EQT (EQT) 10-Q 31 Oct 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Oct. 29, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-03551
Entity Registrant Name	EQT CORPORATION
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	25-0464690
Entity Address, Address Line One	625 Liberty Avenue, Suite 1700
Entity Address, City or Town	Pittsburgh
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15222
City Area Code	412
Local Phone Number	553-5700
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	EQT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		255,643,475
Entity Central Index Key	0000033213
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

Statements of Condensed Consoli

Statements of Condensed Consolidated Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating revenues:
Sales of natural gas, oil and natural gas liquids	$ 769,627	$ 1,049,594	$ 2,941,767	$ 3,279,001
Gain (loss) on derivatives not designated as hedges	180,313	(3,075)	455,952	5,620
Total operating revenues	951,576	1,050,046	3,405,001	3,312,730
Operating expenses:
Transportation and processing	437,942	420,747	1,314,172	1,265,473
Production	37,821	42,734	117,545	149,231
Exploration	3,492	3,596	6,356	6,474
Selling, general and administrative	79,376	51,816	214,562	154,590
Depreciation and depletion	390,993	388,016	1,154,519	1,152,418
Impairment/loss on sale/exchange of long-lived assets	13,935	259,279	13,935	2,706,438
Impairment of intangible assets	15,411	0	15,411	0
Lease impairments and expirations	49,601	12,176	127,719	35,584
Amortization of intangible assets	7,755	10,341	28,439	31,025
Proxy, transaction and reorganization	76,779	8,792	102,386	23,930
Total operating expenses	1,113,105	1,197,497	3,095,044	5,525,163
Operating (loss) income	(161,529)	(147,451)	309,957	(2,212,433)
Unrealized loss on investment in Equitrans Midstream Corporation	(261,093)	0	(276,779)	0
Dividend and other income	22,960	4,323	67,592	4,063
Interest expense	47,709	56,180	154,785	171,211
Loss from continuing operations before income taxes	(447,371)	(199,308)	(54,015)	(2,379,581)
Income tax benefit	(86,343)	(71,961)	(9,244)	(596,723)
Loss from continuing operations	(361,028)	(127,347)	(44,771)	(1,782,858)
Income from discontinued operations, net of tax	0	190,795	0	537,673
Net (loss) income	(361,028)	63,448	(44,771)	(1,245,185)
Less: Net income from discontinued operations attributable to noncontrolling interests	0	103,141	0	362,696
Amounts attributable to EQT Corporation:
Loss from continuing operations	(361,028)	(127,347)	(44,771)	(1,782,858)
Income from discontinued operations, net of tax	0	87,654	0	174,977
Net loss attributable to EQT Corporation	$ (361,028)	$ (39,693)	$ (44,771)	$ (1,607,881)
Basic:
Weighted average common stock outstanding (in shares)	255,235	259,560	255,069	262,816
Loss from continuing operations (in dollars per share)	$ (1.41)	$ (0.49)	$ (0.18)	$ (6.79)
Income from discontinued operations (in dollars per share)	0	0.34	0	0.67
Net loss (in dollars per share)	$ (1.41)	$ (0.15)	$ (0.18)	$ (6.12)
Diluted:
Weighted average common stock outstanding (in shares)	255,235	259,560	255,069	262,816
Loss from continuing operations (in dollars per share)	$ (1.41)	$ (0.49)	$ (0.18)	$ (6.79)
Income from discontinued operations (in dollars per share)	0	0.34	0	0.67
Net loss (in dollars per share)	$ (1.41)	$ (0.15)	$ (0.18)	$ (6.12)
Sales of natural gas, oil and natural gas liquids
Operating revenues:
Sales of natural gas, oil and natural gas liquids	$ 769,627	$ 1,046,989	$ 2,941,767	$ 3,264,728
Net marketing services and other
Operating revenues:
Net marketing services and other	$ 1,636	$ 6,132	$ 7,282	$ 42,382

Statements of Condensed Conso_2

Statements of Condensed Consolidated Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended				9 Months Ended
		Sep. 30, 2019		Sep. 30, 2018		Sep. 30, 2019		Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net (loss) income		$ (361,028)		$ 63,448		$ (44,771)		$ (1,245,185)
Net change in cash flow hedges:
Natural gas	[1]	0		(430)	[2]	0		(1,183)	[3]
Interest rate	[4]	43		52		127		132
Other post-retirement benefits liability adjustment	[5]	77	[6]	86	[6]	229	[7]	258	[7]
Change in accounting principle	[8]	0		0		(496)		0
Other comprehensive income (loss)		120		(292)		(140)		(793)
Comprehensive (loss) income		(360,908)		63,156		(44,911)		(1,245,978)
Less: Comprehensive income from discontinued operations attributable to noncontrolling interests		0		103,141		0		362,696
Comprehensive loss attributable to EQT Corporation		$ (360,908)		$ (39,985)		$ (44,911)		$ (1,608,674)
[1]	Net of tax benefit of $150 and $413 for the three and nine months ended September 30, 2018 , respectively.
[2]	Net of tax benefit of $150 .
[3]	Net of tax benefit of $413 .
[4]	Net of tax expense of $10 for both the three months ended September 30, 2019 and 2018 and $30 and $54 for the nine months ended September 30, 2019 and 2018 , respectively.
[5]	Net of tax expense of $26 and $29 for the three months ended September 30, 2019 and 2018 , respectively, and $78 and $89 for the nine months ended September 30, 2019 and 2018 , respectively.
[6]	Net of tax expense of $29 and $26 for the three months ended September 30, 2018 and 2019 , respectively.
[7]	Net of tax expense of $89 and $78 for the nine months ended September 30, 2018 and 2019 , respectively.
[8]	Related to adoption of Accounting Standards Update (ASU) 2018-02. See Note 1 for additional information.

Statements of Condensed Conso_3

Statements of Condensed Consolidated Comprehensive (Loss) Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Natural gas, tax expense (benefit)		$ (150)		$ (413)
Interest rate, tax expense	$ 10	10	$ 30	54
Other post-retirement benefits liability adjustment, tax expense	$ 26	$ 29	$ 78	$ 89

Statements of Condensed Conso_4

Statements of Condensed Consolidated Cash Flows (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net loss		$ (44,771)	$ (1,245,185)
Adjustments to reconcile net loss to net cash provided by operating activities:
Deferred income tax benefit		(10,407)	(502,853)
Depreciation and depletion		1,154,519	1,290,876
Amortization of intangible assets		28,439	62,185
Asset and lease impairments		157,065	2,742,022
Unrealized loss on investment in Equitrans Midstream Corporation		276,779	0
Share-based compensation expense		29,453	23,137
Amortization, accretion and other		19,385	(33,492)
Gain on derivatives not designated as hedges		(455,952)	(5,620)
Net cash settlements received (paid) on derivatives not designated as hedges		152,149	(27,401)
Net premiums received on derivative instruments		22,512	0
Changes in other assets and liabilities:
Accounts receivable		508,306	(7,713)
Accounts payable		(286,453)	205,360
Other items, net		82,830	(55,926)
Net cash provided by operating activities		1,633,854	2,445,390
Cash flows from investing activities:
Capital expenditures		(1,257,333)	(2,225,671)
Capital expenditures for discontinued operations	[1]	0	(624,359)
Proceeds from sale of assets		0	583,895
Capital contributions to Mountain Valley Pipeline, LLC	[1]	0	(446,049)
Other investing activities		1,123	(7,276)
Net cash used in investing activities		(1,256,210)	(2,719,460)
Cash flows from financing activities:
Proceeds from borrowings on term loan facility		1,000,000	0
Debt issuance costs for term loan facility		(913)	0
Repayments and retirements of debt		(703,471)	(7,999)
Dividends paid		(22,985)	(23,736)
Proceeds from awards under employee compensation plans		0	1,946
Cash paid for taxes related to net settlement of share-based incentive awards		(7,220)	(21,910)
Repurchase and retirement of common stock		0	(538,876)
Repurchase of common stock		0	(27)
Distributions to noncontrolling interests	[1]	0	(279,539)
Proceeds from issuance of EQM Midstream Partners, LP debt	[1]	0	2,500,000
Debt discount and issuance costs for EQM Midstream Partners, LP debt	[1]	0	(34,249)
Acquisition of 25% ownership interest in Strike Force Midstream LLC	[1]	0	(175,000)
Net cash (used in) provided by financing activities		(373,589)	131,610
Net change in cash, cash equivalents and restricted cash		4,055	(142,460)
Cash, cash equivalents and restricted cash at beginning of period		3,487	147,315
Cash and cash equivalents at end of period		7,542	4,855
Cash paid (received) during the period for:
Interest, net of amount capitalized		125,817	163,688
Income taxes, net		(1,480)	193
Non-cash activity during the period for:
Increase in right-of-use lease assets and lease liabilities		112,141	0
Increase in asset retirement costs and obligations		3,610	6,109
Continuing operations
Cash flows from financing activities:
Proceeds from borrowings on credit facility		2,261,250	3,695,500
Repayment of borrowings on credit facility		(2,900,250)	(4,540,500)
Discontinued operations
Cash flows from financing activities:
Proceeds from borrowings on credit facility	[1]	0	2,524,000
Repayment of borrowings on credit facility	[1]	$ 0	$ (2,968,000)
[1]	Related to discontinued operations. See Note 2 .

Statements of Condensed Conso_5

Statements of Condensed Consolidated Cash Flows (Unaudited) (Parenthetical)	Sep. 30, 2018
Statement of Cash Flows [Abstract]
Percentage of voting interests acquired	25.00%

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 7,542	$ 3,487
Accounts receivable (less provision for doubtful accounts of $6,179 and $8,648 at September 30, 2019 and December 31, 2018, respectively)	552,260	1,241,843
Derivative instruments, at fair value	771,634	481,654
Tax receivable	127,789	131,573
Prepaid expenses and other	35,995	111,107
Total current assets	1,495,220	1,969,664
Property, plant and equipment	23,460,786	22,148,012
Less: accumulated depreciation and depletion	5,890,792	4,755,505
Net property, plant and equipment	17,569,994	17,392,507
Intangible assets, net	33,483	77,333
Investment in Equitrans Midstream Corporation	736,223	1,013,002
Other assets	325,529	268,838
Total assets	20,160,449	20,721,344
Current liabilities:
Current portion of debt	4,916	704,390
Accounts payable	755,102	1,059,873
Derivative instruments, at fair value	339,995	336,051
Other current liabilities	349,697	254,687
Total current liabilities	1,449,710	2,355,001
Credit facility borrowings	161,000	800,000
Term loan borrowings	999,239	0
Senior Notes	3,887,907	3,882,932
Note payable to EQM Midstream Partners, LP	106,333	110,059
Deferred income taxes	1,809,650	1,823,381
Other liabilities and credits	848,985	791,742
Total liabilities	9,262,824	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	7,818,683	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)	(32,527)	(49,194)
Retained earnings	3,117,015	3,184,275
Accumulated other comprehensive loss	(5,546)	(5,406)
Total equity	10,897,625	10,958,229
Total liabilities and equity	$ 20,160,449	$ 20,721,344

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Accounts receivable, accumulated provision for doubtful accounts	$ 6,179	$ 8,648
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)	257,003,000	257,225,000
Treasury stock, shares at cost (in shares)	1,833,000	2,753,000

Statements of Condensed Conso_6

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 (loss) income		(1,245,185)				(1,607,881)		362,696
Net change in cash flow hedges:
Natural gas, net of tax benefit	[2]	(1,183)	[1]				(1,183)
Interest rate, net of tax expense	[3]	132					132
Other post-retirement benefit liability adjustment, net of tax expense	[5]	258	[4]				258
Dividends	[6]	(23,736)				(23,736)
Stock-based compensation plans, net (in shares)				752
Share-based compensation plans		5,425		$ (9,116)	13,588			953
Distributions to noncontrolling interests	[7]	(279,539)						(279,539)
Repurchase and retirement of common stock (in shares)				(10,646)
Repurchase and retirement of common stock		(538,876)		$ (538,876)
Acquisition of 25% ownership interest in Strike Force Midstream LLC		(175,000)		1,818				(176,818)
Changes in ownership of consolidated subsidiaries		56,370		$ (158,560)				214,930
Ending Balance (in shares) at Sep. 30, 2018				254,426
Ending Balance at Sep. 30, 2018		16,217,392		$ 8,684,169	(50,014)	2,369,271	(3,251)	5,217,217
Beginning Balance (in shares) at Jun. 30, 2018				264,331
Beginning Balance at Jun. 30, 2018		16,702,619		$ 9,316,209	(50,769)	2,416,802	(2,959)	5,023,336
Comprehensive income (net of tax):
Net (loss) income		63,448				(39,693)		103,141
Net change in cash flow hedges:
Natural gas, net of tax benefit	[8]	(430)	[1]				(430)
Interest rate, net of tax expense	[9]	52					52
Other post-retirement benefit liability adjustment, net of tax expense	[10]	86	[4]				86
Dividends	[11]	(7,838)				(7,838)
Stock-based compensation plans, net (in shares)				41
Share-based compensation plans		8,213		$ 6,996	755			462
Distributions to noncontrolling interests	[12]	(98,794)						(98,794)
Repurchase and retirement of common stock (in shares)				(9,946)
Repurchase and retirement of common stock		(500,199)		$ (500,199)
Changes in ownership of consolidated subsidiaries		50,235		$ (138,837)				189,072
Ending Balance (in shares) at Sep. 30, 2018				254,426
Ending Balance at Sep. 30, 2018		16,217,392		$ 8,684,169	(50,014)	2,369,271	(3,251)	5,217,217
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 (loss) income		(44,771)				(44,771)
Net change in cash flow hedges:
Natural gas, net of tax benefit	[1]	0
Interest rate, net of tax expense	[3]	127					127
Other post-retirement benefit liability adjustment, net of tax expense	[5]	229	[4]				229
Dividends	[6]	(22,985)				(22,985)
Stock-based compensation plans, net (in shares)				920
Share-based compensation plans		21,266		$ 4,599	16,667
Other (in shares)				(222)
Other		(14,470)		$ (14,470)
Ending Balance (in shares) at Sep. 30, 2019				255,170
Ending Balance at Sep. 30, 2019		10,897,625		$ 7,818,683	(32,527)	3,117,015	(5,546)	0
Beginning Balance (in shares) at Jun. 30, 2019				254,796
Beginning Balance at Jun. 30, 2019		11,248,475		$ 7,807,740	(39,310)	3,485,711	(5,666)	0
Comprehensive income (net of tax):
Net (loss) income		(361,028)				(361,028)
Net change in cash flow hedges:
Natural gas, net of tax benefit	[1]	0
Interest rate, net of tax expense	[9]	43					43
Other post-retirement benefit liability adjustment, net of tax expense	[10]	77	[4]				77
Dividends	[11]	(7,668)				(7,668)
Stock-based compensation plans, net (in shares)				374
Share-based compensation plans		17,726		$ 10,943	6,783
Ending Balance (in shares) at Sep. 30, 2019				255,170
Ending Balance at Sep. 30, 2019		$ 10,897,625		$ 7,818,683	$ (32,527)	$ 3,117,015	$ (5,546)	$ 0
[1]	Net of tax benefit of $150 and $413 for the three and nine months ended September 30, 2018 , respectively.
[2]	Net of tax benefit of $413 .
[3]	Net of tax expense of $54 and $30 for the nine months ended September 30, 2018 and 2019 , respectively.
[4]	Net of tax expense of $26 and $29 for the three months ended September 30, 2019 and 2018 , respectively, and $78 and $89 for the nine months ended September 30, 2019 and 2018 , respectively.
[5]	Net of tax expense of $89 and $78 for the nine months ended September 30, 2018 and 2019 , respectively.
[6]	Dividends were $0.09 per share for both the nine months ended September 30, 2018 and 2019 .
[7]	Distributions to noncontrolling interests were $3.18 , $0.808 and $0.5966 per common unit from EQM, EQGP and Rice Midstream Partners LP (RMP), respectively.
[8]	Net of tax benefit of $150 .
[9]	Net of tax expense of $10 for both the three months ended September 30, 2018 and 2019 .
[10]	Net of tax expense of $29 and $26 for the three months ended September 30, 2018 and 2019 , respectively.
[11]	Dividends were $0.03 per share for both the three months ended September 30, 2018 and 2019 .
[12]	Distributions to noncontrolling interests from EQM Midstream Partners, LP (EQM) and EQGP Holdings, LP (EQGP) were $1.09 and $0.306 per common unit, respectively.

Statements of Condensed Conso_7

Statements of Condensed Consolidated Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Common stock, authorized shares (in shares)	320,000,000	320,000	320,000,000	320,000
Preferred stock authorized (in shares)	3,000,000	3,000	3,000,000	3,000
Preferred stock issued (in shares)	0	0	0	0
Preferred stock outstanding (in shares)	0	0	0	0
Natural gas, tax expense (benefit)		$ (150)		$ (413)
Interest rate, tax expense (benefit)	$ 10	10	$ 30	54
Other post-retirement benefits liability adjustment, tax expense	$ 26	$ 29	$ 78	$ 89
Dividends declared per common share (in dollars per share)	$ 0.03	$ 0.03	$ 0.09	$ 0.09
EQM
Distributions to noncontrolling interests (in dollars per share)		1.09		3.18
EQGP
Distributions to noncontrolling interests (in dollars per share)		$ 0.306		0.808
Rice Midstream Partners, LP
Distributions to noncontrolling interests (in dollars per share)				$ 0.5966

Financial Statements

Financial Statements	9 Months Ended
	Sep. 30, 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 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 September 30, 2019 and December 31, 2018 , the results of its operations and equity for the three and nine month periods ended September 30, 2019 and 2018 and its cash flows for the nine month periods ended September 30, 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 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 requires entities to record assets and liabilities that arise from operating leases. In July 2018, the FASB issued ASU 2018-11, Leases: Targeted Improvements , which provided an optional transition method of adoption that permitted entities to 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 requires disclosure 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 and requires entities to reflect their current estimate of all expected credit losses. The amendment affects loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables and any other financial assets not excluded from its scope that have a 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 does not expect that the adoption of this standard will have a material impact on its financial statements and related disclosures and plans to adopt this ASU in the first quarter of 2020. 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 entities 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, resulting 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 . This ASU modifies 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, and early adoption is permitted. The Company does not expect that the adoption of this standard will have a material impact on its financial statements and related disclosures and plans to adopt this ASU in the first quarter of 2020.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On November 12, 2018, the Company completed the 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's common stock to the Company's shareholders (the Distribution). The Company retained 19.9% of the outstanding shares of Equitrans Midstream's 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; therefore, this investment is accounted for as an investment in equity securities. As of September 30, 2019 and December 31, 2018 , the fair value was based on the closing stock price of Equitrans Midstream's common stock multiplied by the number of shares of Equitrans Midstream's common stock owned by the Company. The changes in fair value were recorded in the Statements of Condensed Consolidated Operations. Equitrans Midstream included 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 present certain transportation and processing expenses in continuing operations that 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, as presented as discontinued operations in the Statements of Condensed Consolidated Operations, are summarized below. The Company allocated 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 Nine Months Ended (Thousands) Operating revenues $ 108,824 $ 334,394 Transportation and processing (234,340 ) (688,876 ) Operation and maintenance 29,909 82,458 Selling, general and administrative 13,584 41,238 Depreciation 47,295 138,458 Transaction costs 22,714 69,246 Amortization of intangible assets 10,387 31,160 Other income 17,432 39,029 Interest expense 36,862 68,848 Income from discontinued operations before income taxes 199,845 630,891 Income tax expense 9,050 93,218 Income from discontinued operations after income taxes 190,795 537,673 Less: Net income from discontinued operations attributable to noncontrolling interests 103,141 362,696 Net income from discontinued operations $ 87,654 $ 174,977 The following table presents cash flows from discontinued operating activities related to Equitrans Midstream that are included and not separately stated in the Statements of Condensed Consolidated Cash Flows. Cash flows from investing and financing activities are separately stated in the Statements of Condensed Consolidated Cash Flows. Nine Months Ended (Thousands) Operating activities: Deferred income tax benefit $ (124,331 ) Depreciation 138,458 Amortization of intangibles 31,160 Other income (39,029 ) Share-based compensation expense 1,293

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers Under the Company's natural gas, oil and NGLs sales contracts, 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 commodity 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 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 recognized amounts due from contracts with customers of $301.5 million and $783.0 million as accounts receivable within the Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018 , respectively. Accounts receivable also includes amounts due from joint interest partners as well as amounts due for settled derivative instruments. 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 are 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 Nine Months Ended 2019 2018 2019 2018 (Thousands) Revenues from contracts with customers: Natural gas sales $ 726,076 $ 931,976 $ 2,763,792 $ 2,877,660 NGLs sales 34,880 106,621 151,004 357,746 Oil sales 8,671 8,392 26,971 29,322 Net marketing services and other — 2,605 — 14,273 Total revenues from contracts with customers 769,627 1,049,594 2,941,767 3,279,001 Other sources of revenue: Net marketing services and other 1,636 3,527 7,282 28,109 Gain (loss) on derivatives not designated as hedges 180,313 (3,075 ) 455,952 5,620 Total operating revenues $ 951,576 $ 1,050,046 $ 3,405,001 $ 3,312,730 The following table includes the transaction price allocated to the Company's remaining performance obligations on all contracts with fixed consideration as of September 30, 2019 . The table excludes all contracts that qualified for the exception to the relative standalone selling price method. 2019 (a) 2020 2021 Total (Thousands) Natural gas sales $ 22,001 $ 56,269 $ 14,731 $ 93,001 (a) October 1 through December 31.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 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 uses 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 used by the Company are primarily swap agreements, collar agreements and option agreements that 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's over the counter (OTC) derivative commodity instruments are typically entered into with financial institutions and the creditworthiness of all counterparties is regularly monitored. The Company does not designate any of its derivative instruments as cash flow hedges; therefore, all changes in fair value of the Company's derivative instruments are recognized within operating revenues in the Statements of Condensed Consolidated Operations. 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. Contracts that 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. The Company's OTC derivative instruments generally 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 1,922 Bcf of natural gas and 276 Mbbls of NGLs as of September 30, 2019 , and 3,128 Bcf of natural gas and 1,505 Mbbls of NGLs as of December 31, 2018 . The open positions at both September 30, 2019 and December 31, 2018 had maturities extending through December 2024. When the net fair value of any of the Company's swap agreements represents a liability to the Company that 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 in an amount equal to the portion of the derivative liability that 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 that is in excess of the agreed-upon threshold between the Company and the counterparty, the Company requires the counterparty to remit funds as a margin deposit in an amount equal to the portion of the derivative asset that 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 September 30, 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. When the fair value of such contracts is in a net asset position, the broker may remit funds to the Company. The Company records a current liability for any 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 $23.4 million and $40.3 million as of September 30, 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 September 30, 2019 Asset derivative instruments, at fair value $ 771,634 $ (288,898 ) $ — $ 482,736 Liability derivative instruments, at fair value $ 339,995 $ (288,898 ) $ (23,372 ) $ 27,725 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 OTC 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 derivative liability on those contracts exceeds certain thresholds. The additional collateral can be up to 100% of the derivative liability. As of September 30, 2019 , the aggregate fair value of all OTC derivative instruments with credit risk-related contingent features that were in a net liability position was $76.7 million , for which the Company had no collateral posted on September 30, 2019 . If the Company's credit rating by S&P or Moody's had been downgraded to a rating immediately below investment grade on September 30, 2019 , the Company would not have been required to post any additional collateral under its OTC derivative instrument contracts 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 September 30, 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." The Company may engage in interest rate swaps to hedge exposure to fluctuations in interest rates but has not executed any interest rate swaps since 2011. Amounts related to historical interest rate swaps are recorded in other comprehensive income (OCI). See Note 9 .

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 on 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. 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 used by the option pricing models include NYMEX forward curves, natural gas volatilities and LIBOR-based discount rates. 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 September 30, 2019 Asset derivative instruments, at fair value $ 771,634 $ 140,855 $ 630,779 $ — Liability derivative instruments, at fair value $ 339,995 $ 107,490 $ 232,505 $ — 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 is a publicly traded company. The carrying value of borrowings under the Company's credit facility and term loan facility approximate 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 the Company 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 September 30, 2019 and December 31, 2018 , the estimated fair value of the Company's Senior Notes was approximately $3.8 billion and $4.4 billion , respectively, and the carrying value of the Company's Senior Notes was approximately $3.9 billion and $4.6 billion , respectively, inclusive of the 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 with a market-based discount rate. As of September 30, 2019 and December 31, 2018 , the estimated fair value of the Company's note payable to EQM was approximately $131 million and $122 million , respectively, and the carrying value of the Company's note payable to EQM was approximately $111 million and $115 million , respectively, inclusive of the 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 12 and Note 1 in the Company's Annual Report on Form 10-K for the year ended December 31, 2018

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Historically, the Company calculated the provision for income taxes for interim periods by applying an estimate of 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 period. Because small fluctuations in estimated ordinary income could result in significant changes in the estimated annual effective tax rate, the Company determined that the historic method does not provide a reliable estimate for the nine months ended September 30, 2019. As a result, the Company instead used a discrete effective tax rate method to calculate taxes for the nine months ended September 30, 2019 . There were no material changes to the Company's methodology for determining unrecognized tax benefits during the nine months ended September 30, 2019 . For the nine months ended September 30, 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 for the period. The Company recorded income tax benefit at effective tax rates of 17.1% and 25.1% for the nine months ended September 30, 2019 and 2018 , respectively. The Company's effective tax rate for the nine months ended September 30, 2019 was lower compared to the U.S. federal statutory rate of 21% due primarily to state valuation allowances that limit certain state tax benefits and executive compensation and transaction costs, which are not deductible for tax purposes, partly offset by state taxes recorded in 2019 and the release of the valuation allowance related 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 U.S. 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 nine months ended September 30, 2018 was higher than the U.S. federal statutory rate due primarily to higher state taxes recorded in 2018, partly offset by valuation allowances that limit state tax benefits.

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt The Company has a $2.5 billion credit facility that expires in July 2022. The Company had no letters of credit outstanding under the credit facility as of September 30, 2019 and December 31, 2018 . During the three months ended September 30, 2019 and 2018 , the maximum amounts of outstanding borrowings at any time under the credit facility were $0.3 billion and $0.7 billion , respectively, the average daily balances were approximately $0.1 billion and $0.3 billion , respectively, and interest was incurred at a weighted average annual interest rate of 3.6% for both periods. During the nine months ended September 30, 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 $0.3 billion and $0.9 billion , respectively, and interest was incurred at weighted average annual interest rates of 4.0% and 3.3% , respectively. On May 31, 2019, the Company entered into a Term Loan Agreement (Term Loan Agreement) providing for a $1.0 billion unsecured term loan facility (Term Loan Facility) and borrowed $1.0 billion under the Term Loan Facility. The Company used the net proceeds to (i) repay the $700 million in aggregate principal amount of 8.125% Senior Notes, which matured on June 1, 2019, (ii) repay outstanding borrowings under the Company's $2.5 billion credit facility and (iii) pay accrued interest and fees and expenses related to the foregoing and the Term Loan Agreement. Remaining proceeds from the borrowing were used by the Company for general corporate purposes. The Term Loan Facility matures on May 31, 2021. At the Company's election, the $1.0 billion in borrowings under the Term Loan Facility bear interest at a eurodollar rate as defined in the Term Loan Agreement plus a margin determined on the basis of the Company's credit ratings, which is currently 1.00% . The Company may voluntarily prepay borrowings under the Term Loan Facility, in whole or in part, without premium or penalty, but subject to reimbursement of funding losses with respect to prepayment. Borrowings under the Term Loan Facility that are repaid may not be reborrowed. As of September 30, 2019 , the Company had $1.0 billion of outstanding borrowings under the Term Loan Facility and interest was incurred at a weighted average annual interest rate of 3.3% . The Term Loan Agreement contains certain representations and warranties and various affirmative and negative covenants and events of default, including (i) a restriction on the ability of the Company or its subsidiaries to incur or permit liens on assets, subject to certain significant exceptions, (ii) the establishment of a maximum ratio of consolidated debt to total capital of the Company and its subsidiaries such that consolidated debt shall at no time exceed 65% of total capital, (iii) a limitation on certain changes to the Company's business and (iv) certain restrictions related to mergers or acquisitions.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company reported a net loss for the three and nine months ended September 30, 2019 and 2018 ; therefore, all options and restricted stock were excluded from the calculation of diluted weighted average shares outstanding and diluted earnings per share because of their anti-dilutive effect on loss per share. Options to purchase common stock that were excluded from potentially dilutive securities because they were anti-dilutive were 2,554,729 for both the three and nine months ended September 30, 2019 and 1,201,900 and 1,257,991 for the three and nine months ended September 30, 2018 , respectively.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive (Loss) Income by Component	9 Months Ended
	Sep. 30, 2019
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Changes in Accumulated Other Comprehensive (Loss) Income by Component	Changes in Accumulated Other Comprehensive (Loss) Income by Component The following table explains the changes in accumulated OCI (loss) income 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 July 1, 2019 $ — $ (303 ) $ (5,363 ) $ (5,666 ) Losses reclassified from accumulated OCI, net of tax — 43 (a) 77 (b) 120 As of September 30, 2019 $ — $ (260 ) $ (5,286 ) $ (5,546 ) As of July 1, 2018 $ 3,872 $ (475 ) $ (6,356 ) $ (2,959 ) (Gains) losses reclassified from accumulated OCI, net of tax (430 ) (a) 52 (a) 86 (b) (292 ) As of September 30, 2018 $ 3,442 $ (423 ) $ (6,270 ) $ (3,251 ) As of January 1, 2019 $ — $ (387 ) $ (5,019 ) $ (5,406 ) Losses reclassified from accumulated OCI, net of tax — 127 (a) 229 (b) 356 Change in accounting principle — — (496 ) (c) (496 ) As of September 30, 2019 $ — $ (260 ) $ (5,286 ) $ (5,546 ) As of January 1, 2018 $ 4,625 $ (555 ) $ (6,528 ) $ (2,458 ) (Gains) losses reclassified from accumulated OCI, net of tax (1,183 ) (a) 132 (a) 258 (b) (793 ) As of September 30, 2018 $ 3,442 $ (423 ) $ (6,270 ) $ (3,251 ) (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) 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	9 Months Ended
	Sep. 30, 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 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 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 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 September 30, 2019 , the Company had no finance leases and was not a lessor. The following table summarizes operating lease costs for the three and nine months ended September 30, 2019 . Three Months Ended Nine Months Ended (Thousands) Operating lease costs $ 13,067 $ 50,764 Variable lease costs (a) 4,182 14,451 Total lease costs (b) $ 17,249 $ 65,215 (a) Includes short-term lease costs. (b) Includes costs capitalized to property, plant and equipment on the Condensed Consolidated Balance Sheet of $12.0 million and $51.4 million for the three and nine months ended September 30, 2019 , respectively, related primarily to drilling rig leases. Of the capitalized costs, $10.9 million and $43.6 million for the three and nine months ended September 30, 2019 , respectively, are operating lease costs. For the nine months ended September 30, 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 $8.1 million . During the nine months ended September 30, 2019 , the Company recorded $23.1 million of 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 September 30, 2019 , the operating right-of-use assets were $59.1 million and operating lease liabilities were $66.9 million , of which $29.9 million was classified as current. As of September 30, 2019 , the weighted average remaining lease term was 3.4 years and the weighted average discount rate was 3.3% . 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 September 30, 2019 . As of September 30, 2019 (Thousands) 2019 (October – December) $ 9,338 2020 29,598 2021 9,186 2022 8,499 2023 8,417 2024+ 6,013 Total lease payments 71,051 Less: Interest 4,128 Present value of lease liabilities $ 66,923

Asset Exchange Transaction

Asset Exchange Transaction	9 Months Ended
	Sep. 30, 2019
Nonmonetary Transactions [Abstract]
Asset Exchange Transaction	Asset Exchange Transaction During the third quarter of 2019, the Company closed on an acreage trade agreement and purchase and sale agreement with a third party ( Asset Exchange Transaction ), pursuant to which the Company exchanged approximately 16,000 net revenue interest acres primarily in Tyler and Wetzel counties, West Virginia for approximately 16,000 net revenue interest acres primarily in Wetzel and Marion counties, West Virginia. Under the terms of the purchase and sale agreement, the Company assigned to the third party a gas gathering agreement covering a portion of Tyler county and providing a firm gathering commitment, and the Company was released from its remaining obligations under the gas gathering agreement. As consideration for the third party's assumption of the Tyler county gas gathering agreement, the Company agreed to reimburse the third party for certain firm gathering costs under the gas gathering agreement through December 2022 and assign the third party an additional approximately 3,000 net revenue interest acres in Tyler and Wetzel counties, West Virginia. As a result of the transaction, the Company recorded a net loss of $13.9 million for the three months ended September 30, 2019 , reflected in impairment/loss on sale/exchange of long-lived assets in the Statements of Condensed Consolidated Operations. As of September 30, 2019 , the liability for the reimbursement of certain firm gathering costs was $38.1 million and is reflected in other current and noncurrent liabilities in the Condensed Consolidated Balance Sheets. The fair values of leases acquired and the liability for the reimbursement of certain firm gathering costs were 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 included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018. Key assumptions included in the calculation of these fair values included market-based prices for comparable acreage and a calculation of net present value of the expected payments due for reimbursement.

Divestitures

Divestitures	9 Months Ended
	Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	Divestitures In 2018, the Company sold its non-core production and related midstream assets located in the Permian Basin and Huron play (2018 Divestitures). For the nine months ended September 30, 2018, as a result of the 2018 Divestitures, the Company recorded an impairment/loss on sale/exchange of long-lived assets of $2.4 billion . The impairment of these properties and related pipeline assets recorded was due to the carrying value of the assets exceeding the amounts received upon the closing of the 2018 Divestitures. The fair value of the impaired assets 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 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 that could be realized upon a potential disposition, (iv) production rates based on the Company's experience with similar properties it operates, (v) estimated future operating and development costs and (vi) a market-based weighted average cost of capital. In connection with the closing of the 2018 Divestitures, the Company also recorded a loss of $259.3 million during the third quarter of 2018 related to certain capacity contracts that the Company no longer has existing production to satisfy and does not plan to use in the future. The loss was recorded in the impairment/loss on sale/exchange of long-lived assets within the Statements of Consolidated Operations. The fair value of the loss for the initial measurement was based upon significant inputs that were not observable in the market and, as such, is considered a Level 3 fair value measurement. The key unobservable input in the calculation is the amount, if any, of potential future economic benefit from the contracts. See Note 5 for a description of the fair value hierarchy.

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The results of operations of Equitrans Midstream, as presented as discontinued operations in the Statements of Condensed Consolidated Operations, are summarized below. The Company allocated 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 Nine Months Ended (Thousands) Operating revenues $ 108,824 $ 334,394 Transportation and processing (234,340 ) (688,876 ) Operation and maintenance 29,909 82,458 Selling, general and administrative 13,584 41,238 Depreciation 47,295 138,458 Transaction costs 22,714 69,246 Amortization of intangible assets 10,387 31,160 Other income 17,432 39,029 Interest expense 36,862 68,848 Income from discontinued operations before income taxes 199,845 630,891 Income tax expense 9,050 93,218 Income from discontinued operations after income taxes 190,795 537,673 Less: Net income from discontinued operations attributable to noncontrolling interests 103,141 362,696 Net income from discontinued operations $ 87,654 $ 174,977 The following table presents cash flows from discontinued operating activities related to Equitrans Midstream that are included and not separately stated in the Statements of Condensed Consolidated Cash Flows. Cash flows from investing and financing activities are separately stated in the Statements of Condensed Consolidated Cash Flows. Nine Months Ended (Thousands) Operating activities: Deferred income tax benefit $ (124,331 ) Depreciation 138,458 Amortization of intangibles 31,160 Other income (39,029 ) Share-based compensation expense 1,293

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 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 are 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 Nine Months Ended 2019 2018 2019 2018 (Thousands) Revenues from contracts with customers: Natural gas sales $ 726,076 $ 931,976 $ 2,763,792 $ 2,877,660 NGLs sales 34,880 106,621 151,004 357,746 Oil sales 8,671 8,392 26,971 29,322 Net marketing services and other — 2,605 — 14,273 Total revenues from contracts with customers 769,627 1,049,594 2,941,767 3,279,001 Other sources of revenue: Net marketing services and other 1,636 3,527 7,282 28,109 Gain (loss) on derivatives not designated as hedges 180,313 (3,075 ) 455,952 5,620 Total operating revenues $ 951,576 $ 1,050,046 $ 3,405,001 $ 3,312,730
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 September 30, 2019 . The table excludes all contracts that qualified for the exception to the relative standalone selling price method. 2019 (a) 2020 2021 Total (Thousands) Natural gas sales $ 22,001 $ 56,269 $ 14,731 $ 93,001 (a) October 1 through December 31.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019 Asset derivative instruments, at fair value $ 771,634 $ (288,898 ) $ — $ 482,736 Liability derivative instruments, at fair value $ 339,995 $ (288,898 ) $ (23,372 ) $ 27,725 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 September 30, 2019 Asset derivative instruments, at fair value $ 771,634 $ (288,898 ) $ — $ 482,736 Liability derivative instruments, at fair value $ 339,995 $ (288,898 ) $ (23,372 ) $ 27,725 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)	9 Months Ended
	Sep. 30, 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 September 30, 2019 Asset derivative instruments, at fair value $ 771,634 $ 140,855 $ 630,779 $ — Liability derivative instruments, at fair value $ 339,995 $ 107,490 $ 232,505 $ — 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 (Loss) Income by Component (Tables)	9 Months Ended
	Sep. 30, 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 OCI (loss) income 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 July 1, 2019 $ — $ (303 ) $ (5,363 ) $ (5,666 ) Losses reclassified from accumulated OCI, net of tax — 43 (a) 77 (b) 120 As of September 30, 2019 $ — $ (260 ) $ (5,286 ) $ (5,546 ) As of July 1, 2018 $ 3,872 $ (475 ) $ (6,356 ) $ (2,959 ) (Gains) losses reclassified from accumulated OCI, net of tax (430 ) (a) 52 (a) 86 (b) (292 ) As of September 30, 2018 $ 3,442 $ (423 ) $ (6,270 ) $ (3,251 ) As of January 1, 2019 $ — $ (387 ) $ (5,019 ) $ (5,406 ) Losses reclassified from accumulated OCI, net of tax — 127 (a) 229 (b) 356 Change in accounting principle — — (496 ) (c) (496 ) As of September 30, 2019 $ — $ (260 ) $ (5,286 ) $ (5,546 ) As of January 1, 2018 $ 4,625 $ (555 ) $ (6,528 ) $ (2,458 ) (Gains) losses reclassified from accumulated OCI, net of tax (1,183 ) (a) 132 (a) 258 (b) (793 ) As of September 30, 2018 $ 3,442 $ (423 ) $ (6,270 ) $ (3,251 ) (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) 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)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Lease, Cost	The following table summarizes operating lease costs for the three and nine months ended September 30, 2019 . Three Months Ended Nine Months Ended (Thousands) Operating lease costs $ 13,067 $ 50,764 Variable lease costs (a) 4,182 14,451 Total lease costs (b) $ 17,249 $ 65,215 (a) Includes short-term lease costs. (b) Includes costs capitalized to property, plant and equipment on the Condensed Consolidated Balance Sheet of $12.0 million and $51.4 million for the three and nine months ended September 30, 2019 , respectively, related primarily to drilling rig leases. Of the capitalized costs, $10.9 million and $43.6 million for the three and nine months ended September 30, 2019 , respectively, are 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 September 30, 2019 . As of September 30, 2019 (Thousands) 2019 (October – December) $ 9,338 2020 29,598 2021 9,186 2022 8,499 2023 8,417 2024+ 6,013 Total lease payments 71,051 Less: Interest 4,128 Present value of lease liabilities $ 66,923

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations after income taxes	$ 0	$ 190,795	$ 0	$ 537,673
Net income from discontinued operations	$ 0	87,654	$ 0	174,977
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		108,824		334,394
Transportation and processing		(234,340)		(688,876)
Operation and maintenance		29,909		82,458
Selling, general and administrative		13,584		41,238
Depreciation		47,295		138,458
Transaction costs		22,714		69,246
Amortization of intangible assets		10,387		31,160
Other income		17,432		39,029
Interest expense		36,862		68,848
Income from discontinued operations before income taxes		199,845		630,891
Income tax expense		9,050		93,218
Income from discontinued operations after income taxes		190,795		537,673
Less: Net income from discontinued operations attributable to noncontrolling interests		103,141		362,696
Net income from discontinued operations		$ 87,654		$ 174,977

Discontinued Operations - Sta_2

Discontinued Operations - Statement of Cash Flows (Details) - Midstream Business - Discontinued Operations, Disposed of by Means Other than Sale, Spinoff - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Operating activities:
Deferred income tax benefit		$ (124,331)
Depreciation	$ 47,295	138,458
Amortization of intangible assets	$ 10,387	31,160
Other income		(39,029)
Share-based compensation expense		$ 1,293

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Contract with customer, asset, net	$ 301,500		$ 301,500		$ 783,000
Total revenues from contracts with customers	769,627	$ 1,049,594	2,941,767	$ 3,279,001
Gain (loss) on derivatives not designated as hedges	180,313	(3,075)	455,952	5,620
Total operating revenues	951,576	1,050,046	$ 3,405,001	3,312,730
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	726,076	931,976	$ 2,763,792	2,877,660
NGLs Sales
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	34,880	106,621	151,004	357,746
Oil Sales
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	8,671	8,392	26,971	29,322
Net Marketing Services and Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	2,605	0	14,273
Net marketing services and other	$ 1,636	$ 3,527	$ 7,282	$ 28,109

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Remaining Performance Obligations (Details) - Natural Gas Sales $ in Thousands	Sep. 30, 2019USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 22,001
Remaining performance obligation, expected timing of satisfaction, period	3 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	$ 56,269
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	$ 93,001
Remaining performance obligation, expected timing of satisfaction, period	1 year

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)BcfMBbls	Dec. 31, 2018USD ($)BcfMBbls
Derivative Instruments, Gain (Loss) [Line Items]
Maximum additional collateral as percentage of derivative liability	100.00%
Aggregate fair value of derivative instruments with credit-risk related contingencies	$ 76,700,000
Collateral posted	$ 0
Natural Gas Liquid Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Volume of derivative instruments (in Bcf, Mbbls) | MBbls	276	1,505
Commodity derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Margin deposits remitted to counterparties	$ 23,372,000	$ 40,283,000
Cash flow hedging | Commodity derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Volume of derivative instruments (in Bcf, Mbbls) | Bcf	1,922	3,128

Derivative Instruments - Impact

Derivative Instruments - Impact of Netting Agreements and Margin Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Asset derivative instruments, at fair value
Gross derivative instruments, recorded in the Condensed Consolidated Balance Sheets	$ 771,634	$ 481,654
Liability derivative instruments, at fair value
Gross derivative instruments, recorded in the Condensed Consolidated Balance Sheets	339,995	336,051
Commodity derivatives
Asset derivative instruments, at fair value
Gross derivative instruments, recorded in the Condensed Consolidated Balance Sheets	771,634	481,654
Derivative instruments subject to master netting agreements	(288,898)	(256,087)
Margin deposits remitted to counterparties	0	0
Derivative instruments, net	482,736	225,567
Liability derivative instruments, at fair value
Gross derivative instruments, recorded in the Condensed Consolidated Balance Sheets	339,995	336,051
Derivative instruments subject to master netting agreements	(288,898)	(256,087)
Margin deposits remitted to counterparties	(23,372)	(40,283)
Derivative instruments, net	$ 27,725	$ 39,681

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Instrument Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative instruments, at fair value	$ 771,634	$ 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]
Asset derivative instruments, at fair value	140,855	112,107
Liability derivative instruments, at fair value	107,490	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]
Asset derivative instruments, at fair value	630,779	369,547
Liability derivative instruments, at fair value	232,505	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]
Asset 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]
Asset derivative instruments, at fair value	771,634	481,654
Liability derivative instruments, at fair value	$ 339,995	$ 336,051

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of long-term debt	$ 3,800	$ 4,400
EQT Midstream Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of long-term debt	131	122
Long-term debt	111	115
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 3,900	$ 4,600

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Effective tax rate	17.10%	25.10%

Debt (Details)

Debt (Details) - USD ($)	May 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Line of Credit Facility
Proceeds from borrowings on term loan facility				$ 1,000,000,000	$ 0
Term loan borrowings		$ 999,239,000		999,239,000		$ 0
Term Loan Agreement | Unsecured Debt
Line of Credit Facility
Face amount	$ 1,000,000,000
Proceeds from borrowings on term loan facility	$ 1,000,000,000
Term loan borrowings		$ 1,000,000,000		$ 1,000,000,000
Weighted average interest rate		3.30%		3.30%
Maximum debt to capital ratio	65.00%
Term Loan Agreement | Unsecured Debt | Eurodollar
Line of Credit Facility
Basis spread on variable rate	1.00%
8.125% Senior Notes | Senior Notes
Line of Credit Facility
Repayments of debt	$ 700,000,000
Interest rate, stated percentage	8.125%
Revolving credit facility | EQT 2.5 Billion Facility
Line of Credit Facility
Line of credit facility, maximum borrowing capacity		$ 2,500,000,000		$ 2,500,000,000
Letters of credit outstanding under revolving credit facility		0		0		$ 0
Maximum amount of outstanding short-term loans at any time during the period		300,000,000	$ 700,000,000	1,100,000,000	1,600,000,000
Average daily balance of short-term loans outstanding during the period		$ 100,000,000	$ 300,000,000	$ 300,000,000	$ 900,000,000
Weighted average interest rates of average daily balance of short-term loans		3.60%	3.60%	4.00%	3.30%

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Shares excluded from potentially dilutive securities (in shares)	2,554,729	1,201,900	2,554,729	1,257,991

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive (Loss) Income by Component (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jan. 01, 2019		Jan. 01, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance	$ 11,248,475	$ 16,702,619	$ 10,958,229	$ 18,414,613
Losses reclassified from accumulated OCI, net of tax	120	(292)	356	(793)
Change in accounting principle					$ 0	[1]	$ 4,113
Ending Balance	10,897,625	16,217,392	10,897,625	16,217,392
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	3,872	0	4,625
Losses reclassified from accumulated OCI, net of tax	0	(430)	0	(1,183)
Change in accounting principle					0
Ending Balance	0	3,442	0	3,442
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	(303)	(475)	(387)	(555)
Losses reclassified from accumulated OCI, net of tax	43	52	127	132
Change in accounting principle					0
Ending Balance	(260)	(423)	(260)	(423)
Other post-retirement benefit liability adjustment, net of tax
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance	(5,363)	(6,356)	(5,019)	(6,528)
Losses reclassified from accumulated OCI, net of tax	77	86	229	258
Change in accounting principle					(496)
Ending Balance	(5,286)	(6,270)	(5,286)	(6,270)
Accumulated OCI, net of tax
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance	(5,666)	(2,959)	(5,406)	(2,458)
Change in accounting principle					$ (496)
Ending Balance	$ (5,546)	$ (3,251)	$ (5,546)	$ (3,251)
[1]	Related to adoption of ASU 2018-02. See Note 1 for additional information.

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Jan. 01, 2019
Leases [Abstract]
Operating lease, right-of-use asset	$ 59,100	$ 89,000
Operating lease, liability	66,923	$ 89,000
Operating lease, payments	8,100
Right-of-use assets obtained in exchange for new lease liabilities	23,100
Operating lease, liability, current	$ 29,900
Weighted average remaining lease term	3 years 4 months 24 days
Discount rate	3.30%

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 13,067	$ 50,764
Variable lease costs	4,182	14,451
Total lease costs	17,249	65,215
Property, plant and equipment, net
Lessee, Lease, Description [Line Items]
Operating lease costs	10,900	43,600
Total lease costs	$ 12,000	$ 51,400

Leases - Lease Maturity (Detail

Leases - Lease Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
Leases [Abstract]
2019 (October – December)	$ 9,338
2020	29,598
2021	9,186
2022	8,499
2023	8,417
2024 (and thereafter)	6,013
Total lease payments	71,051
Less: Interest	4,128
Present value of lease liabilities	$ 66,923	$ 89,000

Asset Exchange Transaction (Det

Asset Exchange Transaction (Details) - Asset Exchange Transaction $ in Millions	3 Months Ended
	Sep. 30, 2019USD ($)a
Nonmonetary Transaction [Line Items]
Area of acres exchanged (in acres)	16,000
Area of acres obtained in asset exchange (in acres)	16,000
Additional area of acres disposed of as consideration (in acres)	3,000
Loss from asset exchange transaction | $	$ 13.9
Reimbursement liability recognized | $	$ 38.1

Divestitures - Additional Infor

Divestitures - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment/loss on sale/exchange of long-lived assets	$ 13,935	$ 259,279	$ 13,935	$ 2,706,438
Asset impairment charges		$ 259,300	$ 157,065	2,742,022
Huron and Permian Basin of Texas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment/loss on sale/exchange of long-lived assets				$ 2,400,000