SEC Info℠ | Home | Search | My Interests | Help | Sign In | Please Sign In | ||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size 10/29/20 Southwestern Energy Co. 10-Q 9/30/20 99:15M |
Document/Exhibit Description Pages Size 1: 10-Q 10-Q 2020 Q3 Form 10-Q HTML 1.65M 13: 10-Q 10-Q 2020 Q3 Form 10-Q PDF -- swn20200930x10q PDF 383K 12: EX-10.2 EX-10.2 Amendment 6 to Credit Agreement HTML 69K 11: EX-95.1 EX-95.1 Mine Safety Disclosure HTML 37K 7: EX-31.1 EX-31.1 CEO 302 Certification HTML 32K 8: EX-31.2 EX-31.2 CFO 302 Certification HTML 31K 9: EX-32.1 EX-32.1 CEO 906 Certification HTML 29K 10: EX-32.2 EX-32.2 CFO 906 Certification HTML 29K 15: R1 Cover Page HTML 80K 16: R2 Consolidated Statements of Operations HTML 138K 17: R3 Consolidated Statements of Comprehensive Income HTML 46K 18: R4 Consolidated Statements of Comprehensive Income HTML 30K (Parenthetical) 19: R5 Consolidated Balance Sheets HTML 128K 20: R6 Consolidated Balance Sheets (Parenthetical) HTML 38K 21: R7 Consolidated Statements of Cash Flows HTML 118K 22: R8 Consolidated Statements of Changes in Equity HTML 121K 23: R9 Basis of Presentation HTML 34K 24: R10 Acquisition HTML 33K 25: R11 Restructuring Charges HTML 48K 26: R12 Revenue Recognition HTML 117K 27: R13 Cash and Cash Equivalents HTML 37K 28: R14 Natural Gas and Oil Properties HTML 38K 29: R15 Earnings Per Share HTML 72K 30: R16 Derivatives and Risk Management HTML 425K 31: R17 Reclassifications From Accumulated Other HTML 50K Comprehensive Income (Loss) 32: R18 Fair Value Measurements HTML 125K 33: R19 Debt HTML 84K 34: R20 Commitments and Contingencies HTML 54K 35: R21 Income Taxes HTML 34K 36: R22 Pension Plan and Other Postretirement Benefits HTML 57K 37: R23 Long-Term Incentive Compensation HTML 114K 38: R24 Segment Information HTML 151K 39: R25 New Accounting Pronouncements HTML 40K 40: R26 New Accounting Pronouncements (Policies) HTML 32K 41: R27 Restructuring Charges (Tables) HTML 46K 42: R28 Revenue Recognition (Tables) HTML 113K 43: R29 Cash and Cash Equivalents (Tables) HTML 35K 44: R30 Natural Gas and Oil Properties (Tables) HTML 35K 45: R31 Earnings Per Share (Tables) HTML 72K 46: R32 Derivatives and Risk Management (Tables) HTML 418K 47: R33 Reclassifications from Accumulated Other HTML 51K Comprehensive Income (Loss) (Tables) 48: R34 Fair Value Measurements (Tables) HTML 119K 49: R35 Debt (Tables) HTML 68K 50: R36 Commitments and Contingencies (Tables) HTML 44K 51: R37 Pension Plan and Other Postretirement Benefits HTML 51K (Tables) 52: R38 Long-term Incentive Compensation (Tables) HTML 123K 53: R39 Segment Information (Tables) HTML 148K 54: R40 Basis of Presentation (Narrative) (Details) HTML 30K 55: R41 Acquisition (Details) HTML 64K 56: R42 Restructuring Charges (Additional Information) HTML 35K (Details) 57: R43 Restructuring Charges (Summary of Restructuring HTML 44K Charges) (Details) 58: R44 Restructuring Charges (Restructuring Rollforward) HTML 38K (Details) 59: R45 Revenue Recognition (Narrative) (Details) HTML 42K 60: R46 Revenue Recognition (Disaggregation of Revenue by HTML 76K Segment) (Details) 61: R47 Revenue Recognition (Disaggregation of Revenue on HTML 45K Geographic Basis) (Details) 62: R48 Revenue Recognition (Reconciliation of Accounts HTML 34K Receivable) (Details) 63: R49 Cash and Cash Equivalents (Summary of Cash and HTML 35K Cash Equivalents) (Details) 64: R50 Natural Gas and Oil Properties (Narrative) HTML 57K (Details) 65: R51 Earnings Per Share (Narrative) (Details) HTML 44K 66: R52 Earnings Per Share (Schedule of Earnings Per HTML 68K Share) (Details) 67: R53 Earnings Per Share (Schedule of Antidilutive HTML 42K Securities Excluded from Computation of Earnings Per Share) (Details) 68: R54 Derivatives and Risk Management (Schedule of HTML 280K Derivative Instruments Notional Amount, Weighted Average Contract Prices and Fair Value) (Details) 69: R55 Derivatives and Risk Management (Narrative) HTML 38K (Details) 70: R56 Derivatives and Risk Management (Balance Sheet HTML 105K Classification of Derivative Financial Instruments) (Details) 71: R57 Derivatives and Risk Management (Summary of Before HTML 77K Tax Effect of Fair Value Hedges not Designated for Hedge Accounting) (Details) 72: R58 Reclassifications from Accumulated Other HTML 56K Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income (Loss)) (Details) 73: R59 Reclassifications from Accumulated Other HTML 51K Comprehensive Income (Loss) (Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)) (Details) 74: R60 Fair Value Measurements (Carrying Amount and HTML 56K Estimated Fair Values of Financial Instruments) (Details) 75: R61 Fair Value Measurements (Narrative) (Details) HTML 35K 76: R62 Fair Value Measurements (Summary of Assets and HTML 100K Liabilities Measured at Fair Value on Recurring Basis) (Details) 77: R63 Debt (Components of Debt) (Details) HTML 78K 78: R64 Debt (2018 Revolving Credit Facility - Narrative) HTML 81K (Details) 79: R65 Debt (Senior Notes - Narrative) (Details) HTML 79K 80: R66 Commitments and Contingencies (Narrative) HTML 50K (Details) 81: R67 Commitments and Contingencies (Schedule of Future HTML 47K Obligation under Transportation Agreements) (Details) 82: R68 Income Taxes (Narrative) (Details) HTML 36K 83: R69 Pension Plan and Other Postretirement Benefits HTML 51K (Pension and Other Postretirement Benefit Costs) (Details) 84: R70 Pension Plan and Other Postretirement Benefits HTML 56K (Narrative) (Details) 85: R71 Long-term Incentive Compensation (Narrative) HTML 62K (Details) 86: R72 Long-term Incentive Compensation (Schedule of HTML 32K Stock-Based Compensation Costs) (Details) 87: R73 Long-term Incentive Compensation (Schedule of HTML 32K Equity-Classified Stock-Based Compensation Costs) (Details) 88: R74 Long-term Incentive Compensation (Summary of HTML 55K Equity-Classified Stock Option Activity) (Details) 89: R75 Long-term Incentive Compensation (Summary of HTML 52K Equity-Classified Restricted Stock Activity) (Details) 90: R76 Long-term Incentive Compensation (Summary of HTML 59K Equity-Classified Performance Units Activity) (Details) 91: R77 Long-term Incentive Compensation (Schedule of HTML 32K Liability-Classified Stock-Based Compensation Costs) (Details) 92: R78 Long-term Incentive Compensation (Summary of HTML 49K Liability-Classified Restricted Stock Unit Activity) (Details) 93: R79 Long-term Incentive Compensation (Summary of HTML 52K Liability-Classified Performance Cash Awards ) (Details) 94: R80 Long-term Incentive Compensation (Summary of HTML 49K Liability-Classified Restricted Cash Unit Activity) (Details) 95: R81 Segment Information (Details) HTML 125K 97: XML IDEA XML File -- Filing Summary XML 183K 14: XML XBRL Instance -- swn-20200930_htm XML 5.05M 96: EXCEL IDEA Workbook of Financial Reports XLSX 134K 3: EX-101.CAL XBRL Calculations -- swn-20200930_cal XML 252K 4: EX-101.DEF XBRL Definitions -- swn-20200930_def XML 1.08M 5: EX-101.LAB XBRL Labels -- swn-20200930_lab XML 1.96M 6: EX-101.PRE XBRL Presentations -- swn-20200930_pre XML 1.37M 2: EX-101.SCH XBRL Schema -- swn-20200930 XSD 235K 98: JSON XBRL Instance as JSON Data -- MetaLinks 443± 663K 99: ZIP XBRL Zipped Folder -- 0000007332-20-000069-xbrl Zip 541K
swn-20200930 |
i Delaware | i 71-0205415 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
i Common Stock, Par Value $0.01 | i SWN | i New York Stock Exchange |
i Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | Emerging growth company | i ☐ |
Class | Outstanding as of October 27, 2020 | |||||||
i Common Stock, Par Value $0.01 | i 605,559,524 |
Page | |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||
(in millions, except share/per share amounts) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||||
Gas sales | $ | i 199 | $ | i 238 | $ | i 611 | $ | i 943 | |||||||||||||||
Oil sales | i 40 | i 67 | i 111 | i 153 | |||||||||||||||||||
NGL sales | i 68 | i 52 | i 158 | i 191 | |||||||||||||||||||
Marketing | i 219 | i 279 | i 645 | i 1,004 | |||||||||||||||||||
Other | i 1 | i — | i 4 | i 2 | |||||||||||||||||||
| i 527 | i 636 | i 1,529 | i 2,293 | |||||||||||||||||||
Operating Costs and Expenses: | |||||||||||||||||||||||
Marketing purchases | i 226 | i 288 | i 675 | i 1,022 | |||||||||||||||||||
Operating expenses | i 202 | i 189 | i 577 | i 523 | |||||||||||||||||||
General and administrative expenses | i 31 | i 42 | i 89 | i 119 | |||||||||||||||||||
Montage acquisition-related expenses | i 3 | i — | i 3 | i — | |||||||||||||||||||
Restructuring charges | i — | i 4 | i 12 | i 9 | |||||||||||||||||||
Loss on sale of operating assets | i — | i — | i — | i 3 | |||||||||||||||||||
Depreciation, depletion and amortization | i 70 | i 125 | i 267 | i 352 | |||||||||||||||||||
Impairments | i 361 | i 2 | i 2,495 | i 8 | |||||||||||||||||||
Taxes, other than income taxes | i 15 | i 15 | i 38 | i 51 | |||||||||||||||||||
| i 908 | i 665 | i 4,156 | i 2,087 | |||||||||||||||||||
Operating Income (Loss) | ( i 381) | ( i 29) | ( i 2,627) | i 206 | |||||||||||||||||||
Interest Expense: | |||||||||||||||||||||||
Interest on debt | i 43 | i 42 | i 123 | i 125 | |||||||||||||||||||
Other interest charges | i 2 | i 2 | i 7 | i 5 | |||||||||||||||||||
Interest capitalized | ( i 23) | ( i 27) | ( i 67) | ( i 84) | |||||||||||||||||||
| i 22 | i 17 | i 63 | i 46 | |||||||||||||||||||
| |||||||||||||||||||||||
Gain (Loss) on Derivatives | ( i 192) | i 100 | i 38 | i 220 | |||||||||||||||||||
Gain on Early Extinguishment of Debt | i — | i 7 | i 35 | i 7 | |||||||||||||||||||
Other Income (Loss), Net | i 2 | ( i 2) | i 3 | ( i 7) | |||||||||||||||||||
| |||||||||||||||||||||||
Income (Loss) Before Income Taxes | ( i 593) | i 59 | ( i 2,614) | i 380 | |||||||||||||||||||
Provision (Benefit) for Income Taxes: | |||||||||||||||||||||||
Current | i — | ( i 1) | ( i 2) | ( i 1) | |||||||||||||||||||
Deferred | i — | i 11 | i 408 | ( i 400) | |||||||||||||||||||
| i — | i 10 | i 406 | ( i 401) | |||||||||||||||||||
Net Income (Loss) | $ | ( i 593) | $ | i 49 | $ | ( i 3,020) | $ | i 781 | |||||||||||||||
| |||||||||||||||||||||||
Earnings (Loss) Per Common Share: | |||||||||||||||||||||||
Basic | $ | ( i 1.04) | $ | i 0.09 | $ | ( i 5.48) | $ | i 1.45 | |||||||||||||||
Diluted | $ | ( i 1.04) | $ | i 0.09 | $ | ( i 5.48) | $ | i 1.44 | |||||||||||||||
| |||||||||||||||||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||||||||||
Basic | i 571,872,413 | i 539,221,101 | i 551,162,559 | i 539,315,170 | |||||||||||||||||||
Diluted | i 571,872,413 | i 540,038,187 | i 551,162,559 | i 540,442,649 |
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net income (loss) | $ | ( i 593) | $ | i 49 | $ | ( i 3,020) | $ | i 781 | |||||||||||||||
| |||||||||||||||||||||||
Change in value of pension and other postretirement liabilities: | |||||||||||||||||||||||
Amortization of prior service cost and net loss included in net periodic pension cost (1) | i 1 | i 1 | i 1 | i 5 | |||||||||||||||||||
| |||||||||||||||||||||||
Comprehensive income (loss) | $ | ( i 592) | $ | i 50 | $ | ( i 3,019) | $ | i 786 |
| September 30, 2020 | December 31, 2019 | |||||||||
ASSETS | (in millions) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | i 95 | $ | i 5 | |||||||
Accounts receivable, net | i 239 | i 345 | |||||||||
Derivative assets | i 238 | i 278 | |||||||||
Other current assets | i 41 | i 51 | |||||||||
Total current assets | i 613 | i 679 | |||||||||
Natural
gas and oil properties, using the full cost method, including $ i 1,379 million as of September 30, 2020 and $ i 1,506
million as of December 31, 2019 excluded from amortization | i 25,969 | i 25,250 | |||||||||
Other | i 500 | i 520 | |||||||||
Less: Accumulated depreciation, depletion and amortization | ( i 23,247) | ( i 20,503) | |||||||||
Total property and equipment, net | i 3,222 | i 5,267 | |||||||||
Operating lease assets | i 145 | i 159 | |||||||||
Deferred tax assets | i — | i 407 | |||||||||
Other long-term assets | i 177 | i 205 | |||||||||
Total long-term assets | i 322 | i 771 | |||||||||
TOTAL ASSETS | $ | i 4,157 | $ | i 6,717 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | i 416 | $ | i 525 | |||||||
Taxes payable | i 47 | i 59 | |||||||||
Interest payable | i 56 | i 51 | |||||||||
Derivative liabilities | i 287 | i 125 | |||||||||
Current operating lease liabilities | i 33 | i 34 | |||||||||
Other current liabilities | i 30 | i 54 | |||||||||
Total current liabilities | i 869 | i 848 | |||||||||
Long-term debt | i 2,450 | i 2,242 | |||||||||
Long-term operating lease liabilities | i 107 | i 119 | |||||||||
Long-term derivative liabilities | i 188 | i 111 | |||||||||
Pension and other postretirement liabilities | i 35 | i 43 | |||||||||
Other long-term liabilities | i 124 | i 108 | |||||||||
Total long-term liabilities | i 2,904 | i 2,623 | |||||||||
i | i | ||||||||||
Equity: | |||||||||||
Common
stock, $ i i 0.01 / par value; i i 1,250,000,000 /
shares authorized; issued i 649,899,653 shares as of September 30, 2020 and i 585,555,923 shares as of December
31, 2019 | i 7 | i 6 | |||||||||
Additional paid-in capital | i 4,882 | i 4,726 | |||||||||
Accumulated deficit | ( i 4,271) | ( i 1,251) | |||||||||
Accumulated other comprehensive loss | ( i 32) | ( i 33) | |||||||||
Common
stock in treasury, i i 44,353,224 / shares as of September
30, 2020 and December 31, 2019 | ( i 202) | ( i 202) | |||||||||
Total equity | i 384 | i 3,246 | |||||||||
TOTAL LIABILITIES AND EQUITY | $ | i 4,157 | $ | i 6,717 |
| For the nine months ended September 30, | ||||||||||
(in millions) | 2020 | 2019 | |||||||||
Cash Flows From Operating Activities: | |||||||||||
Net income (loss) | $ | ( i 3,020) | $ | i 781 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation, depletion and amortization | i 267 | i 352 | |||||||||
Amortization of debt issuance costs | i 6 | i 5 | |||||||||
Impairments | i 2,495 | i 8 | |||||||||
Deferred income taxes | i 408 | ( i 400) | |||||||||
(Gain) loss on derivatives, unsettled | i 272 | ( i 108) | |||||||||
Stock-based compensation | i 2 | i 6 | |||||||||
Gain on early extinguishment of debt | ( i 35) | ( i 7) | |||||||||
Loss on sale of assets | i — | i 3 | |||||||||
Other | i 3 | i 11 | |||||||||
Change in assets and liabilities: | |||||||||||
Accounts receivable | i 106 | i 257 | |||||||||
Accounts payable | ( i 129) | ( i 124) | |||||||||
Taxes payable | ( i 12) | ( i 3) | |||||||||
Interest payable | i 3 | i 2 | |||||||||
Inventories | i 3 | ( i 2) | |||||||||
Other assets and liabilities | i 38 | ( i 42) | |||||||||
Net cash provided by operating activities | i 407 | i 739 | |||||||||
| |||||||||||
Cash Flows From Investing Activities: | |||||||||||
Capital investments | ( i 700) | ( i 877) | |||||||||
Proceeds from sale of property and equipment | i 2 | i 42 | |||||||||
Net cash used in investing activities | ( i 698) | ( i 835) | |||||||||
| |||||||||||
Cash Flows From Financing Activities: | |||||||||||
Payments on long-term debt | ( i 72) | ( i 43) | |||||||||
Payments on revolving credit facility | ( i 1,449) | i — | |||||||||
Borrowings under revolving credit facility | i 1,415 | i — | |||||||||
Change in bank drafts outstanding | ( i 9) | ( i 11) | |||||||||
Proceeds from issuance of long-term debt | i 350 | i — | |||||||||
Debt issuance costs | ( i 5) | i — | |||||||||
Purchase of treasury stock | i — | ( i 21) | |||||||||
Proceeds from issuance of common stock, net | i 152 | i — | |||||||||
Cash paid for tax withholding | ( i 1) | ( i 1) | |||||||||
Net cash provided by (used in) financing activities | i 381 | ( i 76) | |||||||||
| |||||||||||
Increase (decrease) in cash and cash equivalents | i 90 | ( i 172) | |||||||||
Cash and cash equivalents at beginning of year | i 5 | i 201 | |||||||||
Cash and cash equivalents at end of period | $ | i 95 | $ | i 29 |
Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Common Stock in Treasury | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | i 585,555,923 | $ | i 6 | $ | i 4,726 | $ | ( i 1,251) | $ | ( i 33) | i 44,353,224 | $ | ( i 202) | $ | i 3,246 | |||||||||||||||||||||||||||||||||||||||
Comprehensive loss: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( i 1,547) | — | — | — | ( i 1,547) | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive loss | — | — | — | — | — | — | — | ( i 1,547) | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | i 1 | — | — | — | — | i 1 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | i 12,397 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Cancellation of restricted stock | ( i 167,130) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Restricted units granted | i 1,005,976 | — | i 1 | — | — | — | — | i 1 | |||||||||||||||||||||||||||||||||||||||||||||
Tax withholding – stock compensation | ( i 383,731) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | i 586,023,435 | $ | i 6 | $ | i 4,728 | $ | ( i 2,798) | $ | ( i 33) | i 44,353,224 | $ | ( i 202) | $ | i 1,701 | |||||||||||||||||||||||||||||||||||||||
Comprehensive loss: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( i 880) | — | — | — | ( i 880) | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive loss | — | — | — | — | — | — | — | ( i 880) | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | i 1 | — | — | — | — | i 1 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | i 222,489 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Cancellation of restricted stock | ( i 1,079,515) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Restricted units granted | i 1,649,294 | — | i 2 | — | — | — | — | i 2 | |||||||||||||||||||||||||||||||||||||||||||||
Tax withholding – stock compensation | ( i 222,163) | — | ( i 1) | — | — | — | — | ( i 1) | |||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | i 586,593,540 | $ | i 6 | $ | i 4,730 | $ | ( i 3,678) | $ | ( i 33) | i 44,353,224 | $ | ( i 202) | $ | i 823 | |||||||||||||||||||||||||||||||||||||||
Comprehensive loss: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( i 593) | — | — | — | ( i 593) | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | i 1 | — | — | i 1 | |||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive loss | — | — | — | — | — | — | — | ( i 592) | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | i 1 | — | — | — | — | i 1 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | i 63,250,000 | i 1 | i 151 | — | — | — | — | i 152 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | i 63,344 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Cancellation of restricted stock | ( i 5,196) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Treasury stock | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Tax withholding – stock compensation | ( i 2,035) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Balance at Balance at September 31, 2020 | i 649,899,653 | $ | i 7 | $ | i 4,882 | $ | ( i 4,271) | $ | ( i 32) | i 44,353,224 | $ | ( i 202) | $ | i 384 |
Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Common Stock in Treasury | Total | ||||||||||||||||||||||||||||||||||||||||||
Shares Issued | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
(in millions, except share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | i 585,407,107 | $ | i 6 | $ | i 4,715 | $ | ( i 2,142) | $ | ( i 36) | i 39,092,537 | $ | ( i 181) | $ | i 2,362 | |||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | i 594 | — | — | — | i 594 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | — | — | — | i 594 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | i 3 | — | — | — | — | i 3 | |||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | i 8,798 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Cancellation of restricted stock | ( i 128,324) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Treasury stock | — | — | — | — | — | i 5,260,687 | ( i 21) | ( i 21) | |||||||||||||||||||||||||||||||||||||||
Performance units vested | i 535,802 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Tax withholding – stock compensation | ( i 274,657) | — | ( i 1) | — | — | — | — | ( i 1) | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | i 585,548,726 | $ | i 6 | $ | i 4,717 | $ | ( i 1,548) | $ | ( i 36) | i 44,353,224 | $ | ( i 202) | $ | i 2,937 | |||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | i 138 | — | — | — | i 138 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | i 4 | — | — | i 4 | |||||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | — | — | — | i 142 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | i 3 | — | — | — | — | i 3 | |||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | i 6,424 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Cancellation of restricted stock | ( i 72,555) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Tax withholding – stock compensation | ( i 4,250) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | i 585,478,345 | $ | i 6 | $ | i 4,720 | $ | ( i 1,410) | $ | ( i 32) | i 44,353,224 | $ | ( i 202) | $ | i 3,082 | |||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | i 49 | — | — | — | i 49 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | i 1 | — | — | i 1 | |||||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | — | — | — | i 50 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | i 3 | — | — | — | — | i 3 | |||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | i 205,883 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Cancellation of restricted stock | ( i 33,851) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Tax withholding – stock compensation | ( i 12,957) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Balance at Balance at September 30, 2019 | i 585,637,420 | $ | i 6 | $ | i 4,723 | $ | ( i 1,361) | $ | ( i 31) | i 44,353,224 | $ | ( i 202) | $ | i 3,135 |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Severance (including payroll taxes) | $ | i — | $ | i 1 | $ | i 12 | $ | i 4 | |||||||||||||||
Office consolidation | i — | i 3 | i — | i 5 | |||||||||||||||||||
Total
restructuring charges (1) | $ | i — | $ | i 4 | $ | i 12 | $ | i 9 |
(in millions) | |||||
Liability at December 31, 2019 | $ | i 2 | |||
Additions | i 12 | ||||
Distributions | ( i 14) | ||||
Liability at September 30, 2020 | $ | i — |
(in millions) | E&P | Marketing | Intersegment Revenues | Total | |||||||||||||||||||
Three months ended September 30, 2020 | |||||||||||||||||||||||
Gas sales | $ | i 190 | $ | i — | $ | i 9 | $ | i 199 | |||||||||||||||
Oil sales | i 39 | i — | i 1 | i 40 | |||||||||||||||||||
NGL sales | i 68 | i — | i — | i 68 | |||||||||||||||||||
Marketing | i — | i 495 | ( i 276) | i 219 | |||||||||||||||||||
Other | i 1 | i — | i — | i 1 | |||||||||||||||||||
Total | $ | i 298 | $ | i 495 | $ | ( i 266) | $ | i 527 | |||||||||||||||
Three months ended September 30, 2019 | |||||||||||||||||||||||
Gas sales | $ | i 230 | $ | i — | $ | i 8 | $ | i 238 | |||||||||||||||
Oil sales | i 66 | i — | i 1 | i 67 | |||||||||||||||||||
NGL sales | i 52 | i — | i — | i 52 | |||||||||||||||||||
Marketing | i — | i 592 | ( i 313) | i 279 | |||||||||||||||||||
Total | $ | i 348 | $ | i 592 | $ | ( i 304) | $ | i 636 |
(in millions) | E&P | Marketing | Intersegment Revenues | Total | |||||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||
Gas sales | $ | i 584 | $ | i — | $ | i 27 | $ | i 611 | |||||||||||||||
Oil sales | i 107 | i — | i 4 | i 111 | |||||||||||||||||||
NGL sales | i 158 | i — | i — | i 158 | |||||||||||||||||||
Marketing | i — | i 1,432 | ( i 787) | i 645 | |||||||||||||||||||
Other
(1) | i 4 | i — | i — | i 4 | |||||||||||||||||||
Total | $ | i 853 | $ | i 1,432 | $ | ( i 756) | $ | i 1,529 | |||||||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||||||||
Gas sales | $ | i 918 | $ | i — | $ | i 25 | $ | i 943 | |||||||||||||||
Oil sales | i 151 | i — | i 2 | i 153 | |||||||||||||||||||
NGL sales | i 191 | i — | i — | i 191 | |||||||||||||||||||
Marketing | i — | i 2,158 | ( i 1,154) | i 1,004 | |||||||||||||||||||
Other
(2) | i 1 | i 1 | i — | i 2 | |||||||||||||||||||
Total | $ | i 1,261 | $ | i 2,159 | $ | ( i 1,127) | $ | i 2,293 |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Northeast Appalachia | $ | i 131 | $ | i 175 | $ | i 443 | $ | i 740 | |||||||||||||||
Southwest Appalachia | i 166 | i 173 | i 409 | i 519 | |||||||||||||||||||
Other | i 1 | i — | i 1 | i 2 | |||||||||||||||||||
Total | $ | i 298 | $ | i 348 | $ | i 853 | $ | i 1,261 |
(in millions) | September 30, 2020 | December 31, 2019 | |||||||||
Receivables from contracts with customers | $ | i 218 | $ | i 284 | |||||||
Other accounts receivable | i 21 | i 61 | |||||||||
Total accounts receivable | $ | i 239 | $ | i 345 |
(in millions) | September 30, 2020 | December 31, 2019 | ||||||||||||
Cash | $ | i 93 | $ | i 5 | ||||||||||
Marketable
securities (1) | i 2 | i — | ||||||||||||
Total | $ | i 95 | $ | i 5 |
September 30, 2020 | September 30, 2019 | ||||||||||
Natural gas (per MMBtu) | $ | i 1.97 | $ | i 2.87 | |||||||
Oil
(per Bbl) | $ | i 43.40 | $ | i 57.77 | |||||||
NGLs
(per Bbl) | $ | i 9.26 | $ | i 12.59 |
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||
(in millions, except share/per share amounts) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net income (loss) | $ | ( i 593) | $ | i 49 | $ | ( i 3,020) | $ | i 781 | |||||||||||||||
| |||||||||||||||||||||||
Number of common shares: | |||||||||||||||||||||||
Weighted average outstanding | i 571,872,413 | i 539,221,101 | i 551,162,559 | i 539,315,170 | |||||||||||||||||||
Issued upon assumed exercise of outstanding stock options | i — | i — | i — | i — | |||||||||||||||||||
Effect of issuance of non-vested restricted common stock | i — | i 187,706 | i — | i 400,120 | |||||||||||||||||||
Effect of issuance of non-vested restricted units | — | — | — | — | |||||||||||||||||||
Effect of issuance of non-vested performance units | i — | i 629,380 | i — | i 727,359 | |||||||||||||||||||
Weighted average and potential dilutive outstanding | i 571,872,413 | i 540,038,187 | i 551,162,559 | i 540,442,649 | |||||||||||||||||||
| |||||||||||||||||||||||
Earnings per common share | |||||||||||||||||||||||
Basic | $ | ( i 1.04) | $ | i 0.09 | $ | ( i 5.48) | $ | i 1.45 | |||||||||||||||
Diluted | $ | ( i 1.04) | $ | i 0.09 | $ | ( i 5.48) | $ | i 1.44 |
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Unexercised stock options | i 4,425,886 | i 5,102,882 | i 4,519,385 | i 5,115,334 | |||||||||||||||||||
Unvested share-based payment | i 939,941 | i 2,136,453 | i 946,547 | i 1,797,963 | |||||||||||||||||||
Restricted stock units | i 1,935,781 | i — | i 2,001,621 | i — | |||||||||||||||||||
Performance units | i 2,282,211 | i 240,450 | i 2,027,985 | i 247,443 | |||||||||||||||||||
Total | i 9,583,819 | i 7,479,785 | i 9,495,538 | i 7,160,740 |
Fixed price swaps | If the Company sells a fixed price swap, the Company receives a fixed price for the contract and pays a floating market price to the counterparty. If the Company purchases a fixed price swap, the Company receives a floating market price for the contract and pays a fixed price to the counterparty. | ||||
| |||||
Two-way costless collars | Arrangements that contain a fixed floor price (purchased put option) and a fixed ceiling price (sold call option) based on an index price which, in aggregate, have no net cost. At the contract settlement date, (1) if the index price is higher than the ceiling price, the Company pays the counterparty the difference between the index price and ceiling price, (2) if the index price is between the floor and ceiling prices, no payments are due from either party, and (3) if the index price is below the floor price, the Company will receive the difference between the floor price and the index price. | ||||
|
Three-way costless collars | Arrangements that contain a purchased put option, a sold call option and a sold put option based on an index price that, in aggregate, have no net cost. At the contract settlement date, (1) if the index price is higher than the sold call strike price, the Company pays the counterparty the difference between the index price and sold call strike price, (2) if the index price is between the purchased put strike price and the sold call strike price, no payments are due from either party, (3) if the index price is between the sold put strike price and the purchased put strike price, the Company will receive the difference between the purchased put strike price and the index price, and (4) if the index price is below the sold put strike price, the Company will receive the difference between the purchased put strike price and the sold put strike price. | ||||
| |||||
Basis swaps | Arrangements that guarantee a price differential for natural gas from a specified delivery point. If the Company sells a basis swap, the Company receives a payment from the counterparty if the price differential is greater than the stated terms of the contract and pays the counterparty if the price differential is less than the stated terms of the contract. If the Company purchases a basis swap, the Company pays the counterparty if the price differential is greater than the stated terms of the contract and receives a payment from the counterparty if the price differential is less than the stated terms of the contract. | ||||
| |||||
Call options | The Company purchases and sells call options in exchange for a premium. If the Company purchases a call option, the Company receives from the counterparty the excess (if any) of the market price over the strike price of the call option at the time of settlement, but if the market price is below the call’s strike price, no payment is due from either party. If the Company sells a call option, the Company pays the counterparty the excess (if any) of the market price over the strike price of the call option at the time of settlement, but if the market price is below the call’s strike price, no payment is due from either party. | ||||
| |||||
Interest rate swaps | Interest rate swaps were used to fix or float interest rates on existing or anticipated indebtedness. The purpose of these instruments was to manage the Company’s existing or anticipated exposure to unfavorable interest rate changes. The Company’s interest rate swaps expired in June 2020. |
Financial Protection on Production | ||||||||||||||||||||||||||||||||||||||||||||
| Weighted Average Price per MMBtu | |||||||||||||||||||||||||||||||||||||||||||
| Volume (Bcf) | Swaps | Sold Puts | Purchased Puts | Sold Calls | Basis Differential | Fair Value at (in millions) | |||||||||||||||||||||||||||||||||||||
Natural Gas | ||||||||||||||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||||||||||||||
Fixed price swaps | i 91 | $ | i 2.46 | $ | — | $ | — | $ | — | $ | — | $ | i 16 | (1) | ||||||||||||||||||||||||||||||
Two-way costless collars | i 57 | — | — | i 2.45 | i 2.75 | — | ( i 7) | |||||||||||||||||||||||||||||||||||||
Three-way costless collars | i 25 | — | i 2.19 | i 2.58 | i 2.96 | — | ( i 11) | (2) | ||||||||||||||||||||||||||||||||||||
Total | i 173 | $ | ( i 2) | |||||||||||||||||||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||||||||||||||
Fixed price swaps | i 93 | $ | i 2.67 | $ | — | $ | — | $ | — | $ | — | $ | ( i 13) | |||||||||||||||||||||||||||||||
Two-way costless collars | i 166 | — | — | i 2.51 | i 2.89 | — | ( i 27) | |||||||||||||||||||||||||||||||||||||
Three-way costless collars | i 291 | — | i 2.16 | i 2.49 | i 2.84 | — | ( i 113) | (3) | ||||||||||||||||||||||||||||||||||||
Total | i 550 | $ | ( i 153) | |||||||||||||||||||||||||||||||||||||||||
2022 | ||||||||||||||||||||||||||||||||||||||||||||
Fixed price swaps | i 37 | $ | i 2.75 | $ | — | $ | — | $ | — | $ | — | $ | ( i 2) | |||||||||||||||||||||||||||||||
Two-way costless collars | i 32 | — | — | i 2.17 | i 2.88 | — | ( i 5) | |||||||||||||||||||||||||||||||||||||
Three-way costless collars | i 116 | — | i 2.07 | i 2.44 | i 2.87 | — | ( i 24) | |||||||||||||||||||||||||||||||||||||
Total | i 185 | $ | ( i 31) | |||||||||||||||||||||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||||||||||||||||||||
Three-way costless collars | i 25 | $ | — | $ | i 2.07 | $ | i 2.48 | $ | i 3.18 | $ | — | $ | ( i 2) | |||||||||||||||||||||||||||||||
Basis Swaps | ||||||||||||||||||||||||||||||||||||||||||||
2020 | i 66 | $ | — | $ | — | $ | — | $ | — | $ | ( i 0.37) | $ | i 21 | |||||||||||||||||||||||||||||||
2021 | i 155 | — | — | — | — | ( i 0.12) | i 21 | |||||||||||||||||||||||||||||||||||||
2022 | i 127 | — | — | — | — | ( i 0.38) | i 4 | |||||||||||||||||||||||||||||||||||||
Total | i 348 | $ | i 46 |
| Volume (MBbls) | Weighted Average Strike Price per Bbl | Fair Value at (in millions) | ||||||||||||||||||||||||||||||||
Swaps | Sold Puts | Purchased Puts | Sold Calls | ||||||||||||||||||||||||||||||||
Oil | |||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||
Fixed
price swaps (1) | i 584 | $ | i 75.44 | $ | — | $ | — | $ | — | $ | i 20 | ||||||||||||||||||||||||
Two-way costless collars | i 261 | — | — | i 56.76 | i 59.75 | i 4 | |||||||||||||||||||||||||||||
Three-way costless collars | i 404 | — | i 43.71 | i 52.85 | i 57.78 | i 3 | |||||||||||||||||||||||||||||
Total | i 1,249 | $ | i 27 | ||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||
Fixed price swaps | i 2,574 | $ | i 52.84 | $ | — | $ | — | $ | — | $ | i 27 | ||||||||||||||||||||||||
Three-way costless collars | i 1,445 | — | i 43.52 | i 53.25 | i 58.14 | i 8 | |||||||||||||||||||||||||||||
Total | i 4,019 | $ | i 35 | ||||||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||
Fixed price swaps | i 762 | $ | i 48.85 | $ | — | $ | — | $ | — | $ | i 4 | ||||||||||||||||||||||||
Three-way costless collars | i 666 | — | i 42.50 | i 53.20 | i 58.00 | i 2 | |||||||||||||||||||||||||||||
Total | i 1,428 | $ | i 6 | ||||||||||||||||||||||||||||||||
2023 | |||||||||||||||||||||||||||||||||||
Three-way costless collars | i 111 | $ | — | $ | i 30.00 | $ | i 40.00 | $ | i 57.85 | $ | i — | ||||||||||||||||||||||||
Ethane | |||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||
Fixed price swaps | i 2,629 | $ | i 8.62 | $ | — | $ | — | $ | — | $ | i — | ||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||
Fixed price swaps | i 5,889 | $ | i 7.12 | $ | — | $ | — | $ | — | $ | ( i 12) | ||||||||||||||||||||||||
Two-way costless collar | i 584 | — | — | i 7.14 | i 10.40 | i — | |||||||||||||||||||||||||||||
Total | i 6,473 | $ | ( i 12) | ||||||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||
Fixed price swaps | i 190 | $ | i 7.41 | $ | — | $ | — | $ | — | $ | i — | ||||||||||||||||||||||||
Two-way costless collar | i 135 | — | — | i 7.56 | i 9.66 | i — | |||||||||||||||||||||||||||||
Total | i 325 | $ | i — | ||||||||||||||||||||||||||||||||
Propane | |||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||
Fixed price swaps | i 1,435 | $ | i 23.11 | $ | — | $ | — | $ | — | $ | i 2 | ||||||||||||||||||||||||
Two-way costless collars | i 92 | — | — | i 25.20 | i 29.40 | i — | |||||||||||||||||||||||||||||
Total | i 1,527 | $ | i 2 | ||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||
Fixed price swaps | i 4,298 | $ | i 19.99 | $ | — | $ | — | $ | — | $ | ( i 3) | ||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||
Fixed price swaps | i 156 | $ | i 19.25 | $ | — | $ | — | $ | — | $ | i — | ||||||||||||||||||||||||
Normal Butane | |||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||
Fixed price swaps | i 195 | $ | i 22.44 | $ | — | $ | — | $ | — | $ | i — | ||||||||||||||||||||||||
Natural Gasoline | |||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||
Fixed price swaps | i 184 | $ | i 34.59 | $ | — | $ | — | $ | — | $ | i — |
Other Derivative Contracts | |||||||||||||||||
| Volume (Bcf) | Weighted Average Strike Price per MMBtu | Fair Value at (in millions) | ||||||||||||||
Call Options – Natural Gas (Net) | |||||||||||||||||
2020 | i 6 | $ | i 3.15 | $ | ( i 2) | ||||||||||||
2021 | i 57 | i 3.15 | ( i 17) | ||||||||||||||
2022 | i 58 | i 3.00 | ( i 15) | ||||||||||||||
2023 | i 17 | i 2.84 | ( i 4) | ||||||||||||||
2024 | i 9 | i 3.00 | ( i 2) | ||||||||||||||
Total | i 147 | $ | ( i 40) |
Volume (MBbls) | Weighted Average Strike Price per Bbl | Fair Value at (in millions) | |||||||||||||||
Call Options – Oil | |||||||||||||||||
2021 | i 226 | $ | i 60.00 | $ | i — |
Volume (Bcf) | Weighted Average Strike Price per MMBtu | Fair Value at (in millions) | |||||||||||||||||||||
| Swaps | Basis Differential | |||||||||||||||||||||
Storage (1) | |||||||||||||||||||||||
2020 | |||||||||||||||||||||||
Purchased fixed price swaps | i 1 | $ | i 1.94 | $ | i — | $ | i — | ||||||||||||||||
Purchased basis swaps | i — | i — | ( i 0.63) | i — | |||||||||||||||||||
Fixed price swaps | i — | i 2.09 | i — | i — | |||||||||||||||||||
Basis swaps | i — | i — | ( i 0.70) | i — | |||||||||||||||||||
Total | i 1 | $ | i — | ||||||||||||||||||||
2021 | |||||||||||||||||||||||
Purchased fixed price swaps | i 1 | $ | i 2.04 | $ | i — | $ | i — | ||||||||||||||||
Fixed price swaps | i 2 | i 2.49 | i — | ( i 1) | |||||||||||||||||||
Basis swaps | i 1 | i — | ( i 0.38) | i — | |||||||||||||||||||
Total | i 4 | $ | ( i 1) |
Purchased Fixed Price Swaps – Marketing (Natural Gas) (1) | Volume (Bcf) | Weighted Average Strike Price per MMBtu | Fair Value at (in millions) | ||||||||||||||
2020 | i 2 | $ | i 2.44 | $ | i — | ||||||||||||
2021 | i 6 | i 2.44 | i 3 | ||||||||||||||
Total | i 8 | $ | i 3 |
Derivative Assets | ||||||||||||||||||||
| Fair Value | |||||||||||||||||||
(in millions) | Balance Sheet Classification | September 30, 2020 | December 31, 2019 | |||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Purchased fixed price swaps – natural gas | Derivative assets | $ | i 3 | $ | i — | |||||||||||||||
Fixed price swaps – natural gas | Derivative assets | i 21 | (1) | i 77 | (1) | |||||||||||||||
Fixed price swaps – oil | Derivative assets | i 42 | i 4 | |||||||||||||||||
Fixed price swaps – ethane | Derivative assets | i 2 | i 11 | |||||||||||||||||
Fixed price swaps – propane | Derivative assets | i 5 | i 21 | |||||||||||||||||
Two-way costless collars – natural gas | Derivative assets | i 27 | i 10 | |||||||||||||||||
Two-way costless collars – oil | Derivative assets | i 6 | i 5 | |||||||||||||||||
Two-way costless collars – propane | Derivative assets | i — | i 2 | |||||||||||||||||
Three-way costless collars – natural gas | Derivative assets | i 64 | (2) | i 126 | ||||||||||||||||
Three-way costless collars – oil | Derivative assets | i 19 | i 3 | |||||||||||||||||
Basis swaps – natural gas | Derivative assets | i 40 | i 17 | |||||||||||||||||
Call options – natural gas | Derivative assets | i 9 | i 1 | |||||||||||||||||
Fixed price swaps – natural gas storage | Derivative assets | i — | i 1 | |||||||||||||||||
Fixed price swaps – natural gas | Other long-term assets | i 1 | i 7 | |||||||||||||||||
Fixed price swaps – oil | Other long-term assets | i 10 | i 1 | |||||||||||||||||
Fixed price swaps – propane | Other long-term assets | i 1 | i 3 | |||||||||||||||||
Two-way costless collars – natural gas | Other long-term assets | i 13 | i 4 | |||||||||||||||||
Three-way costless collars – natural gas | Other long-term assets | i 56 | i 74 | |||||||||||||||||
Three-way costless collars – oil | Other long-term assets | i 14 | i 7 | |||||||||||||||||
Basis swaps – natural gas | Other long-term assets | i 13 | i 15 | |||||||||||||||||
Call options – natural gas | Other long-term assets | i 4 | i 2 | |||||||||||||||||
Total derivative assets | $ | i 350 | $ | i 391 |
Derivative Liabilities | ||||||||||||||||||||
| Fair Value | |||||||||||||||||||
(in millions) | Balance Sheet Classification | September 30, 2020 | December 31, 2019 | |||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Purchased fixed price swaps – natural gas | Derivative liabilities | $ | i — | $ | i 1 | |||||||||||||||
Fixed price swaps – natural gas | Derivative liabilities | i 15 | i 1 | |||||||||||||||||
Fixed price swaps – oil | Derivative liabilities | i 1 | i 6 | |||||||||||||||||
Fixed price swaps – ethane | Derivative liabilities | i 10 | i — | |||||||||||||||||
Fixed price swaps – propane | Derivative liabilities | i 5 | i — | |||||||||||||||||
Two-way costless collars – natural gas | Derivative liabilities | i 52 | i 4 | |||||||||||||||||
Two-way costless collars – oil | Derivative liabilities | i 2 | i 5 | |||||||||||||||||
Three-way costless collars – natural gas | Derivative liabilities | i 164 | i 84 | |||||||||||||||||
Three-way costless collars – oil | Derivative liabilities | i 10 | i 4 | |||||||||||||||||
Basis swaps – natural gas | Derivative liabilities | i 3 | i 17 | |||||||||||||||||
Call options – natural gas | Derivative liabilities | i 24 | i 3 | |||||||||||||||||
Fixed price swaps – natural gas storage | Derivative liabilities | i 1 | i — | |||||||||||||||||
Fixed price swaps – natural gas | Long-term derivative liabilities | i 6 | i — | |||||||||||||||||
Fixed price swaps – oil | Long-term derivative liabilities | i — | i 2 | |||||||||||||||||
Fixed price swaps – ethane | Long-term derivative liabilities | i 4 | i — | |||||||||||||||||
Fixed price swaps – propane | Long-term derivative liabilities | i 2 | i — | |||||||||||||||||
Two-way costless collars – natural gas | Long-term derivative liabilities | i 27 | i 4 | |||||||||||||||||
Three-way costless collars – natural gas | Long-term derivative liabilities | i 106 | i 72 | |||||||||||||||||
Three-way costless collars – oil | Long-term derivative liabilities | i 10 | i 8 | |||||||||||||||||
Basis swap – natural gas | Long-term derivative liabilities | i 4 | i 9 | |||||||||||||||||
Call options – natural gas | Long-term derivative liabilities | i 29 | i 15 | |||||||||||||||||
Call options – oil | Long-term derivative liabilities | i — | i 1 | |||||||||||||||||
Total derivative liabilities | $ | i 475 | $ | i 236 |
Unsettled Gain (Loss) on Derivatives Recognized in Earnings | |||||||||||||||||||||||||||||||||||
Consolidated statement of Operations Classification of Gain (Loss) on Derivatives, Unsettled | For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||||
Derivative Instrument | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Purchased fixed price swaps – natural gas | Gain (Loss) on Derivatives | $ | i 4 | $ | i — | $ | i 4 | $ | i — | ||||||||||||||||||||||||||
Fixed price swaps – natural gas | Gain (Loss) on Derivatives | ( i 138) | ( i 19) | ( i 74) | i 36 | ||||||||||||||||||||||||||||||
Fixed price swaps – oil | Gain (Loss) on Derivatives | ( i 20) | i 8 | i 54 | i 5 | ||||||||||||||||||||||||||||||
Fixed price swaps – ethane | Gain (Loss) on Derivatives | ( i 13) | i 1 | ( i 23) | i 8 | ||||||||||||||||||||||||||||||
Fixed price swaps – propane | Gain (Loss) on Derivatives | ( i 17) | i 10 | ( i 25) | i 19 | ||||||||||||||||||||||||||||||
Two-way costless collars – natural gas | Gain (Loss) on Derivatives | ( i 34) | ( i 11) | ( i 45) | ( i 2) | ||||||||||||||||||||||||||||||
Two-way costless collars – oil | Gain (Loss) on Derivatives | ( i 5) | i — | i 4 | ( i 3) | ||||||||||||||||||||||||||||||
Two-way costless collars – propane | Gain (Loss) on Derivatives | ( i 1) | i 1 | ( i 2) | i 3 | ||||||||||||||||||||||||||||||
Three-way costless collars – natural gas | Gain (Loss) on Derivatives | ( i 98) | (1) | i 3 | ( i 194) | (1) | i 27 | ||||||||||||||||||||||||||||
Three-way costless collars – oil | Gain (Loss) on Derivatives | ( i 4) | i 3 | i 15 | i 4 | ||||||||||||||||||||||||||||||
Basis swaps – natural gas | Gain (Loss) on Derivatives | i 54 | i 12 | i 40 | i 6 | ||||||||||||||||||||||||||||||
Call options – natural gas | Gain (Loss) on Derivatives | ( i 16) | i 1 | ( i 25) | i 5 | ||||||||||||||||||||||||||||||
Call options – oil | Gain (Loss) on Derivatives | i — | i — | i 1 | i — | ||||||||||||||||||||||||||||||
Purchased fixed price swap – natural gas storage | Gain (Loss) on Derivatives | i 1 | i — | i — | i — | ||||||||||||||||||||||||||||||
Fixed price swap – natural gas storage | Gain (Loss) on Derivatives | ( i 2) | i 2 | ( i 2) | i 1 | ||||||||||||||||||||||||||||||
Interest rate swaps | Gain (Loss) on Derivatives | i — | i 1 | i — | ( i 1) | ||||||||||||||||||||||||||||||
Total gain (loss) on unsettled derivatives | $ | ( i 289) | $ | i 12 | $ | ( i 272) | $ | i 108 | |||||||||||||||||||||||||||
Settled
Gain (Loss) on Derivatives Recognized in Earnings (2) | |||||||||||||||||||||||||||||||||||
Consolidated statement of Operations Classification of Gain (Loss) on Derivatives, Settled | For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||||
Derivative Instrument | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Purchased fixed price swaps – natural gas | Gain (Loss) on Derivatives | $ | ( i 2) | $ | i — | $ | ( i 4) | $ | i — | ||||||||||||||||||||||||||
Fixed price swaps – natural gas | Gain (Loss) on Derivatives | i 61 | (3) | i 45 | i 150 | (3) | i 53 | ||||||||||||||||||||||||||||
Fixed price swaps – oil | Gain (Loss) on Derivatives | i 17 | i 3 | i 44 | i 5 | ||||||||||||||||||||||||||||||
Fixed price swaps – ethane | Gain (Loss) on Derivatives | ( i 2) | i 6 | i 6 | i 12 | ||||||||||||||||||||||||||||||
Fixed price swaps – propane | Gain (Loss) on Derivatives | i 2 | i 11 | i 19 | i 20 | ||||||||||||||||||||||||||||||
Two-way costless collars – natural gas | Gain (Loss) on Derivatives | ( i 5) | i 10 | i 1 | i 12 | ||||||||||||||||||||||||||||||
Two-way costless collars – oil | Gain (Loss) on Derivatives | i 4 | i 2 | i 13 | i 4 | ||||||||||||||||||||||||||||||
Two-way costless collars – propane | Gain (Loss) on Derivatives | i — | i 1 | i 2 | i 1 | ||||||||||||||||||||||||||||||
Three-way costless collars – natural gas | Gain (Loss) on Derivatives | i — | i 15 | i 43 | i 19 | ||||||||||||||||||||||||||||||
Three-way costless collars – oil | Gain (Loss) on Derivatives | i 1 | i — | i 5 | i — | ||||||||||||||||||||||||||||||
Basis swaps – natural gas | Gain (Loss) on Derivatives | i 20 | ( i 3) | i 29 | ( i 11) | ||||||||||||||||||||||||||||||
Call options – natural gas | Gain (Loss) on Derivatives | i — | ( i 1) | (4) | i — | ( i 2) | (4) | ||||||||||||||||||||||||||||
Fixed price swaps – natural gas storage | Gain (Loss) on Derivatives | i 1 | ( i 1) | i 2 | ( i 1) | ||||||||||||||||||||||||||||||
Total gain on settled derivatives | $ | i 97 | $ | i 88 | $ | i 310 | $ | i 112 | |||||||||||||||||||||||||||
Total gain (loss) on derivatives | $ | ( i 192) | $ | i 100 | $ | i 38 | $ | i 220 |
(in millions) | Pension and Other Postretirement | Foreign Currency | Total | ||||||||||||||
Beginning balance December 31, 2019 | $ | ( i 19) | $ | ( i 14) | $ | ( i 33) | |||||||||||
Other comprehensive income before reclassifications | i — | i — | i — | ||||||||||||||
Amounts
reclassified from other comprehensive income (1) | i 1 | i — | i 1 | ||||||||||||||
Net current-period other comprehensive income | i 1 | i — | i 1 | ||||||||||||||
Ending balance September 30, 2020 | $ | ( i 18) | $ | ( i 14) | $ | ( i 32) |
Details about Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statement of Operations | Amount Reclassified from Accumulated Other Comprehensive Income | ||||||||||||
For the nine months ended September 30, 2020 | ||||||||||||||
(in millions) | ||||||||||||||
Pension and other postretirement: | ||||||||||||||
Amortization
of prior service cost and net gain (1) | Other Income (Loss), Net | $ | i 1 | |||||||||||
Provision (Benefit) for Income Taxes | i — | |||||||||||||
Net Income (Loss) | $ | i 1 | ||||||||||||
Total reclassifications for the period | Net Income (Loss) | $ | i 1 |
| September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||
(in millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Cash and cash equivalents | $ | i 95 | $ | i 95 | $ | i 5 | $ | i 5 | ||||||||||||||||||
2018 revolving credit facility due April 2024 | i — | i — | i 34 | i 34 | ||||||||||||||||||||||
Senior
notes (1) | i 2,471 | i 2,429 | i 2,228 | i 2,085 | ||||||||||||||||||||||
Derivative instruments, net | ( i 125) | (2) | ( i 125) | (2) | i 155 | (2) | i 155 | (2) |
| September 30, 2020 | ||||||||||||||||||||||||||||
| Fair Value Measurements Using: | ||||||||||||||||||||||||||||
(in millions) | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Assets (Liabilities) at Fair Value | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Purchased fixed price swaps | $ | i — | $ | i 3 | $ | i — | $ | i 3 | |||||||||||||||||||||
Fixed
price swaps (1) | i — | i 82 | i — | i 82 | |||||||||||||||||||||||||
Two-way costless collars | i — | i 46 | i — | i 46 | |||||||||||||||||||||||||
Three-way
costless collars (2) | i — | i 153 | i — | i 153 | |||||||||||||||||||||||||
Basis swaps | i — | i 53 | i — | i 53 | |||||||||||||||||||||||||
Call options | i — | i 13 | i — | i 13 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Fixed price swaps | i — | ( i 43) | i — | ( i 43) | |||||||||||||||||||||||||
Two-way costless collars | i — | ( i 81) | i — | ( i 81) | |||||||||||||||||||||||||
Three-way costless collars | i — | ( i 290) | i — | ( i 290) | |||||||||||||||||||||||||
Basis swaps | i — | ( i 7) | i — | ( i 7) | |||||||||||||||||||||||||
Call options | i — | ( i 53) | i — | ( i 53) | |||||||||||||||||||||||||
Fixed price swaps – storage | i — | ( i 1) | i — | ( i 1) | |||||||||||||||||||||||||
Total
(3) | $ | i — | $ | ( i 125) | $ | i — | $ | ( i 125) |
| December 31, 2019 | ||||||||||||||||||||||
| Fair Value Measurements Using: | ||||||||||||||||||||||
(in millions) | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Assets (Liabilities) at Fair Value | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Fixed
price swaps (1) | $ | i — | $ | i 124 | $ | i — | $ | i 124 | |||||||||||||||
Two-way costless collars | i — | i 21 | i — | i 21 | |||||||||||||||||||
Three-way costless collars | i — | i 210 | i — | i 210 | |||||||||||||||||||
Basis swaps | i — | i 32 | i — | i 32 | |||||||||||||||||||
Call options | i — | i 3 | i — | i 3 | |||||||||||||||||||
Fixed price swaps - storage | i — | i 1 | i — | i 1 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Purchased fixed price swaps | i — | ( i 1) | i — | ( i 1) | |||||||||||||||||||
Fixed price swaps | i — | ( i 9) | i — | ( i 9) | |||||||||||||||||||
Two-way costless collars | i — | ( i 13) | i — | ( i 13) | |||||||||||||||||||
Three-way costless collars | i — | ( i 168) | i — | ( i 168) | |||||||||||||||||||
Basis swaps | i — | ( i 26) | i — | ( i 26) | |||||||||||||||||||
Call options | i — | ( i 19) | i — | ( i 19) | |||||||||||||||||||
Total | $ | i — | $ | i 155 | $ | i — | $ | i 155 |
September 30, 2020 | |||||||||||||||||||||||
(in millions) | Debt Instrument | Unamortized Issuance Expense | Unamortized Debt Discount | Total | |||||||||||||||||||
Long-term debt: | |||||||||||||||||||||||
Variable rate ( i 1.60% at September 30, 2020) 2018 revolving credit facility due April 2024 | $ | i — | $ | i — | (1) | $ | i — | $ | i — | ||||||||||||||
i 4.10%
Senior Notes due March 2022 | i 207 | i — | i — | i 207 | |||||||||||||||||||
i 4.95%
Senior Notes due January 2025 (2) | i 856 | ( i 4) | ( i 1) | i 851 | |||||||||||||||||||
i 7.50%
Senior Notes due April 2026 | i 618 | ( i 6) | i — | i 612 | |||||||||||||||||||
i 7.75%
Senior Notes due October 2027 | i 440 | ( i 5) | i — | i 435 | |||||||||||||||||||
i 8.375%
Senior Notes due September 2028 (3) | i 350 | ( i 5) | i — | i 345 | |||||||||||||||||||
Total long-term debt | $ | i 2,471 | $ | ( i 20) | $ | ( i 1) | $ | i 2,450 | |||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
(in millions) | Debt Instrument | Unamortized Issuance Expense | Unamortized Debt Discount | Total | |||||||||||||||||||
Long-term debt: | |||||||||||||||||||||||
Variable rate ( i 4.310%
at December 31, 2019) 2018 term loan facility due April 2024 | $ | i 34 | $ | i — | (1) | $ | i — | $ | i 34 | ||||||||||||||
i 4.10%
Senior Notes due March 2022 | i 213 | ( i 1) | i — | i 212 | |||||||||||||||||||
i 4.95%
Senior Notes due January 2025 (2) | i 892 | ( i 5) | ( i 1) | i 886 | |||||||||||||||||||
i 7.50%
Senior Notes due April 2026 | i 639 | ( i 7) | i — | i 632 | |||||||||||||||||||
i 7.75%
Senior Notes due October 2027 | i 484 | ( i 6) | i — | i 478 | |||||||||||||||||||
Total long-term debt | $ | i 2,262 | $ | ( i 19) | $ | ( i 1) | $ | i 2,242 |
| Payments Due by Period | ||||||||||||||||||||||||||||||||||
(in millions) | Total | Less than 1 Year | 1 to 3 Years | 3 to 5 Years | 5 to 8 Years | More than 8 Years | |||||||||||||||||||||||||||||
Infrastructure currently in service | $ | i 6,704 | $ | i 582 | $ | i 1,308 | $ | i 1,078 | $ | i 1,411 | $ | i 2,325 | |||||||||||||||||||||||
Pending
regulatory approval and/or construction (1) | i 405 | i 3 | i 9 | i 23 | i 52 | i 318 | |||||||||||||||||||||||||||||
Total transportation charges | $ | i 7,109 | $ | i 585 | $ | i 1,317 | $ | i 1,101 | $ | i 1,463 | $ | i 2,643 |
| Consolidated
Statements of Operations Classification of Net Periodic Benefit Cost | For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Service cost | General and administrative expenses | $ | i 2 | $ | i 1 | $ | i 6 | $ | i 5 | ||||||||||||||||||||
Interest cost | Other Income (Loss), Net | i 1 | i 2 | i 3 | i 4 | ||||||||||||||||||||||||
Expected return on plan assets | Other Income (Loss), Net | ( i 2) | ( i 1) | ( i 5) | ( i 4) | ||||||||||||||||||||||||
Amortization of prior service cost | Other Income (Loss), Net | i — | i — | i — | i — | ||||||||||||||||||||||||
Amortization of net loss | Other Income (Loss), Net | i 1 | i — | i 1 | i 1 | ||||||||||||||||||||||||
Settlement loss | Other Income (Loss), Net | i — | i 1 | i — | i 5 | ||||||||||||||||||||||||
Net periodic benefit cost | $ | i 2 | $ | i 3 | $ | i 5 | $ | i 11 |
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Stock-based compensation cost – expensed | $ | i 2 | $ | i 1 | $ | i 8 | $ | i 12 | |||||||||||||||
Stock-based compensation cost – capitalized | i 2 | i 1 | i 3 | i 7 |
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Equity-classified awards – expensed | $ | i — | $ | i 2 | $ | i 2 | $ | i 6 | |||||||||||||||
Equity-classified awards – capitalized | i 1 | i 1 | i 1 | i 3 |
| Number of Options | Weighted Average Exercise Price | |||||||||
| (in thousands) | ||||||||||
Outstanding at December 31, 2019 | i 4,635 | $ | i 15.26 | ||||||||
Granted | i — | $ | i — | ||||||||
Exercised | i — | $ | i — | ||||||||
Forfeited or expired | ( i 357) | $ | i 7.06 | ||||||||
Outstanding at September 30, 2020 | i 4,278 | $ | i 15.95 | ||||||||
Exercisable at September 30, 2020 | i 4,278 | $ | i 15.95 |
| Number of Shares | Weighted Average Fair Value | |||||||||
| (in thousands) | ||||||||||
Unvested shares at December 31, 2019 | i 1,480 | $ | i 7.00 | ||||||||
Granted | i 570 | $ | i 2.88 | ||||||||
Vested | ( i 1,083) | $ | i 5.30 | ||||||||
Forfeited | ( i 246) | $ | i 7.71 | ||||||||
Unvested shares at September 30, 2020 | i 721 | $ | i 6.05 |
| Number of Units (1) | Weighted Average Fair Value | |||||||||
| (in thousands) | ||||||||||
Unvested units at December 31, 2019 | i 178 | $ | i 10.47 | ||||||||
Granted | i — | $ | i — | ||||||||
Vested | ( i 178) | $ | i 10.47 | ||||||||
Forfeited | i — | $ | i — | ||||||||
Unvested units at September 30, 2020 | i — | $ | i — |
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Liability-classified stock-based compensation cost – expensed | $ | i 2 | $ | ( i 1) | $ | i 6 | $ | i 6 | |||||||||||||||
Liability-classified stock-based compensation cost – capitalized | i 1 | i — | i 2 | i 4 |
| Number of Units | Weighted Average Fair Value | |||||||||
| (in thousands) | ||||||||||
Unvested units at December 31, 2019 | i 12,992 | $ | i 2.42 | ||||||||
Granted | i 6,172 | $ | i 1.41 | ||||||||
Vested | ( i 3,946) | $ | i 1.42 | ||||||||
Forfeited | ( i 3,060) | $ | i 1.53 | ||||||||
Unvested units at September 30, 2020 | i 12,158 | $ | i 2.17 |
| Number of Units | Weighted
Average Fair Value | |||||||||
| (in thousands) | ||||||||||
Unvested units at December 31, 2019 | i 5,142 | $ | i 2.42 | ||||||||
Granted | i 6,172 | $ | i 1.41 | ||||||||
Vested | i — | $ | i — | ||||||||
Forfeited | ( i 2,300) | $ | i 3.06 | ||||||||
Unvested units at September 30, 2020 | i 9,014 | $ | i 2.10 |
Number of Units | Weighted Average Fair Value | ||||||||||
(in thousands) | |||||||||||
Unvested units at December 31, 2019 | i — | $ | i — | ||||||||
Granted | i 20,044 | $ | i 1.00 | ||||||||
Vested | ( i 100) | $ | i 1.00 | ||||||||
Forfeited | ( i 729) | $ | i 1.00 | ||||||||
Unvested units at September 30, 2020 | i 19,215 | $ | i 1.00 |
E&P | Marketing | Other | Total | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Three months ended September 30, 2020 | ||||||||||||||||||||||||||||||||
Revenues from external customers | $ | i 308 | $ | i 219 | $ | i — | $ | i 527 | ||||||||||||||||||||||||
Intersegment revenues | ( i 10) | i 276 | i — | i 266 | ||||||||||||||||||||||||||||
Depreciation, depletion and amortization expense | i 68 | i 2 | i — | i 70 | ||||||||||||||||||||||||||||
Impairments | i 361 | i — | i — | i 361 | ||||||||||||||||||||||||||||
Operating loss | ( i 379) | (1) | ( i 2) | i — | ( i 381) | |||||||||||||||||||||||||||
Interest
expense (2) | i 22 | i — | i — | i 22 | ||||||||||||||||||||||||||||
Loss on derivatives | ( i 192) | i — | i — | ( i 192) | ||||||||||||||||||||||||||||
Other income, net | i 2 | i — | i — | i 2 | ||||||||||||||||||||||||||||
Assets | i 3,705 | (3) | i 240 | i 212 | (4) | i 4,157 | ||||||||||||||||||||||||||
Capital
investments (5) | i 223 | i — | i — | i 223 | ||||||||||||||||||||||||||||
Three months ended September 30, 2019 | ||||||||||||||||||||||||||||||||
Revenues from external customers | $ | i 357 | $ | i 279 | $ | i — | $ | i 636 | ||||||||||||||||||||||||
Intersegment revenues | ( i 9) | i 313 | i — | i 304 | ||||||||||||||||||||||||||||
Depreciation, depletion and amortization expense | i 123 | i 2 | i — | i 125 | ||||||||||||||||||||||||||||
Impairments | i — | i 2 | i — | i 2 | ||||||||||||||||||||||||||||
Operating loss | ( i 21) | (1) | ( i 8) | i — | ( i 29) | |||||||||||||||||||||||||||
Interest
expense (2) | i 17 | i — | i — | i 17 | ||||||||||||||||||||||||||||
Gain on derivatives | i 100 | i — | i — | i 100 | ||||||||||||||||||||||||||||
Gain on early extinguishment of debt | i — | i — | i 7 | i 7 | ||||||||||||||||||||||||||||
Other income (loss), net | ( i 4) | i — | i 2 | ( i 2) | ||||||||||||||||||||||||||||
Provision
for income taxes (2) | i 10 | i — | i — | i 10 | ||||||||||||||||||||||||||||
Assets | i 6,099 | (3) | i 272 | i 227 | (4) | i 6,598 | ||||||||||||||||||||||||||
Capital
investments (5) | i 239 | i — | i 1 | i 240 |
E&P | Marketing | Other | Total | |||||||||||||||||||||||||||||
Nine months ended September 30, 2020 | (in millions) | |||||||||||||||||||||||||||||||
Revenues from external customers | $ | i 884 | $ | i 645 | $ | i — | $ | i 1,529 | ||||||||||||||||||||||||
Intersegment revenues | ( i 31) | i 787 | i — | i 756 | ||||||||||||||||||||||||||||
Depreciation, depletion and amortization expense | i 260 | i 7 | i — | i 267 | ||||||||||||||||||||||||||||
Impairments | i 2,495 | i — | i — | i 2,495 | ||||||||||||||||||||||||||||
Operating loss | ( i 2,613) | (1) | ( i 14) | i — | ( i 2,627) | |||||||||||||||||||||||||||
Interest
expense (2) | i 63 | i — | i — | i 63 | ||||||||||||||||||||||||||||
Gain on derivatives | i 38 | i — | i — | i 38 | ||||||||||||||||||||||||||||
Gain on early extinguishment of debt | i — | i — | i 35 | i 35 | ||||||||||||||||||||||||||||
Other income, net | i 2 | i — | i 1 | i 3 | ||||||||||||||||||||||||||||
Provision
for income taxes (2) | i 406 | i — | i — | i 406 | ||||||||||||||||||||||||||||
Assets | i 3,705 | (3) | i 240 | i 212 | (4) | i 4,157 | ||||||||||||||||||||||||||
Capital
investments (5) | i 705 | i — | i — | i 705 | ||||||||||||||||||||||||||||
Nine months ended September 30, 2019 | ||||||||||||||||||||||||||||||||
Revenues from external customers | $ | i 1,288 | $ | i 1,005 | $ | i — | $ | i 2,293 | ||||||||||||||||||||||||
Intersegment revenues | ( i 27) | i 1,154 | i — | i 1,127 | ||||||||||||||||||||||||||||
Depreciation, depletion and amortization expense | i 345 | i 7 | i — | i 352 | ||||||||||||||||||||||||||||
Impairments | i 6 | i 2 | i — | i 8 | ||||||||||||||||||||||||||||
Operating income (loss) | i 219 | (1) | ( i 13) | i — | i 206 | |||||||||||||||||||||||||||
Interest
expense (2) | i 46 | i — | i — | i 46 | ||||||||||||||||||||||||||||
Gain on derivatives | i 220 | i — | i — | i 220 | ||||||||||||||||||||||||||||
Gain on early extinguishment of debt | i — | i — | i 7 | i 7 | ||||||||||||||||||||||||||||
Other income (loss), net | ( i 8) | i — | i 1 | ( i 7) | ||||||||||||||||||||||||||||
Benefit
from income taxes (2) | ( i 401) | i — | i — | ( i 401) | ||||||||||||||||||||||||||||
Assets | i 6,099 | (3) | i 272 | i 227 | (4) | i 6,598 | ||||||||||||||||||||||||||
Capital
investments (5) | i 931 | i — | i 2 | i 933 |
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Revenues | $ | 298 | $ | 348 | $ | 853 | $ | 1,261 | |||||||||||||||
Operating
costs and expenses (1) | 677 | 369 | 3,466 | 1,042 | |||||||||||||||||||
Operating income (loss) | $ | (379) | $ | (21) | $ | (2,613) | $ | 219 | |||||||||||||||
Gain
on derivatives, settled (2) | $ | 97 | $ | 88 | $ | 310 | $ | 112 |
Three months ended September 30, | |||||||||||||||||||||||
(in millions except percentages) | Natural Gas | Oil | NGLs | Total | |||||||||||||||||||
2019 sales revenues | $ | 230 | $ | 66 | $ | 52 | $ | 348 | |||||||||||||||
Changes associated with prices | (62) | (21) | 9 | (74) | |||||||||||||||||||
Changes associated with production volumes | 22 | (6) | 7 | 23 | |||||||||||||||||||
2020
sales revenues (1) | $ | 190 | $ | 39 | $ | 68 | $ | 297 | |||||||||||||||
Increase (decrease) from 2019 | (17) | % | (41) | % | 31 | % | (15) | % |
| Nine months ended September 30, | ||||||||||||||||||||||
(in millions except percentages) | Natural Gas | Oil | NGLs | Total | |||||||||||||||||||
2019 sales revenues (2) | $ | 918 | $ | 151 | $ | 191 | $ | 1,260 | |||||||||||||||
Changes associated with prices | (412) | (71) | (55) | (538) | |||||||||||||||||||
Changes associated with production volumes | 78 | 27 | 22 | 127 | |||||||||||||||||||
2020
sales revenues (3) | $ | 584 | $ | 107 | $ | 158 | $ | 849 | |||||||||||||||
Decrease from 2019 | (36) | % | (29) | % | (17) | % | (33) | % |
| For the three months ended September 30, | Increase/(Decrease) | For the nine months ended September 30, | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||
Production volumes: | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Natural
Gas (Bcf) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Northeast Appalachia | 121 | 118 | 3% | 348 | 343 | 1% | |||||||||||||||||||||||||||||||||||||||||||||||
Southwest Appalachia | 52 | 40 | 30% | 139 | 106 | 31% | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 173 | 158 | 9% | 487 | 449 | 8% | |||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||
Oil
(MBbls) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Southwest Appalachia | 1,290 | 1,413 | (9)% | 3,764 | 3,193 | 18% | |||||||||||||||||||||||||||||||||||||||||||||||
Other | 4 | 6 | (33)% | 12 | 17 | (29)% | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 1,294 | 1,419 | (9)% | 3,776 | 3,210 | 18% | |||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||
NGL
(MBbls) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Southwest Appalachia | 6,687 | 5,908 | 13% | 18,924 | 17,003 | 11% | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | 3 | (100)% | 2 | 8 | (75)% | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 6,687 | 5,911 | 13% | 18,926 | 17,011 | 11% | |||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||
Production
volumes by area: (Bcfe) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Northeast Appalachia | 121 | 118 | 3% | 348 | 343 | 1% | |||||||||||||||||||||||||||||||||||||||||||||||
Southwest Appalachia | 100 | 84 | 19% | 275 | 227 | 21% | |||||||||||||||||||||||||||||||||||||||||||||||
Total
(1) | 221 | 202 | 9% | 623 | 570 | 9% | |||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||
Production
percentage: (Bcfe) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas | 78 | % | 78 | % | 78 | % | 79 | % | |||||||||||||||||||||||||||||||||||||||||||||
Oil | 4 | % | 4 | % | 4 | % | 3 | % | |||||||||||||||||||||||||||||||||||||||||||||
NGL | 18 | % | 18 | % | 18 | % | 18 | % |
| For the three months ended September 30, | Increase/(Decrease) | For the nine months ended September 30, | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas Price: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
NYMEX Henry Hub Price ($/MMBtu) (1) | $ | 1.98 | $ | 2.23 | (11)% | $ | 1.88 | $ | 2.67 | (30)% | |||||||||||||||||||||||||||||||||||||||||||
Discount
to NYMEX (2) | (0.89) | (0.78) | 14% | (0.68) | (0.63) | 8% | |||||||||||||||||||||||||||||||||||||||||||||||
Average realized gas price, excluding derivatives ($/Mcf) | $ | 1.09 | $ | 1.45 | (25)% | $ | 1.20 | $ | 2.04 | (41)% | |||||||||||||||||||||||||||||||||||||||||||
Gain
(loss) on settled financial basis derivatives ($/Mcf) | 0.12 | (0.01) | 0.06 | (0.02) | |||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on settled commodity derivatives ($/Mcf) | 0.31 | 0.43 | 0.39 | 0.18 | |||||||||||||||||||||||||||||||||||||||||||||||||
Average
realized gas price, including derivatives ($/Mcf) | $ | 1.52 | $ | 1.87 | (19)% | $ | 1.65 | $ | 2.20 | (25)% | |||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||
Oil Price: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
WTI oil price ($/Bbl) | $ | 40.93 | $ | 56.45 | (27)% | $ | 38.32 | $ | 57.06 | (33)% | |||||||||||||||||||||||||||||||||||||||||||
Discount to WTI | (11.47) | (9.91) | 16% | (10.12) | (9.92) | 2% | |||||||||||||||||||||||||||||||||||||||||||||||
Average oil price, excluding derivatives ($/Bbl) | $ | 29.46 | $ | 46.54 | (37)% | $ | 28.20 | $ | 47.14 | (40)% | |||||||||||||||||||||||||||||||||||||||||||
Gain
on settled derivatives ($/Bbl) | 17.23 | 3.13 | 16.77 | 2.60 | |||||||||||||||||||||||||||||||||||||||||||||||||
Average oil price, including derivatives ($/Bbl) | $ | 46.69 | $ | 49.67 | (6)% | $ | 44.97 | $ | 49.74 | (10)% | |||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||
NGL Price: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Average realized NGL price, excluding derivatives ($/Bbl) | $ | 10.34 | $ | 8.89 | 16% | $ | 8.37 | $ | 11.24 | (26)% | |||||||||||||||||||||||||||||||||||||||||||
Gain
on settled derivatives ($/Bbl) | 0.16 | 3.04 | 1.48 | 1.94 | |||||||||||||||||||||||||||||||||||||||||||||||||
Average realized NGL price, including derivatives ($/Bbl) | $ | 10.50 | $ | 11.93 | (12)% | $ | 9.85 | $ | 13.18 | (25)% | |||||||||||||||||||||||||||||||||||||||||||
Percentage
of WTI, excluding derivatives | 25 | % | 16 | % | 22 | % | 20 | % | |||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Weighted Average Realized Price: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Excluding derivatives ($/Mcfe) | $ | 1.34 | $ | 1.72 | (22)% | $ | 1.36 | $ | 2.21 | (38)% | |||||||||||||||||||||||||||||||||||||||||||
Including
derivatives ($/Mcfe) | $ | 1.78 | $ | 2.16 | (18)% | $ | 1.86 | $ | 2.41 | (23)% |
Volume (Bcf) | Basis Differential | ||||||||||
Basis Swaps – Natural Gas | |||||||||||
2020 | 66 | $ | (0.37) | ||||||||
2021 | 155 | (0.12) | |||||||||
2022 | 127 | (0.38) | |||||||||
Total | 348 | ||||||||||
Physical NYMEX Sales Arrangements – Natural Gas | |||||||||||
2020 | 85 | $ | (0.21) | ||||||||
2021 | 181 | (0.26) | |||||||||
2022 | 35 | (0.37) | |||||||||
2023 | 18 | (0.35) | |||||||||
2024 | 15 | (0.50) | |||||||||
2025 | 12 | (0.50) | |||||||||
Total | 346 |
| Remaining 2020 | Full Year 2021 | Full
Year 2022 | Full Year 2023 | |||||||||||||||||||
Natural gas (Bcf) | 173 | 550 | 185 | 25 | |||||||||||||||||||
Oil (MBbls) | 1,249 | 4,019 | 1,428 | 111 | |||||||||||||||||||
Ethane
(MBbls) | 2,629 | 6,473 | 325 | — | |||||||||||||||||||
Propane (MBbls) | 1,527 | 4,298 | 156 | — | |||||||||||||||||||
Normal
Butane (MBbls) | 195 | — | — | — | |||||||||||||||||||
Natural Gasoline (MBbls) | 184 | — | — | — | |||||||||||||||||||
Total
financial protection on future production (Bcfe) | 208 | 639 | 196 | 26 |
| For the three months ended September 30, | Increase/(Decrease) | For the nine months ended September 30, | Increase/(Decrease) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions except percentages) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease operating expenses | $ | 203 | $ | 189 | 7% | $ | 579 | $ | 524 | 10% | ||||||||||||||||||||||||||||||||||||||||||||||
General & administrative expenses | 27 | 39 | (1) | (31)% | 79 | 108 | (1) | (27)% | ||||||||||||||||||||||||||||||||||||||||||||||||
Montage acquisition-related expenses | 3 | — | 100% | 3 | — | 100% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring charges | — | 4 | (100)% | 12 | 9 | 33% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes, other than income taxes | 15 | 14 | 7% | 38 | 50 | (24)% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Full cost pool amortization | 65 | 123 | (47)% | 248 | 328 | (24)% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-full cost pool DD&A | 3 | — | 100% | 12 | 17 | (29)% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Impairments | 361 | — | 100% | 2,495 | 6 | 41,483% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating costs | $ | 677 | $ | 369 | 83% | $ | 3,466 | $ | 1,042 | 233% |
For the three months ended September 30, | Increase/ | For the nine months ended September 30, | Increase/ | ||||||||||||||||||||||||||||||||
Average unit costs per Mcfe: | 2020 | 2019 | (Decrease) | 2020 | 2019 | (Decrease) | |||||||||||||||||||||||||||||
Lease
operating expenses (1) | $ | 0.91 | $ | 0.94 | (3)% | $ | 0.93 | $ | 0.92 | 1% | |||||||||||||||||||||||||
General & administrative expenses | $ | 0.12 | (2) | $ | 0.15 | (3) | (20)% | $ | 0.13 | (2) | $ | 0.17 | (3) | (24)% | |||||||||||||||||||||
Taxes, other than income taxes | $ | 0.07 | $ | 0.08 | (13)% | $ | 0.06 | $ | 0.09 | (33)% | |||||||||||||||||||||||||
Full cost pool amortization | $ | 0.29 | $ | 0.58 | (50)% | $ | 0.40 | $ | 0.57 | (30)% |
| For the three months ended September 30, | Increase/ (Decrease) | For the nine months ended September 30, | Increase/ (Decrease) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions except volumes and percentages) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing revenues | $ | 495 | $ | 592 | (16)% | $ | 1,432 | $ | 2,158 | (34)% | ||||||||||||||||||||||||||||||||||||||||||||||
Other operating revenues | — | — | —% | — | 1 | (100)% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing purchases | 491 | 592 | (17)% | 1,429 | 2,148 | (33)% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs and expenses | 6 | 6 | —% | 17 | 19 | (11)% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Impairments | — | 2 | (100)% | — | 2 | (100)% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on sale of operating assets | — | — | —% | — | 3 | (100)% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating loss | $ | (2) | $ | (8) | (75)% | $ | (14) | $ | (13) | 8% | ||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volumes
marketed (Bcfe) | 294 | 279 | 5% | 822 | 823 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percent natural gas production marketed from affiliated E&P operations | 88 | % | 81 | % | 87 | % | 77 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Percent oil and NGL production marketed from affiliated E&P operations | 83 | % | 73 | % | 81 | % | 74 | % |
| For the three months ended September 30, | Increase/(Decrease) | For the nine months ended September 30, | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions except percentages) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gross interest expense: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior notes | $ | 39 | $ | 39 | —% | $ | 112 | $ | 117 | (4)% | |||||||||||||||||||||||||||||||||||||||||||
Credit arrangements | 4 | 2 | 100% | 11 | 7 | 57% | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of debt costs | 2 | 3 | (33)% | 7 | 6 | 17% | |||||||||||||||||||||||||||||||||||||||||||||||
Total gross interest expense | 45 | 44 | 2% | 130 | 130 | —% | |||||||||||||||||||||||||||||||||||||||||||||||
Less: capitalization | (23) | (27) | (15)% | (67) | (84) | (20)% | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest expense | $ | 22 | $ | 17 | 29% | $ | 63 | $ | 46 | 37% |
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Gain (loss) on unsettled derivatives | $ | (289) | $ | 12 | $ | (272) | $ | 108 | |||||||||||||||||||||||||||
Gain on settled derivatives | 97 | 88 | 310 | 112 | |||||||||||||||||||||||||||||||
Gain (loss) on derivatives | $ | (192) | $ | 100 | $ | 38 | $ | 220 |
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||||
(in millions except percentages) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Income tax (benefit) expense | $ | — | $ | 10 | $ | 406 | $ | (401) | |||||||||||||||||||||||||||
Effective tax rate | 0 | % | 18 | % | (16) | % | (105) | % |
| For the nine months ended September 30, | ||||||||||
(in millions) | 2020 | 2019 | |||||||||
Net cash provided by operating activities | $ | 407 | $ | 739 | |||||||
Net cash used in investing activities | (698) | (835) | |||||||||
Net cash provided by (used in) financing activities | 381 | (76) |
| For the nine months ended September 30, | ||||||||||
(in millions) | 2020 | 2019 | |||||||||
Net cash provided by operating activities | $ | 407 | $ | 739 | |||||||
Add back (subtract) changes in working capital | (9) | (88) | |||||||||
Net cash provided by operating activities, net of changes in working capital | $ | 398 | $ | 651 |
| For the nine months ended September 30, | ||||||||||
(in millions) | 2020 | 2019 | |||||||||
Additions to properties and equipment | $ | 700 | $ | 877 | |||||||
Adjustments for capital investments | |||||||||||
Changes in capital accruals | 1 | 52 | |||||||||
Other
(1) | 4 | 4 | |||||||||
Total capital investment | $ | 705 | $ | 933 |
| For the three months ended September 30, | Increase/(Decrease) | For the nine months ended September 30, | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions except percentages) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
E&P capital investment | $ | 223 | $ | 239 | (7)% | $ | 705 | $ | 931 | (24)% | |||||||||||||||||||||||||||||||||||||||||||
Other
capital investment (1) | — | 1 | (100)% | — | 2 | (100)% | |||||||||||||||||||||||||||||||||||||||||||||||
Total capital investment | $ | 223 | $ | 240 | (7)% | $ | 705 | $ | 933 | (24)% |
| For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||
E&P Capital Investments by Type: | ||||||||||||||||||||||||||||||||
Exploratory and development drilling, including workovers | $ | 163 | $ | 176 | $ | 550 | $ | 711 | ||||||||||||||||||||||||
Acquisition of properties | 15 | 9 | 29 | 32 | ||||||||||||||||||||||||||||
Seismic expenditures | — | — | — | 2 | ||||||||||||||||||||||||||||
Water infrastructure project | 5 | 6 | 8 | 32 | ||||||||||||||||||||||||||||
Other | 3 | 3 | 12 | 14 | ||||||||||||||||||||||||||||
Capitalized interest and expenses | 37 | 45 | 106 | 140 | ||||||||||||||||||||||||||||
Total E&P capital investments | $ | 223 | $ | 239 | $ | 705 | $ | 931 | ||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
E&P Capital Investments by Area: | ||||||||||||||||||||||||||||||||
Northeast Appalachia | $ | 98 | $ | 74 | $ | 299 | $ | 306 | ||||||||||||||||||||||||
Southwest Appalachia | 117 | 154 | 386 | 575 | ||||||||||||||||||||||||||||
Other E&P (1) | 8 | 11 | 20 | 50 | ||||||||||||||||||||||||||||
Total E&P capital investments | $ | 223 | $ | 239 | $ | 705 | $ | 931 |
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Gross Operated Well Count Summary: | |||||||||||||||||||||||
Drilled | 16 | 24 | 84 | 95 | |||||||||||||||||||
Completed | 25 | 30 | 78 | 101 | |||||||||||||||||||
Wells to sales | 30 | 34 | 73 | 89 |
| Payments Due by Period | ||||||||||||||||||||||||||||||||||
(in millions) | Total | Less than 1 Year | 1 to 3 Years | 3 to 5 Years | 5 to 8 years | More than 8 Years | |||||||||||||||||||||||||||||
Infrastructure currently in service | $ | 6,704 | $ | 582 | $ | 1,308 | $ | 1,078 | $ | 1,411 | $ | 2,325 | |||||||||||||||||||||||
Pending
regulatory approval and/or construction (1) | 405 | 3 | 9 | 23 | 52 | 318 | |||||||||||||||||||||||||||||
Total transportation charges | $ | 7,109 | $ | 585 | $ | 1,317 | $ | 1,101 | $ | 1,463 | $ | 2,643 |
| Expected Maturity Date | |||||||||||||||||||||||||||||||||||||||||||
($ in millions) | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||
Fixed rate payments (1) | $ | — | $ | 207 | $ | — | $ | — | $ | 856 | $ | 1,408 | $ | 2,471 | ||||||||||||||||||||||||||||||
Weighted average interest rate | — | % | 4.10 | % | — | % | — | % | 6.45 | % | 7.80 | % | 7.02 | % | ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||
Variable
rate payments (1) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
Weighted average interest rate | — | % | — | % | — | % | — | % | — | % | — | % | — | % |
(2.1) | |||||
(3.1) | |||||
(3.2) | |||||
(4.1) | |||||
(4.2) | |||||
(10.1) | |||||
(10.2)* | |||||
(10.3) | Amendment No. 7 to Credit Agreement, dated as of August 18, 2020, among Southwestern Energy Company, the lenders party thereto and JP Morgan Chase Bank, N.A., as administrative agent
for the lenders (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed August 20, 2020) | ||||
(10.4) | |||||
(31.1)* | |||||
(31.2)* | |||||
(32.1)* | |||||
(32.2)* | |||||
(95.1)* | |||||
(101.INS) | Inline Interactive Data File Instance Document | ||||
(101.SCH) | Inline Interactive Data File Schema Document | ||||
(101.CAL) | Inline Interactive Data File Calculation Linkbase Document | ||||
(101.LAB) | Inline Interactive Data File Label Linkbase Document | ||||
(101.PRE) | Inline Interactive Data File Presentation Linkbase Document | ||||
(101.DEF) | Inline Interactive Data File Definition Linkbase Document | ||||
(104.1) | Cover Page Interactive Data File – the cover page from this Quarterly Report on Form 10-Q, formatted in inline XBRL (included within the Exhibit 101 attachments) |
SOUTHWESTERN ENERGY COMPANY | |||||||||||
Registrant | |||||||||||
Dated: | October 29, 2020 | /s/ JULIAN M. BOTT | |||||||||
| Julian
M. Bott Executive Vice President and Chief Financial Officer |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
7/24/24 | ||||
4/15/23 | ||||
2/12/21 | SC 13G/A | |||
12/15/20 | ||||
Filed on: | 10/29/20 | 8-K | ||
10/27/20 | ||||
10/15/20 | ||||
10/8/20 | 8-K | |||
For Period end: | 9/30/20 | |||
8/12/20 | 424B5, 425, 8-K, 8-K/A, FWP | |||
7/23/20 | ||||
6/30/20 | 10-Q, 4 | |||
4/7/20 | ||||
4/2/20 | ||||
3/31/20 | 10-Q | |||
2/4/20 | SC 13G/A | |||
1/1/20 | 4 | |||
12/31/19 | 10-K, 11-K, 5 | |||
12/15/19 | ||||
9/30/19 | 10-Q | |||
6/30/19 | 10-Q | |||
3/31/19 | 10-Q | |||
12/31/18 | 10-K, 11-K, 5 | |||
6/30/18 | 10-Q | |||
10/17/16 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/01/22 Southwestern Energy Co. 10-K 12/31/21 152:28M 3/01/21 Southwestern Energy Co. 10-K 12/31/20 159:27M |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 10/08/20 Southwestern Energy Co. 8-K:1,2,9 10/08/20 13:576K 8/27/20 Southwestern Energy Co. 8-K:1,2,7,9 8/27/20 13:432K Donnelley … Solutions/FA 8/20/20 Southwestern Energy Co. 8-K:1,2,9 8/18/20 12:551K Donnelley … Solutions/FA 8/12/20 Southwestern Energy Co. 8-K/A:1,9 8/12/20 11:943K Donnelley … Solutions/FA 8/12/20 Southwestern Energy Co. 8-K:1,7,8,9 8/12/20 16:7.8M Donnelley … Solutions/FA 4/30/20 Southwestern Energy Co. 10-Q 3/31/20 95:16M 5/24/10 Southwestern Energy Co. 8-K:5,9 5/18/10 3:137K |