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Share-Based Compensation Plans (Tables)
 12 Months Ended
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,
 202420232022
 (Thousands)
Incentive Performance Share Unit Programs$20,919 $23,915 $23,443 
Restricted stock awards25,473 20,119 23,028 
Stock appreciation rights— 4,056 17,406 
Other programs, including non-employee director awards3,596 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 SettledNonvested SharesWeighted Average
Fair Value		Aggregate Fair Value
Outstanding at December 31, 2021
2,754,648 $16.08 $44,281,509 
Granted in Period575,120 29.73 (a)17,098,318 
Granted from Multiplier162,183 29.45 4,776,289 
Vested(625,563)29.45 (18,422,830)
Forfeited(4,398)13.28 (58,405)
Outstanding at December 31, 20222,861,990 16.66 47,674,881 
Granted in Period404,790 38.79 15,701,804 
Granted from Multiplier409,383 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 Period371,500 40.08 14,889,720 
Granted from Multiplier451,805 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,
20242023 (a)20222021 (a)2020 (b)
Risk-free rate4.35%4.16%1.52%0.18%1.22%
Volatility factor48.82%59.31%65.38%72.50%45.41%
Expected term3 years3 years3 years3 years3 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 rate1.10 %
Dividend yield— %
Volatility factor60.00 %
Expected term4 years
Number of Options Granted1,000,000 
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 rate0.30 %
Dividend yield— %
Volatility factor67.50 %
Expected term3.28 years
Number of Stock Appreciation Rights Granted1,240,000
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 SettledNonvested SharesWeighted Average
Fair Value		Aggregate Fair Value
Outstanding at January 1, 20223,104,281 $12.58 $39,056,435 
Granted1,288,430 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 
Granted953,270 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 
Granted982,990 34.54 33,950,507 
Vested(4,861,796)31.98 (155,480,899)
Conversion of Equitrans Midstream awards5,175,814 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 OptionsSharesWeighted Average
Exercise Price		Weighted Average
Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 20241,523,536 $18.75 
Expired(193,726)46.21   
Exercised(134,474)37.91 
Outstanding and Exercisable at December 31, 20241,195,336 $12.14 2.3 years$40,604,986