Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The table below summarizes the Company's outstanding debt.

	June 30, 2022				December 31, 2021
	Principal Value		Carrying Value (a)		Principal Value		Carrying Value (a)
	(Thousands)
Credit Facility expiring June 28, 2027	$	100,000	$	100,000	$	—	$	—
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
6.625% notes due February 1, 2025 (b)	995,315		990,848		1,000,000		994,643
1.75% convertible notes due May 1, 2026	434,856		425,225		499,991		487,543
3.125% notes due May 15, 2026	497,694		491,661		500,000		493,157
7.75% debentures due July 15, 2026	115,000		112,970		115,000		112,721
3.90% notes due October 1, 2027	1,250,000		1,243,919		1,250,000		1,243,340
5.00% notes due January 15, 2029	349,565		344,771		350,000		344,835
7.500% notes due February 1, 2030 (b)	737,650		732,498		750,000		744,417
3.625% notes due May 15, 2031	500,000		493,060		500,000		492,669
Note payable to EQM	97,117		97,117		99,838		99,838
Total debt	5,087,197		5,042,069		5,643,652		5,591,072
Less: Current portion of debt (c)	450,531		440,900		1,074,332		1,060,970
Long-term debt	$	4,636,666	$	4,601,169	$	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 June 30, 2022, the current portion of debt includes the 7.42% series B notes, the 1.75% convertible notes (described below) 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 six months ended June 30, 2022.

Debt Tranche	Principal (a)		Premiums/(Discounts) (a)		Accrued but Unpaid Interest		Total Cost
	(Thousands)
3.00% notes due October 1, 2022	$	568,823	$	5,546	$	7,150	$	581,519
6.625% notes due February 1, 2025	4,685		142		130		4,957
1.75% convertible notes due May 1, 2026	65,096		101,879		186		167,161
3.125% notes due May 15, 2026	2,306		(143)		10		2,173
5.00% notes due January 15, 2029	435		(15)		10		430
7.500% notes due February 1, 2030	12,350		877		387		13,614

(a)Of the total principal repurchased and premiums recorded during the six months ended June 30, 2022, approximately $80 million and $94 million, respectively, were accrued but not yet paid as of June 30, 2022 due to the timing of settlements.

The Company redeemed or repurchased the following debt during the period beginning July 1, 2022 and ending July 26, 2022.

Debt Tranche	Principal		Premiums/(Discounts)		Accrued but Unpaid Interest		Total Cost
	(Thousands)
6.625% notes due February 1, 2025	$	79,721	$	2,904	$	2,491	$	85,116
1.75% convertible notes due May 1, 2026	20,000		26,027		64		46,091
3.125% notes due May 15, 2026	34,340		(1,907)		177		32,610
3.90% notes due October 1, 2027	15,567		(643)		188		15,112
5.00% notes due January 15, 2029	13,111		(430)		185		12,866
7.500% notes due February 1, 2030	7,650		551		253		8,454
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 July 22, 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

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

	June 30, 2022		December 31, 2021
	(Thousands)
Principal	$	434,856	$	499,991
Less: Unamortized debt issuance costs	9,631		12,448
Net carrying value of Convertible Notes	$	425,225	$	487,543
Fair value of Convertible Notes (a)	$	1,036,292	$	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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(Thousands)
Contractual interest expense	$	2,183	$	2,187	$	4,370	$	4,375
Amortization of issuance costs	687		672		1,371		1,341
Total Convertible Notes interest expense	$	2,870	$	2,859	$	5,741	$	5,716