Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Tax (Benefit) Expense

The following table summarizes the Company's income tax (benefit) expense.

	Years Ended December 31,
	2022		2021		2020
	(Thousands)
Current:
Federal	$	651	$	911	$	(132,625)
State	18,457		(1,478)		(10,393)
Subtotal	19,108		(567)		(143,018)
Deferred:
Federal	527,539		(316,364)		(129,131)
State	7,073		(111,106)		(23,144)
Subtotal	534,612		(427,470)		(152,275)
Total income tax expense (benefit)	$	553,720	$	(428,037)	$	(295,293)

Schedule of Reconciliation of Income Tax Expense (Benefit) to Amount Computed at the Federal Statutory Rate

Income tax expense (benefit) from continuing operations differed from amounts computed at the federal statutory rate of 21% on pre-tax income for reasons summarized below.

	Years Ended December 31,
	2022				2021				2020
	Amount		Rate		Amount		Rate		Amount		Rate
	(Thousands)				(Thousands)				(Thousands)
Income (loss) before income taxes	$	2,334,662			$	(1,569,538)			$	(1,254,102)
Tax at statutory rate	$	490,279	21.0	%	$	(329,603)	21.0	%	$	(263,361)	21.0	%
State income taxes	48,970		2.1	%	(100,026)		6.4	%	(73,976)		5.9	%
Valuation allowance	12,685		0.5	%	9,616		(0.6)	%	106,548		(8.5)	%
Convertible debt repurchase premium	35,957		1.5	%	—		—	%	—		—	%
State law change	(49,511)		(2.1)	%	(8,496)		0.5	%	—		—	%
Tax settlements	—		—	%	—		—	%	(33,384)		2.7	%
Federal and state tax credits	(4,319)		(0.2)	%	(3,079)		0.2	%	(11,628)		0.9	%
Other	19,659		0.8	%	3,551		(0.2)	%	(19,492)		1.6	%
Income tax expense (benefit)	$	553,720	23.7	%	$	(428,037)	27.3	%	$	(295,293)	23.5	%

Summary of Source and Tax Effects of Temporary Differences Between Financial Reporting and Tax Bases of Asset and Liabilities

The following table summarizes the source and tax effects of temporary differences between financial reporting and tax bases of assets and liabilities.

	December 31,
	2022		2021
	(Thousands)
Deferred tax assets:
NOL carryforwards	$	580,188	$	948,707
Net unrealized losses	171,697		456,751
Federal and state capital loss carryforward	99,837		32,706
Federal tax credits	88,015		83,244
Alternative minimum tax credit carryforward	81,237		81,237
Investment in Equitrans Midstream	—		69,159
Incentive compensation and deferred compensation plans	14,586		20,409
Other	6,001		2,499
	1,041,561		1,694,712
Valuation allowance	(365,140)		(550,967)
Net deferred tax asset	676,421		1,143,745
Deferred tax liabilities:
Property, plant and equipment	(2,118,827)		(2,051,051)
Net deferred tax liability	$	(1,442,406)	$	(907,306)

Schedule of Operating Loss Carryforwards

The following table details the expiration periods of the NOL carryforward deferred tax assets presented above and associated valuation allowance by jurisdiction.

	December 31,
	2022		2021
	(Thousands)
NOL carryforwards:
Federal (expires between 2035 and 2037)	$	62,931	$	244,032
Federal (indefinite expiration)	202,711		189,948
State (expires between 2027 and 2037)	299,933		500,676
State (indefinite expiration)	14,613		14,051
Total NOL carryforwards	$	580,188	$	948,707
Valuation allowance on NOL carryforwards:
Federal	$	(23,626)	$	(22,848)
State	(241,638)		(426,243)
Total valuation allowance on NOL carryforwards	$	(265,264)	$	(449,091)

Schedule of Reconciliation of the Beginning and Ending Amount of Reserve for Uncertain tax Positions

The following table reconciles the beginning and ending amount of reserve for uncertain tax positions, excluding interest and penalties.

	2022		2021		2020
	(Thousands)
Balance at January 1	$	182,032	$	175,213	$	259,588
Additions for tax positions taken in current year	9,612		4,969		5,470
Additions for tax positions taken in prior years	12,391		1,850		7,250
Reductions for tax positions taken in prior years	—		—		(38,859)
Reductions for tax positions settled with tax authorities	—		—		(58,236)
Balance at December 31	$	204,035	$	182,032	$	175,213

The following table shows specific line items that are included in the reserve for uncertain tax positions.

	December 31,
	2022		2021		2020
	(Thousands)
If recognized, affect the effective tax rate	$	117,341	$	97,783	$	91,003
Recorded in Consolidated Balance Sheets as reduction of related deferred tax asset for general business credit carryforwards and NOLs	$	110,744	$	97,160	$	90,341