreciation, depletion and amortization expense in the accompanying consolidated statements of operations. |
Derivative Activities
Derivative Activities | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Activities | (10) DERIVATIVE ACTIVITIES We use commodity-based derivative contracts to manage exposure to commodity price fluctuations. We do not enter into these arrangements for speculative or trading purposes. We utilize commodity swaps, collars or three-way collars to (1) reduce the effect of price volatility of the commodities we produce and sell and (2) support our annual capital budget and investment plans. The fair value of our derivative contracts, represented by the estimated amount that would be realized upon termination, based on a comparison of the contract price and a reference price, generally the New York Mercantile Exchange (NYMEX) for natural gas and crude oil or Mont Belvieu for NGLs, approximated a net gain of $ 249.6 million at March 31, 2023. These contracts expire monthly through December 2024. The following table sets forth our commodity-based derivative volumes by year as of March 31, 2023, excluding our basis swaps and divestiture contingent consideration which are discussed separately below: Period Contract Type Volume Hedged Weighted Average Hedge Price Swap Sold Put Floor Ceiling Natural Gas 2023 Swaps 354,636 Mmbtu/day $ 3.48 2023 Collars 261,091 Mmbtu/day $ 3.40 $ 4.52 2023 Three-way Collars 176,400 Mmbtu/day $ 2.59 $ 3.62 $ 4.71 2024 Swaps 150,000 Mmbtu/day $ 4.46 2024 Collars 429,235 Mmbtu/day $ 3.51 $ 5.65 Crude Oil 2023 Swaps 5,000 bbls/day $ 71.28 January-September 2024 Collars 832 bbls/day $ 80.00 $ 90.12 Every derivative instrument is required to be recorded on the balance sheet as either an asset or a liability measured at its fair value. We recognize all changes in fair value of these derivatives as earnings in derivative fair value income or loss in the periods in which they occur. Basis Swap Contracts In addition to the swaps and collars described above, at March 31, 2023, we had natural gas basis swap contracts which lock in the differential between NYMEX Henry Hub and certain of our physical pricing indices. These contracts settle monthly through December 2026 and include a total volume of 366,702,500 Mmbtu. The fair value of these contracts was a loss of $ 50.3 million at March 31, 2023. Divestiture Contingent Consideration In addition to the derivatives described above, our right to receive contingent consideration in conjunction with the sale of our North Louisiana assets in third quarter 2020 was determined to be a derivative financial instrument that is not designated as a hedging instrument. The remaining contingent consideration of up to $ 21.0 million is based on future achievement of natural gas and oil prices based on published indexes and realized NGLs prices of the buyer for 2023. All changes in the fair value are recognized as a gain or loss in earnings in the period they occur in derivative fair value income or loss in our consolidated statements of operations. For first three months 2023, this fair value has decreased $ 3.9 million for a fair value of $ 9.2 million as of March 31, 2023. We currently expect to receive $ 24.5 million for the year ended December 31, 2022 which is reflected in current assets in the accompanying consolidated balance sheet. Derivative Assets and Liabilities The combined fair value of derivatives included in the accompanying consolidated balance sheets as of March 31, 2023 and December 31, 2022 is summarized below. The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty and we have master netting arrangements. The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands): March 31, 2023 Gross Gross Net Amounts of Derivative assets: Natural gas –swaps $ 115,921 $ ( 7,004 ) $ 108,917 –collars 121,369 ( 6,030 ) 115,339 –three-way collars 28,338 — 28,338 –basis swaps 5,162 ( 33,474 ) ( 28,312 ) Crude oil –swaps — ( 4,525 ) ( 4,525 ) –collars 2,464 — 2,464 Divestiture contingent consideration 9,160 — 9,160 $ 282,414 $ ( 51,033 ) $ 231,381 March 31, 2023 Gross Gross Net Amounts of Derivative (liabilities): Natural gas –swaps $ ( 7,004 ) $ 7,004 $ — –collars ( 6,950 ) 6,030 ( 920 ) –basis swaps ( 55,434 ) 33,474 ( 21,960 ) Crude oil –swaps ( 4,525 ) 4,525 — $ ( 73,913 ) $ 51,033 $ ( 22,880 ) December 31, 2022 Gross Gross Net Amounts of Derivative assets: Natural gas –swaps $ 19,438 $ ( 6,236 ) $ 13,202 –collars 54,222 ( 45,452 ) 8,770 –three-way collars 12,424 ( 12,424 ) — –basis swaps 25,493 ( 20,437 ) 5,056 Crude oil –collars 1,807 — 1,807 Divestiture contingent consideration 13,080 — 13,080 $ 126,464 $ ( 84,549 ) $ 41,915 December 31, 2022 Gross Gross Net Amounts of Derivative (liabilities): Natural gas –swaps $ ( 115,374 ) $ 6,236 $ ( 109,138 ) –collars ( 72,866 ) 45,452 ( 27,414 ) –three-way collars ( 24,341 ) 12,424 ( 11,917 ) –basis swaps ( 24,972 ) 20,437 ( 4,535 ) Crude oil –swaps ( 13,908 ) — ( 13,908 ) $ ( 251,461 ) $ 84,549 $ ( 166,912 ) The effects of our derivatives on our consolidated statements of operations are summarized below (in thousands): Derivative Fair Value Income (Loss) Three Months Ended 2023 2022 Commodity swaps $ 209,092 $ ( 521,355 ) Swaptions — ( 34,723 ) Three-way collars 50,814 ( 179,926 ) Collars 160,571 ( 232,292 ) Calls — ( 1,363 ) Basis swaps ( 48,590 ) 22,515 Freight swaps — ( 33 ) Divestiture contingent consideration ( 3,920 ) 8,120 Total $ 367,967 $ ( 939,057 ) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (11) FAIR VALUE MEASUREMENTS Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three approaches for measuring the fair value of assets and liabilities: the market approach, the income approach and the cost approach, each of which includes multiple valuation techniques. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to measure fair value by converting future amounts, such as cash flows or earnings, into a single present value amount using current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace the service capacity of an asset. This is often referred to as current replacement cost. The cost approach assumes that the fair value would not exceed what it would cost a market participant to acquire or construct a substitute asset of comparable utility, adjusted for obsolescence. The fair value accounting standards do not prescribe which valuation technique should be used when measuring fair value and does not prioritize among the techniques. These standards establish a fair value hierarchy that prioritizes the inputs used in applying the various valuation techniques. Inputs broadly refer to the assumptions that market participants use to make pricing decisions, including assumptions about risk. Level 1 inputs are given the highest priority in the fair value hierarchy while Level 3 inputs are given the lowest priority. The three levels of the fair value hierarchy are as follows: • Level 1 – Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. • Level 3 – Unobservable inputs for which there is little, if any, market activity for the asset or liability being measured. These inputs reflect management’s best estimates of the assumptions market participants would use in determining fair value. Our Level 3 measurements consist of instruments using standard pricing models and other valuation methods that utilize unobservable pricing inputs that are significant to the overall fair value. Valuation techniques that maximize the use of observable inputs are favored. Assets and liabilities are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy. Fair Values – Recurring We use a market approach for our recurring fair value measurements and endeavor to use the best information available. The following tables present the fair value hierarchy for assets and liabilities measured at fair value, on a recurring basis (in thousands): Fair Value Measurements at March 31, 2023 using: Quoted Prices Significant Significant Total Trading securities held in the deferred $ 66,135 $ — $ — $ 66,135 Commodity price derivatives –swaps — 104,392 — 104,392 –collars — 116,883 — 116,883 –three-way collars — 28,338 — 28,338 –basis swaps — ( 50,272 ) — ( 50,272 ) Divestiture contingent consideration — 9,160 — 9,160 Fair Value Measurements at December 31, 2022 using: Quoted Prices Significant Significant Total Trading securities held in the deferred $ 57,717 $ — $ — $ 57,717 Commodity price derivatives –swaps — ( 109,844 ) — ( 109,844 ) –collars — ( 16,837 ) — ( 16,837 ) –three-way collars — ( 11,917 ) — ( 11,917 ) –basis swaps — 521 — 521 Divesture contingent consideration — 13,080 — 13,080 Our trading securities in Level 1 are exchange-traded and measured at fair value with a market approach using end of period market values. Derivatives in Level 2 are measured at fair value with a market approach using third-party pricing services which have been corroborated with data from active markets or broker quotes. Trading securities. Our trading securities held in the deferred compensation plan are accounted for using the mark-to- market accounting method and are included in other assets in the accompanying consolidated balance sheets. We elected to adopt the fair value option to simplify our accounting for the investments in our deferred compensation plan. Interest, dividends, and mark-to-market gains or losses are included in deferred compensation plan expense in the accompanying consolidated statements of operations. For first quarter 2023, interest and dividends were $ 179,000 and the mark-to-market adjustment was a gain of $ 3.1 million compared to interest and dividends of $ 115,000 and a mark-to-market loss of $ 4.3 million in first quarter 2022. Divestiture Contingent Consideration. In August 2020, we completed the sale of our North Louisiana assets where we are entitled to receive contingent consideration based on future achievement of natural gas and oil prices based on published indexes along with NGLs prices based on the realized NGLs prices of the buyer. We used an option pricing model to estimate the fair value of the contingent consideration using significant Level 2 inputs that include quoted future commodity prices based on active markets. Fair Values – Reported The following presents the carrying amounts and the fair values of our financial instruments as of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Assets: Commodity swaps, collars and basis swaps $ 222,221 $ 222,221 $ 28,835 $ 28,835 Divestiture contingent consideration 9,160 9,160 13,080 13,080 Marketable securities (a) 66,135 66,135 57,717 57,717 (Liabilities): Commodity swaps, collars and basis swaps ( 22,880 ) ( 22,880 ) ( 166,912 ) ( 166,912 ) Bank credit facility (b) — — ( 19,000 ) ( 19,000 ) 4.875 % senior notes due 2025 (b) ( 750,000 ) ( 741,600 ) ( 750,000 ) ( 714,870 ) 8.25 % senior notes due 2029 (b) ( 600,000 ) ( 632,490 ) ( 600,000 ) ( 618,312 ) 4.75 % senior notes due 2030 (b) ( 500,000 ) ( 455,945 ) ( 500,000 ) ( 442,350 ) Deferred compensation plan (c) ( 203,815 ) ( 203,815 ) ( 189,241 ) ( 189,241 ) (a) Marketable securities, which are held in our deferred compensation plans, are actively traded on major exchanges. (b) The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior notes is based on end of period market quotes which are Level 2 inputs. (c) The fair value of our deferred compensation plan is updated to the closing price on the balance sheet date which is a Level 1 input. Our current assets and liabilities include financial instruments, the most significant of which are trade accounts receivable and payable. We believe the carrying values of our current assets and liabilities approximate fair value. Our fair value assessment incorporates a variety of considerations, including (1) the short-term duration of the instruments and (2) our historical and expected incurrence of bad debt expense. Non-financial liabilities initially measured at fair value include asset retirement obligations, operating lease liabilities and the divestiture contract obligation that we incurred in conjunction with the sale of our North Louisiana assets. Concentrations of Credit Risk As of March 31, 2023, our primary concentrations of credit risk are the risks of not collecting accounts receivable and the risk of a counterparty’s failure to perform under derivative obligations. Most of our receivables are from a diverse group of companies, including major energy companies, pipeline companies, local distribution companies, financial institutions and end-users in various industries. Letters of credit or other appropriate assurances are obtained as deemed necessary to limit our risk of loss. Our allowance for uncollectable receivables was $ 308,000 at March 31, 2023 and $ 314,000 at December 31, 2022. Our derivative exposure to credit risk is diversified primarily among major investment grade financial institutions, where we have master netting agreements which provide for offsetting payables against receivables from separate derivative contracts. To manage counterparty risk associated with our derivatives, we select and monitor our counterparties based on our assessment of their financial strength and/or credit ratings. We may also limit the level of exposure with any single counterparty. At March 31, 2023, our derivative counterparties include fourteen financial institutions, of which all but six are secured lenders in our bank credit facility. At March 31, 2023, our net derivative asset includes an aggregate net payable of $ 22.0 million to five counterparties not included in our bank credit facility and a receivable from the remaining counterparty of $ 6.8 million. Allowance for Expected Credit Losses. Each reporting period, we assess the recoverability of material receivables using historical data, current market conditions and reasonable and supported forecasts of future economic conditions to determine their expected collectability. The loss given default method is used when, based on management’s judgment, an allowance for expected credit losses should be accrued on a material receivable to reflect the net amount to be collected. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation Plans | (12) STOCK-BASED COMPENSATION PLANS Description of the Plans We have two active equity-based stock plans: our Amended and Restated 2005 Equity-Based Incentive Compensation Plan and our Amended and Restated 2019 Equity-Based Compensation Plan. Under these plans, various awards may be issued to non-employee directors and employees pursuant to decisions of the Compensation Committee, which is composed of only non-employee, independent directors. Total Stock-Based Compensation Expense Stock-based compensation represents amortization of restricted stock and performance units. Unlike the other forms of stock-based compensation, the mark-to-market adjustment of the liability related to the vested restricted stock held in our deferred compensation plan is directly tied to the change in our stock price and not directly related to the functional expenses and therefore, is not allocated to the functional categories. The following details the allocation of stock-based compensation to functional expense categories (in thousands): Three Months Ended 2023 2022 Direct operating expense $ 415 $ 349 Brokered natural gas and marketing expense 661 519 Exploration expense 320 452 General and administrative expense 9,600 11,573 Total stock-based compensation expense $ 10,996 $ 12,893 Stock-Based Awards Restricted Stock Awards . We grant restricted stock units under our equity-based stock compensation plans to our employees. These restricted stock units, which we refer to as restricted stock Equity Awards, generally vest over a three-year period, contingent on the recipient’s continued employment. The grant date fair value of the Equity Awards is based on the fair market value of our common stock on the date of grant. Beginning in 2023, we began granting restricted stock under our equity-based compensation plans that vests at the end of a three-year period for employee grants and a one-year period for non-employee directors. Vesting is also based upon the employee's continued employment with us. The grant date fair value of these Equity Awards is based on the fair market value of our common stock on the date of grant. Prior to vesting, recipients of restricted stock typically earn dividends payable in cash upon vesting but they have no voting rights prior to vesting. The Compensation Committee also grants restricted stock to certain employees and non-employee directors of the board of directors as part of their compensation. Compensation expense is recognized over the balance of the vesting period, which is typically at the end of three years for employee grants and at the end of a one-year period for non-employee directors. All restricted stock awards are issued at prevailing market prices at the time of the grant and the vesting is based upon an employee’s continued employment with us. Prior to vesting, all restricted stock award recipients have the right to vote such stock and receive dividends thereon. Upon grant of these restricted shares, which we refer to as restricted stock Liability Awards, these shares are placed in our deferred compensation plan and, upon vesting, withdrawals are allowed in either cash or in stock. These Liability Awards are classified as a liability and are remeasured at fair value each reporting period. This mark-to-market amount is reported in deferred compensation plan expense in the accompanying consolidated statements of operations. Stock-Based Performance Awards - (PSUs). We grant two types of performance share awards: one based on performance conditions measured against internal performance metrics and one based on market conditions measured based on Range’s performance relative to a predetermined peer group (TSR Awards). Each unit granted represents one share of our common stock. These units are settled in stock and the amount of the payout is based on the vesting percentage, which can range from zero to 200 % and (1) the internal performance metrics achieved, which is determined by the Compensation Committee and (2) for our TSR Awards, the value of our common stock on the vesting date compared to our peers. Dividend equivalents accrue during the performance period and are paid in stock at the end of the performance period. The performance period is three years . Restricted Stock – Equity Awards In first three months 2023, we granted 1.6 million restricted stock Equity Awards to employees at an average grant date fair value of $ 25.01 compared to 1.4 million at an average grant date fair value of $ 18.47 in first three months 2022. We recorded compensation expense for these outstanding awards of $ 7.5 million in first three months 2023 compared to $ 5.9 million in the same period of 2022. Restricted stock Equity Awards are not issued until such time as they are vested and grantees do not have the option to receive cash. Restricted Stock – Liability Awards In first three months 2023, we granted 11,000 shares of restricted stock Liability Awards as compensation to employees at an average grant date fair value of $ 24.70 which generally vest at the end of a three-year period. In first three months 2022, we granted 602,000 shares of restricted stock Liability Awards as compensation to employees at an average grant date fair value of $ 20.42 with vesting generally at the end of a three-year period. We recorded compensation expense for these Liability Awards of $ 1.8 million in first three months 2023 compared to $ 3.6 million in first three months 2022. These awards are held in our deferred compensation plan, are classified as a liability and are remeasured at fair value each reporting period. This mark-to-market amount is reported as deferred compensation expense in our consolidated statements of operations (see additional discussion below). Stock-Based Performance Units Internal Performance Metric Awards. These awards vest at the end of the three-year performance period. The performance metrics are set by the Compensation Committee. If the performance metric for the applicable period is not met, that portion is considered forfeited and there is an adjustment to the expense recorded. In first three months 2023, we granted 81,000 internal performance units compared to 153,000 in the same period of the prior year. We recorded compensation expense for these awards of $ 948,000 in first three months 2023 compared to expense of $ 1.7 million in first three months 2022. TSR Awards. These awards granted are earned, or not earned, based on the comparative performance of Range’s common stock measured against a predetermined group of companies in the peer group over a three-year performance period. The fair value of the TSR Awards is estimated on the date of grant using a Monte Carlo simulation model which utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award. The fair value is recognized as stock-based compensation expense over the three-year performance period. Expected volatilities utilized in the model were estimated using a combination of a historical period consistent with the remaining performance period of three years and option implied volatilities. The risk-free interest rate was based on the United States Treasury rate for a term commensurate with the life of the grant. The following assumptions were used to estimate the fair value of these awards granted during first three months 2023 and 2022: Three Months Ended 2023 2022 Risk-free interest rate 3.8 % 1.4 % Expected annual volatility 61 % 68 % Grant date fair value per unit $ 30.37 $ 27.90 In first three months 2023, we granted 64,000 TSR Awards compared to 112,000 in the same period of the prior year. We recorded compensation expense of $ 482,000 in first three months 2023 compared to $ 773,000 in the same period of 2022. Fair value is amortized over the performance period with no adjustment to the expense recorded for actual targets achieved. The following is a summary of the activity for our restricted stock and performance awards at March 31, 2023: Restricted Stock Restricted Stock Stock-Based Shares Weighted Shares Weighted Number (a) Weighted Outstanding at December 31, 2022 1,736,688 $ 14.44 379,633 $ 14.71 1,950,632 $ 9.02 Granted 1,564,289 25.01 10,754 24.70 145,747 26.86 Vested ( 490,702 ) 15.37 ( 132,638 ) 13.98 ( 1,158,797 ) 4.80 Forfeited ( 16,094 ) 17.38 — — — — Outstanding at March 31, 2023 2,794,181 $ 20.18 257,749 $ 15.50 937,582 $ 17.01 (a) Amounts granted reflect performance units initially granted. The actual payout will be between zero and 200 % depending on achievement of either total stockholder return ranking compared to our peers at the vesting date or on the achievement of internal performance targets. Deferred Compensation Plan Our deferred compensation plan gives non-employee directors and officers the ability to defer all or a portion of their salaries, bonuses or director fees and invest in Range common stock or make other investments at the individual’s discretion. Range provides a partial matching contribution to officers which vests at the end of three years . The assets of the plan are held in a grantor trust, which we refer to as the Rabbi Trust, and are therefore available to satisfy the claims of our general creditors in the event of bankruptcy or insolvency. Our common stock held in the Rabbi Trust is treated as a liability award as employees are allowed to take withdrawals from the Rabbi Trust either in cash or in Range stock. The liability for the vested portion of the stock held in the Rabbi Trust is reflected as deferred compensation liability in the accompanying consolidated balance sheets and is adjusted to fair value each reporting period by a charge or credit to deferred compensation plan expense on our consolidated statements of operations. The assets of the Rabbi Trust, other than our common stock, are invested in marketable securities and reported at their market value as other assets in the accompanying consolidated balance sheets. The deferred compensation liability reflects the vested market value of the marketable securities and Range stock held in the Rabbi Trust. Changes in the market value of the marketable securities and changes in the fair value of the deferred compensation plan liability are charged or credited to deferred compensation plan expense each quarter. We recorded a mark-to-market loss of $ 9.4 million in first quarter 2023 compared to a mark-to-market loss of $ 73.3 million in first quarter 2022. The Rabbi Trust held 5.5 million shares ( 5.2 million of which were vested) of Range stock at March 31, 2023 compared to 5.6 million shares ( 5.3 million of which were vested) at December 31, 2022. |
Exit Costs
Exit Costs | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Exit Costs | (13) EXIT COSTS Exit Costs In third quarter 2020, we sold our North Louisiana assets and retained certain gathering, transportation and processing obligations which extend into 2030. These are contracts where we will not realize any future benefit. The estimated obligations are included in current and long-term divestiture contract obligation in our consolidated balance sheets. In first three months 2023, we recorded accretion expense of $ 10.2 million compared to $ 11.0 million in the same period of the prior year. The estimated discounted divestiture contract obligation was $ 375.1 million at March 31, 2023. In second quarter 2020, we negotiated capacity releases on certain transportation pipelines in Pennsylvania effective May 31, 2020 and extending through the remainder of the contract. The estimated remaining discounted obligation for these transportation capacity releases as of March 31, 2023 was $ 4.5 million. The following summarizes our exit costs for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended 2023 2022 Transportation contract capacity releases $ 108 $ 161 Divestiture contract obligation (including accretion 12,215 10,954 $ 12,323 $ 11,115 The following details the accrued exit cost liability activity for the three months ended March 31, 2023 (in thousands): Exit (1) Balance at December 31, 2022 $ 395,680 Accretion of discount 10,323 Changes in estimate 2,000 Payments ( 28,487 ) Balance at March 31, 2023 $ 379,516 (1) Includes the divestiture contract obligation and the transportation contract capacity release obligation. |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Capital Stock | (14) CAPITAL STOCK We have authorized capital stock of 485.0 million shares which includes 475.0 million shares of common stock and 10.0 million shares of preferred stock. We currently have no preferred stock issued or outstanding. The following is a schedule of changes in the number of common shares outstanding since the beginning of 2022: Three months Year Beginning balance 238,885,730 249,792,908 Restricted stock grants 10,754 671,303 Restricted stock units vested 1,725,255 1,827,625 Performance stock units issued 1,057,245 590,940 Performance stock dividends 6,276 1,843 Treasury shares ( 322,530 ) ( 13,998,889 ) Ending balance 241,362,730 238,885,730 Stock Repurchase Program In 2019, the board of directors approved a stock purchase program to acquire up to $ 100.0 million of our outstanding common stock. In early 2022, our board authorized an additional repurchase of up to $ 430.0 million of our outstanding common stock for an aggregate available amount at that time of $ 500.0 million. On October 21, 2022, our board of directors authorized an additional repurchase of up to $ 1.0 billion for common stock repurchases. Under this program, we may repurchase shares in open market transactions, from time to time, in accordance with applicable SEC rules and federal securities laws. In first three months 2023, we repurchased 400,000 shares at an aggregate cost of $ 9.7 million, including repurchases of $ 1.9 million ( 77,000 shares) that were purchased in March and settled in April. The following is a schedule of the change in treasury shares for the three months ended March 31, 2023: Three Months Ended Beginning balance 24,001,535 Rabbi trust shares distributed/sold ( 470 ) Shares repurchased 400,000 Ending balance 24,401,065 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | (15) SUPPLEMENTAL CASH FLOW INFORMATION Three Months Ended 2023 2022 (in thousands) Net cash provided from operating activities included: Income taxes paid to taxing authorities $ — $ ( 2,307 ) Interest paid ( 39,931 ) ( 86,615 ) Non-cash investing and financing activities included: Increase in asset retirement costs capitalized 790 1,377 Increase in accrued capital expenditures 13,026 12,606 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (16) COMMITMENTS AND CONTINGENCIES Litigation We are the subject of, or party to, a number of pending or threatened legal actions, administrative proceedings or investigations arising in the ordinary course of our business including, but not limited to, royalty claims, contract claims and environmental claims. While many of these matters involve inherent uncertainty, we believe that the amount of the liability, if any, ultimately incurred with respect to these actions, proceedings or claims will not have a material adverse effect on our consolidated financial position as a whole or on our liquidity, capital resources or future annual results of operations. When deemed necessary, we establish reserves for certain legal proceedings. The establishment of a reserve is based on an estimation process that includes the advice of legal counsel and subjective judgment of management. While management believes these reserves to be adequate, it is reasonably possible we could incur additional losses with respect to those matters in which reserves have been established. We will continue to evaluate our litigation on a quarterly basis and will establish and adjust any litigation reserves as appropriate to reflect our assessment of the then current status of litigation. We have incurred and will continue to incur capital, operating and remediation expenditures as a result of environmental laws and regulations. As of March 31, 2023, liabilities for remediation were not material. We are not aware of any environmental claims existing as of March 31, 2023 that have not been provided for or would otherwise have a material impact on our financial position or results of operations. Environmental liabilities normally involve estimates that are subject to revision until final resolution, settlement or remediation occurs. |
Costs Incurred for Property Acq
Costs Incurred for Property Acquisition, Exploration and Development | 3 Months Ended |
Mar. 31, 2023 | |
Extractive Industries [Abstract] | |
Costs Incurred for Property Acquisition, Exploration and Development | (17) Costs Incurred for Property Acquisition, Exploration and Development (a) Three Months Year (in thousands) Acquisitions: Acreage purchases $ 11,735 $ 28,735 Development 139,022 460,668 Exploration: Drilling — — Expense 4,284 25,194 Stock-based compensation expense 320 1,578 Gas gathering facilities: Development 759 1,466 Subtotal 156,120 517,641 Asset retirement obligations 790 18,096 Total costs incurred $ 156,910 $ 535,737 (a) Includes costs incurred whether capitalized or expensed. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Standards | Not Yet Adopted No accounting standards were adopted in first quarter 2023 that had a material impact on our consolidated financial statements. |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue by Identified Revenue Stream | Revenue attributable to each of our identified revenue streams is disaggregated below (in thousands): Three Months Ended 2023 2022 Natural gas sales $ 441,580 $ 629,923 NGLs sales 256,440 338,369 Oil sales 38,262 64,059 Total natural gas, NGLs and oil sales 736,282 1,032,351 Sales of purchased natural gas 75,060 84,062 Sales of purchased NGLs 368 1,640 Other marketing revenue 6,683 1,740 Total $ 818,393 $ 1,119,793 |
Income (Loss) Per Common Share
Income (Loss) Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computations of Basic and Diluted Income (Loss) Per Common Share | Basic income or loss per share attributable to common shareholders is computed as (1) income or loss attributable to common shareholders (2) less income allocable to participating securities (3) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common shareholders is computed as (1) basic income or loss attributable to common shareholders (2) plus diluted adjustments to income allocable to participating securities (3) divided by weighted average diluted shares outstanding. The following sets forth a reconciliation of income or loss attributable to common shareholders to basic income or loss attributable to common shareholders to diluted income or loss attributable to common shareholders (in thousands, except per share amounts): Three Months Ended 2023 2022 Net income (loss), as reported $ 481,447 $ ( 456,808 ) Participating earnings (a) ( 11,163 ) — Basic net income (loss) attributed to common 470,284 ( 456,808 ) Reallocation of participating earnings (a) 124 — Diluted net income (loss) attributed to common $ 470,408 $ ( 456,808 ) Net income (loss) per common share: Basic $ 1.98 $ ( 1.86 ) Diluted $ 1.95 $ ( 1.86 ) (a) Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses. |
Basic Weighted Average Common Shares Outstanding and Diluted Weighted Average Common Shares Outstanding | The following details weighted average common shares outstanding and diluted weighted average common shares outstanding (in thousands): Three Months Ended 2023 2022 Weighted average common shares outstanding – basic 238,019 245,350 Effect of dilutive securities: Director and employee restricted stock and performance 2,863 — Weighted average common shares outstanding – diluted 240,882 245,350 |
Capitalized Costs and Accumul_2
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Extractive Industries [Abstract] | |
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization | March 31, December 31, (in thousands) Natural gas properties: Properties subject to depletion $ 9,996,412 $ 9,855,287 Unproved properties 804,218 800,592 Total 10,800,630 10,655,879 Accumulated depletion and depreciation ( 4,850,385 ) ( 4,765,475 ) Net capitalized costs $ 5,950,245 $ 5,890,404 (a) Includes capitalized asset retirement costs and the associated accumulated amortization. |
Indebtedness (Tables)
Indebtedness (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt Outstanding | We had the following debt outstanding as of the dates shown below. No interest was capitalized during three months ended March 31, 2023 or the year ended December 31, 2022 (in thousands). March 31, December 31, Bank debt $ — $ 19,000 Senior notes: 4.875 % senior notes due 2025 750,000 750,000 8.25 % senior notes due 2029 600,000 600,000 4.75 % senior notes due 2030 500,000 500,000 Total senior notes 1,850,000 1,850,000 Unamortized debt issuance costs ( 16,762 ) ( 27,040 ) Total debt net of debt issuance costs $ 1,833,238 $ 1,841,960 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | A reconciliation of our liability for plugging and abandonment costs for three months ended March 31, 2023 and the year ended December 31, 2022 is as follows (in thousands): Three Months Year Beginning of period $ 109,851 $ 95,836 Liabilities incurred 920 2,589 Liabilities settled ( 104 ) ( 10,650 ) Accretion expense 1,455 6,569 Change in estimate ( 129 ) 15,507 End of period 111,993 109,851 Less current portion ( 4,570 ) ( 4,570 ) Long-term asset retirement obligations $ 107,423 $ 105,281 |
Derivative Activities (Tables)
Derivative Activities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Volumes Hedged and Average Hedge Prices | The following table sets forth our commodity-based derivative volumes by year as of March 31, 2023, excluding our basis swaps and divestiture contingent consideration which are discussed separately below: Period Contract Type Volume Hedged Weighted Average Hedge Price Swap Sold Put Floor Ceiling Natural Gas 2023 Swaps 354,636 Mmbtu/day $ 3.48 2023 Collars 261,091 Mmbtu/day $ 3.40 $ 4.52 2023 Three-way Collars 176,400 Mmbtu/day $ 2.59 $ 3.62 $ 4.71 2024 Swaps 150,000 Mmbtu/day $ 4.46 2024 Collars 429,235 Mmbtu/day $ 3.51 $ 5.65 Crude Oil 2023 Swaps 5,000 bbls/day $ 71.28 January-September 2024 Collars 832 bbls/day $ 80.00 $ 90.12 |
Combined Fair Value of Derivatives, by Consolidated Balance Sheets | The combined fair value of derivatives included in the accompanying consolidated balance sheets as of March 31, 2023 and December 31, 2022 is summarized below. The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty and we have master netting arrangements. The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands): March 31, 2023 Gross Gross Net Amounts of Derivative assets: Natural gas –swaps $ 115,921 $ ( 7,004 ) $ 108,917 –collars 121,369 ( 6,030 ) 115,339 –three-way collars 28,338 — 28,338 –basis swaps 5,162 ( 33,474 ) ( 28,312 ) Crude oil –swaps — ( 4,525 ) ( 4,525 ) –collars 2,464 — 2,464 Divestiture contingent consideration 9,160 — 9,160 $ 282,414 $ ( 51,033 ) $ 231,381 March 31, 2023 Gross Gross Net Amounts of Derivative (liabilities): Natural gas –swaps $ ( 7,004 ) $ 7,004 $ — –collars ( 6,950 ) 6,030 ( 920 ) –basis swaps ( 55,434 ) 33,474 ( 21,960 ) Crude oil –swaps ( 4,525 ) 4,525 — $ ( 73,913 ) $ 51,033 $ ( 22,880 ) December 31, 2022 Gross Gross Net Amounts of Derivative assets: Natural gas –swaps $ 19,438 $ ( 6,236 ) $ 13,202 –collars 54,222 ( 45,452 ) 8,770 –three-way collars 12,424 ( 12,424 ) — –basis swaps 25,493 ( 20,437 ) 5,056 Crude oil –collars 1,807 — 1,807 Divestiture contingent consideration 13,080 — 13,080 $ 126,464 $ ( 84,549 ) $ 41,915 December 31, 2022 Gross Gross Net Amounts of Derivative (liabilities): Natural gas –swaps $ ( 115,374 ) $ 6,236 $ ( 109,138 ) –collars ( 72,866 ) 45,452 ( 27,414 ) –three-way collars ( 24,341 ) 12,424 ( 11,917 ) –basis swaps ( 24,972 ) 20,437 ( 4,535 ) Crude oil –swaps ( 13,908 ) — ( 13,908 ) $ ( 251,461 ) $ 84,549 $ ( 166,912 ) |
Effects of Derivatives on Consolidated Statements of Operations | The effects of our derivatives on our consolidated statements of operations are summarized below (in thousands): Derivative Fair Value Income (Loss) Three Months Ended 2023 2022 Commodity swaps $ 209,092 $ ( 521,355 ) Swaptions — ( 34,723 ) Three-way collars 50,814 ( 179,926 ) Collars 160,571 ( 232,292 ) Calls — ( 1,363 ) Basis swaps ( 48,590 ) 22,515 Freight swaps — ( 33 ) Divestiture contingent consideration ( 3,920 ) 8,120 Total $ 367,967 $ ( 939,057 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value | The following tables present the fair value hierarchy for assets and liabilities measured at fair value, on a recurring basis (in thousands): Fair Value Measurements at March 31, 2023 using: Quoted Prices Significant Significant Total Trading securities held in the deferred $ 66,135 $ — $ — $ 66,135 Commodity price derivatives –swaps — 104,392 — 104,392 –collars — 116,883 — 116,883 –three-way collars — 28,338 — 28,338 –basis swaps — ( 50,272 ) — ( 50,272 ) Divestiture contingent consideration — 9,160 — 9,160 Fair Value Measurements at December 31, 2022 using: Quoted Prices Significant Significant Total Trading securities held in the deferred $ 57,717 $ — $ — $ 57,717 Commodity price derivatives –swaps — ( 109,844 ) — ( 109,844 ) –collars — ( 16,837 ) — ( 16,837 ) –three-way collars — ( 11,917 ) — ( 11,917 ) –basis swaps — 521 — 521 Divesture contingent consideration — 13,080 — 13,080 |
Carrying Amounts and Fair Values of Financial Instruments | The following presents the carrying amounts and the fair values of our financial instruments as of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Assets: Commodity swaps, collars and basis swaps $ 222,221 $ 222,221 $ 28,835 $ 28,835 Divestiture contingent consideration 9,160 9,160 13,080 13,080 Marketable securities (a) 66,135 66,135 57,717 57,717 (Liabilities): Commodity swaps, collars and basis swaps ( 22,880 ) ( 22,880 ) ( 166,912 ) ( 166,912 ) Bank credit facility (b) — — ( 19,000 ) ( 19,000 ) 4.875 % senior notes due 2025 (b) ( 750,000 ) ( 741,600 ) ( 750,000 ) ( 714,870 ) 8.25 % senior notes due 2029 (b) ( 600,000 ) ( 632,490 ) ( 600,000 ) ( 618,312 ) 4.75 % senior notes due 2030 (b) ( 500,000 ) ( 455,945 ) ( 500,000 ) ( 442,350 ) Deferred compensation plan (c) ( 203,815 ) ( 203,815 ) ( 189,241 ) ( 189,241 ) (a) Marketable securities, which are held in our deferred compensation plans, are actively traded on major exchanges. (b) The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior notes is based on end of period market quotes which are Level 2 inputs. (c) The fair value of our deferred compensation plan is updated to the closing price on the balance sheet date which is a Level 1 input. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Allocation of Stock-Based Compensation by Functional Category | The following details the allocation of stock-based compensation to functional expense categories (in thousands): Three Months Ended 2023 2022 Direct operating expense $ 415 $ 349 Brokered natural gas and marketing expense 661 519 Exploration expense 320 452 General and administrative expense 9,600 11,573 Total stock-based compensation expense $ 10,996 $ 12,893 |
Restricted Stock and Restricted Stock Units and performance awards Outstanding | The following is a summary of the activity for our restricted stock and performance awards at March 31, 2023: Restricted Stock Restricted Stock Stock-Based Shares Weighted Shares Weighted Number (a) Weighted Outstanding at December 31, 2022 1,736,688 $ 14.44 379,633 $ 14.71 1,950,632 $ 9.02 Granted 1,564,289 25.01 10,754 24.70 145,747 26.86 Vested ( 490,702 ) 15.37 ( 132,638 ) 13.98 ( 1,158,797 ) 4.80 Forfeited ( 16,094 ) 17.38 — — — — Outstanding at March 31, 2023 2,794,181 $ 20.18 257,749 $ 15.50 937,582 $ 17.01 (a) Amounts granted reflect performance units initially granted. The actual payout will be between zero and 200 % depending on achievement of either total stockholder return ranking compared to our peers at the vesting date or on the achievement of internal performance targets. |
Schedule of Share Based Payment Award Performance Stock Awards Valuation Assumptions | The following assumptions were used to estimate the fair value of these awards granted during first three months 2023 and 2022: Three Months Ended 2023 2022 Risk-free interest rate 3.8 % 1.4 % Expected annual volatility 61 % 68 % Grant date fair value per unit $ 30.37 $ 27.90 |
Exit Costs (Tables)
Exit Costs (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Summary of Exit Costs | The following summarizes our exit costs for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended 2023 2022 Transportation contract capacity releases $ 108 $ 161 Divestiture contract obligation (including accretion 12,215 10,954 $ 12,323 $ 11,115 |
Exit Costs Included in Accrued Liabilities in Consolidated Balance Sheet | The following details the accrued exit cost liability activity for the three months ended March 31, 2023 (in thousands): Exit (1) Balance at December 31, 2022 $ 395,680 Accretion of discount 10,323 Changes in estimate 2,000 Payments ( 28,487 ) Balance at March 31, 2023 $ 379,516 (1) Includes the divestiture contract obligation and the transportation contract capacity release obligation. |
Capital Stock (Tables)
Capital Stock (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Changes in Number of Common Shares Outstanding | The following is a schedule of changes in the number of common shares outstanding since the beginning of 2022: Three months Year Beginning balance 238,885,730 249,792,908 Restricted stock grants 10,754 671,303 Restricted stock units vested 1,725,255 1,827,625 Performance stock units issued 1,057,245 590,940 Performance stock dividends 6,276 1,843 Treasury shares ( 322,530 ) ( 13,998,889 ) Ending balance 241,362,730 238,885,730 |
Schedule of Change in Treasury Shares | The following is a schedule of the change in treasury shares for the three months ended March 31, 2023: Three Months Ended Beginning balance 24,001,535 Rabbi trust shares distributed/sold ( 470 ) Shares repurchased 400,000 Ending balance 24,401,065 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Three Months Ended 2023 2022 (in thousands) Net cash provided from operating activities included: Income taxes paid to taxing authorities $ — $ ( 2,307 ) Interest paid ( 39,931 ) ( 86,615 ) Non-cash investing and financing activities included: Increase in asset retirement costs capitalized 790 1,377 Increase in accrued capital expenditures 13,026 12,606 |
Costs Incurred for Property A_2
Costs Incurred for Property Acquisition, Exploration and Development (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Extractive Industries [Abstract] | |
Costs Incurred for Property Acquisition, Exploration and Development | Three Months Year (in thousands) Acquisitions: Acreage purchases $ 11,735 $ 28,735 Development 139,022 460,668 Exploration: Drilling — — Expense 4,284 25,194 Stock-based compensation expense 320 1,578 Gas gathering facilities: Development 759 1,466 Subtotal 156,120 517,641 Asset retirement obligations 790 18,096 Total costs incurred $ 156,910 $ 535,737 (a) Includes costs incurred whether capitalized or expensed. |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Additional Information (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) Stream | Dec. 31, 2022 USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Number of revenue streams | Stream | 3 | |
Other marketing revenue | ||
Disaggregation of Revenue [Line Items] | ||
Payments received for contracted sales volumes not accepted by customers | $ 3.6 | |
Revenue Contract with Customer | ||
Disaggregation of Revenue [Line Items] | ||
Accounts receivable | $ 243.9 | $ 463.3 |
Revenues from Contracts with _4
Revenues from Contracts with Customers - Disaggregation of Revenue by Identified Revenue Stream (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 818,393 | $ 1,119,793 |
Natural Gas, NGLs and Oil Sales | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 736,282 | 1,032,351 |
Natural Gas, NGLs and Oil Sales | Natural gas sales | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 441,580 | 629,923 |
Natural Gas, NGLs and Oil Sales | NGLs sales | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 256,440 | 338,369 |
Natural Gas, NGLs and Oil Sales | Oil sales | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 38,262 | 64,059 |
Brokered Natural Gas, Marketing and Other | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 82,111 | 87,442 |
Brokered Natural Gas, Marketing and Other | Natural gas sales | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 75,060 | 84,062 |
Brokered Natural Gas, Marketing and Other | NGLs sales | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 368 | 1,640 |
Brokered Natural Gas, Marketing and Other | Other marketing revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 6,683 | $ 1,740 |
Income (Loss) Per Common Shar_2
Income (Loss) Per Common Share - Computations of Basic and Diluted Income (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Earnings Per Share Reconciliation [Abstract] | |||
Net income (loss) | $ 481,447 | $ (456,808) | |
Participating earnings | [1] | (11,163) | 0 |
Basic net income (loss) attributed to common shareholders | 470,284 | (456,808) | |
Reallocation of participating earnings | [1] | 124 | 0 |
Diluted net income (loss) attributed to common shareholders | $ 470,408 | $ (456,808) | |
Net income (loss) per common share: | |||
Basic | $ 1.98 | $ (1.86) | |
Diluted | $ 1.95 | $ (1.86) | |
[1] Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses. |
Income (Loss) Per Common Shar_3
Income (Loss) Per Common Share - Basic Weighted Average Common Shares Outstanding and Diluted Weighted Average Common Shares Outstanding (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||
Weighted average common shares outstanding – basic | 238,019 | 245,350 |
Effect of dilutive securities: | ||
Director and employee restricted stock and performance based equity awards | 2,863 | 0 |
Weighted average common shares outstanding – diluted | 240,882 | 245,350 |
Income (Loss) Per Common Shar_4
Income (Loss) Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Equity Grants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Stock excluded from earning per share calculation | 4,000 | |
Restricted Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Stock excluded from earning per share calculation | 5,600,000 | 6,200,000 |
Capitalized Costs and Accumul_3
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Natural gas properties: | |||
Properties subject to depletion | [1] | $ 9,996,412 | $ 9,855,287 |
Unproved properties | [1] | 804,218 | 800,592 |
Total | [1] | 10,800,630 | 10,655,879 |
Accumulated depletion and depreciation | [1] | (4,850,385) | (4,765,475) |
Natural gas and oil properties, successful efforts method, net | [1] | $ 5,950,245 | $ 5,890,404 |
[1] Includes capitalized asset retirement costs and the associated accumulated amortization. |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Disclosure [Abstract] | ||
Interest capitalized during the period | $ 0 | $ 0 |
Indebtedness - Debt Outstanding
Indebtedness - Debt Outstanding (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Senior notes | $ 1,850,000 | $ 1,850,000 |
Unamortized debt issuance costs | (16,762) | (27,040) |
Total debt net of debt issuance costs | 1,833,238 | 1,841,960 |
Notes Payable to Banks | ||
Debt Instrument [Line Items] | ||
Bank debt | 0 | 19,000 |
4.75% Senior Notes Due 2030 | Notes Payable to Banks | ||
Debt Instrument [Line Items] | ||
Senior notes | 500,000 | 500,000 |
4.875% Senior Notes Due 2025 | Notes Payable to Banks | ||
Debt Instrument [Line Items] | ||
Senior notes | 750,000 | 750,000 |
8.25% Senior Notes Due 2029 | Notes Payable to Banks | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 600,000 | $ 600,000 |
Indebtedness - Debt Outstandi_2
Indebtedness - Debt Outstanding (Parenthetical) (Detail) | Mar. 31, 2023 | Dec. 31, 2022 |
4.75% Senior Notes Due 2030 | ||
Debt Instrument [Line Items] | ||
Interest rate on notes | 4.75% | 4.75% |
4.875% Senior Notes Due 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate on notes | 4.875% | 4.875% |
8.25% Senior Notes Due 2029 | ||
Debt Instrument [Line Items] | ||
Interest rate on notes | 8.25% | 8.25% |
Indebtedness - Bank Debt - Addi
Indebtedness - Bank Debt - Additional Information (Detail) - Bank Credit Facility $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) Commercialbank | Mar. 31, 2022 | |
Debt Instrument [Line Items] | ||
Bank credit facility, maximum amount | $ 4,000 | |
Bank credit facility, borrowing base | $ 3,000 | |
Number of commercial banks included in current bank group | Commercialbank | 17 | |
Maturity date of loan | Apr. 14, 2027 | |
Bank commitments | $ 1,500 | |
Outstanding amount | 0 | |
Undrawn letters of credit | 292.3 | |
Borrowing capacity available under the commitment amount | $ 1,200 | |
Weighted average interest rate on the bank credit facility | 8.40% | 2.50% |
Annual rate of commitment fee paid on the undrawn balance | 0.375% | |
Alternate Base Rate | ||
Debt Instrument [Line Items] | ||
Interest rate margin | 0.75% | |
SOFR | ||
Debt Instrument [Line Items] | ||
Interest rate margin | 1.75% | |
Minimum | ||
Debt Instrument [Line Items] | ||
Annual rate of commitment fee paid on the undrawn balance | 0.375% | |
Minimum | Alternate Base Rate | ||
Debt Instrument [Line Items] | ||
Interest rate on notes | 0.75% | |
Minimum | SOFR | ||
Debt Instrument [Line Items] | ||
Interest rate on notes | 1.75% | |
Maximum | ||
Debt Instrument [Line Items] | ||
Annual rate of commitment fee paid on the undrawn balance | 0.50% | |
Maximum | Alternate Base Rate | ||
Debt Instrument [Line Items] | ||
Interest rate on notes | 1.75% | |
Maximum | SOFR | ||
Debt Instrument [Line Items] | ||
Interest rate on notes | 2.75% |
Indebtedness - Senior Note Rede
Indebtedness - Senior Note Redemption - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Instrument [Line Items] | ||
Repurchases of senior notes on the open market | $ 0 | $ 850,000 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Redemption price of notes as percentage of principal amount | 101% |
Indebtedness - Guarantees and D
Indebtedness - Guarantees and Debt Covenants - Additional Information (Detail) - Bank Credit Facility | 3 Months Ended |
Mar. 31, 2023 | |
Debt Instrument [Line Items] | |
Debt instrument, covenant compliance | Our bank credit facility contains negative covenants that limit our ability, among other things, to pay cash dividends, incur additional indebtedness, sell assets, enter into certain hedging contracts, change the nature of our business or operations, merge, consolidate or make certain investments. We are required to maintain a maximum consolidated debt to EBITDAX ratio (as defined in the bank credit facility agreement) of 3.75x and a minimum current ratio (as defined in the bank credit facility agreement) of 1.0x. We were in compliance with applicable covenants under the bank credit facility as of and for the three months ended March 31, 2023. |
Minimum | |
Debt Instrument [Line Items] | |
Current ratio | 100% |
Maximum | |
Debt Instrument [Line Items] | |
Ratio of debt to EBITDAX | 375% |
Asset Retirement Obligations -
Asset Retirement Obligations - Asset Retirement Obligations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Asset Retirement Obligation [Abstract] | ||
Beginning of period | $ 109,851 | $ 95,836 |
Liabilities incurred | 920 | 2,589 |
Liabilities settled | (104) | (10,650) |
Accretion expense | 1,455 | 6,569 |
Change in estimate | (129) | 15,507 |
End of period | 111,993 | 109,851 |
Less current portion | (4,570) | (4,570) |
Long-term asset retirement obligations | $ 107,423 | $ 105,281 |
Derivative Activities - Additio
Derivative Activities - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) MMBTU | Dec. 31, 2022 USD ($) | |
Derivative [Line Items] | ||
Contingent consideration receivable | $ 24,500 | $ 24,500 |
Contingent Consideration | ||
Derivative [Line Items] | ||
Derivative assets liabilities at fair value net | 9,200 | |
Loss on derivative | (3,900) | |
Contingent consideration receivable | $ 24,500 | |
Contingent Consideration | North Louisiana | Maximum | ||
Derivative [Line Items] | ||
Potential contractual payout of contingent consideration | 21,000 | |
Derivatives Excluding Basis Swaps and Freight Swaps | ||
Derivative [Line Items] | ||
Derivative assets liabilities at fair value net | 249,600 | |
Commodity | Natural Gas Basis Swaps | ||
Derivative [Line Items] | ||
Derivative assets liabilities at fair value net | $ 50,300 | |
Volume Hedged | MMBTU | 366,702,500 |
Derivative Activities - Derivat
Derivative Activities - Derivative Volumes Hedged and Average Hedge Prices (Detail) | Mar. 31, 2023 MmbtuPerDay BarrelsPerDay $ / MMBTU $ / bbl |
Natural Gas | 2023 Commodity Contract | Swaps | |
Derivative [Line Items] | |
Volume Hedged | MmbtuPerDay | 354,636 |
Weighted Average Hedge Price, Swap | 3.48 |
Natural Gas | 2023 Commodity Contract | Collars | |
Derivative [Line Items] | |
Volume Hedged | MmbtuPerDay | 261,091 |
Weighted average price of hedge, Floor | 3.40 |
Weighted average price of hedge, Ceiling | 4.52 |
Natural Gas | 2023 Commodity Contract | Three Way Collars | |
Derivative [Line Items] | |
Volume Hedged | MmbtuPerDay | 176,400 |
Weighted Average Hedge Price, Sold Put | 2.59 |
Weighted average price of hedge, Floor | 3.62 |
Weighted average price of hedge, Ceiling | 4.71 |
Natural Gas | 2024 Commodity Contract | Swaps | |
Derivative [Line Items] | |
Volume Hedged | MmbtuPerDay | 150,000 |
Weighted Average Hedge Price, Swap | 4.46 |
Natural Gas | 2024 Commodity Contract | Collars | |
Derivative [Line Items] | |
Volume Hedged | MmbtuPerDay | 429,235 |
Weighted average price of hedge, Floor | 3.51 |
Weighted average price of hedge, Ceiling | 5.65 |
Crude Oil | 2023 Commodity Contract | Swaps | |
Derivative [Line Items] | |
Volume Hedged | BarrelsPerDay | 5,000 |
Weighted Average Hedge Price, Swap | $ / bbl | 71.28 |
Crude Oil | January-September 2024 | Collars | |
Derivative [Line Items] | |
Volume Hedged | BarrelsPerDay | 832 |
Weighted average price of hedge, Floor | 80 |
Weighted average price of hedge, Ceiling | 90.12 |
Derivative Activities - Combine
Derivative Activities - Combined Fair Value of Derivatives, by Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | $ 282,414 | $ 126,464 |
Gross Amounts Offset in the Balance Sheet | (51,033) | (84,549) |
Net Amounts of Assets Presented in the Balance Sheet | 231,381 | 41,915 |
Gross Amounts of Recognized (Liabilities) | (73,913) | (251,461) |
Gross Amounts Offset in the Balance Sheet | 51,033 | 84,549 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (22,880) | (166,912) |
Contingent Consideration | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 9,160 | 13,080 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Balance Sheet | 9,160 | 13,080 |
Commodity | Natural Gas | Swaps | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 115,921 | 19,438 |
Gross Amounts Offset in the Balance Sheet | (7,004) | (6,236) |
Net Amounts of Assets Presented in the Balance Sheet | 108,917 | 13,202 |
Gross Amounts of Recognized (Liabilities) | (7,004) | (115,374) |
Gross Amounts Offset in the Balance Sheet | 7,004 | 6,236 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | 0 | (109,138) |
Commodity | Natural Gas | Collars | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 121,369 | 54,222 |
Gross Amounts Offset in the Balance Sheet | (6,030) | (45,452) |
Net Amounts of Assets Presented in the Balance Sheet | 115,339 | 8,770 |
Gross Amounts of Recognized (Liabilities) | (6,950) | (72,866) |
Gross Amounts Offset in the Balance Sheet | 6,030 | 45,452 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (920) | (27,414) |
Commodity | Natural Gas | Three Way Collars | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 28,338 | 12,424 |
Gross Amounts Offset in the Balance Sheet | 0 | (12,424) |
Net Amounts of Assets Presented in the Balance Sheet | 28,338 | 0 |
Gross Amounts of Recognized (Liabilities) | (24,341) | |
Gross Amounts Offset in the Balance Sheet | 12,424 | |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (11,917) | |
Commodity | Natural Gas | Basis Swaps | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 5,162 | 25,493 |
Gross Amounts Offset in the Balance Sheet | (33,474) | (20,437) |
Net Amounts of Assets Presented in the Balance Sheet | (28,312) | 5,056 |
Gross Amounts of Recognized (Liabilities) | (55,434) | (24,972) |
Gross Amounts Offset in the Balance Sheet | 33,474 | 20,437 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (21,960) | (4,535) |
Commodity | Crude Oil | Swaps | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 0 | |
Gross Amounts Offset in the Balance Sheet | (4,525) | |
Net Amounts of Assets Presented in the Balance Sheet | (4,525) | |
Gross Amounts of Recognized (Liabilities) | (4,525) | (13,908) |
Gross Amounts Offset in the Balance Sheet | 4,525 | 0 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | 0 | (13,908) |
Commodity | Crude Oil | Collars | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 2,464 | 1,807 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Balance Sheet | $ 2,464 | $ 1,807 |
Derivative Activities - Effects
Derivative Activities - Effects of Derivatives on Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative [Line Items] | ||
Derivative Fair Value (Loss) Income | $ 367,967 | $ (939,057) |
Contingent Consideration | ||
Derivative [Line Items] | ||
Derivative Fair Value (Loss) Income | (3,920) | 8,120 |
Swaptions | ||
Derivative [Line Items] | ||
Derivative Fair Value (Loss) Income | 0 | (34,723) |
Three Way Collars | ||
Derivative [Line Items] | ||
Derivative Fair Value (Loss) Income | 50,814 | (179,926) |
Collars | ||
Derivative [Line Items] | ||
Derivative Fair Value (Loss) Income | 160,571 | (232,292) |
Calls | ||
Derivative [Line Items] | ||
Derivative Fair Value (Loss) Income | 0 | (1,363) |
Basis Swaps | ||
Derivative [Line Items] | ||
Derivative Fair Value (Loss) Income | (48,590) | 22,515 |
Commodity | Swaps | ||
Derivative [Line Items] | ||
Derivative Fair Value (Loss) Income | 209,092 | (521,355) |
Freight | Swaps | ||
Derivative [Line Items] | ||
Derivative Fair Value (Loss) Income | $ 0 | $ (33) |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Contingent Consideration | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | $ 9,200 | |
Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities held in the deferred compensation plans | 66,135 | $ 57,717 |
Fair Value, Recurring | Commodity | Swaps | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 104,392 | (109,844) |
Fair Value, Recurring | Commodity | Collars | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 116,883 | (16,837) |
Fair Value, Recurring | Commodity | Three-Way Collars | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 28,338 | (11,917) |
Fair Value, Recurring | Commodity | Basis Swaps | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (50,272) | 521 |
Fair Value, Recurring | Contingent Consideration | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 9,160 | 13,080 |
Fair Value, Inputs, Level 1 | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities held in the deferred compensation plans | 66,135 | 57,717 |
Fair Value, Inputs, Level 1 | Fair Value, Recurring | Commodity | Swaps | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Recurring | Commodity | Collars | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Recurring | Commodity | Three-Way Collars | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Recurring | Commodity | Basis Swaps | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Recurring | Contingent Consideration | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 2 | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities held in the deferred compensation plans | 0 | 0 |
Fair Value, Inputs, Level 2 | Fair Value, Recurring | Commodity | Swaps | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 104,392 | (109,844) |
Fair Value, Inputs, Level 2 | Fair Value, Recurring | Commodity | Collars | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 116,883 | (16,837) |
Fair Value, Inputs, Level 2 | Fair Value, Recurring | Commodity | Three-Way Collars | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 28,338 | (11,917) |
Fair Value, Inputs, Level 2 | Fair Value, Recurring | Commodity | Basis Swaps | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (50,272) | 521 |
Fair Value, Inputs, Level 2 | Fair Value, Recurring | Contingent Consideration | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 9,160 | 13,080 |
Fair Value, Inputs, Level 3 | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities held in the deferred compensation plans | 0 | 0 |
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Commodity | Swaps | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Commodity | Collars | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Commodity | Three-Way Collars | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Commodity | Basis Swaps | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Contingent Consideration | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2023 USD ($) Counterparty | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Interest and dividends | $ 179,000 | $ 115,000 | |
Mark-to-market gain (loss) | 3,100,000 | $ (4,300,000) | |
Allowance for doubtful accounts on accounts receivable | $ 308,000 | $ 314,000 | |
Number of derivative counterparties | Counterparty | 14 | ||
Number of counter parties that are not participants in bank credit facility | Counterparty | 6 | ||
Counterparties not in Facility | Payables | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Net derivative asset | $ (22,000,000) | ||
Number of counter parties | Counterparty | 5 | ||
Counterparties not in Facility | Receivables | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Net derivative asset | $ 6,800,000 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Contingent Consideration | |||
Assets: | |||
Divestiture contingent consideration | $ 9,200 | ||
Reported Value Measurement | |||
Assets: | |||
Commodity swaps, collars and basis swaps | 222,221 | $ 28,835 | |
Marketable securities | [1] | 66,135 | 57,717 |
(Liabilities): | |||
Commodity swaps, collars and basis swaps | (22,880) | (166,912) | |
Bank credit facility | [2] | 0 | (19,000) |
Deferred compensation plan | [3] | (203,815) | (189,241) |
Reported Value Measurement | Contingent Consideration | |||
Assets: | |||
Divestiture contingent consideration | 9,160 | 13,080 | |
Estimate of Fair Value Measurement | |||
Assets: | |||
Commodity swaps, collars and basis swaps | 222,221 | 28,835 | |
Marketable securities | [1] | 66,135 | 57,717 |
(Liabilities): | |||
Commodity swaps, collars and basis swaps | (22,880) | (166,912) | |
Bank credit facility | [2] | 0 | (19,000) |
Deferred compensation plan | [3] | (203,815) | (189,241) |
Estimate of Fair Value Measurement | Contingent Consideration | |||
Assets: | |||
Divestiture contingent consideration | 9,160 | 13,080 | |
4.875% Senior Notes Due 2025 | Reported Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | (750,000) | (750,000) |
4.875% Senior Notes Due 2025 | Estimate of Fair Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | (741,600) | (714,870) |
4.75% senior subordinated notes due 2030 | Reported Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | (500,000) | (500,000) |
4.75% senior subordinated notes due 2030 | Estimate of Fair Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | (455,945) | (442,350) |
8.25% senior notes due 2029 | Reported Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | (600,000) | (600,000) |
8.25% senior notes due 2029 | Estimate of Fair Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | $ (632,490) | $ (618,312) |
[1] Marketable securities, which are held in our deferred compensation plans, are actively traded on major exchanges. The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior notes is based on end of period market quotes which are Level 2 inputs. The fair value of our deferred compensation plan is updated to the closing price on the balance sheet date which is a Level 1 input. |
Fair Value Measurements - Car_2
Fair Value Measurements - Carrying Amounts and Fair Values of Financial Instruments (Parenthetical) (Detail) | Mar. 31, 2023 | Dec. 31, 2022 |
4.875% Senior Notes Due 2025 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate on notes | 4.875% | 4.875% |
8.25% senior notes due 2029 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate on notes | 8.25% | 8.25% |
4.75% senior subordinated notes due 2020 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate on notes | 4.75% | 4.75% |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 Plans | |
Share-Based Payment Arrangement [Abstract] | |
Active equity-based stock plans | 2 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Allocation of Stock-Based Compensation by Functional Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 10,996 | $ 12,893 |
Direct Operating Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 415 | 349 |
Brokered Natural Gas and Marketing Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 661 | 519 |
Exploration Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 320 | 452 |
General and Administrative Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 9,600 | $ 11,573 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Additional Information 1 (Detail) | 3 Months Ended | |
Mar. 31, 2023 Award shares | Mar. 31, 2022 Award | |
Restricted Stock Equity Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Restricted Stock Equity Awards | Employees | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Restricted Stock Equity Awards | Non Employee Directors | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 1 year | |
Performance Share | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of awards available for grant | 2 | |
Performance Share | Common Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of share value each unit represents at grant date | shares | 1 | |
Performance Based TSR - PSUs | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Number of awards available for grant | 1 | |
Number of shares granted | 64,000 | 112,000 |
Performance Based TSR - PSUs | Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Potential payout of shares granted | 0% | |
Performance Based TSR - PSUs | Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Potential payout of shares granted | 200% | |
Performance-based PS-PSUs and RS-PSUs | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Number of shares granted | 81,000 | 153,000 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans - Additional Information 2 (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Restricted Stock Equity Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted | 1,564,289 | 1,400 |
Granted, weighted average grant date fair value | $ 25.01 | $ 18.47 |
Vesting period | 3 years | |
Stock-based compensation expense | $ 7.5 | $ 5.9 |
Restricted Stock Equity Awards | Employees | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Restricted Stock Liability Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted | 10,754 | |
Granted, weighted average grant date fair value | $ 24.70 | |
Stock-based compensation expense | $ 1.8 | $ 3.6 |
Restricted Stock Liability Awards | Employees | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted | 11,000 | 602,000 |
Granted, weighted average grant date fair value | $ 24.70 | $ 20.42 |
Vesting period | 3 years | 3 years |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans - Restricted Stock and Restricted Stock Units and Performance Awards Outstanding (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Restricted Stock Equity Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Beginning Balance | 1,736,688 | |
Granted | 1,564,289 | 1,400 |
Vested | (490,702) | |
Forfeited | (16,094) | |
Outstanding, Ending Balance | 2,794,181 | |
Outstanding, Beginning Balance, weighted average grant date fair value | $ 14.44 | |
Granted, weighted average grant date fair value | 25.01 | $ 18.47 |
Vested and issued, weighted average grant date fair value | 15.37 | |
Forfeited, weighted average grant date fair value | 17.38 | |
Outstanding, Ending Balance, weighted average grant date fair value | $ 20.18 | |
Restricted Stock Liability Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Beginning Balance | 379,633 | |
Granted | 10,754 | |
Vested | (132,638) | |
Forfeited | 0 | |
Outstanding, Ending Balance | 257,749 | |
Outstanding, Beginning Balance, weighted average grant date fair value | $ 14.71 | |
Granted, weighted average grant date fair value | 24.70 | |
Vested and issued, weighted average grant date fair value | 13.98 | |
Forfeited, weighted average grant date fair value | 0 | |
Outstanding, Ending Balance, weighted average grant date fair value | $ 15.50 | |
Stock-Based Performance Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Beginning Balance | 1,950,632 | |
Granted | 145,747 | |
Vested | (1,158,797) | |
Forfeited | 0 | |
Outstanding, Ending Balance | 937,582 | |
Outstanding, Beginning Balance, weighted average grant date fair value | $ 9.02 | |
Granted, weighted average grant date fair value | 26.86 | |
Vested and issued, weighted average grant date fair value | 4.80 | |
Forfeited, weighted average grant date fair value | 0 | |
Outstanding, Ending Balance, weighted average grant date fair value | $ 17.01 |
Stock-Based Compensation Plan_7
Stock-Based Compensation Plans - Restricted Stock and Restricted Stock Units and Performance Awards Outstanding (Parenthetical) (Detail) - Stock-Based Performance Awards | 3 Months Ended |
Mar. 31, 2023 | |
Minimum | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Potential payout of shares granted | 0% |
Maximum | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Potential payout of shares granted | 200% |
Stock-Based Compensation Plan_8
Stock-Based Compensation Plans - Additional Information 3 (Detail) | 3 Months Ended | |
Mar. 31, 2023 USD ($) Award | Mar. 31, 2022 USD ($) Award | |
Performance-based PS-PSUs and RS-PSUs | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Number of shares granted | Award | 81,000 | 153,000 |
Stock-based compensation expense | $ | $ 948,000 | $ 1,700,000 |
Performance Based TSR - PSUs | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Number of shares granted | Award | 64,000 | 112,000 |
Stock-based compensation expense | $ | $ 482,000 | $ 773,000 |
Stock-Based Compensation Plan_9
Stock-Based Compensation Plans - Valuation Assumptions for Grant Date Fair Value of Performance Awards (Detail) - Performance Shares - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate | 3.80% | 1.40% |
Expected annual volatility | 61% | 68% |
Grant date fair value per unit | $ 30.37 | $ 27.90 |
Stock-Based Compensation Pla_10
Stock-Based Compensation Plans - TSR - PSUs Activities (Parenthetical) (Detail) - Performance Based TSR - PSUs | 3 Months Ended |
Mar. 31, 2023 | |
Minimum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Potential payout of shares granted | 0% |
Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Potential payout of shares granted | 200% |
Stock-Based Compensation Pla_11
Stock-Based Compensation Plans - Additional Information 4 (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred compensation plan vesting period | 3 years | ||
Deferred compensation plan | $ (9.4) | $ (73.3) | |
Shares held in rabbi trust total | 5.5 | 5.6 | |
Vested shares held in rabbi trust | 5.2 | 5.3 |
Exit Costs - Additional Informa
Exit Costs - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
North Louisiana | ||
Restructuring Cost And Reserve [Line Items] | ||
Accretion expense | $ 10.2 | $ 11 |
Exit cost | 375.1 | |
Pennsylvania | Capacity Releases on Transportation Pipelines | ||
Restructuring Cost And Reserve [Line Items] | ||
Exit cost | $ 4.5 |
Exit Costs - Summary of Exit Co
Exit Costs - Summary of Exit Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Restructuring Cost And Reserve [Line Items] | ||
Total termination costs | $ 12,323 | $ 11,115 |
Pennsylvania | ||
Restructuring Cost And Reserve [Line Items] | ||
Exit cost | 108 | 161 |
North Louisiana Contract Release | ||
Restructuring Cost And Reserve [Line Items] | ||
Exit cost | $ 12,215 | $ 10,954 |
Exit Costs - Exit Costs Include
Exit Costs - Exit Costs Included in Accrued Liabilities in Consolidated Balance Sheet - (Detail) - Exit Costs $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) | [1] | |
Exit costs included in accrued liabilities in consolidated balance sheet | ||
Balance at December 31, 2022 | $ 395,680 | |
Accretion of discount | 10,323 | |
Changes in estimate | 2,000 | |
Payments | (28,487) | |
Balance at March 31, 2023 | $ 379,516 | |
[1] Includes the divestiture contract obligation and the transportation contract capacity release obligation. |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Oct. 21, 2022 | Mar. 31, 2022 | Dec. 31, 2019 | |
Class of Stock Disclosures [Abstract] | ||||||
Authorized capital stock | 485,000,000 | 485,000,000 | ||||
Common stock, shares authorized | 475,000,000 | 475,000,000 | 475,000,000 | |||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | |||
Preferred stock, shares issued | 0 | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | 0 | 0 | ||
Stock repurchase program, additional authorized amount | $ 1,000 | $ 430 | ||||
Stock repurchase program, authorized amount | $ 500 | $ 100 | ||||
Shares repurchased, shares | 400,000 | |||||
Share repurchase, aggregate cost | $ 9.7 | $ 9.7 | ||||
Share repurchase subsequent settlement | 77,000 | |||||
Share repurchase cost subsequent settlement | $ 1.9 | $ 1.9 |
Capital Stock - Schedule of Cha
Capital Stock - Schedule of Changes in Number of Common Shares Outstanding (Detail) - shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Class Of Stock [Line Items] | ||
Beginning balance | 238,885,730 | 249,792,908 |
Treasury shares | (322,530) | (13,998,889) |
Ending balance | 241,362,730 | 238,885,730 |
Restricted Stock | ||
Class Of Stock [Line Items] | ||
Restricted stock grants | 10,754 | 671,303 |
Restricted stock units vested | 1,725,255 | 1,827,625 |
Performance Share | ||
Class Of Stock [Line Items] | ||
Performance stock units issued | 1,057,245 | 590,940 |
Performance stock dividends | 6,276 | 1,843 |
Capital Stock - Schedule of C_2
Capital Stock - Schedule of Change in Treasury Shares (Detail) | 3 Months Ended |
Mar. 31, 2023 shares | |
Stockholders' Equity Note [Abstract] | |
Beginning balance | 24,001,535 |
Rabbi trust shares distributed/sold | (470) |
Shares repurchased, shares | 400,000 |
Ending balance | 24,401,065 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | [1] | ||
Net cash provided from operating activities included: | |||||
Income taxes paid to taxing authorities | $ 0 | $ (2,307) | |||
Interest paid | (39,931) | (86,615) | |||
Non-cash investing and financing activities included: | |||||
Increase in asset retirement costs capitalized | 790 | [1] | 1,377 | $ 18,096 | |
Increase in accrued capital expenditures | $ 13,026 | $ 12,606 | |||
[1] Includes costs incurred whether capitalized or expensed. |
Costs Incurred for Property A_3
Costs Incurred for Property Acquisition, Exploration and Development (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||||
Acquisitions: | ||||||
Acreage purchases | [1] | $ 11,735 | $ 28,735 | |||
Development | [1] | 139,022 | 460,668 | |||
Gas gathering facilities: | ||||||
Development | [1] | 759 | 1,466 | |||
Subtotal | [1] | 156,120 | 517,641 | |||
Asset retirement obligations | 790 | [1] | $ 1,377 | 18,096 | [1] | |
Total costs incurred | [1] | 156,910 | 535,737 | |||
Exploration Expense | ||||||
Exploration: | ||||||
Drilling | [1] | 0 | 0 | |||
Expense | [1] | 4,284 | 25,194 | |||
Stock-based compensation expense | [1] | $ 320 | $ 1,578 | |||
[1] Includes costs incurred whether capitalized or expensed. |