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Statements of Condensed Consolidated Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Operating revenues:        
Sales of natural gas, natural gas liquids and oil $ 598,992 $ 769,627 $ 1,812,965 $ 2,941,767
(Loss) gain on derivatives not designated as hedges (427,182) 180,313 (11,320) 455,952
Net marketing services and other 317 1,636 4,613 7,282
Total operating revenues 172,127 951,576 1,806,258 3,405,001
Operating expenses:        
Transportation and processing 427,691 437,942 1,273,161 1,314,172
Production 39,670 37,821 118,379 117,545
Exploration 3,160 3,492 4,959 6,356
Selling, general and administrative 56,330 79,376 134,609 214,562
Depreciation and depletion 341,027 390,993 1,021,649 1,154,519
Amortization of intangible assets 7,478 7,755 22,433 28,439
Loss on sale/exchange of long-lived assets 4,662 13,935 102,721 13,935
Impairment of intangible assets 0 15,411 0 15,411
Impairment and expiration of leases 50,449 49,601 145,496 127,719
Transaction, proxy and reorganization 1,855 76,779 6,600 102,386
Total operating expenses 932,322 1,113,105 2,830,007 3,095,044
Operating (loss) income (760,195) (161,529) (1,023,749) 309,957
Gain on Equitrans Share Exchange (see Note 9) 0 0 (187,223) 0
(Gain) loss on investment in Equitrans Midstream Corporation (3,801) 261,093 303,844 276,779
Dividend and other income (2,900) (22,960) (31,204) (67,592)
Loss on debt extinguishment 3,749 0 20,712 0
Interest expense 69,154 47,709 196,914 154,785
Loss before income taxes (826,397) (447,371) (1,326,792) (54,015)
Income tax benefit (225,757) (86,343) (295,938) (9,244)
Net loss $ (600,640) $ (361,028) $ (1,030,854) $ (44,771)
Basic:        
Weighted average common stock outstanding (in shares) 255,589 255,235 255,516 255,069
Net (loss) income (in dollars per share) $ (2.35) $ (1.41) $ (4.03) $ (0.18)
Diluted:        
Weighted average common stock outstanding (in shares) 255,589 255,235 255,516 255,069
Net (loss) income (in dollars per share) $ (2.35) $ (1.41) $ (4.03) $ (0.18)
Sales of natural gas, natural gas liquids and oil        
Operating revenues:        
Sales of natural gas, natural gas liquids and oil $ 598,992 $ 769,627 $ 1,812,965 $ 2,941,767
(Loss) gain on derivatives not designated as hedges        
Operating revenues:        
(Loss) gain on derivatives not designated as hedges $ (427,182) $ 180,313 $ (11,320) $ 455,952