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Statements of Condensed Consolidated Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Operating revenues:        
Sales of natural gas, natural gas liquids and oil $ 498,772 $ 900,527 $ 1,213,973 $ 2,172,140
Gain on derivatives not designated as hedges 26,426 407,635 415,862 275,639
Net marketing services and other 1,876 2,090 4,296 5,646
Total operating revenues 527,074 1,310,252 1,634,131 2,453,425
Operating expenses:        
Transportation and processing 405,636 436,984 845,470 876,230
Production 38,329 36,316 78,709 79,724
Exploration 876 1,857 1,799 2,864
Selling, general and administrative 43,341 86,208 78,279 135,186
Depreciation and depletion 323,096 372,413 680,622 763,526
Amortization of intangible assets 7,477 10,342 14,955 20,684
Loss on sale/exchange of long-lived assets 49,207 0 98,059 0
Impairment and expiration of leases 41,279 48,584 95,047 78,118
Transaction, proxy and reorganization 4,745 21,518 4,745 25,607
Total operating expenses 913,986 1,014,222 1,897,685 1,981,939
Operating (loss) income (386,912) 296,030 (263,554) 471,486
Gain on Equitrans Share Exchange 0 0 (187,223) 0
(Gain) loss on investment in Equitrans Midstream Corporation (82,983) 104,741 307,645 15,686
Dividend and other income (3,590) (23,645) (28,304) (44,632)
Loss on debt extinguishment 353 0 16,963 0
Interest expense 65,386 50,503 127,760 107,076
(Loss) income before income taxes (366,078) 164,431 (500,395) 393,356
Income tax (benefit) expense (103,003) 38,865 (70,181) 77,099
Net (loss) income $ (263,075) $ 125,566 $ (430,214) $ 316,257
Basic:        
Weighted average common stock outstanding (in shares) 255,524 255,099 255,477 254,975
Net (loss) income (in dollars per share) $ (1.03) $ 0.49 $ (1.68) $ 1.24
Diluted:        
Weighted average common stock outstanding (in shares) 255,524 255,223 255,477 255,211
Net (loss) income (in dollars per share) $ (1.03) $ 0.49 $ (1.68) $ 1.24
Sales of natural gas, natural gas liquids and oil        
Operating revenues:        
Sales of natural gas, natural gas liquids and oil $ 498,772 $ 900,527 $ 1,213,973 $ 2,172,140
Gain on derivatives not designated as hedges        
Operating revenues:        
Gain on derivatives not designated as hedges $ 26,426 $ 407,635 $ 415,862 $ 275,639