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Share-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-based Compensation Expense | The following table summarizes the Company's share-based compensation expense.
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Thousands)
Incentive Performance Share Unit Programs | $ | 20,919 |  |  | $ | 23,915 |  |  | $ | 23,443 |
Restricted stock awards | 25,473 |  |  | 20,119 |  |  | 23,028 |
Stock appreciation rights | — |  |  | 4,056 |  |  | 17,406 |
Other programs, including non-employee director awards | 3,596 |  |  | 3,110 |  |  | 3,534 |
Total share-based compensation expense (a) | $ | 49,988 |  |  | $ | 51,200 |  |  | $ | 67,411 |
(a)For the years ended December 31, 2024 and 2023, share-based compensation expense of $105.4 million and $3.6 million, respectively, was included in other operating expenses. Share-based compensation expense for 2024 related primarily to the Equitrans Midstream Merger. There were no such costs in 2022.
Schedule of Award Types |
Incentive PSU Programs – Equity Settled |  | Nonvested Shares |  | Weighted Average Fair Value |  | Aggregate Fair Value
Outstanding at December 31, 2021 |  | 2,754,648 |  |  | $ | 16.08 |  |  | $ | 44,281,509 |
Granted in Period |  | 575,120 |  |  | 29.73 |  | (a) | 17,098,318 |
Granted from Multiplier |  | 162,183 |  |  | 29.45 |  |  | 4,776,289 |
Vested |  | (625,563) |  |  | 29.45 |  |  | (18,422,830) |
Forfeited |  | (4,398) |  |  | 13.28 |  |  | (58,405) |
Outstanding at December 31, 2022 |  | 2,861,990 |  |  | 16.66 |  |  | 47,674,881 |
Granted in Period |  | 404,790 |  |  | 38.79 |  |  | 15,701,804 |
Granted from Multiplier |  | 409,383 |  |  | 6.56 |  |  | 2,685,552 |
Vested |  | (1,773,994) |  |  | 6.56 |  |  | (11,637,401) |
Forfeited |  | (70,616) |  |  | 37.59 |  |  | (2,654,455) |
Outstanding at December 31, 2023 |  | 1,831,553 |  |  | 28.27 |  |  | 51,770,381 |
Granted in Period |  | 371,500 |  |  | 40.08 |  |  | 14,889,720 |
Granted from Multiplier |  | 451,805 |  |  | 23.55 |  |  | 10,640,008 |
Vested |  | (1,355,415) |  |  | 23.55 |  |  | (31,920,023) |
Forfeited |  | (7,092) |  |  | 45.94 |  |  | (325,806) |
Outstanding at December 31, 2024 |  | 1,292,351 |  |  | $ | 34.86 |  |  | $ | 45,054,280 |
(a)The 2022 Incentive PSU Program was granted as a liability award and converted to an equity award in April 2022. The fair value determined through a Monte Carlo simulation at the time of conversion totaled $75.32 per share, which was an increase of $45.59 per share from fair value determined through a Monte Carlo simulation at the grant date.
Schedule of Valuation Assumptions | Fair value is estimated using a Monte Carlo simulation valuation method with the following weighted average assumptions at grant date:
| Incentive PSU Programs Issued During the Years Ended December 31,
| 2024 |  | 2023 (a) |  | 2022 |  | 2021 (a) |  | 2020 (b)
Risk-free rate | 4.35% |  | 4.16% |  | 1.52% |  | 0.18% |  | 1.22%
Volatility factor | 48.82% |  | 59.31% |  | 65.38% |  | 72.50% |  | 45.41%
Expected term | 3 years |  | 3 years |  | 3 years |  | 3 years |  | 3 years
(a)There were two grant dates for the 2023 Incentive PSU Program and the 2021 Incentive PSU Program. Amounts shown represent weighted average. (b)There were three grant dates for the 2020 Incentive PSU Program. Amounts shown represent weighted average. Dividends paid from the beginning of the performance period will be cumulatively added as additional shares of common stock; therefore, dividend yield is not applicable. The expected term represents the period of time that options granted are expected to be outstanding based on historical option exercise experience. There were no stock options granted in 2024, 2023 and 2022.
| Year Ended December 31, 2020
Risk-free interest rate | 1.10 | %
Dividend yield | — | %
Volatility factor | 60.00 | %
Expected term | 4 years
Number of Options Granted | 1,000,000 |
Weighted Average Grant Date Fair Value | $ | 1.61 |
The expected term represents the period of time between the valuation date and the midpoint of the exercise window.
| 2020 Stock Appreciation Rights
Risk-free interest rate | 0.30 | %
Dividend yield | — | %
Volatility factor | 67.50 | %
Expected term | 3.28 years
Number of Stock Appreciation Rights Granted | 1,240,000
Weighted Average Grant Date Fair Value | $ | 2.61 |
Total Intrinsic Value of Exercises | $ | — |
Summary of Restricted Stock Awards Activity | The following table summarizes restricted stock unit equity award activity as of December 31, 2024.
Restricted Stock – Equity Settled |  | Nonvested Shares |  | Weighted Average Fair Value |  | Aggregate Fair Value
Outstanding at January 1, 2022 |  | 3,104,281 |  |  | $ | 12.58 |  |  | $ | 39,056,435 |
Granted |  | 1,288,430 |  |  | 21.65 |  |  | 27,893,331 |
Vested |  | (1,368,577) |  |  | 12.16 |  |  | (16,644,859) |
Forfeited |  | (97,189) |  |  | 15.56 |  |  | (1,512,333) |
Outstanding at December 31, 2022 |  | 2,926,945 |  |  | 16.67 |  |  | 48,792,574 |
Granted |  | 953,270 |  |  | 31.88 |  |  | 30,389,954 |
Vested |  | (1,544,968) |  |  | 15.20 |  |  | (23,482,927) |
Forfeited |  | (117,445) |  |  | 24.52 |  |  | (2,879,751) |
Outstanding at December 31, 2023 |  | 2,217,802 |  |  | 23.82 |  |  | 52,819,850 |
Granted |  | 982,990 |  |  | 34.54 |  |  | 33,950,507 |
Vested |  | (4,861,796) |  |  | 31.98 |  |  | (155,480,899) |
Conversion of Equitrans Midstream awards |  | 5,175,814 |  |  | 35.88 |  |  | 185,708,206 |
Forfeited |  | (90,641) |  |  | 31.92 |  |  | (2,893,279) |
Outstanding at December 31, 2024 |  | 3,424,169 |  |  | $ | 33.32 |  |  | $ | 114,104,385 |
Summary of Option Activity | The following table summarizes option activity as of December 31, 2024.
Non-Qualified Stock Options |  | Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Outstanding at January 1, 2024 |  | 1,523,536 |  |  | $ | 18.75 |  |  |  |  |
Expired |  | (193,726) |  |  | 46.21 |  |  |  |  |
Exercised |  | (134,474) |  |  | 37.91 |  |  |  |  |
Outstanding and Exercisable at December 31, 2024 |  | 1,195,336 |  |  | $ | 12.14 |  |  | 2.3 years |  | $ | 40,604,986 |

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