Annual report pursuant to Section 13 and 15(d)

Revenue Recognition

v3.22.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Revenue Recognition
Note 5 – Revenue Recognition
The Company’s revenues are derived from contracts for crude oil, natural gas and NGL sales and other services, as described in Note 3.
Our accounts receivable consists mainly of trade receivables from commodity sales and joint interest billings due from partners on properties we operate. Our allowance for credit losses is entirely attributable to receivables from joint interest partners. We generally have the right to withhold future revenue distributions to recover past due receivables from joint interest owners. Generally, our oil, natural gas, and NGL receivables are collected within 30 to 90 days. The following table summarizes our accounts receivable by type as of the dates presented:
  December 31,
  2022 2021
Customers $ 109,149  $ 96,195 
Joint interest partners 30,730  21,755 
Derivative settlements from counterparties 1
437  1,037 
Other 114  18 
Total 140,430  119,005 
Less: Allowance for credit losses (715) (411)
Accounts receivable, net of allowance for credit losses $ 139,715  $ 118,594 
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1     See Note 6 for information regarding our derivative instruments.
Major Customers
For the year ended December 31, 2022, two customers accounted for 43% of our consolidated product revenues, of which 27%, and 16% of the consolidated revenues were generated from these customers, respectively. For the year ended December 31, 2021, three customers accounted for 48% of our consolidated product revenues, of which 22%, 14%, and 12% of the consolidated revenues were generated from these customers, respectively. For the year ended December 31, 2020, three customers accounted for 56% of our consolidated product revenues of which 27%, 19%, and 10% of the consolidated revenues were generated from these customers, respectively.