EQT (EQT) 10-Q 25 Apr 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 23, 2019
Document and Entity Information
Entity Registrant Name	EQT Corp
Entity Central Index Key	0000033213
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Emerging Growth	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		255,284,426

Statements of Condensed Consoli

Statements of Condensed Consolidated Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating revenues:
Sales of natural gas, oil and NGLs	$ 1,271,613	$ 1,228,651
(Loss) gain on derivatives not designated as hedges	(131,996)	62,592
Total operating revenues	1,143,173	1,312,036
Operating expenses:
Transportation and processing	439,246	416,657
Production	43,408	58,634
Exploration	1,007	1,225
Selling, general and administrative	48,978	39,815
Depreciation and depletion	391,113	392,693
Impairment/loss on sale of long-lived assets	0	2,329,045
Lease impairments and expirations	29,534	3,879
Proxy and transaction costs	4,089	10,078
Amortization of intangible assets	10,342	10,342
Total operating expenses	967,717	3,262,368
Operating income (loss)	175,456	(1,950,332)
Unrealized gain on investment in Equitrans Midstream Corporation	89,055	0
Dividend and other income (expense)	20,987	(130)
Interest expense	56,573	57,911
Income (loss) from continuing operations before income taxes	228,925	(2,008,373)
Income tax expense (benefit)	38,234	(429,840)
Income (loss) from continuing operations	190,691	(1,578,533)
Income from discontinued operations, net of tax	0	133,554
Net income (loss)	190,691	(1,444,979)
Less: Net income from discontinued operations attributable to noncontrolling interests	0	141,015
Amounts attributable to EQT Corporation:
Income (loss) from continuing operations	190,691	(1,578,533)
(Loss) from discontinued operations, net of tax	0	(7,461)
Net income (loss) attributable to EQT Corporation	$ 190,691	$ (1,585,994)
Basic:
Weighted average common stock outstanding (in shares)	255,046	264,877
(Loss) income from continuing operations (in dollars per share)	$ 0.75	$ (5.96)
(Loss) income from discontinued operations (in dollars per share)	0	(0.03)
Net (loss) income (in dollars per share)	$ 0.75	$ (5.99)
Diluted:
Weighted average common stock outstanding (in shares)	255,387	264,877
(Loss) income from continuing operations (in dollars per share)	$ 0.75	$ (5.96)
(Loss) income from discontinued operations (in dollars per share)	0	(0.03)
Net (loss) income (in dollars per share)	0.75	(5.99)
Dividends declared per common share (in dollars per share)	$ 0.03	$ 0.03
Sales of natural gas, oil and NGLs
Operating revenues:
Sales of natural gas, oil and NGLs	$ 1,271,613	$ 1,226,374
Net marketing services and other
Operating revenues:
Net marketing services and other	$ 3,556	$ 23,070

Statements of Condensed Conso_2

Statements of Condensed Consolidated Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ 190,691	$ (1,444,979)
Net change in cash flow hedges:
Natural gas, net of tax benefit of $(100)		0	(287)	[1]
Interest rate, net of tax expense of $10 and $18		42	44
Other post-retirement benefits liability adjustment, net of tax expense of $26 and $30	[2]	76	86
Change in accounting principle	[1]	(496)	0
Other comprehensive (loss)		(378)	(157)
Comprehensive income (loss)		190,313	(1,445,136)
Less: Comprehensive income from discontinued operations attributable to noncontrolling interests		0	141,015
Comprehensive income (loss) attributable to EQT Corporation		$ 190,313	$ (1,586,151)
[1]	Related to adoption of Accounting Standard Update (ASU) 2018-02. See Note 1 for additional information.
[2]	Net of tax expense of $30 for the three months ended March 31, 2018 and $26 for the three months ended March 31, 2019.

Statements of Condensed Conso_3

Statements of Condensed Consolidated Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Natural gas, tax benefit		$ (100)
Interest rate, tax expense	$ 10	18
Other post-retirement benefits liability adjustment, tax expense	$ 26	$ 30

Statements of Condensed Conso_4

Statements of Condensed Consolidated Cash Flows (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income (loss)		$ 190,691	$ (1,444,979)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income tax expense (benefit)		37,889	(338,734)
Depreciation and depletion		391,113	437,893
Amortization of intangible assets		10,342	20,728
Amortization of financing costs and accretion expense		5,300	2,872
Asset and lease impairments		29,534	2,332,924
Unrealized gain on investment in Equitrans Midstream Corporation		(89,055)	0
Non-cash other income		(676)	(10,723)
Share-based compensation expense		3,853	5,892
Loss (gain) on derivatives not designated as hedges		131,996	(62,592)
Net cash settlements paid on derivatives not designated as hedges		(63,634)	(38,629)
Changes in other assets and liabilities:
Accounts receivable		342,465	62,423
Accounts payable		(149,487)	307
Other items, net		30,956	(62,970)
Net cash provided by operating activities		871,287	904,412
Cash flows from investing activities:
Capital expenditures		(371,028)	(558,738)
Capital expenditures for discontinued operations	[1]	0	(170,589)
Capital contributions to Mountain Valley Pipeline, LLC	[1]	0	(117,019)
Other investing activities		697	(3,090)
Net cash used in investing activities		(370,331)	(849,436)
Cash flows from financing activities:
Increase in borrowings on credit facilities		820,000	913,500
Repayment of borrowings on credit facilities		(1,270,000)	(958,500)
Increase in borrowings on EQM Midstream Partners, LP credit facilities	[1]	0	304,000
Repayment of borrowings on EQM Midstream Partners, LP credit facilities	[1]	0	(128,000)
Dividends paid		(7,652)	(7,942)
Distributions to noncontrolling interests	[1]	0	(88,896)
Repayments and retirements of debt		(1,141)	(7,999)
Proceeds from awards under employee compensation plans		0	1,946
Cash paid for taxes related to net settlement of share-based incentive awards		(4,804)	(20,009)
Repurchase of common stock		0	(9)
Net cash (used in) provided by financing activities		(463,597)	8,091
Net change in cash, cash equivalents and restricted cash		37,359	63,067
Cash, cash equivalents and restricted cash at beginning of period		3,487	147,315
Cash and cash equivalents at end of period		40,846	210,382
Cash paid (received) during the period for:
Interest, net of amount capitalized		13,749	27,519
Income taxes, net		23	(9)
Non-cash activity during the period for:
Increase in right-of-use lease assets and lease liabilities		89,021	0
Increase in asset retirement costs and obligations		$ 1,285	$ 1,856
[1]	Amounts related to discontinued operations as described in Note 2 to the Condensed Consolidated Financial Statements.

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 40,846	$ 3,487
Accounts receivable (less provision for doubtful accounts: $6,333 at March 31, 2019 and $8,648 at December 31, 2018)	817,535	1,241,843
Derivative instruments, at fair value	370,254	481,654
Tax receivable	130,567	131,573
Prepaid expenses and other	20,839	111,107
Total current assets	1,380,041	1,969,664
Property, plant and equipment	22,592,376	22,148,012
Less: accumulated depreciation and depletion	5,139,164	4,755,505
Net property, plant and equipment	17,453,212	17,392,507
Intangible assets, net	66,991	77,333
Investment in Equitrans Midstream Corporation	1,102,057	1,013,002
Other assets	337,384	268,838
Total assets	20,339,685	20,721,344
Current liabilities:
Current portion of debt	704,677	704,390
Accounts payable	877,498	1,059,873
Derivative instruments, at fair value	308,607	336,051
Other current liabilities	294,708	254,687
Total current liabilities	2,185,490	2,355,001
Credit facility borrowings	350,000	800,000
Senior Notes	3,884,591	3,882,932
Note payable to EQM Midstream Partners, LP	108,835	110,059
Deferred income taxes	1,859,578	1,823,381
Other liabilities and credits	811,603	791,742
Total liabilities	9,200,097	9,763,115
Shareholders’ equity:
Common stock, no par value, authorized 320,000 shares, shares issued: 257,225 at September 30, 2018 and 267,871 at December 31, 2017	7,817,227	7,828,554
Treasury stock, shares at cost: 2,799 at September 30, 2018 (including 299 held in rabbi trust) and 3,551 at December 31, 2017 (including 253 held in rabbi trust)	(39,665)	(49,194)
Retained earnings	3,367,810	3,184,275
Accumulated other comprehensive loss	(5,784)	(5,406)
Total equity	11,139,588	10,958,229
Total liabilities and equity	$ 20,339,685	$ 20,721,344

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Accounts receivable, accumulated provision for doubtful accounts	$ 6,333	$ 8,646
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, authorized shares (in shares)	320,000,000	320,000,000
Common stock, shares issued (in shares)	257,225,000	257,225,000
Treasury stock, shares at cost (in shares)	2,226,000	2,753,000

Statements of Condensed Conso_5

Statements of Condensed Consolidated Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands		Total	Common Stock	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests in Consolidated Subsidiaries
Beginning Balance (in shares) at Dec. 31, 2017			264,320
Beginning Balance at Dec. 31, 2017		$ 18,414,613	$ 9,388,903	$ (63,602)	$ 3,996,775	$ (2,458)	$ 5,094,995
Comprehensive income (net of tax):
Net income (loss)		(1,444,979)			(1,585,994)		141,015
Net change in cash flow hedges:
Natural gas, net of tax benefit	[1]	(287)				(287)
Interest rate, net of tax expense	[2]	44				44
Other post-retirement benefit liability adjustment, net of tax expense	[3]	86				86
Dividends	[4]	(7,942)			(7,942)
Stock-based compensation plans, net (in shares)			680
Share-based compensation plans		(12,975)	$ (25,663)	12,298			390
Distributions to noncontrolling interests	[5]	(88,896)					(88,896)
Changes in ownership of consolidated subsidiaries		(15)	$ 49				(64)
Ending Balance (in shares) at Mar. 31, 2018			265,000
Ending Balance at Mar. 31, 2018		16,863,762	$ 9,363,289	(51,304)	2,406,952	(2,615)	5,147,440
Beginning Balance (in shares) at Dec. 31, 2018			254,472
Beginning Balance at Dec. 31, 2018		10,958,229	$ 7,828,554	(49,194)	3,184,275	(5,406)	0
Comprehensive income (net of tax):
Net income (loss)		190,691			190,691
Net change in cash flow hedges:
Natural gas, net of tax benefit		0
Interest rate, net of tax expense	[2]	42				42
Other post-retirement benefit liability adjustment, net of tax expense	[3]	76				76
Dividends	[4]	(7,652)			(7,652)
Stock-based compensation plans, net (in shares)			527
Share-based compensation plans		(1,798)	$ (11,327)	9,529
Ending Balance (in shares) at Mar. 31, 2019			254,999
Ending Balance at Mar. 31, 2019		$ 11,139,588	$ 7,817,227	$ (39,665)	$ 3,367,810	$ (5,784)	$ 0
[1]	Related to adoption of Accounting Standard Update (ASU) 2018-02. See Note 1 for additional information.
[2]	Net of tax expense of $18 for the three months ended March 31, 2018 and $10 for the three months ended March 31, 2019.
[3]	Net of tax expense of $30 for the three months ended March 31, 2018 and $26 for the three months ended March 31, 2019.
[4]	Dividends were $0.03 per share for both periods.
[5]	Distributions to noncontrolling interests were $1.025, $0.244, and $0.2917 per common unit from EQM Midstream Partners, LP (EQM), EQGP Holdings, LP, and Rice Midstream Partners LP, respectively.

Statements of Condensed Conso_6

Statements of Condensed Consolidated Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Common stock, authorized shares (in shares)	320,000,000		320,000,000
Preferred stock authorized (in shares)	3,000,000		3,000,000
Preferred stock issued (in shares)	0		0
Preferred stock outstanding (in shares)	0		0
Natural gas, tax expense (benefit)		$ (100)
Interest rate, tax expense (benefit)	$ 10	18
Other post-retirement benefits liability adjustment, tax expense	$ 26	$ 30
Dividends declared per common share (in dollars per share)	$ 0.03	$ 0.03
EQM
Distributions to noncontrolling interests (in dollars per share)		1.025
EQGP
Distributions to noncontrolling interests (in dollars per share)		0.244
Rice Midstream Partners, LP
Distributions to noncontrolling interests (in dollars per share)		$ 0.2917

Financial Statements

Financial Statements	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statements	Financial Statements The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles (GAAP) for interim financial information and with the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments (consisting of only normal recurring accruals, unless otherwise disclosed in this Quarterly Report on Form 10-Q) necessary for a fair presentation of the financial position of EQT Corporation and subsidiaries as of March 31, 2019 and December 31, 2018 and the results of its operations, cash flows and equity for the three month periods ended March 31, 2019 and 2018 . Certain previously reported amounts have been reclassified to conform to the current year presentation. In this Quarterly Report on Form 10-Q, references to “we,” “us,” “our,” “EQT,” “EQT Corporation,” and the “Company” refer collectively to EQT Corporation and its consolidated subsidiaries. The balance sheet at December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. Additionally, the Condensed Consolidated Financial Statements have been recast to reflect the presentation of discontinued operations as a result of the Separation and Distribution defined and described in Note 2 . For further information, refer to the consolidated financial statements and related footnotes as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, Leases . The standard required entities to record assets and liabilities for contracts currently recognized as operating leases. In July 2018, the FASB issued ASU 2018-11, Leases: Targeted Improvements . The update provided an optional transition method of adoption that permitted entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Under the optional transition method, comparative financial information and disclosures are not required. The update also provided transition practical expedients. The standard required disclosures of the nature, maturity and value of an entity's lease liabilities and elections made by the entity. In March 2019, the FASB issued ASU 2019-01, Leases: Codification Improvements , which, among other things, clarified interim disclosure requirements in the year of ASU 2016-02 adoption. The Company adopted ASU 2016-02, ASU 2018-11 and ASU 2019-01 on January 1, 2019 using the optional transition method of adoption. The Company implemented a new lease accounting system to monitor its population of lease contracts. The Company also implemented processes and controls to review both new contracts and modifications to existing contracts that contain lease components for appropriate accounting treatment and to generate disclosures required under the standards. For the disclosures required by the standards, see Note 10 . In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments . This ASU amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, this ASU eliminates the probable initial recognition threshold in current GAAP and requires an entity to reflect its current estimate of all expected credit losses. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. This ASU will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within that reporting period. The Company is currently evaluating the impact this standard will have on its financial statements and related disclosures. In February 2018, the FASB issued ASU 2018-02, Income Statement—Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . This ASU allows companies to reclassify stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 (the Tax Cuts and Jobs Act) from accumulated other comprehensive income to retained earnings. This ASU is effective for fiscal years beginning after December 15, 2018 and early adoption is permitted. The reclassification permitted under this ASU should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company adopted this ASU on January 1, 2019 which resulted in a $0.5 million decrease to other comprehensive income and increase to retained earnings. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement, Changes to the Disclosure Requirements for Fair Value Measurement , which makes a number of changes to the hierarchy associated with Level 1, 2 and 3 fair value measurements and the related disclosure requirements. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the effect this standard will have on its financial statements and related disclosures but does not expect the adoption of this standard to have a material impact on its financial statements and related disclosures.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On November 12, 2018, the Company completed the previously announced separation of its midstream business, which was composed of the separately operated natural gas gathering, transmission and storage, and water services businesses of the Company, from its upstream business, which is composed of the natural gas, oil and natural gas liquids (NGLs) development, production and sales and commercial operations of the Company (the Separation). The Separation was effected by the transfer of the midstream business from the Company to Equitrans Midstream Corporation (Equitrans Midstream) and the distribution of 80.1% of the outstanding shares of Equitrans Midstream common stock to the Company's shareholders (the Distribution). The Company retained 19.9% of the outstanding shares of Equitrans Midstream common stock. The Company does not have the ability to exercise significant influence and does not have a controlling financial interest in Equitrans Midstream or any of its subsidiaries. As such, this investment is accounted for as an investment in equity securities. As of March 31, 2019 , the fair value was based on the closing stock price of Equitrans Midstream multiplied by the number of shares of common stock owned by the Company. The changes in fair value were recorded in the Statements of Condensed Consolidated Operations. Equitrans Midstream included all of the Company's former EQM Gathering, EQM Transmission and EQM Water segments. For all periods prior to the Separation and Distribution, the results of operations of Equitrans Midstream are reflected as discontinued operations. The Statements of Condensed Consolidated Operations have been recast to reflect this presentation and also included the presentation of certain transportation and processing expenses in continuing operations which were previously eliminated in consolidation. The cash flows related to Equitrans Midstream have not been segregated and are included within the Statements of Condensed Consolidated Cash Flows for all periods prior to the Separation and Distribution. The results of operations of Equitrans Midstream presented as discontinued operations in the Statements of Condensed Consolidated Operations are summarized below. The Company allocated all of the transaction costs associated with the Separation and Distribution and a portion of the costs associated with the acquisition of Rice Energy Inc. to discontinued operations. Three Months Ended (Thousands) Operating revenues $ 121,547 Transportation and processing (226,517 ) Operation and maintenance 27,229 Selling, general and administrative 12,800 Depreciation 45,200 Transaction costs 25,633 Amortization of intangible assets 10,386 Other income 9,715 Interest expense 12,102 Income from discontinued operations before income taxes 224,429 Income tax expense 90,875 Income from discontinued operations after income taxes 133,554 Less: Net income from discontinued operations attributable to noncontrolling interests 141,015 Net (loss) from discontinued operations $ (7,461 ) The following table presents amounts of the discontinued operations related to Equitrans Midstream for cash flows from operating activities which are included and not separately stated in the Statements of Condensed Consolidated Cash Flows. Cash flows from investing and financing are separately stated in the Statements of Condensed Consolidated Cash Flows. Three Months Ended (Thousands) Operating activities: Deferred income tax expense $ 27,964 Depreciation 45,200 Amortization of intangibles 10,386 Other income (9,715 ) Share-based compensation expense $ 707

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers For the sale of natural gas, oil and NGLs, the Company generally considers the delivery of each unit (MMBtu or Bbl) to be a separate performance obligation that is satisfied upon delivery. These contracts typically require payment within 25 days of the end of the calendar month in which the gas is delivered. A significant number of these contracts contain variable consideration because the payment terms refer to market prices at future delivery dates. In these situations, the Company has not identified a standalone selling price because the terms of the variable payments relate specifically to the Company’s efforts to satisfy the performance obligations. Other contracts contain fixed consideration (i.e. fixed price contracts or contracts with a fixed differential to New York Mercantile Exchange (NYMEX) or index prices). The fixed consideration is allocated to each performance obligation on a relative standalone selling price basis, which requires judgment from management. For these contracts, the Company generally concludes that the fixed price or fixed differentials in the contracts are representative of the standalone selling price. Based on management’s judgment, the performance obligations for the sale of natural gas, oil and NGLs are satisfied at a point in time because the customer obtains control and legal title of the asset when the natural gas, oil or NGLs are delivered to the designated sales point. The sales of natural gas, oil and NGLs as presented on the Statements of Condensed Consolidated Operations represent the Company’s share of revenues net of royalties and excluding revenue interests owned by others. When selling natural gas, oil and NGLs on behalf of royalty owners or working interest owners, the Company is acting as an agent and thus reports the revenue on a net basis. Because the Company's performance obligations have been satisfied and an unconditional right to consideration exists as of the balance sheet date, the Company has recognized amounts due from contracts with customers of $468.2 million and $783.0 million as accounts receivable within the Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018 , respectively. The table below provides disaggregated information regarding the Company’s revenues. Certain contracts that provide for the release of capacity that is not used to transport the Company’s produced volumes were deemed to be outside the scope of ASU 2014-09, Revenue from Contracts with Customers . The cost of, and recoveries on, that capacity are reported within net marketing services and other. Derivative contracts are also outside the scope of Revenue from Contracts with Customers. Three Months Ended 2019 2018 (Thousands) Revenues from contracts with customers: Natural gas sales $ 1,193,849 $ 1,089,760 NGLs sales 69,604 125,468 Oil sales 8,160 11,146 Net marketing services and other — 2,277 Total revenues from contracts with customers $ 1,271,613 $ 1,228,651 Other sources of revenue: Net marketing services and other 3,556 20,793 (Loss) gain on derivatives not designated as hedges (131,996 ) 62,592 Total operating revenues $ 1,143,173 $ 1,312,036 The following table includes the transaction price allocated to the Company's remaining performance obligations on all contracts with fixed consideration as of March 31, 2019 . The table excludes all contracts that qualified for the exception to the relative standalone selling price method. 2019 2020 2021 Total (Thousands) Natural gas sales $ 28,032 $ 28,582 $ 2,315 $ 58,929

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company’s primary market risk exposure is the volatility of future prices for natural gas and NGLs, which can affect the operating results of the Company. The Company utilizes derivative commodity instruments to hedge its cash flows from sales of the Company's produced natural gas and NGLs. The Company’s overall objective in its hedging program is to protect cash flows from undue exposure to the risk of changing commodity prices. The derivative commodity instruments currently utilized by the Company are primarily fixed price swap agreements, collar agreements and option agreements which may require payments to or receipt of payments from counterparties based on the differential between two prices for the commodity. The Company uses these agreements to hedge its NYMEX and basis exposure. The Company may also use other contractual agreements in implementing its commodity hedging strategy. The Company may engage in interest rate swaps to hedge exposure to fluctuations in interest rates. The Company’s over the counter (OTC) derivative commodity instruments are typically placed with financial institutions and the creditworthiness of all counterparties is regularly monitored. The Company recognizes all derivative instruments as either assets or liabilities at fair value on a gross basis. These derivative instruments are reported as either current assets or current liabilities due to their highly liquid nature. The Company can net settle its derivative instruments at any time. All changes in fair value of the Company’s derivative instruments are recognized within operating revenues in the Statements of Condensed Consolidated Operations. Contracts which result in physical delivery of a commodity expected to be sold by the Company in the normal course of business are generally designated as normal sales and are exempt from derivative accounting. If contracts that result in the physical receipt or delivery of a commodity are not designated or do not meet all the criteria to qualify for the normal purchase and normal sale scope exception, the contracts are subject to derivative accounting. OTC arrangements require settlement in cash. The Company also enters into exchange traded derivative commodity instruments that are generally settled with offsetting positions. Settlements of derivative commodity instruments are reported as a component of cash flows from operations in the accompanying Statements of Condensed Consolidated Cash Flows. With respect to the derivative commodity instruments held by the Company, the Company hedged portions of expected sales of production and portions of its basis exposure covering approximately 2,723 Bcf of natural gas and 1,100 Mbbls of NGLs as of March 31, 2019 , and 3,128 Bcf of natural gas and 1,505 Mbbls of NGLs as of December 31, 2018 . The open positions at March 31, 2019 and December 31, 2018 had maturities extending through December 2024 for both periods. When the net fair value of any of the Company’s swap agreements represents a liability to the Company which is in excess of the agreed-upon threshold between the Company and the counterparty, the counterparty requires the Company to remit funds as a margin deposit for the derivative liability which is in excess of the threshold amount. The Company records these deposits as a current asset. When the net fair value of any of the Company’s swap agreements represents an asset to the Company which is in excess of the agreed-upon threshold between the Company and the counterparty, the Company requires the counterparty to remit funds as margin deposits in an amount equal to the portion of the derivative asset which is in excess of the threshold amount. The Company records a current liability for such amounts received. The Company had no such deposits in its Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018 . When the Company enters into exchange-traded natural gas contracts, exchanges may require the Company to remit funds to the corresponding broker as good-faith deposits to guard against the risks associated with changing market conditions. The Company must make such deposits based on an established initial margin requirement as well as the net liability position, if any, of the fair value of the associated contracts. The Company records these deposits as a current asset in the Condensed Consolidated Balance Sheets. In the case where the fair value of such contracts is in a net asset position, the broker may remit funds to the Company, in which case the Company records a current liability for such amounts received. The initial margin requirements are established by the exchanges based on the price, volatility and the time to expiration of the related contract. The margin requirements are subject to change at the exchanges’ discretion. The Company recorded current assets of $7.9 million and $40.3 million as of March 31, 2019 and December 31, 2018 , respectively, for such deposits in its Condensed Consolidated Balance Sheets. The Company has netting agreements with financial institutions and its brokers that permit net settlement of gross commodity derivative assets against gross commodity derivative liabilities. The table below reflects the impact of netting agreements and margin deposits on gross derivative assets and liabilities. Gross derivative instruments, recorded in the Condensed Consolidated Balance Sheets Derivative instruments subject to master netting agreements Margin deposits remitted to counterparties Derivative instruments, net (Thousands) As of March 31, 2019 Asset derivative instruments, at fair value $ 370,254 $ (200,252 ) $ — $ 170,002 Liability derivative instruments, at fair value $ 308,607 $ (200,252 ) $ (7,917 ) $ 100,438 As of December 31, 2018 Asset derivative instruments, at fair value $ 481,654 $ (256,087 ) $ — $ 225,567 Liability derivative instruments, at fair value $ 336,051 $ (256,087 ) $ (40,283 ) $ 39,681 Certain of the Company’s derivative instrument contracts provide that if the Company’s credit ratings by S&P Global Ratings (S&P) or Moody’s Investors Service, Inc. (Moody’s) are lowered below investment grade, additional collateral must be deposited with the counterparty if the amounts outstanding on those contracts exceed certain thresholds. The additional collateral can be up to 100% of the derivative liability. As of March 31, 2019 , the aggregate fair value of all derivative instruments with credit risk-related contingent features that were in a net liability position was $134.7 million , for which the Company had no collateral posted on March 31, 2019 . If the Company’s credit rating by S&P or Moody’s had been downgraded below investment grade on March 31, 2019 , the Company would not have been required to post any additional collateral under the agreements with the respective counterparties. The required margin on the Company’s derivative instruments is subject to significant change as a result of factors other than credit rating, such as gas prices and credit thresholds set forth in agreements between the hedging counterparties and the Company. Investment grade refers to the quality of the Company’s credit as assessed by one or more credit rating agencies. The Company’s senior unsecured debt was rated BBB- by S&P and Baa3 by Moody’s at March 31, 2019 . In order to be considered investment grade, the Company must be rated BBB- or higher by S&P and Baa3 or higher by Moody’s. Anything below these ratings is considered non-investment grade. See also "Security Ratings and Financing Triggers" under Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations."

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company records its financial instruments, principally derivative instruments, at fair value in its Condensed Consolidated Balance Sheets. The Company estimates the fair value using quoted market prices, where available. If quoted market prices are not available, fair value is based upon models that use market-based parameters as inputs, including forward curves, discount rates, volatilities and nonperformance risk. Nonperformance risk considers the effect of the Company’s credit standing on the fair value of liabilities and the effect of the counterparty’s credit standing on the fair value of assets. The Company estimates nonperformance risk by analyzing publicly available market information, including a comparison of the yield on debt instruments with credit ratings similar to the Company’s or counterparty’s credit rating and the yield of a risk-free instrument and credit default swaps rates where available. The Company has categorized its assets and liabilities recorded at fair value into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Assets and liabilities in Level 2 primarily include the Company’s swap, collar and option agreements. Exchange traded commodity swaps are included in Level 1. The fair value of the commodity swaps included in Level 2 is based on standard industry income approach models that use significant observable inputs, including but not limited to NYMEX natural gas forward curves, LIBOR-based discount rates, basis forward curves and natural gas liquids forward curves. The Company’s collars and options are valued using standard industry income approach option models. The significant observable inputs utilized by the option pricing models include NYMEX forward curves, natural gas volatilities and LIBOR-based discount rates. The NYMEX natural gas forward curves, LIBOR-based discount rates, natural gas volatilities, basis forward curves and NGLs forward curves are validated to external sources at least monthly. The table below reflects assets and liabilities measured at fair value on a recurring basis. Gross derivative instruments, recorded in the Condensed Consolidated Balance Sheets Fair value measurements at reporting date using Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (Thousands) As of March 31, 2019 Asset derivative instruments, at fair value $ 370,254 $ 82,300 $ 287,954 $ — Liability derivative instruments, at fair value $ 308,607 $ 45,697 $ 262,910 $ — As of December 31, 2018 Asset derivative instruments, at fair value $ 481,654 $ 112,107 $ 369,547 $ — Liability derivative instruments, at fair value $ 336,051 $ 126,582 $ 209,469 $ — The carrying values of cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturity of the instruments. The carrying value of the Company's investment in Equitrans Midstream approximates fair value as it was based on the closing stock price of Equitrans Midstream common stock multiplied by the number of shares of common stock of Equitrans Midstream owned by the Company. The carrying value of borrowings under the Company's credit facility approximates fair value as the interest rates are based on prevailing market rates. The Company considered all of these fair values to be Level 1 fair value measurements. The Company also has an immaterial investment in a fund that invests in companies developing technology and operating solutions for exploration and production companies for which it recognized a cumulative effect of accounting change in the first quarter 2018. The investment is valued using the net asset value as a practical expedient as provided in the financial statements received from fund managers. The Company estimates the fair value of its Senior Notes using its established fair value methodology. As the Company's Senior Notes are not all actively traded, the fair value is a Level 2 fair value measurement. As of March 31, 2019 and December 31, 2018 , the estimated fair value of the Company's Senior Notes was approximately $4.6 billion and $4.4 billion , respectively, and the carrying value of the Company's Senior Notes was approximately $4.6 billion for both periods, inclusive of amounts included in current portion of debt on the Condensed Consolidated Balance Sheets. The fair value of the Company's note payable to EQM is a Level 3 fair value measurement which is estimated using an income approach model utilizing a market-based discount rate. As of March 31, 2019 and December 31, 2018 , the estimated fair value of the Company's note payable to EQM was approximately $123 million and $122 million , respectively, and the carrying value of the Company's note payable to EQM was approximately $114 million and $115 million , respectively, inclusive of amounts included in current portion of debt on the Condensed Consolidated Balance Sheets. The Company recognizes transfers between Levels as of the actual date of the event or change in circumstances that caused the transfer. There were no transfers between Levels 1, 2 and 3 during the periods presented. For information on the fair values of assets related to the impairments of proved and unproved oil and gas properties and of other long-lived assets, see Note 11 and Note 1 in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 .

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2019 and 2018 , the Company calculated the provision for income taxes by applying the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring items) for the quarter. There were no material changes to the Company’s methodology for determining unrecognized tax benefits during the three months ended March 31, 2019 . The Company recorded income tax expense at an effective tax rate of 16.7% for the three months ended March 31, 2019 and income tax benefit at an effective tax rate of 21.4% for the three months ended March 31, 2018 . The Company’s effective tax rate for the three months ended March 31, 2019 was lower than the statutory rate primarily due to the release of the valuation allowance relating to Alternative Minimum Tax (AMT) sequestration. The IRS announced in January 2019 that it was reversing its prior position that 6.2% of AMT refunds were subject to sequestration by the federal government. As a result, the Company reversed this related valuation allowance in the first quarter of 2019. The Company’s effective tax rate for the three months ended March 31, 2018 was lower than the statutory rate primarily because the amount of benefit recorded at any interim period is limited to the amount of benefit that would be recognized if the year-to-date loss was the forecasted loss for the entire year.

Revolving Credit Facility

Revolving Credit Facility	3 Months Ended
	Mar. 31, 2019
Short-term Debt [Abstract]
Revolving Credit Facilities	Revolving Credit Facility The Company has a $2.5 billion revolving credit facility that expires in July 2022. The Company had no letters of credit outstanding under the credit facility as of March 31, 2019 and December 31, 2018 . During the three months ended March 31, 2019 and 2018 , the maximum amounts of outstanding borrowings at any time under the credit facility were $1.1 billion and $1.6 billion , respectively, the average daily balances were approximately $0.6 billion and $1.4 billion , respectively, and interest was incurred at weighted average annual interest rates of 4.0% and 3.1% , respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Potentially dilutive securities consisting of restricted stock awards included in the calculation of diluted earnings per share totaled 340,923 for the three months ended March 31, 2019 . Options to purchase common stock which were excluded from potentially dilutive securities because they were anti-dilutive totaled 1,775,429 for the three months ended March 31, 2019 . As a result of the Company's net loss for the three months ended March 31, 2018 , all options and restricted stock of 1,896,224 were excluded from the calculation of diluted earnings per share.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income by Component	3 Months Ended
	Mar. 31, 2019
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Changes in Accumulated Other Comprehensive Income by Component	Changes in Accumulated Other Comprehensive Income (Loss) by Component The following table explains the changes in accumulated other comprehensive income (OCI) (loss) by component. Natural gas cash flow hedges, net of tax Interest rate cash flow hedges, net of tax Other post- retirement benefit liability adjustment, net of tax Accumulated OCI (loss), net of tax (Thousands) As of January 1, 2019 $ — $ (387 ) $ (5,019 ) $ (5,406 ) Losses reclassified from accumulated OCI, net of tax — 42 (a) 76 (b) 118 Change in accounting principle — — (496 ) (c) (496 ) As of March 31, 2019 $ — $ (345 ) $ (5,439 ) $ (5,784 ) As of January 1, 2018 $ 4,625 $ (555 ) $ (6,528 ) $ (2,458 ) (Gains) losses reclassified from accumulated OCI, net of tax (287 ) (a) 44 (a) 86 (b) (157 ) As of March 31, 2018 $ 4,338 $ (511 ) $ (6,442 ) $ (2,615 ) (a) (Gains) losses reclassified from accumulated OCI, net of tax related to natural gas cash flow hedges were reclassified into operating revenues. Losses from accumulated OCI, net of tax related to interest rate cash flow hedges were reclassified into interest expense. (b) This accumulated OCI reclassification is attributable to the net actuarial loss and net prior service cost related to the Company’s defined benefit pension plans and other post-retirement benefit plans. See Note 1 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 for additional information. (c) Related to adoption of ASU 2018-02. See Note 1 for additional information.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases The Company leases certain drilling rigs, facilities and other equipment. As discussed in Note 1 , the Company adopted ASU 2016-02, ASU 2018-11 and ASU 2019-01 on January 1, 2019 using the optional transition method of adoption. The Company elected a package of practical expedients that together allows an entity to not reassess (i) whether a contract is or contains a lease, (ii) lease classification and (iii) initial direct costs. In addition, the Company elected the following practical expedients: (i) to not reassess certain land easements; (ii) to not apply the recognition requirements under the standard to short-term leases; and (iii) to combine and account for lease and nonlease contract components as a lease, which requires the capitalization of fixed nonlease payments on January 1, 2019 or lease effective date and the recognition of variable nonlease payments as variable lease expense. On January 1, 2019, the Company recorded a total of $89.0 million in right-of-use assets and corresponding new lease liabilities on its Condensed Consolidated Balance Sheet representing the present value of its future operating lease payments. Adoption of the standards did not require an adjustment to the opening balance of retained earnings. The discount rate used to determine present value was based on the rate of interest that the Company estimated it would have to pay to borrow (on a collateralized-basis over a similar term) an amount equal to the lease payments in a similar economic environment as of January 1, 2019. The Company is required to reassess the discount rate for any new and modified lease contracts as of the lease effective date. The right-of-use assets and lease liabilities recognized upon adoption of ASU 2016-02 were based on the lease classifications, lease commitment amounts and terms recognized under the prior lease accounting guidance. Leases with an initial term of twelve months or less are considered short-term leases and are not recorded on the balance sheet. As of March 31, 2019 , the Company had no finance leases and was not a lessor. The following table summarizes operating lease costs for the three months ended March 31, 2019 . Three Months Ended (Thousands) Operating lease costs $ 19,284 Variable lease costs 3,255 Total lease costs (a) $ 22,539 (a) Includes $18.6 million capitalized to property, plant and equipment on the Condensed Consolidated Balance Sheet primarily for drilling rigs, of which $16.8 million relates to operating lease costs. Also includes short-term lease costs which were immaterial. For the three months ended March 31, 2019 , cash paid for operating lease liabilities, and reported in cash flows provided by operating activities on the Company's Statement of Condensed Consolidated Cash Flows, was $2.8 million . During the three months ended March 31, 2019 , the Company did not record any right-of-use assets in exchange for new lease liabilities. The operating lease right-of-use assets were reported in other assets and the current and noncurrent portions of the operating lease liabilities were reported in other current liabilities and other liabilities, respectively, on the Condensed Consolidated Balance Sheet. As of March 31, 2019 , the operating right-of-use assets were $67.3 million and operating lease liabilities were $76.2 million , of which $41.6 million was classified as current. As of March 31, 2019 , the weighted average remaining lease term was 3 years and the weighted average discount rate was 3.5% . Schedule of Operating Lease Liability Maturities . The following table summarizes undiscounted cash flows owed by the Company to lessors pursuant to contractual agreements in effect as of March 31, 2019 . As of March 31, 2019 (Thousands) 2019 (April - December) $ 41,229 2020 8,418 2021 8,456 2022 8,437 2023 8,417 2024+ 6,013 Total lease payments 80,970 Less: Interest 4,772 Present value of lease liabilities $ 76,198

Divestitures

Divestitures	3 Months Ended
	Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	Divestitures In 2018, the Company sold its non-core Permian Basin assets located in Texas and its non-core assets in the Huron play (2018 Divestitures). During the first quarter of 2018, the Company recorded an impairment of $2.3 billion associated with certain non-core production and related midstream assets in the Huron and Permian plays. The Company determined these properties and related pipeline assets were impaired as their carrying value exceeded the undiscounted cash flows which were expected to result from their continued use and potential disposition and because management no longer intended to develop the associated unproved properties. The first quarter of 2018 impairment reduced these assets to their estimated fair value of approximately $1 billion . The fair value of the impaired assets, as determined at March 31, 2018, was based on significant inputs that were not observable in the market and as such are considered to be Level 3 fair value measurements. See Note 5 for a description of the fair value hierarchy and Note 1 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 for the policy on impairment of proved and unproved properties. Key assumptions included in the calculation of the fair value of the impaired assets as of March 31, 2018 included (i) reserves, including risk adjustments for probable and possible reserves; (ii) future commodity prices; (iii) to the extent available, market based indicators of fair value including estimated proceeds which could be realized upon a potential disposition; (iv) production rates based on the Company's experience with similar properties in which it operates; (v) estimated future operating and development costs; and (vi) a market-based weighted average cost of capital.

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The results of operations of Equitrans Midstream presented as discontinued operations in the Statements of Condensed Consolidated Operations are summarized below. The Company allocated all of the transaction costs associated with the Separation and Distribution and a portion of the costs associated with the acquisition of Rice Energy Inc. to discontinued operations. Three Months Ended (Thousands) Operating revenues $ 121,547 Transportation and processing (226,517 ) Operation and maintenance 27,229 Selling, general and administrative 12,800 Depreciation 45,200 Transaction costs 25,633 Amortization of intangible assets 10,386 Other income 9,715 Interest expense 12,102 Income from discontinued operations before income taxes 224,429 Income tax expense 90,875 Income from discontinued operations after income taxes 133,554 Less: Net income from discontinued operations attributable to noncontrolling interests 141,015 Net (loss) from discontinued operations $ (7,461 ) The following table presents amounts of the discontinued operations related to Equitrans Midstream for cash flows from operating activities which are included and not separately stated in the Statements of Condensed Consolidated Cash Flows. Cash flows from investing and financing are separately stated in the Statements of Condensed Consolidated Cash Flows. Three Months Ended (Thousands) Operating activities: Deferred income tax expense $ 27,964 Depreciation 45,200 Amortization of intangibles 10,386 Other income (9,715 ) Share-based compensation expense $ 707

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The table below provides disaggregated information regarding the Company’s revenues. Certain contracts that provide for the release of capacity that is not used to transport the Company’s produced volumes were deemed to be outside the scope of ASU 2014-09, Revenue from Contracts with Customers . The cost of, and recoveries on, that capacity are reported within net marketing services and other. Derivative contracts are also outside the scope of Revenue from Contracts with Customers. Three Months Ended 2019 2018 (Thousands) Revenues from contracts with customers: Natural gas sales $ 1,193,849 $ 1,089,760 NGLs sales 69,604 125,468 Oil sales 8,160 11,146 Net marketing services and other — 2,277 Total revenues from contracts with customers $ 1,271,613 $ 1,228,651 Other sources of revenue: Net marketing services and other 3,556 20,793 (Loss) gain on derivatives not designated as hedges (131,996 ) 62,592 Total operating revenues $ 1,143,173 $ 1,312,036
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	The following table includes the transaction price allocated to the Company's remaining performance obligations on all contracts with fixed consideration as of March 31, 2019 . The table excludes all contracts that qualified for the exception to the relative standalone selling price method. 2019 2020 2021 Total (Thousands) Natural gas sales $ 28,032 $ 28,582 $ 2,315 $ 58,929

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of impact of netting agreements and margin deposits on gross derivative assets	The table below reflects the impact of netting agreements and margin deposits on gross derivative assets and liabilities. Gross derivative instruments, recorded in the Condensed Consolidated Balance Sheets Derivative instruments subject to master netting agreements Margin deposits remitted to counterparties Derivative instruments, net (Thousands) As of March 31, 2019 Asset derivative instruments, at fair value $ 370,254 $ (200,252 ) $ — $ 170,002 Liability derivative instruments, at fair value $ 308,607 $ (200,252 ) $ (7,917 ) $ 100,438 As of December 31, 2018 Asset derivative instruments, at fair value $ 481,654 $ (256,087 ) $ — $ 225,567 Liability derivative instruments, at fair value $ 336,051 $ (256,087 ) $ (40,283 ) $ 39,681
Schedule of impact of netting agreements and margin deposits on gross derivative liabilities	The table below reflects the impact of netting agreements and margin deposits on gross derivative assets and liabilities. Gross derivative instruments, recorded in the Condensed Consolidated Balance Sheets Derivative instruments subject to master netting agreements Margin deposits remitted to counterparties Derivative instruments, net (Thousands) As of March 31, 2019 Asset derivative instruments, at fair value $ 370,254 $ (200,252 ) $ — $ 170,002 Liability derivative instruments, at fair value $ 308,607 $ (200,252 ) $ (7,917 ) $ 100,438 As of December 31, 2018 Asset derivative instruments, at fair value $ 481,654 $ (256,087 ) $ — $ 225,567 Liability derivative instruments, at fair value $ 336,051 $ (256,087 ) $ (40,283 ) $ 39,681

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on a recurring basis	The table below reflects assets and liabilities measured at fair value on a recurring basis. Gross derivative instruments, recorded in the Condensed Consolidated Balance Sheets Fair value measurements at reporting date using Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (Thousands) As of March 31, 2019 Asset derivative instruments, at fair value $ 370,254 $ 82,300 $ 287,954 $ — Liability derivative instruments, at fair value $ 308,607 $ 45,697 $ 262,910 $ — As of December 31, 2018 Asset derivative instruments, at fair value $ 481,654 $ 112,107 $ 369,547 $ — Liability derivative instruments, at fair value $ 336,051 $ 126,582 $ 209,469 $ —

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Income by Component (Tables)	3 Months Ended
	Mar. 31, 2019
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Schedule of the changes in accumulated OCI by component	The following table explains the changes in accumulated other comprehensive income (OCI) (loss) by component. Natural gas cash flow hedges, net of tax Interest rate cash flow hedges, net of tax Other post- retirement benefit liability adjustment, net of tax Accumulated OCI (loss), net of tax (Thousands) As of January 1, 2019 $ — $ (387 ) $ (5,019 ) $ (5,406 ) Losses reclassified from accumulated OCI, net of tax — 42 (a) 76 (b) 118 Change in accounting principle — — (496 ) (c) (496 ) As of March 31, 2019 $ — $ (345 ) $ (5,439 ) $ (5,784 ) As of January 1, 2018 $ 4,625 $ (555 ) $ (6,528 ) $ (2,458 ) (Gains) losses reclassified from accumulated OCI, net of tax (287 ) (a) 44 (a) 86 (b) (157 ) As of March 31, 2018 $ 4,338 $ (511 ) $ (6,442 ) $ (2,615 ) (a) (Gains) losses reclassified from accumulated OCI, net of tax related to natural gas cash flow hedges were reclassified into operating revenues. Losses from accumulated OCI, net of tax related to interest rate cash flow hedges were reclassified into interest expense. (b) This accumulated OCI reclassification is attributable to the net actuarial loss and net prior service cost related to the Company’s defined benefit pension plans and other post-retirement benefit plans. See Note 1 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 for additional information. (c) Related to adoption of ASU 2018-02. See Note 1 for additional information.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lease, Cost	The following table summarizes operating lease costs for the three months ended March 31, 2019 . Three Months Ended (Thousands) Operating lease costs $ 19,284 Variable lease costs 3,255 Total lease costs (a) $ 22,539 (a) Includes $18.6 million capitalized to property, plant and equipment on the Condensed Consolidated Balance Sheet primarily for drilling rigs, of which $16.8 million relates to operating lease costs.
Lessee, Operating Lease, Liability, Maturity	The following table summarizes undiscounted cash flows owed by the Company to lessors pursuant to contractual agreements in effect as of March 31, 2019 . As of March 31, 2019 (Thousands) 2019 (April - December) $ 41,229 2020 8,418 2021 8,456 2022 8,437 2023 8,417 2024+ 6,013 Total lease payments 80,970 Less: Interest 4,772 Present value of lease liabilities $ 76,198

Financial Statements (Details)

Financial Statements (Details) - USD ($) $ in Thousands		Jan. 01, 2019		Jan. 01, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting principle		$ 0	[1]	$ 4,113
Accumulated Other Comprehensive (Loss) Income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting principle	[1]	(496)
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting principle		496	[1]	$ 4,113
Accounting Standards Update 2018-02 | Accumulated Other Comprehensive (Loss) Income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting principle		(500)
Accounting Standards Update 2018-02 | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting principle		$ 500
[1]	Related to adoption of ASU 2018-02. See Note 1 for additional information.

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Details)	Nov. 12, 2018
Discontinued Operations and Disposal Groups [Abstract]
Percentage of ownership transferred	80.10%
Percentage of ownership after transaction	19.90%

Discontinued Operations - State

Discontinued Operations - Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations after income taxes	$ 0	$ 133,554
(Loss) from discontinued operations, net of tax	$ 0	(7,461)
Midstream Business | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating revenues		121,547
Transportation and processing		(226,517)
Operation and maintenance		27,229
Selling, general and administrative		12,800
Depreciation		45,200
Transaction costs		25,633
Amortization of intangible assets		10,386
Other income		9,715
Interest expense		12,102
Income from discontinued operations before income taxes		224,429
Income tax expense		90,875
Income from discontinued operations after income taxes		133,554
Less: Net income from discontinued operations attributable to noncontrolling interests		141,015
(Loss) from discontinued operations, net of tax		$ (7,461)

Discontinued Operations - Sta_2

Discontinued Operations - Statement of Cash Flows (Details) - Midstream Business - Discontinued Operations, Disposed of by Means Other than Sale, Spinoff $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Operating activities:
Deferred income tax expense	$ 27,964
Depreciation	45,200
Amortization of intangible assets	10,386
Other income	(9,715)
Share-based compensation expense	$ 707

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Contract with customer, asset, net	$ 468,200		$ 783,000
Total revenues from contracts with customers	1,271,613	$ 1,228,651
(Loss) gain on derivatives not designated as hedges	(131,996)	62,592
Total operating revenues	$ 1,143,173	1,312,036
Natural Gas, Oil, and NGLs Sales
Disaggregation of Revenue [Line Items]
Number of days in which payment is required	25 days
Natural Gas Sales
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 1,193,849	1,089,760
NGLs Sales
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	69,604	125,468
Oil Sales
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	8,160	11,146
Net Marketing Services and Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	2,277
Net marketing services and other	$ 3,556	$ 20,793

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Remaining Performance Obligations (Details) - Natural Gas Sales $ in Thousands	Mar. 31, 2019USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 28,032
Remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 28,582
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 58,929
Remaining performance obligation, expected timing of satisfaction, period	1 year

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)BcfMBbls	Dec. 31, 2017BcfMBbls	Dec. 31, 2018USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, at fair value	$ 370,254,000		$ 481,654,000
Maximum additional collateral as percentage of derivative liability	100.00%
Aggregate fair value of derivative instruments with credit-risk related contingencies	$ 134,700,000
Collateral posted	$ 0
Natural Gas Liquid Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Volume of derivative instruments (in Bcf, Mbbls) | MBbls	1,100	1,505
Commodity derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Margin deposits remitted to counterparties	$ 7,917,000		40,283,000
Derivative instruments, at fair value	$ 370,254,000		$ 481,654,000
Cash flow hedging | Commodity derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Volume of derivative instruments (in Bcf, Mbbls) | Bcf	2,723	3,128

Derivative Instruments - Impact

Derivative Instruments - Impact of Netting Agreements and Margin Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Asset derivative instruments, at fair value
Gross derivative instruments, recorded in the Condensed Consolidated Balance Sheets	$ 370,254	$ 481,654
Liability derivative instruments, at fair value
Gross derivative instruments, recorded in the Condensed Consolidated Balance Sheets	308,607	336,051
Commodity derivatives
Asset derivative instruments, at fair value
Gross derivative instruments, recorded in the Condensed Consolidated Balance Sheets	370,254	481,654
Derivative instruments subject to master netting agreements	(200,252)	(256,087)
Margin deposits remitted to counterparties	0	0
Derivative instruments, net	170,002	225,567
Liability derivative instruments, at fair value
Gross derivative instruments, recorded in the Condensed Consolidated Balance Sheets	308,607	336,051
Derivative instruments subject to master netting agreements	(200,252)	(256,087)
Margin deposits remitted to counterparties	(7,917)	(40,283)
Derivative instruments, net	$ 100,438	$ 39,681

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Instrument Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	$ 370,254	$ 481,654
Fair value on a recurring basis | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	82,300	112,107
Liability derivative instruments, at fair value	45,697	126,582
Fair value on a recurring basis | Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	287,954	369,547
Liability derivative instruments, at fair value	262,910	209,469
Fair value on a recurring basis | Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	0	0
Liability derivative instruments, at fair value	0	0
Fair value on a recurring basis | Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, at fair value	370,254	481,654
Liability derivative instruments, at fair value	$ 308,607	$ 336,051

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of long-term debt	$ 4,600	$ 4,400
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	4,600	4,600
EQT Midstream Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of long-term debt	123	122
Long-term debt	$ 114	$ 115

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Effective tax rate	16.70%	21.40%

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) - Revolving credit facility - EQT 2.5 Billion Facility - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Line of Credit Facility
Line of credit facility, maximum borrowing capacity	$ 2,500,000,000
Letters of credit outstanding under revolving credit facility	0		$ 0
Maximum amount of outstanding short-term loans at any time during the period	1,100,000,000	$ 1,600,000,000
Average daily balance of short-term loans outstanding during the period	$ 600,000,000	$ 1,400,000,000
Weighted average interest rates of average daily balance of short-term loans	4.00%	3.10%

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Potentially dilutive securities (in shares)	340,923
Shares excluded from potentially dilutive securities (in shares)	1,775,429	1,896,224

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2019		Jan. 01, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance	$ 10,958,229	$ 18,414,613
Losses reclassified from accumulated OCI, net of tax	118	(157)
Change in accounting principle			$ 0	[1]	$ 4,113
Ending Balance	11,139,588	16,863,762
Cash flow hedge, net of tax | Natural gas cash flow hedges, net of tax
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance	0	4,625
Losses reclassified from accumulated OCI, net of tax	0	(287)
Change in accounting principle			0
Ending Balance	0	4,338
Cash flow hedge, net of tax | Interest rate cash flow hedges, net of tax
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance	(387)	(555)
Losses reclassified from accumulated OCI, net of tax	42	44
Change in accounting principle			0
Ending Balance	(345)	(511)
Other post- retirement benefit liability adjustment, net of tax
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance	(5,019)	(6,528)
Losses reclassified from accumulated OCI, net of tax	76	86
Change in accounting principle			(496)
Ending Balance	(5,439)	(6,442)
Accumulated OCI, net of tax
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance	(5,406)	(2,458)
Change in accounting principle			$ (496)
Ending Balance	$ (5,784)	$ (2,615)
[1]	Related to adoption of ASU 2018-02. See Note 1 for additional information.

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Jan. 01, 2019
Leases [Abstract]
Operating lease, right-of-use asset	$ 67,300	$ 89,000
Operating lease, liability	76,198	$ 89,000
Operating lease, payments	2,800
Operating lease, liability, current	$ 41,600
Weighted average remaining lease term	3 years
Discount rate	3.50%

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 19,284
Variable lease costs	3,255
Total lease costs	22,539
Property, plant and equipment, net
Lessee, Lease, Description [Line Items]
Operating lease costs	16,800
Total lease costs	$ 18,600

Leases - Lease Maturity (Detail

Leases - Lease Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019
Leases [Abstract]
2019 (April - December)	$ 41,229
2020	8,418
2021	8,456
2022	8,437
2023	8,417
2024 (and thereafter)	6,013
Total lease payments	80,970
Less: Interest	4,772
Present value of lease liabilities	$ 76,198	$ 89,000

Divestitures - Additional Infor

Divestitures - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Impairment of long-lived assets	$ 0	$ 2,329,045
Oil and gas asset		$ 1,000,000