Supplemental Information on Natural Gas and Oil Exploration, Development and Production Activities (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2023

Extractive Industries [Abstract]

Capitalized Costs and Accumulated Depreciation, Depletion and Amortization

Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (a)

	December 31,
	2023			2022			2021
	(in thousands)
Natural gas and oil properties:
Properties subject to depletion	$	10,435,611		$	9,855,287		$	9,338,236
Unproved properties		789,871			800,592			837,334
Total		11,225,482			10,655,879			10,175,570
Accumulated depreciation, depletion and amortization		(5,107,801	)		(4,765,475	)		(4,420,914	)
Net capitalized costs	$	6,117,681		$	5,890,404		$	5,754,656

(a)Includes capitalized asset retirement costs and the associated accumulated amortization.

Costs Incurred for Property Acquisition, Exploration and Development

Costs Incurred for Property Acquisition, Exploration and Development (a)

	December 31,
	2023		2022		2021
	(in thousands)
Acquisitions:
Acreage purchases	$	40,067	$	28,735	$	21,942
Development		568,484		460,668		381,753
Exploration:
Drilling		—		—		6,329
Expense		25,280		25,194		22,048
Stock-based compensation expense		1,250		1,578		1,507
Gas gathering facilities:
Development		3,123		1,466		3,402
Subtotal		638,204		517,641		436,981
Asset retirement obligations		4,616		18,096		18,634
Total costs incurred	$	642,820	$	535,737	$	455,615

(a)Includes cost incurred whether capitalized or expensed.

Proved Developed and Undeveloped Reserves

	Natural Gas			NGLs			Crude Oil and Condensate			Natural Gas Equivalents
	(Mmcf)			(Mbbls)			(Mbbls)			(Mmcfe) (a)
Proved developed and undeveloped reserves:
Balance, December 31, 2020		11,148,560			951,466			57,626			17,203,114
Revisions		(311,410	)		16,845			(7,089	)		(252,876	)
Extensions, discoveries and additions		1,155,952			69,367			5,103			1,602,769
Production		(541,021	)		(36,373	)		(3,044	)		(777,523	)
Balance, December 31, 2021		11,452,081			1,001,305			52,596			17,775,484
Revisions		(393,165	)		(20,251	)		(12,885	)		(591,983	)
Extensions, discoveries and additions		1,278,499			59,296			5,661			1,668,244
Production		(539,443	)		(36,392	)		(2,716	)		(774,089	)
Balance, December 31, 2022		11,797,972			1,003,958			42,656			18,077,656
Revisions		326,783			44,515			2,485			608,784
Extensions, discoveries and additions		24,078			30,234			296			207,260
Production		(538,085	)		(37,940	)		(2,475	)		(780,575	)
Balance, December 31, 2023		11,610,748			1,040,767			42,962			18,113,125
Proved developed reserves:
December 31, 2021		6,809,849			577,506			23,833			10,417,887
December 31, 2022		7,230,313			594,931			22,213			10,933,180
December 31, 2023		7,631,202			629,379			21,396			11,535,852
Proved undeveloped reserves:
December 31, 2021		4,642,232			423,798			28,762			7,357,597
December 31, 2022		4,567,659			409,027			20,443			7,144,476
December 31, 2023		3,979,546			411,388			21,566			6,577,273

(a)Oil and NGLs volumes are converted to mcfe at the rate of one barrel equals six mcf based upon the approximate relative energy content of oil to natural gas, which is not indicative of the relationship between oil and natural gas prices.

Changes in Proved Undeveloped Reserves

The following details the changes in proved undeveloped reserves for 2023 (Mmcfe):

Beginning proved undeveloped reserves at December 31, 2022	7,144,476
Undeveloped reserves transferred to developed	(937,906	)
Revisions (a)	191,920
Extension and discoveries	178,783
Ending proved undeveloped reserves at December 31, 2023	6,577,273

(a)Includes 280.2 Bcfe positive revision for previously proved undeveloped properties due to their addition back into our five year development plan along with positive revisions for longer laterals offset by 370.6 Bcfe of proved undeveloped reserves removed and deferred due to the five-year rule which can be included in our future proved reserves as these locations are added back to our five-year development plan.

Standardized Measure of Discounted Future Net Cash Flows

The standardized measure of discounted future net cash flows relating to proved natural gas, NGLs, crude oil and condensate reserves is as follows and excludes cash flows associated with derivatives outstanding at each of the respective reporting dates. Future cash inflows are net of third-party transportation, gathering and compression expense.

	As of December 31,
	2023			2022
	(in thousands)
Future cash inflows	$	54,389,915		$	113,954,835
Future costs:
Production		(29,663,691	)		(31,991,109	)
Development (a)		(2,978,183	)		(3,313,724	)
Future net cash flows before income taxes		21,748,041			78,650,002
Future income tax expense		(4,176,604	)		(16,651,625	)
Total future net cash flows before 10% discount		17,571,437			61,998,377
10% annual discount		(10,732,951	)		(37,453,094	)
Standardized measure of discounted future net cash flows	$	6,838,486		$	24,545,283

(a)2023 includes $358.7 million of undiscounted future asset retirement costs as of December 31, 2023, using current estimates of future abandonment costs.

Changes in Discounted Future Net Cash Flows

The following table summarizes changes in the standardized measure of discounted future net cash flows.

	December 31,
	2023			2022			2021
	(in thousands)
Revisions of previous estimates:
Changes in prices and production costs	$	(23,584,574	)	$	14,326,997		$	11,600,850
Revisions in quantities		(131,078	)		109,129			577,737
Changes in future development and abandonment costs		(123,529	)		(524,847	)		(53,818	)
Net change in income taxes		3,920,556			(2,625,699	)		(2,248,161	)
Accretion of discount		2,955,359			1,486,783			298,077
Additions to proved reserves from extensions,    discoveries and improved recovery		103,116			2,842,173			1,423,510
Natural gas, NGLs and oil sales, net of production costs		(1,100,908	)		(3,550,632	)		(1,934,254	)
Actual development costs incurred during the period		574,646			471,877			399,681
Changes in timing and other		(320,385	)		(475,724	)		(424,718	)
Net change for the year		(17,706,797	)		12,060,057			9,638,904
Beginning of year		24,545,283			12,485,226			2,846,322
End of year	$	6,838,486		$	24,545,283		$	12,485,226