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Natural Gas Producing Activities (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2023
Extractive Industries [Abstract] |
Schedule of Cost Incurred Relating to Property Acquisition, Exploration and Development | The following tables present total aggregate capitalized costs and costs incurred related to natural gas, NGLs and oil production activities.
| December 31,
| 2023 |  | 2022
| (Thousands)
Capitalized costs |  |  |
Proved properties | $ | 30,471,164 |  |  | $ | 25,142,857 |
Unproved properties | 2,039,431 |  |  | 1,747,705 |
Total capitalized costs | 32,510,595 |  |  | 26,890,562 |
Less: Accumulated depreciation and depletion | 10,734,099 |  |  | 9,119,553 |
Net capitalized costs | $ | 21,776,496 |  |  | $ | 17,771,009 |
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Thousands)
Costs incurred (a) |  |  |  |  |
Property acquisition: |  |  |  |  |
Proved properties (b) | $ | 4,142,621 |  |  | $ | 82,276 |  |  | $ | 2,544,316 |
Unproved properties (c) | 575,130 |  |  | 113,523 |  |  | 805,942 |
Exploration | 3,330 |  |  | 3,438 |  |  | 24,403 |
Development | 1,782,428 |  |  | 1,298,665 |  |  | 954,580 |
(a)Amounts exclude costs for facilities, information technology and other corporate items and include costs for midstream assets. (b)Amounts in 2023 include $2,522.3 million, $757.6 million and $719.6 million for wells, midstream assets and leases, respectively, acquired in the Tug Hill and XcL Midstream Acquisition described in Note 6. Amounts in 2022 include $40.5 million for leases acquired in the 2022 Asset Acquisition. Amounts in 2021 include $1,754.7 million, $257.9 million and $450.0 million for wells, midstream assets and leases, respectively, acquired in the Alta Acquisition and Reliance Asset Acquisition described in Note 6. (c)Amounts in 2023 include $523.0 million for unproved properties acquired in the Tug Hill and XcL Midstream Acquisition. Amounts in 2022 include $17.1 million for unproved properties acquired in the 2022 Asset Acquisition. Amounts in 2021 include $743.3 million for unproved properties acquired in the Alta Acquisition.
Results of Operations Related to Natural Gas, NGL and Oil Producing Activities | The following table presents the results of operations related to natural gas, NGLs and oil production.
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Thousands)
Sales of natural gas, NGLs and oil | $ | 5,044,768 |  |  | $ | 12,114,168 |  |  | $ | 6,804,020 |
Transportation and processing | 2,157,260 |  |  | 2,116,976 |  |  | 1,942,165 |
Production | 254,700 |  |  | 300,985 |  |  | 225,279 |
Exploration | 3,330 |  |  | 3,438 |  |  | 24,403 |
Depreciation and depletion | 1,732,142 |  |  | 1,665,962 |  |  | 1,676,702 |
Loss (gain) on sale/exchange of long-lived assets | 17,445 |  |  | (8,446) |  |  | (21,124) |
Impairment and expiration of leases | 109,421 |  |  | 176,606 |  |  | 311,835 |
Income tax expense | 187,463 |  |  | 1,987,323 |  |  | 667,435 |
Results of operations from producing activities, excluding corporate overhead | $ | 583,007 |  |  | $ | 5,871,324 |  |  | $ | 1,977,325 |
Schedule of the Entity's Proved Reserves | For all tables presented, NGLs and oil were converted at a rate of one Mbbl to approximately six million cubic feet (MMcf).
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (MMcf)
Natural gas, NGLs and oil |  |  |  |  |
Proved developed and undeveloped reserves: |  |  |  |  |
Balance at January 1 | 25,002,589 |  |  | 24,961,499 |  |  | 19,802,092 |
Revision of previous estimates | (1,402,039) |  |  | (654,618) |  |  | (274,111) |
Purchase of hydrocarbons in place | 2,600,667 |  |  | 141,038 |  |  | 4,186,933 |
Extensions, discoveries and other additions | 3,411,750 |  |  | 2,494,713 |  |  | 3,104,402 |
Production | (2,016,273) |  |  | (1,940,043) |  |  | (1,857,817) |
Balance at December 31 | 27,596,694 |  |  | 25,002,589 |  |  | 24,961,499 |
Proved developed reserves: |  |  |  |  |
Balance at January 1 | 17,513,645 |  |  | 17,218,655 |  |  | 13,641,345 |
Balance at December 31 | 19,558,176 |  |  | 17,513,645 |  |  | 17,218,655 |
Proved undeveloped reserves: |  |  |  |  |
Balance at January 1 | 7,488,944 |  |  | 7,742,844 |  |  | 6,160,747 |
Balance at December 31 | 8,038,518 |  |  | 7,488,944 |  |  | 7,742,844 |
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (MMcf)
Natural gas |  |  |  |  |
Proved developed and undeveloped reserves: |  |  |  |  |
Balance at January 1 | 23,824,887 |  |  | 23,523,665 |  |  | 18,865,013 |
Revision of previous estimates | (1,461,305) |  |  | (432,315) |  |  | (568,814) |
Purchase of natural gas in place | 2,012,159 |  |  | 141,038 |  |  | 4,186,933 |
Extensions, discoveries and other additions | 3,326,736 |  |  | 2,434,543 |  |  | 2,786,850 |
Production | (1,907,343) |  |  | (1,842,044) |  |  | (1,746,317) |
Balance at December 31 | 25,795,134 |  |  | 23,824,887 |  |  | 23,523,665 |
Proved developed reserves: |  |  |  |  |
Balance at January 1 | 16,541,017 |  |  | 16,152,083 |  |  | 12,750,312 |
Balance at December 31 | 18,186,432 |  |  | 16,541,017 |  |  | 16,152,083 |
Proved undeveloped reserves: |  |  |  |  |
Balance at January 1 | 7,283,870 |  |  | 7,371,582 |  |  | 6,114,701 |
Balance at December 31 | 7,608,702 |  |  | 7,283,870 |  |  | 7,371,582 |
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Mbbl)
NGLs |  |  |  |  |
Proved developed and undeveloped reserves: |  |  |  |  |
Balance at January 1 | 186,141 |  |  | 225,792 |  |  | 148,762 |
Revision of previous estimates | 11,558 |  |  | (33,955) |  |  | 46,868 |
Purchase of NGLs in place | 90,604 |  |  | — |  |  | — |
Extensions, discoveries and other additions | 13,592 |  |  | 9,610 |  |  | 47,120 |
Production | (16,550) |  |  | (15,306) |  |  | (16,958) |
Balance at December 31 | 285,345 |  |  | 186,141 |  |  | 225,792 |
Proved developed reserves: |  |  |  |  |
Balance at January 1 | 154,921 |  |  | 169,781 |  |  | 141,489 |
Balance at December 31 | 218,523 |  |  | 154,921 |  |  | 169,781 |
Proved undeveloped reserves: |  |  |  |  |
Balance at January 1 | 31,220 |  |  | 56,011 |  |  | 7,273 |
Balance at December 31 | 66,822 |  |  | 31,220 |  |  | 56,011 |
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Mbbl)
Oil |  |  |  |  |
Proved developed and undeveloped reserves: |  |  |  |  |
Balance at January 1 | 10,142 |  |  | 13,846 |  |  | 7,417 |
Revision of previous estimates | (1,680) |  |  | (3,095) |  |  | 2,249 |
Purchase of oil in place | 7,481 |  |  | — |  |  | — |
Extensions, discoveries and other additions | 577 |  |  | 418 |  |  | 5,805 |
Production | (1,605) |  |  | (1,027) |  |  | (1,625) |
Balance at December 31 | 14,915 |  |  | 10,142 |  |  | 13,846 |
Proved developed reserves: |  |  |  |  |
Balance at January 1 | 7,183 |  |  | 7,981 |  |  | 7,016 |
Balance at December 31 | 10,101 |  |  | 7,183 |  |  | 7,981 |
Proved undeveloped reserves: |  |  |  |  |
Balance at January 1 | 2,959 |  |  | 5,865 |  |  | 401 |
Balance at December 31 | 4,814 |  |  | 2,959 |  |  | 5,865 |
Schedule of Estimated Future Net Cash Flows From Natural Gas and Oil Reserves | The following table summarizes estimated future net cash flows from natural gas and oil reserves.
| December 31,
| 2023 |  | 2022 |  | 2021
| (Thousands)
Future cash inflows (a) | $ | 52,916,665 |  |  | $ | 140,032,653 |  |  | $ | 70,844,136 |
Future production costs (b) | (24,357,033) |  |  | (22,801,652) |  |  | (20,961,576) |
Future development costs | (4,298,372) |  |  | (3,244,211) |  |  | (2,882,921) |
Future income tax expenses | (5,230,629) |  |  | (26,375,241) |  |  | (10,433,091) |
Future net cash flow | 19,030,631 |  |  | 87,611,549 |  |  | 36,566,548 |
10% annual discount for estimated timing of cash flows | (9,768,282) |  |  | (47,547,025) |  |  | (19,285,424) |
Standardized measure of discounted future net cash flows | $ | 9,262,349 |  |  | $ | 40,064,524 |  |  | $ | 17,281,124 |
(a)The majority of the Company's production is sold through liquid trading points on interstate pipelines. Reserves were computed using average first-day-of-the-month closing prices for the prior twelve months less regional adjustments. Regional adjustments were calculated using historical average realized prices received in the Appalachian Basin. NGLs pricing was calculated using average first-day-of-the-month closing prices for the prior twelve months for NGLs components, adjusted using the regional component makeup of proved NGLs.
| December 31,
| 2023 |  | 2022 |  | 2021
Oil for West Texas Intermediate (WTI) ($/Bbl) | $ | 78.21 |  |  | $ | 94.14 |  |  | $ | 66.55 |
Less regional adjustments ($/Bbl) | 14.35 |  |  | 17.31 |  |  | 14.98 |
Oil price ($/Bbl) | 63.86 |  |  | 76.83 |  |  | 51.57 |
Natural gas for NYMEX ($/MMBtu) | 2.637 |  |  | 6.357 |  |  | 3.598 |
Less regional adjustments ($/MMBtu) | 1.029 |  |  | 1.094 |  |  | 1.040 |
Natural gas price ($/Mcf) | 1.700 |  |  | 5.543 |  |  | 2.694 |
NGLs price ($/Bbl) | 28.44 |  |  | 38.66 |  |  | 29.95 |
(b)Includes approximately $2,443 million, $2,098 million and $1,937 million for future plugging and abandonment costs as of December 31, 2023, 2022 and 2021, respectively.
Schedule of Changes in The Standardized Measure of Discounted Net Cash Flows From Natural Gas and Oil Reserves | The following table summarizes the changes in the standardized measure of discounted future net cash flows.
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Thousands)
Net sales and transfers of natural gas and oil produced | $ | (2,632,808) |  |  | $ | (9,696,207) |  |  | $ | (4,636,576) |
Net changes in prices, production and development costs | (48,739,248) |  |  | 35,353,172 |  |  | 17,290,913 |
Extensions, discoveries and improved recovery, net of related costs | 6,347,387 |  |  | 1,798,851 |  |  | 46,078 |
Development costs incurred | 1,296,380 |  |  | 902,925 |  |  | 764,002 |
Net purchase of minerals in place | 2,131,567 |  |  | 280,233 |  |  | 3,491,441 |
Revisions of previous quantity estimates | (2,768,922) |  |  | (299,423) |  |  | 184,552 |
Accretion of discount | 4,006,452 |  |  | 1,728,112 |  |  | 336,646 |
Net change in income taxes | 9,190,460 |  |  | (7,233,051) |  |  | (3,614,029) |
Timing and other | 366,557 |  |  | (51,212) |  |  | 51,639 |
Net (decrease) increase | (30,802,175) |  |  | 22,783,400 |  |  | 13,914,666 |
Balance at January 1 | 40,064,524 |  |  | 17,281,124 |  |  | 3,366,458 |
Balance at December 31 | $ | 9,262,349 |  |  | $ | 40,064,524 |  |  | $ | 17,281,124 |

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