Coterra Energy (CTRA) 10-Q 30 Oct 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 28, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
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 Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		398,579,881
Entity Central Index Key	0000858470
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 170	$ 200,227
Restricted cash	11,578	13,556
Accounts receivable, net	136,738	209,023
Income taxes receivable	156,815	129,795
Inventories	14,929	13,932
Other current assets	2,322	1,715
Total current assets	322,552	568,248
Properties and equipment, net (Successful efforts method)	4,034,680	3,855,706
Other assets	62,073	63,291
TOTAL ASSETS	4,419,305	4,487,245
Current liabilities
Accounts payable	151,662	189,811
Current portion of long-term debt	188,000	87,000
Accrued liabilities	28,396	31,290
Interest payable	6,242	19,933
Derivative instruments	11,628	0
Total current liabilities	385,928	328,034
Long-term debt, net	973,712	1,133,025
Deferred income taxes	748,489	702,104
Asset retirement obligations	83,670	71,598
Postretirement benefits	33,749	32,713
Other liabilities	75,269	68,284
Total liabilities	2,300,817	2,335,758
Commitments and contingencies
Stockholders' equity
Common stock	47,754	47,688
Additional paid-in capital	1,800,002	1,782,427
Retained earnings	2,093,004	2,143,213
Accumulated other comprehensive income	929	1,360
Treasury stock	(1,823,201)	(1,823,201)
Total stockholders' equity	2,118,488	2,151,487
Total liabilities and stockholders' equity	$ 4,419,305	$ 4,487,245

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
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)	477,537,199	476,881,991
Treasury stock (shares)	78,957,318	78,957,318

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
OPERATING REVENUES
Operating revenues	$ 333,294	$ 418,051	$ 992,063	$ 1,521,943
(Loss) gain on derivative instruments	(42,253)	11,060	17,783	82,966
TOTAL OPERATING REVENUES	291,041	429,111	1,009,846	1,604,909
OPERATING EXPENSES
Direct operations	20,197	19,181	54,864	55,608
Transportation and gathering	146,982	145,681	425,563	424,703
Taxes other than income	3,615	4,607	10,705	14,094
Exploration	3,900	4,481	10,669	15,029
Depreciation, depletion and amortization	99,649	110,889	294,406	299,294
General and administrative	24,262	18,391	80,857	72,370
TOTAL OPERATING EXPENSES	298,605	303,230	877,064	881,098
Earnings (loss) on equity method investments	0	3,860	(59)	11,194
Gain (loss) on sale of assets	31	36	(139)	(1,464)
(LOSS) INCOME FROM OPERATIONS	(7,533)	129,777	132,584	733,541
Interest expense, net	14,389	13,554	43,143	40,302
Other expense	57	143	171	430
(Loss) income before income taxes	(21,979)	116,080	89,270	692,809
Income tax (benefit) expense	(7,018)	25,722	19,947	158,679
NET (LOSS) INCOME	$ (14,961)	$ 90,358	$ 69,323	$ 534,130
(Loss) earnings per share
Basic (in dollars per share)	$ (0.04)	$ 0.22	$ 0.17	$ 1.27
Diluted (in dollars per share)	$ (0.04)	$ 0.22	$ 0.17	$ 1.27
Weighted-average common shares outstanding
Basic (in shares)	398,580	412,456	398,500	419,199
Diluted (in shares)	398,580	414,462	400,628	421,101
Natural gas
OPERATING REVENUES
Operating revenues	$ 333,256	$ 418,133	$ 991,882	$ 1,521,789
Other
OPERATING REVENUES
Operating revenues	$ 38	$ (82)	$ 181	$ 154

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 69,323	$ 534,130
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization	294,406	299,294
Deferred income tax expense	46,513	188,997
Loss on sale of assets	139	1,464
Exploratory dry hole cost	2,011	16
Gain on derivative instruments	(17,783)	(82,966)
Net cash received in settlement of derivative instruments	33,529	114,931
Loss (earnings) on equity method investments	59	(11,194)
Distribution of earnings from equity method investments	0	12,610
Amortization of debt issuance costs	2,234	3,219
Stock-based compensation and other	34,204	22,720
Changes in assets and liabilities:
Accounts receivable, net	72,285	203,164
Income taxes	(27,020)	(16,746)
Inventories	(1,433)	(7,119)
Other current assets	(637)	(1,338)
Accounts payable and accrued liabilities	(25,118)	(43,413)
Interest payable	(13,691)	(12,825)
Other assets and liabilities	1,372	(22,133)
Net cash provided by operating activities	470,393	1,182,811
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(478,422)	(620,696)
Proceeds from sale of assets	335	2,401
Investment in equity method investments	(35)	(8,977)
Distribution of investment from equity method investments	0	1,656
Proceeds from sale of equity method investments	(9,424)	0
Net cash used in investing activities	(487,546)	(625,616)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from debt	123,000	95,000
Repayments of debt	(182,000)	(102,000)
Treasury stock repurchases	0	(347,446)
Dividends paid	(119,532)	(104,722)
Tax withholdings on vesting of stock awards	(6,350)	(10,587)
Capitalized debt issuance costs	0	(7,411)
Net cash used in financing activities	(184,882)	(477,166)
Net (decrease) increase in cash, cash equivalents and restricted cash	(202,035)	80,029
Cash, cash equivalents and restricted cash, beginning of period	213,783	2,287
Cash, cash equivalents and restricted cash, end of period	$ 11,748	$ 82,316

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Balance (in shares) at Dec. 31, 2018		476,095,000	53,410,000
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
Increase (Decrease) in Stockholders' Equity
Net income (loss)	262,763					262,763
Stock amortization and vesting (in shares)		682,000
Sale of stock held in rabbi trust	(213)	$ 68		(281)
Purchase of treasury stock	(28)		$ (28)
Cash dividends	(29,605)					(29,605)
Other comprehensive loss	(137)				(137)
Balance (in shares) at Mar. 31, 2019		476,777,000	53,410,000
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 Dec. 31, 2018		476,095,000	53,410,000
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
Increase (Decrease) in Stockholders' Equity
Net income (loss)	534,130
Balance (in shares) at Sep. 30, 2019		476,882,000	68,957,000
Balance at end of period at Sep. 30, 2019	2,213,576	$ 47,688	$ (1,650,784)	1,775,579	4,027	2,037,066
Balance (in shares) at Mar. 31, 2019		476,777,000	53,410,000
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
Increase (Decrease) in Stockholders' Equity
Net income (loss)	181,009					181,009
Stock amortization and vesting (in shares)		102,000
Sale of stock held in rabbi trust	6,344	$ 10		6,334
Shares repurchased (in shares)			5,081,000
Purchase of treasury stock	(125,260)		$ (125,260)
Cash dividends	(38,092)					(38,092)
Other comprehensive loss	(136)				(136)
Balance (in shares) at Jun. 30, 2019		476,879,000	58,491,000
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
Increase (Decrease) in Stockholders' Equity
Net income (loss)	90,358					90,358
Stock amortization and vesting (in shares)		3,000
Sale of stock held in rabbi trust	6,384			6,384
Shares repurchased (in shares)			10,466,000
Purchase of treasury stock	(190,808)		$ (190,808)
Cash dividends	(37,025)					(37,025)
Other comprehensive loss	(137)				(137)
Balance (in shares) at Sep. 30, 2019		476,882,000	68,957,000
Balance at end of period at Sep. 30, 2019	2,213,576	$ 47,688	$ (1,650,784)	1,775,579	4,027	2,037,066
Balance (in shares) at Dec. 31, 2019		476,882,000	78,957,000
Balance at beginning of period at Dec. 31, 2019	2,151,487	$ 47,688	$ (1,823,201)	1,782,427	1,360	2,143,213
Increase (Decrease) in Stockholders' Equity
Net income (loss)	53,910					53,910
Stock amortization and vesting (in shares)		651,000
Sale of stock held in rabbi trust	2,951	$ 65		2,886
Cash dividends	(39,817)					(39,817)
Other comprehensive loss	(136)				(136)
Balance (in shares) at Mar. 31, 2020		477,533,000	78,957,000
Balance at end of period at Mar. 31, 2020	2,168,395	$ 47,753	$ (1,823,201)	1,785,313	1,224	2,157,306
Balance (in shares) at Dec. 31, 2019		476,882,000	78,957,000
Balance at beginning of period at Dec. 31, 2019	2,151,487	$ 47,688	$ (1,823,201)	1,782,427	1,360	2,143,213
Increase (Decrease) in Stockholders' Equity
Net income (loss)	69,323
Balance (in shares) at Sep. 30, 2020		477,537,000	78,957,000
Balance at end of period at Sep. 30, 2020	2,118,488	$ 47,754	$ (1,823,201)	1,800,002	929	2,093,004
Balance (in shares) at Mar. 31, 2020		477,533,000	78,957,000
Balance at beginning of period at Mar. 31, 2020	2,168,395	$ 47,753	$ (1,823,201)	1,785,313	1,224	2,157,306
Increase (Decrease) in Stockholders' Equity
Net income (loss)	30,374					30,374
Stock amortization and vesting (in shares)		2,000
Sale of stock held in rabbi trust	7,219	$ 1		7,218
Cash dividends	(39,858)					(39,858)
Other comprehensive loss	(151)				(151)
Balance (in shares) at Jun. 30, 2020		477,535,000	78,957,000
Balance at end of period at Jun. 30, 2020	2,165,979	$ 47,754	$ (1,823,201)	1,792,531	1,073	2,147,822
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(14,961)					(14,961)
Stock amortization and vesting (in shares)		2,000
Sale of stock held in rabbi trust	7,471			7,471
Cash dividends	(39,857)					(39,857)
Other comprehensive loss	(144)				(144)
Balance (in shares) at Sep. 30, 2020		477,537,000	78,957,000
Balance at end of period at Sep. 30, 2020	$ 2,118,488	$ 47,754	$ (1,823,201)	$ 1,800,002	$ 929	$ 2,093,004

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends, per share (in dollars per share)	$ 0.10	$ 0.10	$ 0.10	$ 0.09	$ 0.09	$ 0.07

Financial Statement Presentatio

Financial Statement Presentation	9 Months Ended
	Sep. 30, 2020
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, 2019 (Form 10-K) filed with the Securities and Exchange Commission (SEC), except for any new accounting pronouncements adopted during the period as discussed below. 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. Certain reclassifications have been made to prior year statements to conform with the current year presentation. These reclassifications have no impact on previously reported stockholders' equity, net income (loss) or cash flows. Cash and Cash Equivalents From time to time, the Company may be in the position of a book overdraft in which outstanding checks exceed cash and cash equivalents. The Company classified book overdrafts in accounts payable in the Condensed Consolidated Balance Sheet, and classified the change in accounts payable associated with book overdrafts as an operating activity in the Condensed Consolidated Statement of Cash Flows. As of September 30, 2020, the book overdraft included within accounts payable was $7.8 million. There was no book overdraft within accounts payable as of December 31, 2019. Recently Adopted Accounting Pronouncements Financial Instruments: Credit Losses. In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments: Credit Losses, which replaces the incurred loss impairment methodology used for certain financial instruments with a methodology that reflects current expected credit losses (CECL). ASU No. 2016-13, along with subsequently issued codification improvements, was effective for the Company on January 1, 2020, and was applied using a modified retrospective approach. The Company's historical credit losses have not been material, and future expected credit losses under the CECL model are not expected to be material. The adoption of ASU No. 2016-13 did not have a material effect on the Company's financial position, results of operations or cash flows; however, it modified certain disclosure requirements which were not material.

Properties and Equipment, Net

Properties and Equipment, Net	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Properties and Equipment, Net	Properties and Equipment, Net Properties and equipment, net are comprised of the following: (In thousands) September 30, December 31, Proved oil and gas properties $ 6,983,502 $ 6,508,443 Unproved oil and gas properties 58,329 133,475 Land, buildings and other equipment 108,325 104,700 7,150,156 6,746,618 Accumulated depreciation, depletion and amortization (3,115,476) (2,890,912) $ 4,034,680 $ 3,855,706 At September 30, 2020, 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	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments Activity related to the Company's equity method investments is as follows: Constitution Meade Total Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 2020 2019 Balance at beginning of period $ — $ — $ — $ 163,181 $ — $ 163,181 Contributions 35 500 — 8,477 35 8,977 Distributions — — — (14,266) — (14,266) (Loss) earnings on equity method investments (35) (500) (24) 11,694 (59) 11,194 Sale of investment — — 24 — 24 — Balance at end of period $ — $ — $ — $ 169,086 $ — $ 169,086 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. Constitution Pipeline Company, LLC

Debt and Credit Agreements

Debt and Credit Agreements	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt and Credit Agreements	Debt and Credit Agreements The Company’s debt and credit agreements consisted of the following: (In thousands) September 30, December 31, 6.51% weighted-average senior notes (1) $ 37,000 $ 124,000 5.58% weighted-average senior notes (2) 175,000 175,000 3.65% weighted-average senior notes (3) 925,000 925,000 Revolving credit facility 28,000 — Unamortized debt issuance costs (3,288) (3,975) $ 1,161,712 $ 1,220,025 _______________________________________________________________________________ (1) Includes $87.0 million of current portion of long-term debt at December 31, 2019, which the Company repaid in July 2020. (2) Includes $88.0 million of current portion of long-term debt at September 30, 2020 due in January 2021. (3) Includes $100.0 million of current portion of long-term debt at September 30, 2020 due in September 2021. At September 30, 2020, the Company was in compliance with all restrictive financial covenants for both its revolving credit facility and senior notes. Revolving Credit Agreement The borrowing base under the terms of the Company's revolving credit facility is redetermined annually in April. 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. Effective April 23, 2020, the borrowing base and available commitments were reaffirmed at $3.2 billion and $1.5 billion, respectively.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments As of September 30, 2020, the Company had the following outstanding financial commodity derivatives: Collars Floor Ceiling Swaps Type of Contract Volume (Mmbtu) Contract Period Range Weighted-Average Range Weighted-Average Weighted-Average Natural gas (NYMEX) 9,300,000 Oct. 2020 $ 2.25 Natural gas (NYMEX) 15,500,000 Oct. 2020 $1.90 - $2.15 $ 2.05 $2.10 - $2.38 $ 2.24 Natural gas (NYMEX) 18,250,000 Jan. 2021-Dec. 2021 $ 2.74 Natural gas (NYMEX) 127,750,000 Jan. 2021-Dec. 2021 $2.50 - $2.80 $ 2.64 $2.83 - $3.50 $ 3.02 Natural gas (NYMEX) 10,700,000 Apr. 2021-Oct. 2021 $ — $ 2.50 $ — $ 2.80 In October 2020, the Company entered into the following financial commodity derivatives: Collars Floor Ceiling Type of Contract Volume (Mmbtu) Contract Period Range Weighted-Average Range Weighted-Average Natural gas (NYMEX) 36,500,000 Jan. 2021-Dec. 2021 $2.80 - $2.85 $ 2.83 $3.00 - $3.94 $ 3.32 Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet Derivative Assets Derivative Liabilities (In thousands) Balance Sheet Location September 30, December 31, September 30, December 31, Commodity contracts Other current assets (current) $ — $ 31 $ — $ — Commodity contracts Derivative instruments (current) — — 11,628 — Commodity contracts Accrued liabilities (current) — — — 9 Commodity contracts Other liabilities (non-current) — — 4,095 — $ — $ 31 $ 15,723 $ 9 Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet (In thousands) September 30, December 31, Derivative assets Gross amounts of recognized assets $ 1,682 $ 47 Gross amounts offset in the condensed consolidated balance sheet (1,682) (16) Net amounts of assets presented in the condensed consolidated balance sheet — 31 Gross amounts of financial instruments not offset in the condensed consolidated balance sheet — — Net amount $ — $ 31 Derivative liabilities Gross amounts of recognized liabilities $ 17,405 $ 25 Gross amounts offset in the condensed consolidated balance sheet (1,682) (16) Net amounts of liabilities presented in the condensed consolidated balance sheet 15,723 9 Gross amounts of financial instruments not offset in the condensed consolidated balance sheet — — Net amount $ 15,723 $ 9 Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations Three Months Ended Nine Months Ended (In thousands) 2020 2019 2020 2019 Cash received (paid) on settlement of derivative instruments (Loss) gain on derivative instruments $ 14,106 $ 46,555 $ 33,529 $ 114,931 Non-cash gain (loss) on derivative instruments (Loss) gain on derivative instruments (56,359) (35,495) (15,746) (31,965) $ (42,253) $ 11,060 $ 17,783 $ 82,966

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
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 Significant Other Significant Balance at Assets Deferred compensation plan $ 19,882 $ — $ — $ 19,882 Derivative instruments — 1,381 301 1,682 $ 19,882 $ 1,381 $ 301 $ 21,564 Liabilities Deferred compensation plan $ 28,489 $ — $ — $ 28,489 Derivative instruments — 3,270 14,135 17,405 $ 28,489 $ 3,270 $ 14,135 $ 45,894 (In thousands) Quoted Prices in Significant Other Significant Balance at Assets Deferred compensation plan $ 18,381 $ — $ — $ 18,381 Derivative instruments — 44 3 47 $ 18,381 $ 44 $ 3 $ 18,428 Liabilities Deferred compensation plan $ 27,012 $ — $ — $ 27,012 Derivative instruments — — 25 25 $ 27,012 $ — $ 25 $ 27,037 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 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 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 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 banks. 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 volatility factors. 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: Nine Months Ended (In thousands) 2020 2019 Balance at beginning of period $ (22) $ 21,976 Total gain (loss) included in earnings 2,866 24,931 Settlement (gain) loss (16,678) (37,749) Transfers in and/or out of Level 3 — — Balance at end of period $ (13,834) $ 9,158 Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period $ (13,733) $ 7,388 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 September 30, 2020, 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 amounts reported in the Condensed Consolidated Balance Sheet for cash, cash equivalents and restricted cash approximate fair value due to the short-term maturities of these instruments. Cash, cash equivalents and restricted cash 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 and the revolving credit facility 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: September 30, 2020 December 31, 2019 (In thousands) Carrying Estimated Fair Carrying Estimated Fair Long-term debt $ 1,161,712 $ 1,213,402 $ 1,220,025 $ 1,260,259 Current maturities (188,000) (189,501) (87,000) (88,704) Long-term debt, excluding current maturities $ 973,712 $ 1,023,901 $ 1,133,025 $ 1,171,555

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2020
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) Nine Months Ended Balance at beginning of period $ 72,098 Liabilities incurred 8,976 Liabilities settled (8) Accretion expense 3,104 Balance at end of period 84,170 Less: current asset retirement obligations (500) Noncurrent asset retirement obligations $ 83,670

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
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 There have been no material changes to the Company’s operating lease obligations described under “Lease Commitments” as disclosed in Note 9 of the Notes to Consolidated Financial Statements in the Form 10-K. Legal Matters Pennsylvania Office of Attorney General Matter In June 2020, the Office of Attorney General of the Commonwealth of Pennsylvania informed the Company that it will pursue certain misdemeanor and felony charges against the Company related to alleged violations of the Pennsylvania Clean Streams Law, which prohibits discharge of industrial wastes. The Company is vigorously defending itself against such charges; however, the proceedings could result in fines or penalties against the Company. At this time, it is not possible to estimate the amount of any fines or penalties, or the range of such fines or penalties, that are reasonably possible in this case. Other The Company is a defendant in various other 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 for which reserves have been established. The Company believes that any such amount above the

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Disaggregation of Revenue The following table presents revenues from contracts with customers disaggregated by product: Three Months Ended Nine Months Ended (In thousands) 2020 2019 2020 2019 Natural gas $ 333,256 $ 418,133 $ 991,882 $ 1,521,789 Other 38 (82) 181 154 $ 333,294 $ 418,051 $ 992,063 $ 1,521,943 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 of America. 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 September 30, 2020, the Company has $9.1 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 three Contract Balances

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2020
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 $11.4 million and $2.1 million in the third quarter of 2020 and 2019, respectively, and $36.0 million and $24.0 million during the first nine months of 2020 and 2019, respectively. Stock-based compensation expense is included in general and administrative expense in the Condensed Consolidated Statement of Operations. Refer to Note 14 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 nine months of 2020, 127,165 restricted stock units were granted to non-employee directors of the Company with a weighted-average grant date value of $15.80 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 nine months of 2020 commenced on January 1, 2020 and ends on December 31, 2022. The Company used an annual forfeiture rate assumption ranging from zero to five 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 percent of the award in shares of common stock. Based on the Company’s probability assessment at September 30, 2020, 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 nine months of 2020, 722,500 Employee Performance Share Awards were granted at a grant date value of $15.60 per share. The 2020 awards vest 100 percent on the third anniversary, provided that the Company averages $100 million or more of operating cash flow during the three-year performance period, as set by the Company’s compensation committee. If the Company does not meet the performance metric for the applicable period, then the performance shares that would have been issued on the anniversary date will be forfeited. Hybrid Performance Share Awards. During the first nine months of 2020, 506,412 Hybrid Performance Share Awards were granted at a grant date value of $15.60 per share. The 2020 awards vest 25 percent on each of the first and second anniversary dates and 50 percent 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 percent of the award in shares of common stock and the right to receive up to an additional 100 percent 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 nine months of 2020, 862,180 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, 2020) and the period-end fair value of the liability component of the TSR Performance Share Awards: Grant Date September 30, Fair value per performance share award $ 13.79 $13.28 - $17.30 Assumptions: Stock price volatility 29.5 % 36.8% - 48.4% Risk free rate of return 1.39 % 0.10% - 0.14%

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common ShareBasic 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 Nine Months Ended (In thousands) 2020 2019 2020 2019 Weighted-average shares - basic 398,580 412,456 398,500 419,199 Dilution effect of stock awards at end of period — 2,006 2,128 1,902 Weighted-average shares - diluted 398,580 414,462 400,628 421,101 The following is a calculation of weighted-average shares excluded from diluted EPS due to the anti-dilutive effect: Three Months Ended Nine Months Ended (In thousands) 2020 2019 2020 2019 Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect due to net loss 3,009 — — — Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method — 484 51 633 3,009 484 51 633

Additional Balance Sheet Inform

Additional Balance Sheet Information	9 Months Ended
	Sep. 30, 2020
Balance Sheet Related Disclosures [Abstract]
Additional Balance Sheet Information	Additional Balance Sheet Information Certain balance sheet amounts are comprised of the following: (In thousands) September 30, December 31, Accounts receivable, net Trade accounts $ 136,740 $ 209,200 Other accounts 1,037 1,007 137,777 210,207 Allowance for doubtful accounts (1,039) (1,184) $ 136,738 $ 209,023 Other assets Deferred compensation plan $ 19,882 $ 18,381 Debt issuance costs 7,391 8,938 Operating lease right-of-use assets 34,721 35,916 Other accounts 79 56 $ 62,073 $ 63,291 Accounts payable Trade accounts $ 20,789 $ 21,663 Royalty and other owners 25,836 36,191 Accrued transportation 50,999 55,586 Accrued capital costs 27,850 40,337 Taxes other than income 10,262 16,971 Other accounts 15,926 19,063 $ 151,662 $ 189,811 Accrued liabilities Employee benefits $ 19,822 $ 22,727 Taxes other than income 3,243 3,850 Operating lease liabilities 4,027 3,124 Other accounts 1,304 1,589 $ 28,396 $ 31,290 Other liabilities Deferred compensation plan $ 28,489 $ 27,012 Derivative instruments 4,095 — Operating lease liabilities 30,594 32,677 Other accounts 12,091 8,595 $ 75,269 $ 68,284

Financial Statement Presentat_2

Financial Statement Presentation (Policies)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	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, 2019 (Form 10-K) filed with the Securities and Exchange Commission (SEC), except for any new accounting pronouncements adopted during the period as discussed below. 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.
Reclassifications	Certain reclassifications have been made to prior year statements to conform with the current year presentation. These reclassifications have no impact on previously reported stockholders' equity, net income (loss) or cash flows.
Cash and Cash Equivalents	Cash and Cash EquivalentsFrom time to time, the Company may be in the position of a book overdraft in which outstanding checks exceed cash and cash equivalents. The Company classified book overdrafts in accounts payable in the Condensed Consolidated Balance Sheet, and classified the change in accounts payable associated with book overdrafts as an operating activity in the Condensed Consolidated Statement of Cash Flows.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Financial Instruments: Credit Losses. In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments: Credit Losses, which replaces the incurred loss impairment methodology used for certain financial instruments with a methodology that reflects current expected credit losses (CECL). ASU No. 2016-13, along with subsequently issued codification improvements, was effective for the Company on January 1, 2020, and was applied using a modified retrospective approach. The Company's historical credit losses have not been material, and future expected credit losses under the CECL model are not expected to be material. The adoption of ASU No. 2016-13 did not have a material effect on the Company's financial position, results of operations or cash flows; however, it modified certain disclosure requirements which were not material.

Properties and Equipment, Net (

Properties and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of properties and equipment, net	Properties and equipment, net are comprised of the following: (In thousands) September 30, December 31, Proved oil and gas properties $ 6,983,502 $ 6,508,443 Unproved oil and gas properties 58,329 133,475 Land, buildings and other equipment 108,325 104,700 7,150,156 6,746,618 Accumulated depreciation, depletion and amortization (3,115,476) (2,890,912) $ 4,034,680 $ 3,855,706

Equity Method Investments (Tabl

Equity Method Investments (Tables)	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Summary of information related to the company's equity method investments	Activity related to the Company's equity method investments is as follows: Constitution Meade Total Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 2020 2019 Balance at beginning of period $ — $ — $ — $ 163,181 $ — $ 163,181 Contributions 35 500 — 8,477 35 8,977 Distributions — — — (14,266) — (14,266) (Loss) earnings on equity method investments (35) (500) (24) 11,694 (59) 11,194 Sale of investment — — 24 — 24 — Balance at end of period $ — $ — $ — $ 169,086 $ — $ 169,086

Debt and Credit Agreements (Tab

Debt and Credit Agreements (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt and credit agreement components	The Company’s debt and credit agreements consisted of the following: (In thousands) September 30, December 31, 6.51% weighted-average senior notes (1) $ 37,000 $ 124,000 5.58% weighted-average senior notes (2) 175,000 175,000 3.65% weighted-average senior notes (3) 925,000 925,000 Revolving credit facility 28,000 — Unamortized debt issuance costs (3,288) (3,975) $ 1,161,712 $ 1,220,025 _______________________________________________________________________________ (1) Includes $87.0 million of current portion of long-term debt at December 31, 2019, which the Company repaid in July 2020. (2) Includes $88.0 million of current portion of long-term debt at September 30, 2020 due in January 2021. (3) Includes $100.0 million of current portion of long-term debt at September 30, 2020 due in September 2021.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding commodity derivatives	As of September 30, 2020, the Company had the following outstanding financial commodity derivatives: Collars Floor Ceiling Swaps Type of Contract Volume (Mmbtu) Contract Period Range Weighted-Average Range Weighted-Average Weighted-Average Natural gas (NYMEX) 9,300,000 Oct. 2020 $ 2.25 Natural gas (NYMEX) 15,500,000 Oct. 2020 $1.90 - $2.15 $ 2.05 $2.10 - $2.38 $ 2.24 Natural gas (NYMEX) 18,250,000 Jan. 2021-Dec. 2021 $ 2.74 Natural gas (NYMEX) 127,750,000 Jan. 2021-Dec. 2021 $2.50 - $2.80 $ 2.64 $2.83 - $3.50 $ 3.02 Natural gas (NYMEX) 10,700,000 Apr. 2021-Oct. 2021 $ — $ 2.50 $ — $ 2.80 In October 2020, the Company entered into the following financial commodity derivatives: Collars Floor Ceiling Type of Contract Volume (Mmbtu) Contract Period Range Weighted-Average Range Weighted-Average Natural gas (NYMEX) 36,500,000 Jan. 2021-Dec. 2021 $2.80 - $2.85 $ 2.83 $3.00 - $3.94 $ 3.32
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 September 30, December 31, September 30, December 31, Commodity contracts Other current assets (current) $ — $ 31 $ — $ — Commodity contracts Derivative instruments (current) — — 11,628 — Commodity contracts Accrued liabilities (current) — — — 9 Commodity contracts Other liabilities (non-current) — — 4,095 — $ — $ 31 $ 15,723 $ 9
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) September 30, December 31, Derivative assets Gross amounts of recognized assets $ 1,682 $ 47 Gross amounts offset in the condensed consolidated balance sheet (1,682) (16) Net amounts of assets presented in the condensed consolidated balance sheet — 31 Gross amounts of financial instruments not offset in the condensed consolidated balance sheet — — Net amount $ — $ 31 Derivative liabilities Gross amounts of recognized liabilities $ 17,405 $ 25 Gross amounts offset in the condensed consolidated balance sheet (1,682) (16) Net amounts of liabilities presented in the condensed consolidated balance sheet 15,723 9 Gross amounts of financial instruments not offset in the condensed consolidated balance sheet — — Net amount $ 15,723 $ 9
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) September 30, December 31, Derivative assets Gross amounts of recognized assets $ 1,682 $ 47 Gross amounts offset in the condensed consolidated balance sheet (1,682) (16) Net amounts of assets presented in the condensed consolidated balance sheet — 31 Gross amounts of financial instruments not offset in the condensed consolidated balance sheet — — Net amount $ — $ 31 Derivative liabilities Gross amounts of recognized liabilities $ 17,405 $ 25 Gross amounts offset in the condensed consolidated balance sheet (1,682) (16) Net amounts of liabilities presented in the condensed consolidated balance sheet 15,723 9 Gross amounts of financial instruments not offset in the condensed consolidated balance sheet — — Net amount $ 15,723 $ 9
Effect of derivatives on the condensed consolidated statement of operations	Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations Three Months Ended Nine Months Ended (In thousands) 2020 2019 2020 2019 Cash received (paid) on settlement of derivative instruments (Loss) gain on derivative instruments $ 14,106 $ 46,555 $ 33,529 $ 114,931 Non-cash gain (loss) on derivative instruments (Loss) gain on derivative instruments (56,359) (35,495) (15,746) (31,965) $ (42,253) $ 11,060 $ 17,783 $ 82,966

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
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 Significant Other Significant Balance at Assets Deferred compensation plan $ 19,882 $ — $ — $ 19,882 Derivative instruments — 1,381 301 1,682 $ 19,882 $ 1,381 $ 301 $ 21,564 Liabilities Deferred compensation plan $ 28,489 $ — $ — $ 28,489 Derivative instruments — 3,270 14,135 17,405 $ 28,489 $ 3,270 $ 14,135 $ 45,894 (In thousands) Quoted Prices in Significant Other Significant Balance at Assets Deferred compensation plan $ 18,381 $ — $ — $ 18,381 Derivative instruments — 44 3 47 $ 18,381 $ 44 $ 3 $ 18,428 Liabilities Deferred compensation plan $ 27,012 $ — $ — $ 27,012 Derivative instruments — — 25 25 $ 27,012 $ — $ 25 $ 27,037
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: Nine Months Ended (In thousands) 2020 2019 Balance at beginning of period $ (22) $ 21,976 Total gain (loss) included in earnings 2,866 24,931 Settlement (gain) loss (16,678) (37,749) Transfers in and/or out of Level 3 — — Balance at end of period $ (13,834) $ 9,158 Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period $ (13,733) $ 7,388
Carrying amounts and fair values of debt	The carrying amount and fair value of debt is as follows: September 30, 2020 December 31, 2019 (In thousands) Carrying Estimated Fair Carrying Estimated Fair Long-term debt $ 1,161,712 $ 1,213,402 $ 1,220,025 $ 1,260,259 Current maturities (188,000) (189,501) (87,000) (88,704) Long-term debt, excluding current maturities $ 973,712 $ 1,023,901 $ 1,133,025 $ 1,171,555

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2020
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) Nine Months Ended Balance at beginning of period $ 72,098 Liabilities incurred 8,976 Liabilities settled (8) Accretion expense 3,104 Balance at end of period 84,170 Less: current asset retirement obligations (500) Noncurrent asset retirement obligations $ 83,670

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents revenues from contracts with customers disaggregated by product: Three Months Ended Nine Months Ended (In thousands) 2020 2019 2020 2019 Natural gas $ 333,256 $ 418,133 $ 991,882 $ 1,521,789 Other 38 (82) 181 154 $ 333,294 $ 418,051 $ 992,063 $ 1,521,943

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020) and the period-end fair value of the liability component of the TSR Performance Share Awards: Grant Date September 30, Fair value per performance share award $ 13.79 $13.28 - $17.30 Assumptions: Stock price volatility 29.5 % 36.8% - 48.4% Risk free rate of return 1.39 % 0.10% - 0.14%

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 30, 2020
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 Nine Months Ended (In thousands) 2020 2019 2020 2019 Weighted-average shares - basic 398,580 412,456 398,500 419,199 Dilution effect of stock awards at end of period — 2,006 2,128 1,902 Weighted-average shares - diluted 398,580 414,462 400,628 421,101
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 Nine Months Ended (In thousands) 2020 2019 2020 2019 Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect due to net loss 3,009 — — — Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method — 484 51 633 3,009 484 51 633

Additional Balance Sheet Info_2

Additional Balance Sheet Information (Tables)	9 Months Ended
	Sep. 30, 2020
Balance Sheet Related Disclosures [Abstract]
Additional Balance Sheet Information	Certain balance sheet amounts are comprised of the following: (In thousands) September 30, December 31, Accounts receivable, net Trade accounts $ 136,740 $ 209,200 Other accounts 1,037 1,007 137,777 210,207 Allowance for doubtful accounts (1,039) (1,184) $ 136,738 $ 209,023 Other assets Deferred compensation plan $ 19,882 $ 18,381 Debt issuance costs 7,391 8,938 Operating lease right-of-use assets 34,721 35,916 Other accounts 79 56 $ 62,073 $ 63,291 Accounts payable Trade accounts $ 20,789 $ 21,663 Royalty and other owners 25,836 36,191 Accrued transportation 50,999 55,586 Accrued capital costs 27,850 40,337 Taxes other than income 10,262 16,971 Other accounts 15,926 19,063 $ 151,662 $ 189,811 Accrued liabilities Employee benefits $ 19,822 $ 22,727 Taxes other than income 3,243 3,850 Operating lease liabilities 4,027 3,124 Other accounts 1,304 1,589 $ 28,396 $ 31,290 Other liabilities Deferred compensation plan $ 28,489 $ 27,012 Derivative instruments 4,095 — Operating lease liabilities 30,594 32,677 Other accounts 12,091 8,595 $ 75,269 $ 68,284

Financial Statement Presentat_3

Financial Statement Presentation (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Accounts payable
Short-term Debt [Line Items]
Book overdraft	$ 7,800,000	$ 0

Properties and Equipment, Net_2

Properties and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Proved oil and gas properties	$ 6,983,502	$ 6,508,443
Unproved oil and gas properties	58,329	133,475
Land, buildings and other equipment	108,325	104,700
Properties and equipment, gross, total	7,150,156	6,746,618
Accumulated depreciation, depletion and amortization	(3,115,476)	(2,890,912)
Properties and equipment, net	$ 4,034,680	$ 3,855,706

Equity Method Investments (Deta

Equity Method Investments (Details) - USD ($) $ in Thousands	Feb. 10, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Equity Method Investments
Balance at beginning of period				$ 0	$ 163,181
Contributions				35	8,977
Distributions				0	(14,266)
(Loss) earnings on equity method investments		$ 0	$ 3,860	(59)	11,194
Sale of investment				24	0
Balance at end of period		0	169,086	0	169,086
Constitution
Equity Method Investments
Balance at beginning of period				0	0
Contributions				35	500
Distributions				0	0
(Loss) earnings on equity method investments				(35)	(500)
Sale of investment				0	0
Balance at end of period		0	0	0	0
Ownership percentage	25.00%
Reclassification adjustment for equity method investment	$ 9,400
Meade
Equity Method Investments
Balance at beginning of period				0	163,181
Contributions				0	8,477
Distributions				0	(14,266)
(Loss) earnings on equity method investments				(24)	11,694
Sale of investment				24	0
Balance at end of period		$ 0	$ 169,086	$ 0	$ 169,086

Debt and Credit Agreements - Sc

Debt and Credit Agreements - Schedule of Debt (Details) - USD ($) $ in Thousands	1 Months Ended
	Jul. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Unamortized debt issuance costs		$ (3,288)	$ (3,975)
Long-term debt		1,161,712	1,220,025
Current portion of long-term debt		$ 188,000	87,000
6.51% weighted-average senior notes
Debt Instrument [Line Items]
Weighted average interest rate		6.51%
Total debt		$ 37,000	124,000
Debt repaid	$ 87,000
5.58% weighted-average senior notes
Debt Instrument [Line Items]
Weighted average interest rate		5.58%
Total debt		$ 175,000	175,000
Current portion of long-term debt		$ 88,000
3.65% weighted-average senior notes
Debt Instrument [Line Items]
Weighted average interest rate		3.65%
Total debt		$ 925,000	925,000
Current portion of long-term debt		100,000
Revolving credit facility
Debt Instrument [Line Items]
Total debt		$ 28,000	$ 0

Debt and Credit Agreements - Na

Debt and Credit Agreements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Apr. 23, 2020	Dec. 31, 2019
Revolving credit facility
Debt Instrument [Line Items]
Interest rate	4.00%	4.00%
Revolving credit facility
Debt Instrument [Line Items]
Borrowing base			$ 3,200,000
Remaining borrowing capacity	$ 1,500,000	$ 1,500,000	$ 1,500,000
Long-term debt	$ 28,000	$ 28,000		$ 0
Weighted average interest rate	4.00%	4.00%

Derivative Instruments - Outsta

Derivative Instruments - Outstanding Commodity Derivatives (Details) - Natural gas (NYMEX)	1 Months Ended	9 Months Ended
	Oct. 30, 2020MMBTU$ / MMBTU	Sep. 30, 2020MMBTU$ / MMBTU
Derivative [Line Items]
Volume (in Mmbtu) | MMBTU		9,300,000
Swaps Weighted-Average (in usd per Mmbtu)		2.25
Volume (in Mmbtu) | MMBTU		15,500,000
Floor, Weighted-Average (in usd per Mmbtu)		2.05
Ceiling, Weighted-Average (in usd per Mmbtu)		2.24
Minimum
Derivative [Line Items]
Derivative, Floor Price		1.90
Derivative, Cap Price		2.10
Maximum
Derivative [Line Items]
Derivative, Floor Price		2.15
Derivative, Cap Price		2.38
Volume (in Mmbtu) | MMBTU		18,250,000
Swaps Weighted-Average (in usd per Mmbtu)		2.74
Volume (in Mmbtu) | MMBTU		127,750,000
Floor, Weighted-Average (in usd per Mmbtu)		2.64
Ceiling, Weighted-Average (in usd per Mmbtu)		3.02
Minimum
Derivative [Line Items]
Derivative, Floor Price		2.50
Derivative, Cap Price		2.83
Maximum
Derivative [Line Items]
Derivative, Floor Price		2.80
Derivative, Cap Price		3.50
Volume (in Mmbtu) | MMBTU		10,700,000
Floor, Weighted-Average (in usd per Mmbtu)		2.50
Ceiling, Weighted-Average (in usd per Mmbtu)		2.80
Subsequent event
Derivative [Line Items]
Volume (in Mmbtu) | MMBTU	36,500,000
Floor, Weighted-Average (in usd per Mmbtu)	2.83
Ceiling, Weighted-Average (in usd per Mmbtu)	3.32
Minimum | Subsequent event
Derivative [Line Items]
Derivative, Floor Price	2.80
Derivative, Cap Price	3
Maximum | Subsequent event
Derivative [Line Items]
Derivative, Floor Price	2.85
Derivative, Cap Price	3.94

Derivative Instruments - Effect

Derivative Instruments - Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Effect of derivative instruments on the Consolidated Balance Sheet
Derivative Assets	$ 0	$ 31
Derivatives Not Designated as Hedges | Commodity contracts
Effect of derivative instruments on the Consolidated Balance Sheet
Derivative Assets	0	31
Derivative Liabilities	15,723	9
Other current assets (current) | Derivatives Not Designated as Hedges | Commodity contracts
Effect of derivative instruments on the Consolidated Balance Sheet
Derivative Assets	0	31
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	0	0
Derivative Liabilities	11,628	0
Accrued liabilities (current) | Derivatives Not Designated as Hedges | Commodity contracts
Effect of derivative instruments on the Consolidated Balance Sheet
Derivative Assets	0	0
Derivative Liabilities	0	9
Other liabilities (non-current) | Derivatives Not Designated as Hedges | Commodity contracts
Effect of derivative instruments on the Consolidated Balance Sheet
Derivative Assets	0	0
Derivative Liabilities	$ 4,095	$ 0

Derivative Instruments - Offset

Derivative Instruments - Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivative assets
Gross amounts of recognized assets	$ 1,682	$ 47
Gross amounts offset in the condensed consolidated balance sheet	(1,682)	(16)
Net amounts of assets presented in the condensed consolidated balance sheet	0	31
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet	0	0
Net amount	0	31
Derivative liabilities
Gross amounts of recognized liabilities	17,405	25
Gross amounts offset in the condensed consolidated balance sheet	(1,682)	(16)
Net amounts of liabilities presented in the condensed consolidated balance sheet	15,723	9
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet	0	0
Net amount	$ 15,723	$ 9

Derivative Instruments - Effe_2

Derivative Instruments - Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash received (paid) on settlement of derivative instruments, gain (loss) on derivative instruments	$ 14,106	$ 46,555	$ 33,529	$ 114,931
Non-cash gain (loss) on derivative instruments, gain (loss) on derivative instruments	(56,359)	(35,495)	(15,746)	(31,965)
Gain (loss) on derivative instruments	$ (42,253)	$ 11,060	$ 17,783	$ 82,966

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities, Recurring (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Deferred compensation plan	$ 19,882	$ 18,381
Derivative instruments	1,682	47
Liabilities
Deferred compensation plan	28,489	27,012
Recurring basis
Assets
Deferred compensation plan	19,882	18,381
Derivative instruments	1,682	47
Total assets	21,564	18,428
Liabilities
Deferred compensation plan	28,489	27,012
Derivative instruments	17,405	25
Total liabilities	45,894	27,037
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis
Assets
Deferred compensation plan	19,882	18,381
Derivative instruments	0	0
Total assets	19,882	18,381
Liabilities
Deferred compensation plan	28,489	27,012
Derivative instruments	0	0
Total liabilities	28,489	27,012
Significant Other Observable Inputs (Level 2) | Recurring basis
Assets
Deferred compensation plan	0	0
Derivative instruments	1,381	44
Total assets	1,381	44
Liabilities
Deferred compensation plan	0	0
Derivative instruments	3,270	0
Total liabilities	3,270	0
Significant Unobservable Inputs (Level 3) | Recurring basis
Assets
Deferred compensation plan	0	0
Derivative instruments	301	3
Total assets	301	3
Liabilities
Deferred compensation plan	0	0
Derivative instruments	14,135	25
Total liabilities	$ 14,135	$ 25

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Changes in Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
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	$ (22)	$ 21,976
Total gain (loss) included in earnings	2,866	24,931
Settlement (gain) loss	(16,678)	(37,749)
Transfers in and/or out of Level 3	0	0
Balance at end of period	(13,834)	9,158
Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period	$ (13,733)	$ 7,388

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	9 Months Ended
	Sep. 30, 2020impaired_asset_and_liability
Fair Value Disclosures [Abstract]
Number of non-financial assets and liabilities impaired	0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Other Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair value disclosures
Long-term debt	$ 1,161,712	$ 1,220,025
Current maturities	(188,000)	(87,000)
Long-term debt, excluding current maturities	973,712	1,133,025
Carrying Amount
Fair value disclosures
Long-term debt	1,161,712	1,220,025
Current maturities	(188,000)	(87,000)
Long-term debt, excluding current maturities	973,712	1,133,025
Estimated Fair Value
Fair value disclosures
Long-term debt	1,213,402	1,260,259
Current maturities	(189,501)	(88,704)
Long-term debt, excluding current maturities	$ 1,023,901	$ 1,171,555

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Asset Retirement Obligation
Balance at beginning of period	$ 72,098
Liabilities incurred	8,976
Liabilities settled	(8)
Accretion expense	3,104
Balance at end of period	84,170
Less: current asset retirement obligations	(500)
Noncurrent asset retirement obligations	$ 83,670	$ 71,598

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 333,294	$ 418,051	$ 992,063	$ 1,521,943
Natural gas
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	333,256	418,133	991,882	1,521,789
Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 38	$ (82)	$ 181	$ 154

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contracts with customers	$ 136.7	$ 209.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue from Contract with Customer [Abstract]
Unsatisfied performance obligations	$ 9,100
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations, expected period of satisfaction	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations, expected period of satisfaction	18 years

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($)	Feb. 19, 2019	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Stock-based Compensation arrangements
Stock based compensation expense		$ 11,400,000		$ 2,100,000	$ 36,000,000	$ 24,000,000
Restricted Stock Units
Stock-based Compensation arrangements
Granted (in shares)					127,165
Granted (in dollars per share)					$ 15.80
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					100.00%
Employee Performance Share Awards
Stock-based Compensation arrangements
Granted (in shares)					722,500
Granted (in dollars per share)					$ 15.60
Minimum operating cash flow for the year preceding the performance period			$ 100,000,000
Number of years over which performance criteria is to be met					3 years
Employee Performance Share Awards | Tranche three
Stock-based Compensation arrangements
Award vesting rights (as a percent)		100.00%
Hybrid Performance Share Awards
Stock-based Compensation arrangements
Granted (in shares)					506,412
Granted (in dollars per share)					$ 15.60
Minimum operating cash flow for the year preceding the performance period					$ 100,000,000
Hybrid Performance Share Awards | Tranche one
Stock-based Compensation arrangements
Award vesting rights (as a percent)					25.00%
Hybrid Performance Share Awards | Tranche two
Stock-based Compensation arrangements
Award vesting rights (as a percent)					25.00%
Hybrid Performance Share Awards | Tranche three
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					100.00%
Right to receive an additional award in cash					100.00%
TSR Performance Share Awards
Stock-based Compensation arrangements
Granted (in shares)					862,180
Granted (in dollars per share)	$ 13.79
Performance period					3 years
TSR Performance Share Awards | Minimum
Stock-based Compensation arrangements
Granted (in dollars per share)					$ 13.28
TSR Performance Share Awards | Maximum
Stock-based Compensation arrangements
Granted (in dollars per share)					$ 17.30

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions for TSR Shares (Details) - TSR Performance Share Awards - $ / shares	Feb. 19, 2019	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 13.79
Stock price volatility	29.50%
Risk free rate of return	1.39%
Minimum expected volatility		36.80%
Maximum expected volatility		48.40%
Minimum risk free interest rate		0.10%
Maximum risk free interest rate		0.14%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)		$ 13.28
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)		$ 17.30

Earnings per Common Share - Sch

Earnings per Common Share - Schedule of EPS (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Weighted-average shares - basic	398,580	412,456	398,500	419,199
Dilution effect of stock awards at end of period	0	2,006	2,128	1,902
Weighted-average shares - diluted	398,580	414,462	400,628	421,101

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	3,009	484	51	633
Net Income (Loss)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	3,009	0	0	0
Treasury Stock Method
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	484	51	633

Additional Balance Sheet Info_3

Additional Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accounts receivable, net
Trade accounts	$ 136,740	$ 209,200
Other accounts	1,037	1,007
Accounts receivable, gross	137,777	210,207
Allowance for doubtful accounts	(1,039)	(1,184)
Accounts receivable, net	136,738	209,023
Other assets
Deferred compensation plan	19,882	18,381
Debt issuance costs	7,391	8,938
Operating lease right-of-use assets	34,721	35,916
Other accounts	79	56
Other assets	62,073	63,291
Accounts payable
Trade accounts	20,789	21,663
Royalty and other owners	25,836	36,191
Accrued transportation	50,999	55,586
Accrued capital costs	27,850	40,337
Taxes other than income	10,262	16,971
Other accounts	15,926	19,063
Accounts payable	151,662	189,811
Accrued liabilities
Employee benefits	19,822	22,727
Taxes other than income	3,243	3,850
Operating lease liabilities	4,027	3,124
Other accounts	1,304	1,589
Accrued liabilities	28,396	31,290
Other liabilities
Deferred compensation plan	28,489	27,012
Derivative instruments	4,095	0
Operating lease liabilities	30,594	32,677
Other accounts	12,091	8,595
Other liabilities	$ 75,269	$ 68,284