Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The table below summarizes the Company's outstanding debt.

	September 30, 2022				December 31, 2021
	Principal Value		Carrying Value (a)		Principal Value		Carrying Value (a)
	(Thousands)
Senior notes:
3.00% notes due October 1, 2022	$	—	$	—	$	568,823	$	567,909
7.42% series B notes due 2023	10,000		10,000		10,000		10,000
6.125% notes due February 1, 2025 (b)	915,594		911,883		1,000,000		994,643
1.75% convertible notes due May 1, 2026	414,846		406,232		499,991		487,543
3.125% notes due May 15, 2026	463,354		458,098		500,000		493,157
7.75% debentures due July 15, 2026	115,000		113,094		115,000		112,721
3.90% notes due October 1, 2027	1,234,433		1,228,714		1,250,000		1,243,340
5.00% notes due January 15, 2029	336,454		332,015		350,000		344,835
7.000% notes due February 1, 2030 (b)	730,000		725,071		750,000		744,417
3.625% notes due May 15, 2031	495,165		488,484		500,000		492,669
Note payable to EQM	95,728		95,728		99,838		99,838
Total debt	4,810,574		4,769,319		5,643,652		5,591,072
Less: Current portion of debt (c)	430,601		421,987		1,074,332		1,060,970
Long-term debt	$	4,379,973	$	4,347,332	$	4,569,320	$	4,530,102

(a)For the Company's credit facility and note payable to EQM, the principal value represents the carrying value. For all other debt, the principal value less the unamortized debt issuance costs and debt discounts represents the carrying value.

(b)Interest rates for this tranche of the Company's senior notes fluctuate based on changes to the credit ratings assigned to the Company's senior notes by Moody's, S&P and Fitch. Interest rates on the Company's other outstanding senior notes do not fluctuate based on changes to the credit ratings assigned to its senior notes by Moody's, S&P and Fitch.

(c)As of September 30, 2022, the current portion of debt includes the 7.42% series B notes, the 1.75% convertible notes and a portion of the note payable to EQM. As of December 31, 2021, the current portion of debt includes the 3.00% notes, the 1.75% convertible notes and a portion of the note payable to EQM.

Schedule of Debt Instrument Redemption

The Company redeemed or repurchased the following debt during the nine months ended September 30, 2022.

Debt Tranche	Principal		Premiums/(Discounts)		Accrued but Unpaid Interest		Total Cost
	(Thousands)
3.00% notes due October 1, 2022	$	568,823	$	5,546	$	7,150	$	581,519
6.125% notes due February 1, 2025	84,406		3,046		2,621		90,073
1.75% convertible notes due May 1, 2026	85,096		127,906		250		213,252
3.125% notes due May 15, 2026	36,646		(2,050)		187		34,783
3.90% notes due October 1, 2027	15,567		(643)		188		15,112
5.00% notes due January 15, 2029	13,546		(445)		195		13,296
7.000% notes due February 1, 2030	20,000		1,428		640		22,068
3.625% notes due May 15, 2031	4,835		(601)		28		4,262

Schedule of Convertible Debt

The following table summarizes Convertible Notes conversion right exercises from issuance through October 21, 2022. The Company elected to settle all such conversions by issuing to the converting holders shares of EQT common stock.

Settlement Month	Principal Converted		Shares Issued	Average Conversion Price
	(Thousands)
September 2021	$	9	599	$	19.64
March 2022	8		536	33.65
April 2022	26		1,742	34.78
July 2022	5		335	36.91
October 2022	10		674	40.14

The table below summarizes the net carrying value and fair value of the Convertible Notes.

	September 30, 2022		December 31, 2021
	(Thousands)
Principal	$	414,846	$	499,991
Less: Unamortized debt issuance costs	8,614		12,448
Net carrying value of Convertible Notes	$	406,232	$	487,543
Fair value of Convertible Notes (a)	$	1,139,843	$	854,985

(a)The fair value is a Level 2 fair value measurement. See Note 4.

The table below summarizes the components of interest expense related to the Convertible Notes. The effective interest rate for the Convertible Notes is 2.4%.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(Thousands)
Contractual interest expense	$	1,821	$	2,188	$	6,191	$	6,563
Amortization of issuance costs	574		675		1,945		2,016
Total Convertible Notes interest expense	$	2,395	$	2,863	$	8,136	$	8,579