Natural Gas Producing Activities (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2024

Extractive Industries [Abstract]

Schedule of Cost Incurred Relating to Property Acquisition, Exploration and Development

The following tables present total aggregate capitalized costs and costs incurred related to natural gas, NGLs and oil production activities.

	December 31,
	2024		2023
	(Thousands)
Capitalized costs
Proved properties	$	31,986,473	$	30,471,164
Unproved properties	1,563,440		2,039,431
Total capitalized costs	33,549,913		32,510,595
Less: Accumulated depreciation and depletion	12,489,317		10,734,099
Net capitalized costs	$	21,060,596	$	21,776,496

	Years Ended December 31,
	2024		2023		2022
	(Thousands)
Costs incurred (a)
Property acquisition:
Proved properties (b)	$	410,805	$	4,142,621	$	82,276
Unproved properties (c)	98,007		575,130		113,523
Exploration	2,735		3,330		3,438
Development	1,848,000		1,782,428		1,298,665

(a)Amounts for all years presented exclude costs for facilities, information technology and other corporate items. In addition, amounts for 2024 exclude midstream assets. Amounts for 2023 and 2022 include costs for midstream assets.

(b)Amounts in 2024 include $267.7 million and $74.7 million for wells and leases, respectively, received as consideration for the First NEPA Non-Operated Asset Divestiture. See Note 7. Amounts in 2023 include $2,522.3 million, $757.6 million and $719.6 million for wells, midstream assets and leases, respectively, acquired in the Tug Hill and XcL Midstream Acquisition. Amounts in 2022 include $40.5 million for leases acquired in the 2022 Asset Acquisition. See Note 6.

(c)Amounts in 2024 include $10.8 million for unproved properties received as consideration for the First NEPA Non-Operated Asset Divestiture. See Note 7. Amounts in 2023 include $523.0 million for unproved properties acquired in the Tug Hill and XcL Midstream Acquisition. Amounts in 2022 include $17.1 million for unproved properties acquired in the 2022 Asset Acquisition. See Note 6.

Results of Operations Related to Natural Gas, NGL and Oil Producing Activities

The following table presents the results of operations related to natural gas, NGLs and oil production.

	Years Ended December 31,
	2024		2023		2022
	(Thousands)
Sales of natural gas, NGLs and oil	$	4,934,366	$	5,044,768	$	12,114,168
Transportation and processing	1,915,616		2,157,260		2,116,976
Production	377,007		254,700		300,985
Operating and maintenance	37,951		—		—
Exploration	2,735		3,330		3,438
Depreciation and depletion	2,016,670		1,732,142		1,665,962
(Gain) loss on sale/exchange of long-lived assets	(764,431)		17,445		(8,446)
Impairment and expiration of leases	97,368		109,421		176,606
Income tax expense	316,377		187,463		1,987,323
Results of operations from producing activities, excluding corporate overhead	$	935,073	$	583,007	$	5,871,324

Schedule of the Entity's Proved Reserves

For all tables presented, NGLs and oil were converted at a rate of one Mbbl to approximately six million cubic feet (MMcf).

	Years Ended December 31,
	2024	2023	2022
	(MMcfe)
Natural gas, NGLs and oil
Proved developed and undeveloped reserves:
Balance at January 1	27,596,694	25,002,589	24,961,499
Revision of previous estimates	(1,079,677)	(1,402,039)	(654,618)
Purchase of hydrocarbons in place	413,040	2,600,667	141,038
Sale of natural gas in place	(1,562,849)	—	—
Extensions, discoveries and other additions	3,125,620	3,411,750	2,494,713
Production	(2,228,159)	(2,016,273)	(1,940,043)
Balance at December 31	26,264,669	27,596,694	25,002,589
Proved developed reserves:
Balance at January 1	19,558,176	17,513,645	17,218,655
Balance at December 31	18,804,929	19,558,176	17,513,645
Proved undeveloped reserves:
Balance at January 1	8,038,518	7,488,944	7,742,844
Balance at December 31	7,459,740	8,038,518	7,488,944

	Years Ended December 31,
	2024	2023	2022
	(MMcf)
Natural gas
Proved developed and undeveloped reserves:
Balance at January 1	25,795,134	23,824,887	23,523,665
Revision of previous estimates	(917,676)	(1,461,305)	(432,315)
Purchase of natural gas in place	395,423	2,012,159	141,038
Sale of natural gas in place	(1,562,849)	—	—
Extensions, discoveries and other additions	2,921,638	3,326,736	2,434,543
Production	(2,086,441)	(1,907,343)	(1,842,044)
Balance at December 31	24,545,229	25,795,134	23,824,887
Proved developed reserves:
Balance at January 1	18,186,432	16,541,017	16,152,083
Balance at December 31	17,440,191	18,186,432	16,541,017
Proved undeveloped reserves:
Balance at January 1	7,608,702	7,283,870	7,371,582
Balance at December 31	7,105,038	7,608,702	7,283,870

	Years Ended December 31,
	2024	2023	2022
	(Mbbl)
NGLs
Proved developed and undeveloped reserves:
Balance at January 1	285,345	186,141	225,792
Revision of previous estimates	(24,332)	11,558	(33,955)
Purchase of NGLs in place	2,529	90,604	—
Extensions, discoveries and other additions	30,391	13,592	9,610
Production	(22,025)	(16,550)	(15,306)
Balance at December 31	271,908	285,345	186,141
Proved developed reserves:
Balance at January 1	218,523	154,921	169,781
Balance at December 31	217,786	218,523	154,921
Proved undeveloped reserves:
Balance at January 1	66,822	31,220	56,011
Balance at December 31	54,122	66,822	31,220

	Years Ended December 31,
	2024	2023	2022
	(Mbbl)
Oil
Proved developed and undeveloped reserves:
Balance at January 1	14,915	10,142	13,846
Revision of previous estimates	(2,669)	(1,680)	(3,095)
Purchase of oil in place	407	7,481	—
Extensions, discoveries and other additions	3,606	577	418
Production	(1,595)	(1,605)	(1,027)
Balance at December 31	14,664	14,915	10,142
Proved developed reserves:
Balance at January 1	10,101	7,183	7,981
Balance at December 31	9,669	10,101	7,183
Proved undeveloped reserves:
Balance at January 1	4,814	2,959	5,865
Balance at December 31	4,995	4,814	2,959

Schedule of Estimated Future Net Cash Flows From Natural Gas and Oil Reserves

The following table summarizes estimated future net cash flows from natural gas and oil reserves.

	December 31,
	2024		2023		2022
	(Thousands)
Future cash inflows (a)	$	44,871,509	$	52,916,665	$	140,032,653
Future production costs (b)	(18,979,056)		(24,357,033)		(22,801,652)
Future development costs	(4,352,890)		(4,298,372)		(3,244,211)
Future income tax expenses	(4,445,354)		(5,230,629)		(26,375,241)
Future net cash flow	17,094,209		19,030,631		87,611,549
10% annual discount for estimated timing of cash flows	(9,095,069)		(9,768,282)		(47,547,025)
Standardized measure of discounted future net cash flows	$	7,999,140	$	9,262,349	$	40,064,524

(a)The majority of the Company's production is sold through liquid trading points on interstate pipelines. Reserves were computed using average first-day-of-the-month closing prices for the prior twelve months less regional adjustments. Regional adjustments were calculated using historical average realized prices received in the Appalachian Basin. NGLs pricing was calculated using average first-day-of-the-month closing prices for the prior twelve months for NGLs components, adjusted using the regional component makeup of proved NGLs.

	December 31,
	2024		2023		2022
Natural gas for NYMEX ($/MMBtu)	$	2.130	$	2.637	$	6.357
Less regional adjustments ($/MMBtu)	0.741		1.029		1.094
Natural gas price ($/Mcf)	1.468		1.700		5.543
NGLs price ($/Bbl)	29.28		28.44		38.66
Oil for West Texas Intermediate (WTI) ($/Bbl)	76.32		78.21		94.14
Less regional adjustments ($/Bbl)	16.87		14.35		17.31
Oil price ($/Bbl)	59.45		63.86		76.83

(b)Includes approximately $2,553 million, $2,443 million and $2,098 million for future plugging and abandonment costs as of December 31, 2024, 2023 and 2022, respectively.

Schedule of Changes in The Standardized Measure of Discounted Net Cash Flows From Natural Gas and Oil Reserves

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

	Years Ended December 31,
	2024		2023		2022
	(Thousands)
Net sales and transfers of natural gas and oil produced	$	(2,603,792)	$	(2,632,808)	$	(9,696,207)
Net changes in prices, production and development costs	(1,237,271)		(48,739,248)		35,353,172
Extensions, discoveries and improved recovery, net of related costs	464,496		6,347,387		1,798,851
Development costs incurred	1,432,315		1,296,380		902,925
Net purchase of minerals in place	269,453		2,131,567		280,233
Net sale of minerals in place	(692,019)		—		—
Revision of previous estimates	(263,191)		(2,768,922)		(299,423)
Accretion of discount	926,235		4,006,452		1,728,112
Net change in income taxes	411,999		9,190,460		(7,233,051)
Timing and other	28,566		366,557		(51,212)
Net (decrease) increase	(1,263,209)		(30,802,175)		22,783,400
Balance at January 1	9,262,349		40,064,524		17,281,124
Balance at December 31	$	7,999,140	$	9,262,349	$	40,064,524

Following the completion of the Equitrans Midstream Merger as described in Note 6, the Company updated certain of its cost assumptions for estimating its proved reserves to reflect the Company's ownership of the assets acquired in the Equitrans Midstream Merger and the elimination of the gathering, transportation and water service costs from the pre-existing contractual relationships between the Company and Equitrans Midstream, which are treated as intercompany transactions on a consolidated basis. Similarly, the Company updated certain of its future cost assumptions to include the additional expenses required to build and maintain the acquired midstream assets, which are needed to transport the Company's produced gas to the first liquid sales point. Lastly, following the completion of the Midstream Joint Venture Transaction as discussed in Note 8, the Company updated certain of its future cost assumptions to account for changes in the noncontrolling interest ownership of the assets owned by the Midstream Joint Venture. The Company believes that the methodology used in developing these assumptions best reflects the current economic conditions affecting the Company's reserves and gives consideration to the Company's ownership interest in its midstream assets.