Coterra Energy (CTRA) 10-Q 26 Jul 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2019	Jul. 24, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	1-10447
Entity Registrant Name	CABOT OIL & GAS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3072771
Entity Address, Address Line One	Three Memorial City Plaza
Entity Address, Address Line Two	840 Gessner Road,
Entity Address, Address Line Three	Suite 1400,
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024
City Area Code	281
Local Phone Number	589-4600
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	COG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Central Index Key	0000858470
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		418,390,612

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 241,394	$ 2,287
Accounts receivable, net	183,376	362,403
Income taxes receivable	121,859	109,251
Inventories	19,381	11,076
Derivative instruments	61,194	57,665
Other current assets	4,126	1,863
Total current assets	631,330	544,545
Properties and equipment, net (Successful efforts method)	3,699,575	3,463,606
Equity method investments	166,138	163,181
Other assets	66,686	27,497
TOTAL ASSETS	4,563,729	4,198,829
Current liabilities
Accounts payable	184,960	241,939
Accrued liabilities	29,184	25,227
Interest payable	19,882	20,098
Total current liabilities	234,026	287,264
Long-term debt, net	1,219,555	1,226,104
Deferred income taxes	611,163	458,597
Asset retirement obligations	54,356	50,622
Postretirement benefits	28,874	27,912
Other liabilities	70,951	60,171
Total liabilities	2,218,925	2,110,670
Commitments and contingencies
Stockholders' equity
Common stock	47,688	47,610
Additional paid-in capital	1,769,195	1,763,142
Retained earnings	1,983,733	1,607,658
Accumulated other comprehensive income	4,164	4,437
Treasury Stock	(1,459,976)	(1,334,688)
Total stockholders' equity	2,344,804	2,088,159
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 4,563,729	$ 4,198,829

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, authorized (shares)	960,000,000	960,000,000
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, issued (shares)	476,879,016	476,094,551
Treasury stock (shares)	58,490,638	53,409,705

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
OPERATING REVENUES
Operating revenues	$ 470,468	$ 457,115	$ 1,103,892	$ 924,765
Gain (loss) on derivative instruments	63,649	(3,668)	71,906	1,909
TOTAL OPERATING REVENUES	534,117	453,447	1,175,798	926,674
OPERATING EXPENSES
Direct operations	18,093	15,657	36,427	35,727
Taxes other than income	3,640	5,392	9,487	12,582
Exploration	4,504	54,500	10,548	58,117
Depreciation, depletion and amortization	96,147	84,910	188,405	167,038
General and administrative	22,889	21,228	53,979	45,288
TOTAL OPERATING EXPENSES	286,962	375,958	577,868	630,098
Earnings (loss) on equity method investments	3,650	(4)	7,334	(998)
Gain (loss) on sale of assets	0	544	(1,500)	(40,505)
INCOME FROM OPERATIONS	250,805	78,029	603,764	255,073
Interest expense, net	14,567	23,328	26,748	43,386
Other expense	143	118	287	232
Income before income taxes	236,095	54,583	576,729	211,455
Income tax expense	55,086	12,152	132,957	51,793
NET INCOME	$ 181,009	$ 42,431	$ 443,772	$ 159,662
Earnings per share
Basic (in dollars per share)	$ 0.43	$ 0.09	$ 1.05	$ 0.35
Diluted (in dollars per share)	$ 0.43	$ 0.09	$ 1.05	$ 0.35
Weighted-average common shares outstanding
Basic (in shares)	422,141	451,055	422,626	455,361
Diluted (in shares)	424,349	453,114	424,550	457,142
Dividends per common share (in dollars per share)	$ 0.09	$ 0.06	$ 0.16	$ 0.12
Natural gas
OPERATING REVENUES
Operating revenues	$ 470,482	$ 364,660	$ 1,103,656	$ 776,768
Crude oil and condensate
OPERATING REVENUES
Operating revenues	0	0	0	48,722
Brokered natural gas
OPERATING REVENUES
Operating revenues	0	92,576	0	97,526
OPERATING EXPENSES
Operating expenses	0	80,082	0	85,032
Other
OPERATING REVENUES
Operating revenues	(14)	(121)	236	1,749
Transportation and gathering
OPERATING EXPENSES
Operating expenses	$ 141,689	$ 114,189	$ 279,022	$ 226,314

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 443,772	$ 159,662
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization	188,405	167,038
Deferred income tax expense	152,647	66,976
Loss on sale of assets	1,500	40,505
Exploratory dry hole cost	16	51,085
Gain on derivative instruments	(71,906)	(1,909)
Net cash received (paid) in settlement of derivative instruments	68,377	(20,312)
(Earnings) loss on equity method investments	(7,334)	998
Distribution of earnings from equity method investments	8,750	0
Amortization of debt issuance costs	2,464	2,390
Stock-based compensation and other	21,058	10,364
Changes in assets and liabilities:
Accounts receivable, net	179,027	38,939
Income taxes	(5,577)	12,107
Inventories	(8,305)	(12,377)
Other current assets	(2,263)	(1,096)
Accounts payable and accrued liabilities	(35,867)	7,168
Interest payable	(216)	(215)
Other assets and liabilities	(22,611)	25,337
Net cash provided by operating activities	911,937	546,660
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(421,500)	(387,271)
Proceeds from sale of assets	2,346	646,868
Investment in equity method investments	(5,131)	(62,905)
Distribution of investment from equity method investments	758	0
Net cash (used in) provided by investing activities	(423,527)	196,692
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from debt	95,000	0
Repayments of debt	(102,000)	0
Treasury stock repurchases	(156,638)	(419,654)
Dividends paid	(67,697)	(54,718)
Tax withholdings on vesting of stock awards	(10,557)	(8,033)
Capitalized debt issuance costs	(7,411)	0
Net cash used in financing activities	(249,303)	(482,405)
Net increase in cash and cash equivalents	239,107	260,947
Cash and cash equivalents, beginning of period	2,287	480,047
Cash and cash equivalents, end of period	$ 241,394	$ 740,994

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Balance at beginning of period at Dec. 31, 2017	$ 2,523,905	$ 47,555	$ (430,576)	$ 1,742,419	$ 2,077	$ 1,162,430
Balance (in shares) at Dec. 31, 2017		475,547	14,936
Increase (Decrease) in Stockholders' Equity
Net income	117,231					117,231
Stock amortization and vesting (in shares)		534
Stock amortization and vesting	302	$ 53		249
Purchase of treasury stock	(207,135)		$ (207,135)
Purchase of treasury stock (in shares)			8,328
Cash dividends	(27,647)					(27,647)
Other comprehensive income (loss)	306				306
Balance at end of period at Mar. 31, 2018	2,406,516	$ 47,608	$ (637,711)	1,742,668	2,383	1,251,568
Balance (in shares) at Mar. 31, 2018		476,081	23,264
Balance at beginning of period at Dec. 31, 2017	2,523,905	$ 47,555	$ (430,576)	1,742,419	2,077	1,162,430
Balance (in shares) at Dec. 31, 2017		475,547	14,936
Increase (Decrease) in Stockholders' Equity
Net income	159,662
Balance at end of period at Jun. 30, 2018	2,154,174	$ 47,609	$ (912,048)	1,749,437	2,248	1,266,928
Balance (in shares) at Jun. 30, 2018		476,086	34,910
Increase (Decrease) in Stockholders' Equity
Cumulative impact from accounting change	(446)					(446)
Balance at beginning of period at Mar. 31, 2018	2,406,516	$ 47,608	$ (637,711)	1,742,668	2,383	1,251,568
Balance (in shares) at Mar. 31, 2018		476,081	23,264
Increase (Decrease) in Stockholders' Equity
Net income	42,431					42,431
Exercise of stock appreciation rights (in shares)		3
Exercise of stock appreciation rights	1	$ 1
Stock amortization and vesting (in shares)		2
Stock amortization and vesting	6,769	$ 0		6,769
Purchase of treasury stock	(274,337)		$ (274,337)
Purchase of treasury stock (in shares)			11,646
Cash dividends	(27,071)					(27,071)
Other comprehensive income (loss)	(135)				(135)
Balance at end of period at Jun. 30, 2018	2,154,174	$ 47,609	$ (912,048)	1,749,437	2,248	1,266,928
Balance (in shares) at Jun. 30, 2018		476,086	34,910
Balance at beginning of period at Dec. 31, 2018	2,088,159	$ 47,610	$ (1,334,688)	1,763,142	4,437	1,607,658
Balance (in shares) at Dec. 31, 2018		476,095	53,410
Increase (Decrease) in Stockholders' Equity
Net income	262,763					262,763
Stock amortization and vesting (in shares)		682
Stock amortization and vesting	(213)	$ 68		(281)
Purchase of treasury stock	(28)		$ (28)
Cash dividends	(29,605)					(29,605)
Other comprehensive income (loss)	(137)				(137)
Balance at end of period at Mar. 31, 2019	2,320,939	$ 47,678	$ (1,334,716)	1,762,861	4,300	1,840,816
Balance (in shares) at Mar. 31, 2019		476,777	53,410
Balance at beginning of period at Dec. 31, 2018	2,088,159	$ 47,610	$ (1,334,688)	1,763,142	4,437	1,607,658
Balance (in shares) at Dec. 31, 2018		476,095	53,410
Increase (Decrease) in Stockholders' Equity
Net income	443,772
Balance at end of period at Jun. 30, 2019	2,344,804	$ 47,688	$ (1,459,976)	1,769,195	4,164	1,983,733
Balance (in shares) at Jun. 30, 2019		476,879	58,491
Balance at beginning of period at Mar. 31, 2019	2,320,939	$ 47,678	$ (1,334,716)	1,762,861	4,300	1,840,816
Balance (in shares) at Mar. 31, 2019		476,777	53,410
Increase (Decrease) in Stockholders' Equity
Net income	181,009					181,009
Stock amortization and vesting (in shares)		102
Stock amortization and vesting	6,344	$ 10		6,334
Purchase of treasury stock	(125,260)		$ (125,260)
Purchase of treasury stock (in shares)			5,081
Cash dividends	(38,092)					(38,092)
Other comprehensive income (loss)	(136)				(136)
Balance at end of period at Jun. 30, 2019	$ 2,344,804	$ 47,688	$ (1,459,976)	$ 1,769,195	$ 4,164	$ 1,983,733
Balance (in shares) at Jun. 30, 2019		476,879	58,491

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Mar. 31, 2018	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends, per share (in dollars per share)	$ 0.09	$ 0.07	$ 0.06	$ 0.06

Financial Statement Presentatio

Financial Statement Presentation	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statement Presentation	Financial Statement Presentation During interim periods, Cabot Oil & Gas Corporation (the Company) follows the same accounting policies disclosed in its Annual Report on Form 10-K for the year ended December 31, 2018 (Form 10-K) filed with the Securities and Exchange Commission (SEC). The interim financial statements should be read in conjunction with the notes to the consolidated financial statements and information presented in the Form 10-K. In management’s opinion, the accompanying interim condensed consolidated financial statements contain all material adjustments, consisting only of normal recurring adjustments, necessary for a fair statement. The results for any interim period are not necessarily indicative of the expected results for the entire year. Recently Adopted Accounting Pronouncements Leases. In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The new lease guidance supersedes Topic 840. The core principle of the guidance is that entities should recognize the assets and liabilities that arise from leases. This ASU does not apply to leases to explore for or use minerals, oil, natural gas and similar nonregenerative resources, including the intangible right to explore for those natural resources and rights to use the land in which those natural resources are contained. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, which provides entities with an optional transition method that permits an entity to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The guidance is effective for interim and annual periods beginning after December 15, 2018. This ASU was adopted using a modified retrospective approach. The Company adopted this guidance effective January 1, 2019 by applying the optional transition approach as of the beginning of the period of adoption. Comparative periods, including the disclosures related to those periods, were not restated. On the adoption date, the Company elected the following practical expedients which are provided in the lease standard: • an election not to apply the recognition requirements in the lease standard to short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that the Company is reasonably certain to exercise); • a package of practical expedients to not reassess whether a contract is or contains a lease, lease classification and initial direct costs; • a practical expedient to use hindsight when determining the lease term; • a practical expedient that permits combining lease and non-lease components in a contract and accounting for the combination as a lease (elected by asset class); and • a practical expedient to not reassess certain land easements in existence prior to January 1, 2019. On January 1, 2019, the Company recognized a right of use asset for operating leases and an operating lease liability of $44.6 million , representing the present value of the future minimum lease payment obligations associated with office leases, drilling rig commitments, surface use agreements and other leases. The adoption of this guidance did not have an impact on the Company’s results of operations or cash flows. Refer to Note 8

Properties and Equipment, Net

Properties and Equipment, Net	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Properties and Equipment, Net	Properties and Equipment, Net Properties and equipment, net are comprised of the following: (In thousands) June 30, December 31, Proved oil and gas properties $ 6,138,447 $ 5,717,145 Unproved oil and gas properties 178,204 194,435 Land, building and other equipment 98,534 94,797 6,415,185 6,006,377 Accumulated depreciation, depletion and amortization (2,715,610 ) (2,542,771 ) $ 3,699,575 $ 3,463,606 At June 30, 2019 , the Company did not have any projects that had exploratory well costs capitalized for a period of greater than one year after drilling.

Equity Method Investments

Equity Method Investments	6 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments The Company holds a 25 percent equity interest in Constitution Pipeline Company, LLC (Constitution) and a 20 percent equity interest in Meade Pipeline Co LLC (Meade). Activity related to these equity method investments is as follows: Constitution Meade Total Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 2019 2018 Balance at beginning of period $ — $ 732 $ 163,181 $ 85,345 $ 163,181 $ 86,077 Contributions 500 250 4,631 62,655 5,131 62,905 Distributions — — (9,508 ) — (9,508 ) — Earnings (loss) on equity method investments (500 ) (982 ) 7,834 (16 ) 7,334 (998 ) Balance at end of period $ — $ — $ 166,138 $ 147,984 $ 166,138 $ 147,984 For further information regarding the Company’s equity method investments, refer to Note 4 of the Notes to the Consolidated Financial Statements in the Form 10-K.

Debt and Credit Agreements

Debt and Credit Agreements	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt and Credit Agreements	Debt and Credit Agreements The Company’s debt and credit agreements consisted of the following: (In thousands) June 30, December 31, 6.51% weighted-average senior notes $ 124,000 $ 124,000 5.58% weighted-average senior notes 175,000 175,000 3.65% weighted-average senior notes 925,000 925,000 Revolving credit facility — 7,000 Unamortized debt issuance costs (4,445 ) (4,896 ) $ 1,219,555 $ 1,226,104 At June 30, 2019 , the Company was in compliance with all restrictive financial covenants for both its revolving credit facility and senior notes. Revolving Credit Agreement On April 22, 2019, the Company entered into a second amended and restated credit agreement (the revolving credit facility). The Company's revolving credit facility is unsecured and the borrowing base is redetermined annually on April 1. In addition, either the Company or the banks may request an interim redetermination twice a year or in connection with certain acquisitions or divestitures of oil and gas properties. The Company’s borrowing base and available commitments under the revolving credit facility were $3.2 billion and $1.5 billion , respectively. The maximum revolving credit available to the Company is the lesser of the available commitments or the difference of the borrowing base less outstanding senior notes. The Company's revolving credit facility matures in April 2024 and can be extended by one year upon the agreement of the Company and lenders holding at least 50 percent of the commitments under the revolving credit facility. Interest rates under the revolving credit facility are based on LIBOR or ABR indications, plus a margin which ranges from 150 to 225 basis points for LIBOR loans and from 50 to 125 basis points for ABR loans when not in an Investment Grade Period (as defined in the amended and restated credit agreement) and from 112.5 to 175 basis points for LIBOR loans and from 12.5 to 75 basis points for ABR loans during an Investment Grade Period. The revolving credit facility also provides for a commitment fee on the unused available balance and is calculated at annual rates ranging from 30 to 42.5 basis points when not in an Investment Grade Period and from 12.5 to 27.5 basis points during an Investment Grade Period. The Company is currently not in an Investment Grade Period. The revolving credit facility contains various customary covenants, which include the following (with all calculations based on definitions co ntained in the amended and restated credit agreement): • Maintenance of a minimum asset coverage ratio of 1.75 to 1.0; • Maintenance of a minimum annual coverage ratio of consolidated cash flow to interest expense for the trailing four quarters of 2.8 to 1.0; and • Maintenance of a minimum current ratio of 1.0 to 1.0. At June 30, 2019, the Company had no borrowings outstanding under its revolving credit facility and had unused commitments of $1.5 billion . The Company incurred $7.4 million of debt issuance costs in connection with the amended and restated credit agreement, which were capitalized and will be amortized over the term of the amended and restated agreement. The remaining unamortized costs of $3.4 million will also be amortized over the term of the amended and restated agreement in accordance with ASC 470-50, Debt Modifications and Extinguishments.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments As of June 30, 2019 , the Company had the following outstanding financial commodity derivatives: Swaps Basis Swaps Type of Contract Volume (Mmbtu) Contract Period Weighted-Average ($/Mmbtu) Weighted-Average ($/Mmbtu) Natural gas (IFERC TRANSCO Z6 non-NY) 5,520,000 Jul. 2019 - Dec. 2019 $ 0.41 Natural gas (IFERC TRANSCO Z6 non-NY) 18,450,000 Jul. 2019 - Oct. 2019 $ 2.61 Natural gas (IFERC TRANSCO Leidy Line Receipts) 27,600,000 Jul. 2019 - Dec. 2019 $ (0.53 ) Natural gas (NYMEX) 43,050,000 Jul. 2019 - Oct. 2019 $ 2.85 Natural gas (NYMEX) 55,200,000 Jul. 2019 - Dec. 2019 $ 2.82 Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet Derivative Assets Derivative Liabilities (In thousands) Balance Sheet Location June 30, December 31, June 30, December 31, Commodity contracts Derivative instruments (current) $ 61,194 $ 57,665 $ — $ — $ 61,194 $ 57,665 $ — $ — Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet (In thousands) June 30, December 31, Derivative assets Gross amounts of recognized assets $ 62,808 $ 60,105 Gross amounts offset in the statement of financial position (1,614 ) (2,440 ) Net amounts of assets presented in the statement of financial position 61,194 57,665 Gross amounts of financial instruments not offset in the statement of financial position — — Net amount $ 61,194 $ 57,665 Derivative liabilities Gross amounts of recognized liabilities $ 1,614 $ 2,440 Gross amounts offset in the statement of financial position (1,614 ) (2,440 ) Net amounts of liabilities presented in the statement of financial position — — Gross amounts of financial instruments not offset in the statement of financial position — — Net amount $ — $ — Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations Three Months Ended Six Months Ended (In thousands) 2019 2018 2019 2018 Cash received (paid) on settlement of derivative instruments Gain (loss) on derivative instruments $ 15,397 $ 5,819 $ 68,377 $ (20,312 ) Non-cash gain (loss) on derivative instruments Gain (loss) on derivative instruments 48,252 (9,487 ) 3,529 22,221 $ 63,649 $ (3,668 ) $ 71,906 $ 1,909

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company follows the authoritative guidance for measuring fair value of assets and liabilities in its financial statements. For further information regarding the fair value hierarchy, refer to Note 1 of the Notes to the Consolidated Financial Statements in the Form 10-K. Financial Assets and Liabilities The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis: (In thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at Assets Deferred compensation plan $ 16,962 $ — $ — $ 16,962 Derivative instruments — 48,571 14,237 62,808 Total assets $ 16,962 $ 48,571 $ 14,237 $ 79,770 Liabilities Deferred compensation plan $ 28,345 $ — $ — $ 28,345 Derivative instruments — — 1,614 1,614 Total liabilities $ 28,345 $ — $ 1,614 $ 29,959 (In thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at Assets Deferred compensation plan $ 14,699 $ — $ — $ 14,699 Derivative instruments — 35,689 24,416 60,105 Total assets $ 14,699 $ 35,689 $ 24,416 $ 74,804 Liabilities Deferred compensation plan $ 25,780 $ — $ — $ 25,780 Derivative instruments — — 2,440 2,440 Total liabilities $ 25,780 $ — $ 2,440 $ 28,220 The Company's investments associated with its deferred compensation plan consist of mutual funds and deferred shares of the Company's common stock that are publicly traded and for which market prices are readily available. The derivative instruments were measured based on quotes from the Company's counterparties and/or internal models. Such quotes and models have been derived using an income approach that considers various inputs including current market and contractual prices for the underlying instruments, quoted forward commodity prices, basis differentials, volatility factors and interest rates, such as a LIBOR curve for a similar length of time as the derivative contract term as applicable. Estimates are derived from or verified using relevant NYMEX futures contracts and/or are compared to multiple quotes obtained from counterparties for reasonableness. The determination of the fair values presented above also incorporates a credit adjustment for non-performance risk. The Company measured the non-performance risk of its counterparties by reviewing credit default swap spreads for the various financial institutions with which it has derivative transactions while non-performance risk of the Company is evaluated using a market credit spread provided by the Company's bank. The Company has not incurred any losses related to non-performance risk of its counterparties and does not anticipate any material impact on its financial results due to non-performance by third parties. The most significant unobservable inputs relative to the Company's Level 3 derivative contracts are basis differentials. An increase (decrease) in these unobservable inputs would result in an increase (decrease) in fair value, respectively. The Company does not have access to the specific assumptions used in its counterparties' valuation models. Consequently, additional disclosures regarding significant Level 3 unobservable inputs were not provided. The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy: Six Months Ended (In thousands) 2019 2018 Balance at beginning of period $ 21,976 $ (28,398 ) Total gain (loss) included in earnings 17,080 9,019 Settlement (gain) loss (26,433 ) 18,040 Balance at end of period $ 12,623 $ (1,339 ) Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period $ 7,252 $ (1,276 ) There were no transfers between Level 1 and Level 2 fair value measurements for the six months ended June 30, 2019 and 2018 . Non-Financial Assets and Liabilities The Company discloses or recognizes its non-financial assets and liabilities, such as impairments or acquisitions, at fair value on a nonrecurring basis. As none of the Company’s other non-financial assets and liabilities were measured at fair value as of June 30, 2019 , additional disclosures were not required. The estimated fair value of the Company’s asset retirement obligations at inception is determined by utilizing the income approach by applying a credit-adjusted risk-free rate, which takes into account the Company’s credit risk, the time value of money, and the current economic state to the undiscounted expected abandonment cash flows. Given the unobservable nature of the inputs, the measurement of the asset retirement obligations was classified as Level 3 in the fair value hierarchy. Fair Value of Other Financial Instruments The estimated fair value of other financial instruments is the amount at which the instrument could be exchanged currently between willing parties. The carrying amount reported in the Condensed Consolidated Balance Sheet for cash and cash equivalents approximates fair value due to the short-term maturities of these instruments. Cash and cash equivalents are classified as Level 1 in the fair value hierarchy and the remaining financial instruments are classified as Level 2. The Company uses available market data and valuation methodologies to estimate the fair value of debt. The fair value of debt is the estimated amount the Company would have to pay a third party to assume the debt, including a credit spread for the difference between the issue rate and the period end market rate. The credit spread is the Company’s default or repayment risk. The credit spread (premium or discount) is determined by comparing the Company’s senior notes and revolving credit facility to new issuances (secured and unsecured) and secondary trades of similar size and credit statistics for both public and private debt. The fair value of all senior notes is based on interest rates currently available to the Company. The Company’s debt is valued using an income approach and classified as Level 3 in the fair value hierarchy. The carrying amount and fair value of debt is as follows: June 30, 2019 December 31, 2018 (In thousands) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Long-term debt $ 1,219,555 $ 1,245,889 $ 1,226,104 $ 1,202,994

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2019
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations Activity related to the Company’s asset retirement obligations is as follows: (In thousands) Six Months Ended Balance at beginning of period (1) $ 51,622 Liabilities incurred 3,159 Liabilities settled (970 ) Liabilities divested (188 ) Accretion expense 1,733 Balance at end of period (1) $ 55,356 _______________________________________________________________________________ (1) Includes $1.0 million of current asset retirement obligations included in accrued liabilities at June 30, 2019 and December 31, 2018 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contractual Obligations The Company has various contractual obligations in the normal course of its operations. There have been no material changes to the Company’s contractual obligations described under “Transportation and Gathering Agreements” as disclosed in Note 9 of the Notes to Consolidated Financial Statements in the Form 10-K. Lease Commitments (Topic 840) Future minimum rental commitments under non-cancelable leases in effect at December 31, 2018 are as follows: (In thousands) 2019 $ 5,571 2020 5,684 2021 4,777 2022 1,659 2023 1,691 Thereafter 2,852 $ 22,234 The table above was prepared under the guidance of Topic 840. As discussed in Note 1 above, the Company adopted the guidance of Topic 842 effective January 1, 2019. Leases (Topic 842) The Company determines if an arrangement is, or contains, a lease at inception based on whether that contract conveys the right to control the use of an identified asset in exchange for consideration for a period of time. Operating leases are included in operating lease right-of-use assets (ROU assets) and operating lease liabilities (current and noncurrent) on the Condensed Consolidated Balance Sheet. The Company does not have any finance leases at June 30, 2019 . ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of minimum lease payments over the lease term. Most leases do not provide an implicit interest rate; therefore, the Company used its incremental borrowing rate based on the information available at the inception date to determine the present value of the lease payments. Lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option. Lease cost for lease payments is recognized on a straight-line basis over the lease term. Certain leases have payment terms that vary based on the usage of the underlying assets. Variable lease payments are not included in ROU assets and lease liabilities. For all operating leases, lease and non-lease components are accounted for as a single lease component. The Company has operating leases for office space, drilling rig commitments, surface use agreements and other leases. The leases have remaining terms ranging from less than one month to 26.5 years, including options to extend leases that the Company is reasonably certain to exercise. During the six months ended June 30, 2019 , the Company recognized operating lease cost and variable lease cost of $6.0 million and $3.5 million , respectively. Short-term leases. The Company leases drilling rigs, fracturing and other equipment under lease terms ranging from 30 days to one year . Lease cost of $157.7 million was recognized on short-term leases during the six months ended June 30, 2019 . Certain lease costs are capitalized and included in Properties and equipment, net in the Condensed Consolidated Balance Sheet because they relate to drilling and completion activities, while other costs are expensed because they relate to production and administrative activities. As of June 30, 2019 , the Company’s future undiscounted minimum cash payment obligations for its operating lease liabilities are as follows: (In thousands) Year Ending December 31, 2019 (excluding the six months ended June 30, 2019) $ 5,302 2020 4,549 2021 4,575 2022 4,577 2023 4,613 Thereafter 29,824 Total undiscounted lease payments 53,440 Present value adjustment (13,861 ) Net operating lease liabilities $ 39,579 Supplemental cash flow information related to leases was as follows: (In thousands) Three Months Ended Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,124 $ 2,247 Investing cash flows from operating leases $ 1,811 $ 3,602 Information regarding the weighted-average remaining lease term and the weighted-average discount rate for operating leases is summarized below: June 30, 2019 Weighted-average remaining lease term (in years) Operating leases 11.7 Weighted-average discount rate Operating leases 4.9 % Legal Matters The Company is a defendant in various legal proceedings arising in the normal course of business. All known liabilities are accrued when management determines they are probable based on its best estimate of the potential loss. While the outcome and impact of these legal proceedings on the Company cannot be predicted with certainty, management believes that the resolution of these proceedings will not have a material effect on the Company’s financial position, results of operations or cash flows. Contingency Reserves. When deemed necessary, the Company establishes reserves for certain legal proceedings. The establishment of a reserve is based on an estimation process that includes the advice of legal counsel and subjective judgment of management. While management believes these reserves to be adequate, it is reasonably possible that the Company could incur additional losses with respect to those matters in which reserves have been established. The Company believes that any such amount above the amounts accrued would not be material to the Condensed Consolidated Financial Statements. Future changes in facts and circumstances not currently foreseeable could result in the actual liability exceeding the estimated ranges of loss and amounts accrued.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Disaggregation of Revenue The following table presents revenues disaggregated by product: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 OPERATING REVENUES Natural gas $ 470,482 $ 364,660 $ 1,103,656 $ 776,768 Crude oil and condensate — — — 48,722 Brokered natural gas — 92,576 — 97,526 Other (14 ) (121 ) 236 1,749 Total revenues from contracts with customers 470,468 457,115 1,103,892 924,765 Gain (loss) on derivative instruments 63,649 (3,668 ) 71,906 1,909 Total operating revenues $ 534,117 $ 453,447 $ 1,175,798 $ 926,674 All of the Company’s revenues from contracts with customers represent products transferred at a point in time as control is transferred to the customer and generated in the United States. Transaction Price Allocated to Remaining Performance Obligations A significant number of the Company’s product sales contracts are short-term in nature with a contract term of one year or less. For those contracts, the Company has utilized the practical expedient exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. As of June 30, 2019 , the Company has $9.8 billion of unsatisfied performance obligations related to natural gas sales that have a fixed pricing component and a contract term greater than one year. The Company expects to recognize these obligations over periods ranging from five to 20 years. Contract Balances Receivables from contracts with customers are recorded when the right to consideration becomes unconditional, generally when control of the product has been transferred to the customer. Receivables from contracts with customers were $183.7 million and $363.0 million as of June 30, 2019 and December 31, 2018

Capital Stock

Capital Stock	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Capital Stock	Capital Stock Treasury Stock In July 2019, the Board of Directors authorized an increase of 25.0 million shares to the Company’s share repurchase program. After this authorization, the total number of shares available for repurchase is 31.5 million shares.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation General The Company grants certain stock-based compensation awards, including restricted stock awards, restricted stock units and performance share awards. Stock-based compensation expense associated with these awards was $6.7 million and $5.7 million in the second quarter of 2019 and 2018 , respectively, and $21.9 million and $11.1 million during the first six months of 2019 and 2018 , respectively. Stock-based compensation expense is included in general and administrative expense in the Condensed Consolidated Statement of Operations. For the first six months of 2019, the Company recorded a decrease to tax expense of $0.9 million as a result of federal and state tax deductions exceeding the book compensation expense for employee stock-based compensation awards that vested during the period. For the first six months of 2018, the Company recorded an increase to tax expense of $0.2 million as a result of book compensation expense exceeding the federal and state tax deductions for employee stock-based compensation awards that vested during the period. Refer to Note 13 of the Notes to the Consolidated Financial Statements in the Form 10-K for further description of the various types of stock-based compensation awards and the applicable award terms. Restricted Stock Units During the first six months of 2019 , 78,290 restricted stock units were granted to non-employee directors of the Company with a weighted-average grant date value of $25.01 per unit. The fair value of these units is measured based on the closing stock price on grant date and compensation expense is recorded immediately. These units immediately vest and are issued when the director ceases to be a director of the Company. Performance Share Awards The performance period for the awards granted during the first six months of 2019 commenced on January 1, 2019 and ends on December 31, 2021 . The Company used an annual forfeiture rate assumption ranging from zero percent to five percent for purposes of recognizing stock-based compensation expense for its performance share awards. Performance Share Awards Based on Internal Performance Metrics The fair value of performance share award grants based on internal performance metrics is based on the closing stock price on the grant date. Each performance share award represents the right to receive up to 100% of the award in shares of common stock. Based on the Company’s probability assessment at June 30, 2019 , it is considered probable that the criteria for all performance awards based on internal metrics awards will be met. Employee Performance Share Awards. During the first six months of 2019 , 526,730 Employee Performance Share Awards were granted at a grant date value of $24.95 per share. The performance metrics are set by the Company’s compensation committee and are based on the Company’s average production, average finding costs and average reserve replacement over a three -year performance period. Hybrid Performance Share Awards. During the first six months of 2019 , 315,029 Hybrid Performance Share Awards were granted at a grant date value of $24.95 per share. The 2019 awards vest 25% on each of the first and second anniversary dates and 50% on the third anniversary , provided that the Company has $100 million or more of operating cash flow for the year preceding the vesting date, as set by the Company’s compensation committee. If the Company does not meet the performance metric for the applicable period, then the portion of the performance shares that would have been issued on that anniversary date will be forfeited. Performance Share Awards Based on Market Conditions These awards have both an equity and liability component, with the right to receive up to the first 100% of the award in shares of common stock and the right to receive up to an additional 100% of the value of the award in excess of the equity component in cash. The equity portion of these awards is valued on the grant date and is not marked to market, while the liability portion of the awards is valued as of the end of each reporting period on a mark-to-market basis. The Company calculates the fair value of the equity and liability portions of the awards using a Monte Carlo simulation model. TSR Performance Share Awards. During the first six months of 2019 , 536,673 TSR Performance Share Awards were granted and are earned, or not earned, based on the comparative performance of the Company’s common stock measured against a predetermined group of companies in the Company’s peer group over a three -year performance period. The following assumptions were used to determine the grant date fair value of the equity component (February 19, 2019 ) and the period-end fair value of the liability component of the TSR Performance Share Awards: Grant Date June 30, 2019 Fair value per performance share award $ 20.63 $11.46 - $22.04 Assumptions: Stock price volatility 31.3 % 24.28% - 29.01% Risk free rate of return 2.46 % 1.72%-2.08%

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic earnings per share (EPS) is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS is similarly calculated except that the common shares outstanding for the period is increased using the treasury stock method to reflect the potential dilution that could occur if outstanding stock awards were vested at the end of the applicable period. Anti-dilutive shares represent potentially dilutive securities that are excluded from the computation of diluted income or loss per share as their impact would be anti-dilutive. The following is a calculation of basic and diluted weighted-average shares outstanding: Three Months Ended Six Months Ended (In thousands) 2019 2018 2019 2018 Weighted-average shares - basic 422,141 451,055 422,626 455,361 Dilution effect of stock awards at end of period 2,208 2,059 1,924 1,781 Weighted-average shares - diluted 424,349 453,114 424,550 457,142 The following is a calculation of weighted-average shares excluded from diluted EPS due to the anti-dilutive effect: Three Months Ended Six Months Ended (In thousands) 2019 2018 2019 2018 Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method 14 — 948 956

Additional Balance Sheet Inform

Additional Balance Sheet Information	6 Months Ended
	Jun. 30, 2019
Balance Sheet Related Disclosures [Abstract]
Additional Balance Sheet Information	Additional Balance Sheet Information Certain balance sheet amounts are comprised of the following: (In thousands) June 30, December 31, Accounts receivable, net Trade accounts $ 183,700 $ 362,973 Joint interest accounts 64 101 Other accounts 796 567 184,560 363,641 Allowance for doubtful accounts (1,184 ) (1,238 ) $ 183,376 $ 362,403 Other assets Deferred compensation plan $ 16,962 $ 14,699 Debt issuance costs 9,971 4,572 Income taxes receivable — 8,165 Operating lease right-of-use assets 39,690 — Other accounts 63 61 $ 66,686 $ 27,497 Accounts payable Trade accounts $ 35,178 $ 30,033 Natural gas purchases 8,487 — Royalty and other owners 32,597 61,507 Accrued transportation 49,373 50,540 Accrued capital costs 46,376 43,207 Taxes other than income 8,691 19,824 Income taxes payable — 1,134 Other accounts 4,258 35,694 $ 184,960 $ 241,939 Accrued liabilities Employee benefits $ 17,873 $ 21,761 Taxes other than income 3,664 1,472 Operating lease liabilities 5,782 — Asset retirement obligations 1,000 1,000 Other accounts 865 994 $ 29,184 $ 25,227 Other liabilities Deferred compensation plan $ 28,345 $ 25,780 Operating lease liabilities 33,797 — Other accounts 8,809 34,391 $ 70,951 $ 60,171

Financial Statement Presentat_2

Financial Statement Presentation (Policies)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Leases. In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The new lease guidance supersedes Topic 840. The core principle of the guidance is that entities should recognize the assets and liabilities that arise from leases. This ASU does not apply to leases to explore for or use minerals, oil, natural gas and similar nonregenerative resources, including the intangible right to explore for those natural resources and rights to use the land in which those natural resources are contained. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, which provides entities with an optional transition method that permits an entity to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The guidance is effective for interim and annual periods beginning after December 15, 2018. This ASU was adopted using a modified retrospective approach. The Company adopted this guidance effective January 1, 2019 by applying the optional transition approach as of the beginning of the period of adoption. Comparative periods, including the disclosures related to those periods, were not restated. On the adoption date, the Company elected the following practical expedients which are provided in the lease standard: • an election not to apply the recognition requirements in the lease standard to short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that the Company is reasonably certain to exercise); • a package of practical expedients to not reassess whether a contract is or contains a lease, lease classification and initial direct costs; • a practical expedient to use hindsight when determining the lease term; • a practical expedient that permits combining lease and non-lease components in a contract and accounting for the combination as a lease (elected by asset class); and • a practical expedient to not reassess certain land easements in existence prior to January 1, 2019. On January 1, 2019, the Company recognized a right of use asset for operating leases and an operating lease liability of $44.6 million , representing the present value of the future minimum lease payment obligations associated with office leases, drilling rig commitments, surface use agreements and other leases. The adoption of this guidance did not have an impact on the Company’s results of operations or cash flows. Refer to Note 8

Properties and Equipment, Net (

Properties and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Schedule of properties and equipment, net	Properties and equipment, net are comprised of the following: (In thousands) June 30, December 31, Proved oil and gas properties $ 6,138,447 $ 5,717,145 Unproved oil and gas properties 178,204 194,435 Land, building and other equipment 98,534 94,797 6,415,185 6,006,377 Accumulated depreciation, depletion and amortization (2,715,610 ) (2,542,771 ) $ 3,699,575 $ 3,463,606

Equity Method Investments (Tabl

Equity Method Investments (Tables)	6 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Summary of Information Related to the Company's Equity Method Investments	Activity related to these equity method investments is as follows: Constitution Meade Total Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 2019 2018 Balance at beginning of period $ — $ 732 $ 163,181 $ 85,345 $ 163,181 $ 86,077 Contributions 500 250 4,631 62,655 5,131 62,905 Distributions — — (9,508 ) — (9,508 ) — Earnings (loss) on equity method investments (500 ) (982 ) 7,834 (16 ) 7,334 (998 ) Balance at end of period $ — $ — $ 166,138 $ 147,984 $ 166,138 $ 147,984

Debt and Credit Agreements (Tab

Debt and Credit Agreements (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt and credit agreement components	The Company’s debt and credit agreements consisted of the following: (In thousands) June 30, December 31, 6.51% weighted-average senior notes $ 124,000 $ 124,000 5.58% weighted-average senior notes 175,000 175,000 3.65% weighted-average senior notes 925,000 925,000 Revolving credit facility — 7,000 Unamortized debt issuance costs (4,445 ) (4,896 ) $ 1,219,555 $ 1,226,104

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding commodity derivatives	As of June 30, 2019 , the Company had the following outstanding financial commodity derivatives: Swaps Basis Swaps Type of Contract Volume (Mmbtu) Contract Period Weighted-Average ($/Mmbtu) Weighted-Average ($/Mmbtu) Natural gas (IFERC TRANSCO Z6 non-NY) 5,520,000 Jul. 2019 - Dec. 2019 $ 0.41 Natural gas (IFERC TRANSCO Z6 non-NY) 18,450,000 Jul. 2019 - Oct. 2019 $ 2.61 Natural gas (IFERC TRANSCO Leidy Line Receipts) 27,600,000 Jul. 2019 - Dec. 2019 $ (0.53 ) Natural gas (NYMEX) 43,050,000 Jul. 2019 - Oct. 2019 $ 2.85 Natural gas (NYMEX) 55,200,000 Jul. 2019 - Dec. 2019 $ 2.82
Effect of derivative instruments on the condensed consolidated balance sheet	Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet Derivative Assets Derivative Liabilities (In thousands) Balance Sheet Location June 30, December 31, June 30, December 31, Commodity contracts Derivative instruments (current) $ 61,194 $ 57,665 $ — $ — $ 61,194 $ 57,665 $ — $ —
Schedule of offsetting of derivative liabilities in the condensed consolidated balance sheet	Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet (In thousands) June 30, December 31, Derivative assets Gross amounts of recognized assets $ 62,808 $ 60,105 Gross amounts offset in the statement of financial position (1,614 ) (2,440 ) Net amounts of assets presented in the statement of financial position 61,194 57,665 Gross amounts of financial instruments not offset in the statement of financial position — — Net amount $ 61,194 $ 57,665 Derivative liabilities Gross amounts of recognized liabilities $ 1,614 $ 2,440 Gross amounts offset in the statement of financial position (1,614 ) (2,440 ) Net amounts of liabilities presented in the statement of financial position — — Gross amounts of financial instruments not offset in the statement of financial position — — Net amount $ — $ —
Schedule of offsetting of derivative assets in the condensed consolidated balance sheet	Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet (In thousands) June 30, December 31, Derivative assets Gross amounts of recognized assets $ 62,808 $ 60,105 Gross amounts offset in the statement of financial position (1,614 ) (2,440 ) Net amounts of assets presented in the statement of financial position 61,194 57,665 Gross amounts of financial instruments not offset in the statement of financial position — — Net amount $ 61,194 $ 57,665 Derivative liabilities Gross amounts of recognized liabilities $ 1,614 $ 2,440 Gross amounts offset in the statement of financial position (1,614 ) (2,440 ) Net amounts of liabilities presented in the statement of financial position — — Gross amounts of financial instruments not offset in the statement of financial position — — Net amount $ — $ —
Effect of derivatives on the condensed consolidated statement of operations	Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations Three Months Ended Six Months Ended (In thousands) 2019 2018 2019 2018 Cash received (paid) on settlement of derivative instruments Gain (loss) on derivative instruments $ 15,397 $ 5,819 $ 68,377 $ (20,312 ) Non-cash gain (loss) on derivative instruments Gain (loss) on derivative instruments 48,252 (9,487 ) 3,529 22,221 $ 63,649 $ (3,668 ) $ 71,906 $ 1,909

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Financial assets and liabilities measured at fair value on a recurring basis	The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis: (In thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at Assets Deferred compensation plan $ 16,962 $ — $ — $ 16,962 Derivative instruments — 48,571 14,237 62,808 Total assets $ 16,962 $ 48,571 $ 14,237 $ 79,770 Liabilities Deferred compensation plan $ 28,345 $ — $ — $ 28,345 Derivative instruments — — 1,614 1,614 Total liabilities $ 28,345 $ — $ 1,614 $ 29,959 (In thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at Assets Deferred compensation plan $ 14,699 $ — $ — $ 14,699 Derivative instruments — 35,689 24,416 60,105 Total assets $ 14,699 $ 35,689 $ 24,416 $ 74,804 Liabilities Deferred compensation plan $ 25,780 $ — $ — $ 25,780 Derivative instruments — — 2,440 2,440 Total liabilities $ 25,780 $ — $ 2,440 $ 28,220
Reconciliation of changes in the fair value of financial assets and liabilities classified as level 3	The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy: Six Months Ended (In thousands) 2019 2018 Balance at beginning of period $ 21,976 $ (28,398 ) Total gain (loss) included in earnings 17,080 9,019 Settlement (gain) loss (26,433 ) 18,040 Balance at end of period $ 12,623 $ (1,339 ) Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period $ 7,252 $ (1,276 )
Carrying amounts and fair values of debt	The carrying amount and fair value of debt is as follows: June 30, 2019 December 31, 2018 (In thousands) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Long-term debt $ 1,219,555 $ 1,245,889 $ 1,226,104 $ 1,202,994

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2019
Asset Retirement Obligation Disclosure [Abstract]
Activity Related to Asset Retirement Obligations	Activity related to the Company’s asset retirement obligations is as follows: (In thousands) Six Months Ended Balance at beginning of period (1) $ 51,622 Liabilities incurred 3,159 Liabilities settled (970 ) Liabilities divested (188 ) Accretion expense 1,733 Balance at end of period (1) $ 55,356 _______________________________________________________________________________ (1) Includes $1.0 million of current asset retirement obligations included in accrued liabilities at June 30, 2019 and December 31, 2018 .

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum rental commitments under non-cancelable leases in effect at December 31, 2018 are as follows: (In thousands) 2019 $ 5,571 2020 5,684 2021 4,777 2022 1,659 2023 1,691 Thereafter 2,852 $ 22,234
Lessee, Operating Lease, Liability, Maturity	As of June 30, 2019 , the Company’s future undiscounted minimum cash payment obligations for its operating lease liabilities are as follows: (In thousands) Year Ending December 31, 2019 (excluding the six months ended June 30, 2019) $ 5,302 2020 4,549 2021 4,575 2022 4,577 2023 4,613 Thereafter 29,824 Total undiscounted lease payments 53,440 Present value adjustment (13,861 ) Net operating lease liabilities $ 39,579
Supplemental cash flow information related to leases	Supplemental cash flow information related to leases was as follows: (In thousands) Three Months Ended Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,124 $ 2,247 Investing cash flows from operating leases $ 1,811 $ 3,602
Weighted-average remaining lease and weighted-average discount rate for operating leases	Information regarding the weighted-average remaining lease term and the weighted-average discount rate for operating leases is summarized below: June 30, 2019 Weighted-average remaining lease term (in years) Operating leases 11.7 Weighted-average discount rate Operating leases 4.9 %

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents revenues disaggregated by product: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 OPERATING REVENUES Natural gas $ 470,482 $ 364,660 $ 1,103,656 $ 776,768 Crude oil and condensate — — — 48,722 Brokered natural gas — 92,576 — 97,526 Other (14 ) (121 ) 236 1,749 Total revenues from contracts with customers 470,468 457,115 1,103,892 924,765 Gain (loss) on derivative instruments 63,649 (3,668 ) 71,906 1,909 Total operating revenues $ 534,117 $ 453,447 $ 1,175,798 $ 926,674

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Assumptions to Determine the Grant Date Fair Value of the Equity Component and the Period-End Fair Value of the Liability	The following assumptions were used to determine the grant date fair value of the equity component (February 19, 2019 ) and the period-end fair value of the liability component of the TSR Performance Share Awards: Grant Date June 30, 2019 Fair value per performance share award $ 20.63 $11.46 - $22.04 Assumptions: Stock price volatility 31.3 % 24.28% - 29.01% Risk free rate of return 2.46 % 1.72%-2.08%

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Calculation of basic and diluted weighted-average shares outstanding	The following is a calculation of basic and diluted weighted-average shares outstanding: Three Months Ended Six Months Ended (In thousands) 2019 2018 2019 2018 Weighted-average shares - basic 422,141 451,055 422,626 455,361 Dilution effect of stock awards at end of period 2,208 2,059 1,924 1,781 Weighted-average shares - diluted 424,349 453,114 424,550 457,142
Calculation of weighted-average shares excluded from diluted EPS due to the anti-dilutive effect	The following is a calculation of weighted-average shares excluded from diluted EPS due to the anti-dilutive effect: Three Months Ended Six Months Ended (In thousands) 2019 2018 2019 2018 Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method 14 — 948 956

Additional Balance Sheet Info_2

Additional Balance Sheet Information (Tables)	6 Months Ended
	Jun. 30, 2019
Balance Sheet Related Disclosures [Abstract]
Additional Balance Sheet Information	Certain balance sheet amounts are comprised of the following: (In thousands) June 30, December 31, Accounts receivable, net Trade accounts $ 183,700 $ 362,973 Joint interest accounts 64 101 Other accounts 796 567 184,560 363,641 Allowance for doubtful accounts (1,184 ) (1,238 ) $ 183,376 $ 362,403 Other assets Deferred compensation plan $ 16,962 $ 14,699 Debt issuance costs 9,971 4,572 Income taxes receivable — 8,165 Operating lease right-of-use assets 39,690 — Other accounts 63 61 $ 66,686 $ 27,497 Accounts payable Trade accounts $ 35,178 $ 30,033 Natural gas purchases 8,487 — Royalty and other owners 32,597 61,507 Accrued transportation 49,373 50,540 Accrued capital costs 46,376 43,207 Taxes other than income 8,691 19,824 Income taxes payable — 1,134 Other accounts 4,258 35,694 $ 184,960 $ 241,939 Accrued liabilities Employee benefits $ 17,873 $ 21,761 Taxes other than income 3,664 1,472 Operating lease liabilities 5,782 — Asset retirement obligations 1,000 1,000 Other accounts 865 994 $ 29,184 $ 25,227 Other liabilities Deferred compensation plan $ 28,345 $ 25,780 Operating lease liabilities 33,797 — Other accounts 8,809 34,391 $ 70,951 $ 60,171

Financial Statement Presentat_3

Financial Statement Presentation - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liability	$ 39,579
Operating lease right-of-use assets	$ 39,690		$ 0
Topic 842
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liability		$ 44,600
Operating lease right-of-use assets		$ 44,600

Properties and Equipment, Net -

Properties and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Proved oil and gas properties	$ 6,138,447	$ 5,717,145
Unproved oil and gas properties	178,204	194,435
Land, building and other equipment	98,534	94,797
Properties and equipment, gross, total	6,415,185	6,006,377
Accumulated depreciation, depletion and amortization	(2,715,610)	(2,542,771)
Properties and equipment, net	$ 3,699,575	$ 3,463,606

Equity Method Investments - Act

Equity Method Investments - Activity Related to Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Equity Method Investments
Balance at beginning of period			$ 163,181	$ 86,077
Contributions			5,131	62,905
Distributions			(9,508)	0
Earnings (loss) on equity method investments	$ 3,650	$ (4)	7,334	(998)
Balance at end of period	$ 166,138	147,984	$ 166,138	147,984
Constitution
Schedule of Equity Method Investments [Line Items]
Ownership percentage	25.00%		25.00%
Equity Method Investments
Balance at beginning of period			$ 0	732
Contributions			500	250
Distributions			0	0
Earnings (loss) on equity method investments			(500)	(982)
Balance at end of period	$ 0	0	$ 0	0
Meade
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20.00%		20.00%
Equity Method Investments
Balance at beginning of period			$ 163,181	85,345
Contributions			4,631	62,655
Distributions			(9,508)	0
Earnings (loss) on equity method investments			7,834	(16)
Balance at end of period	$ 166,138	$ 147,984	$ 166,138	$ 147,984

Debt and Credit Agreements - Sc

Debt and Credit Agreements - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (4,445)	$ (4,896)
Long-term debt, net	$ 1,219,555	$ 1,226,104
6.51% weighted-average senior notes
Debt Instrument [Line Items]
Weighted average interest rate	6.51%	6.51%
Total debt	$ 124,000	$ 124,000
5.58% weighted-average senior notes
Debt Instrument [Line Items]
Weighted average interest rate	5.58%	5.58%
Total debt	$ 175,000	$ 175,000
3.65% weighted-average senior notes
Debt Instrument [Line Items]
Weighted average interest rate	3.65%	3.65%
Total debt	$ 925,000	$ 925,000
Revolving credit facility
Debt Instrument [Line Items]
Total debt	0	$ 7,000
Unamortized debt issuance costs	$ (7,400)

Debt and Credit Agreements - Na

Debt and Credit Agreements - Narrative (Details)	Apr. 22, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Debt issuance costs		$ 4,445,000	$ 4,896,000
Unamortized costs		3,400,000
Revolving credit facility
Debt Instrument [Line Items]
Line of credit		$ 1,500,000,000
Remaining borrowing capacity	$ 1,500,000,000
Borrowing base	$ 3,200,000,000
Minimum asset coverage ratio		1.75
Minimum annual coverage ratio, consolidated cash flow to interest expense		2.8
Minimum current ratio		1
Debt issuance costs		$ 7,400,000
Revolving credit facility | Minimum | Non Investment Grade
Debt Instrument [Line Items]
Commitment fee percent	0.30%
Revolving credit facility | Minimum | Non Investment Grade | ABR Loans
Debt Instrument [Line Items]
Basis spread	0.50%
Revolving credit facility | Minimum | Non Investment Grade | LIBOR Loans
Debt Instrument [Line Items]
Basis spread	1.50%
Revolving credit facility | Minimum | Investment Grade
Debt Instrument [Line Items]
Commitment fee percent	0.125%
Revolving credit facility | Minimum | Investment Grade | ABR Loans
Debt Instrument [Line Items]
Basis spread	0.125%
Revolving credit facility | Minimum | Investment Grade | LIBOR Loans
Debt Instrument [Line Items]
Basis spread	1.125%
Revolving credit facility | Maximum | Non Investment Grade
Debt Instrument [Line Items]
Commitment fee percent	0.425%
Revolving credit facility | Maximum | Non Investment Grade | ABR Loans
Debt Instrument [Line Items]
Basis spread	1.25%
Revolving credit facility | Maximum | Non Investment Grade | LIBOR Loans
Debt Instrument [Line Items]
Basis spread	2.25%
Revolving credit facility | Maximum | Investment Grade
Debt Instrument [Line Items]
Commitment fee percent	0.275%
Revolving credit facility | Maximum | Investment Grade | ABR Loans
Debt Instrument [Line Items]
Basis spread	0.75%
Revolving credit facility | Maximum | Investment Grade | LIBOR Loans
Debt Instrument [Line Items]
Basis spread	1.75%

Derivative Instruments - Outsta

Derivative Instruments - Outstanding Commodity Derivatives (Details)	6 Months Ended
	Jun. 30, 2019MMBTU$ / MMBTU
Natural gas (IFERC TRANSCO Z6 non-NY)
Derivative [Line Items]
Volume (in Mmbtu) | MMBTU	5,520,000
Swaps Weighted Average (in usd per Mmbtu) | $ / MMBTU	0.41
Natural gas (IFERC TRANSCO Z6 non-NY)
Derivative [Line Items]
Volume (in Mmbtu) | MMBTU	18,450,000
Swaps Weighted Average (in usd per Mmbtu) | $ / MMBTU	2.61
Natural gas (IFERC TRANSCO Leidy Line Receipts)
Derivative [Line Items]
Volume (in Mmbtu) | MMBTU	27,600,000
Swaps Weighted Average (in usd per Mmbtu) | $ / MMBTU	(0.53)
Natural gas (NYMEX)
Derivative [Line Items]
Volume (in Mmbtu) | MMBTU	43,050,000
Swaps Weighted Average (in usd per Mmbtu) | $ / MMBTU	2.85
Natural gas (NYMEX)
Derivative [Line Items]
Volume (in Mmbtu) | MMBTU	55,200,000
Swaps Weighted Average (in usd per Mmbtu) | $ / MMBTU	2.82

Derivative Instruments - Effect

Derivative Instruments - Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Effect of derivative instruments on the Consolidated Balance Sheet
Derivative Assets	$ 61,194	$ 57,665
Derivatives Not Designated as Hedges | Commodity contracts
Effect of derivative instruments on the Consolidated Balance Sheet
Derivative Assets	61,194	57,665
Derivative Liabilities	0	0
Derivative instruments (current) | Derivatives Not Designated as Hedges | Commodity contracts
Effect of derivative instruments on the Consolidated Balance Sheet
Derivative Assets	61,194	57,665
Derivative Liabilities	$ 0	$ 0

Derivative Instruments - Offset

Derivative Instruments - Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Derivative assets
Gross amounts of recognized assets	$ 62,808	$ 60,105
Gross amounts offset in the statement of financial position	(1,614)	(2,440)
Net amounts of assets presented in the statement of financial position	61,194	57,665
Gross amounts of financial instruments not offset in the statement of financial position	0	0
Net amount	61,194	57,665
Derivative liabilities
Gross amounts of recognized liabilities	1,614	2,440
Gross amounts offset in the statement of financial position	(1,614)	(2,440)
Net amounts of liabilities presented in the statement of financial position	0	0
Gross amounts of financial instruments not offset in the statement of financial position	0	0
Net amount	$ 0	$ 0

Derivative Instruments - Effe_2

Derivative Instruments - Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash received (paid) on settlement of derivative instruments, gain (loss) on derivative instruments	$ 15,397	$ 5,819	$ 68,377	$ (20,312)
Non-cash gain (loss) on derivative instruments, gain (loss) on derivative instruments	48,252	(9,487)	3,529	22,221
Gain (loss) on derivative instruments	$ 63,649	$ (3,668)	$ 71,906	$ 1,909

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities, Recurring (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Deferred compensation plan	$ 16,962	$ 14,699
Derivative instruments	62,808	60,105
Liabilities
Deferred compensation plan	28,345	25,780
Recurring basis
Assets
Deferred compensation plan	16,962	14,699
Derivative instruments	62,808	60,105
Total assets	79,770	74,804
Liabilities
Deferred compensation plan	28,345	25,780
Derivative instruments	1,614	2,440
Total liabilities	29,959	28,220
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis
Assets
Deferred compensation plan	16,962	14,699
Derivative instruments	0	0
Total assets	16,962	14,699
Liabilities
Deferred compensation plan	28,345	25,780
Derivative instruments	0	0
Total liabilities	28,345	25,780
Significant Other Observable Inputs (Level 2) | Recurring basis
Assets
Deferred compensation plan	0	0
Derivative instruments	48,571	35,689
Total assets	48,571	35,689
Liabilities
Deferred compensation plan	0	0
Derivative instruments	0	0
Total liabilities	0	0
Significant Unobservable Inputs (Level 3) | Recurring basis
Assets
Deferred compensation plan	0	0
Derivative instruments	14,237	24,416
Total assets	14,237	24,416
Liabilities
Deferred compensation plan	0	0
Derivative instruments	1,614	2,440
Total liabilities	$ 1,614	$ 2,440

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Changes in Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy
Balance at beginning of period	$ 21,976	$ (28,398)
Total gain (loss) included in earnings	17,080	9,019
Settlement (gain) loss	(26,433)	18,040
Balance at end of period	12,623	(1,339)
Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period	$ 7,252	$ (1,276)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	6 Months Ended
	Jun. 30, 2019USD ($)impaired_asset_and_liability	Dec. 31, 2018USD ($)
Fair Value Disclosures [Abstract]
Fair value assets, level 1 to level 2	$ 0	$ 0
Fair value liabilities, level 1 to level 2	0	0
Fair value assets, level 2 to level 1	0	0
Fair value liabilities, level 2 to level 1	$ 0	$ 0
Number of non-financial assets and liabilities impaired | impaired_asset_and_liability	0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Other Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair value disclosures
Long-term debt	$ 1,219,555	$ 1,226,104
Carrying Amount
Fair value disclosures
Long-term debt	1,219,555	1,226,104
Estimated Fair Value
Fair value disclosures
Long-term debt	$ 1,245,889	$ 1,202,994

Asset Retirement Obligations -

Asset Retirement Obligations - Schedule of ARO (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Asset Retirement Obligation
Balance at beginning of period	$ 51,622
Liabilities incurred	3,159
Liabilities settled	(970)
Liabilities divested	(188)
Accretion expense	1,733
Balance at end of period	$ 55,356

Asset Retirement Obligations _2

Asset Retirement Obligations - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Asset retirement obligations	$ 1,000	$ 1,000
Accrued Liabilities
Property, Plant and Equipment [Line Items]
Asset retirement obligations	$ 1,000	$ 1,000

Commitments and Contingencies -

Commitments and Contingencies - Operating Lease Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity (Under Topic 840)
2019		$ 5,571
2020		5,684
2021		4,777
2022		1,659
2023		1,691
Thereafter		2,852
Total		$ 22,234
Operating Lease Liabilities, Payments Due (Under Topic 842)
2019 (excluding the six months ended June 30, 2019)	$ 5,302
2020	4,549
2021	4,575
2022	4,577
2023	4,613
Thereafter	29,824
Total undiscounted lease payments	53,440
Present value adjustment	(13,861)
Net operating lease liabilities	$ 39,579

Commitments and Contingencies_2

Commitments and Contingencies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows from operating leases	$ 1,124	$ 2,247
Investing cash flows from operating leases	$ 1,811	$ 3,602

Commitments and Contingencies_3

Commitments and Contingencies - Weighted Average Remaining Lease Term and Discount Rate (Details)	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating lease, weighted-average remaining lease term	11 years 8 months 12 days
Operating lease, weighted-average discount rate	4.90%

Commitments and Contingencies_4

Commitments and Contingencies - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, weighted-average remaining lease term	11 years 8 months 12 days
Operating lease cost	$ 6
Variable lease cost	3.5
Short-term lease payments	$ 157.7
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, weighted-average remaining lease term	1 month
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, weighted-average remaining lease term	26 years 6 months
Drilling Rigs, Fracturing and Other Equipment | Minimum
Lessee, Lease, Description [Line Items]
Short-term lease, term	30 days
Drilling Rigs, Fracturing and Other Equipment | Maximum
Lessee, Lease, Description [Line Items]
Short-term lease, term	1 year

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 470,468	$ 457,115	$ 1,103,892	$ 924,765
Gain (loss) on derivative instruments	63,649	(3,668)	71,906	1,909
Total operating revenues	534,117	453,447	1,175,798	926,674
Natural gas
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	470,482	364,660	1,103,656	776,768
Crude oil and condensate
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	48,722
Brokered natural gas
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	92,576	0	97,526
Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ (14)	$ (121)	$ 236	$ 1,749

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 9,800
Contracts with customers	$ 183.7	$ 363
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations, expected period of satisfaction	5 years
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations, expected period of satisfaction	20 years

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details) - Subsequent Event	1 Months Ended
	Jul. 31, 2019shares
Subsequent Event [Line Items]
Increase in number of repurchases authorized	25,000,000
Total repurchases authorized	31,500,000

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 19, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Stock-based Compensation arrangements
Stock based compensation expense		$ 6.7	$ 5.7	$ 21.9	$ 11.1
Decrease to tax expense from stock-based compensation activities				$ 0.9
Increase to tax expense from stock-based compensation activities					$ 0.2
Restricted Stock Units
Stock-based Compensation arrangements
Granted (in shares)				78,290
Granted (in dollars per share)				$ 25.01
Performance Share Awards | Minimum
Stock-based Compensation arrangements
Annual forfeiture rate assumption (as a percent)				0.00%
Performance Share Awards | Maximum
Stock-based Compensation arrangements
Annual forfeiture rate assumption (as a percent)				5.00%
Performance Share Awards Based on Internal Performance Metrics
Stock-based Compensation arrangements
Right to receive additional shares, maximum (as a percent)				100.00%
Employee Performance Share Awards
Stock-based Compensation arrangements
Granted (in shares)				526,730
Granted (in dollars per share)				$ 24.95
Number of years over which performance criteria is to be met				3 years
Hybrid Performance Share Awards
Stock-based Compensation arrangements
Granted (in shares)				315,029
Granted (in dollars per share)				$ 24.95
Minimum operating cash flow for the year preceding the performance period				$ 100
Hybrid Performance Share Awards | Hybrid performance share awards, percentage vesting on the first anniversary
Stock-based Compensation arrangements
Award vesting rights (as a percent)		25.00%
Hybrid Performance Share Awards | Hybrid performance share awards, percentage vesting on the second anniversary
Stock-based Compensation arrangements
Award vesting rights (as a percent)		25.00%
Hybrid Performance Share Awards | Hybrid performance share awards, percentage vesting on the third anniversary
Stock-based Compensation arrangements
Award vesting rights (as a percent)		50.00%
Performance Shares Based on Market Conditions
Stock-based Compensation arrangements
Right to receive shares (as a percent)				100.00%
Right to receive an additional award in cash (as a percent)				100.00%
TSR Performance Share Awards
Stock-based Compensation arrangements
Granted (in shares)				536,673
Granted (in dollars per share)	$ 20.63
Performance period				3 years
TSR Performance Share Awards | Minimum
Stock-based Compensation arrangements
Granted (in dollars per share)				$ 11.46
TSR Performance Share Awards | Maximum
Stock-based Compensation arrangements
Granted (in dollars per share)				$ 22.04

Stock-based Compensation - Assu

Stock-based Compensation - Assumptions for TSR Shares (Details) - TSR Performance Share Awards - $ / shares	Feb. 19, 2019	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 20.63
Stock price volatility	31.30%
Risk free rate of return	2.46%
Minimum expected volatility		24.28%
Maximum expected volatility		29.01%
Minimum risk free interest rate		1.72%
Maximum risk free interest rate		2.08%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)		$ 11.46
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)		$ 22.04

Earnings per Common Share - Sch

Earnings per Common Share - Schedule of EPS (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Weighted-average shares - basic	422,141	451,055	422,626	455,361
Dilution effect of stock awards at end of period	2,208	2,059	1,924	1,781
Weighted-average shares - diluted	424,349	453,114	424,550	457,142

Earnings per Common Share - Cal

Earnings per Common Share - Calculation of Weighted-Average Shares Excluded from Diluted EPS (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Stock appreciation rights and stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method	14	0	948	956

Additional Balance Sheet Info_3

Additional Balance Sheet Information - Schedule of Additional Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accounts receivable, net
Trade accounts	$ 183,700	$ 362,973
Joint interest accounts	64	101
Other accounts	796	567
Accounts receivable, gross	184,560	363,641
Allowance for doubtful accounts	(1,184)	(1,238)
Accounts receivable, net	183,376	362,403
Other assets
Deferred compensation plan	16,962	14,699
Debt issuance costs	9,971	4,572
Income taxes receivable	0	8,165
Operating lease right-of-use assets	39,690	0
Other accounts	63	61
Other assets	66,686	27,497
Accounts payable
Trade accounts	35,178	30,033
Natural gas purchases	8,487	0
Royalty and other owners	32,597	61,507
Accrued transportation	49,373	50,540
Accrued capital costs	46,376	43,207
Taxes other than income	8,691	19,824
Income taxes payable	0	1,134
Other accounts	4,258	35,694
Accounts payable	184,960	241,939
Accrued liabilities
Employee benefits	17,873	21,761
Taxes other than income	3,664	1,472
Operating lease liabilities	5,782	0
Asset retirement obligations	1,000	1,000
Other accounts	865	994
Accrued liabilities	29,184	25,227
Other liabilities
Deferred compensation plan	28,345	25,780
Operating lease liabilities	33,797	0
Other accounts	8,809	34,391
Other liabilities	$ 70,951	$ 60,171