Note 3 - Revenue From Contracts With Customers

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

3. REVENUE FROM CONTRACTS WITH CUSTOMERS

The Company disaggregates its share of revenue from the sale of oil and natural gas and liquids by region. In 2023, the Company evaluated its disaggregation by region and determined that it was appropriate to group West Texas, South Texas, and the Gulf Coast into a single region.  In 2023, we gained a deeper understanding of the assets we acquired in 2022 and our chief operating decision maker began to evaluate our assets and make decisions on a more aggregated regional basis.  As a result, we restructured our operations and corporate support teams to support this effort and changed the way that we discussed our assets internally and externally in 2023 as compared to 2022.  Additionally, in 2023, there were no significant distinguishing economic characteristics in the sale of oil and natural gas liquids that would warrant continued disaggregation of West Texas, South Texas, and the Gulf Coast as separate regions.  Our Rockies and Mid-Continent regions remain at the same level of disaggregation in 2023 as 2022.

The Company’s revenues in its Rockies, West Texas, South Texas, and Gulf Coast, and Mid-Continent regions are presented in the following table for the year ended December 31, 2023, along with comparable disaggregation for the year ended December 31, 2022:

	Year Ended
	December 31,
	2023		2022
	(in thousands)
Revenue:
Rockies
Oil	$	10,064	$	14,318
Natural gas and liquids		326		1,138
Total		10,390		15,456
West Texas, South Texas, and Gulf Coast
Oil		11,820		15,561
Natural gas and liquids		531		1,554
Total		12,351		17,115
Mid-Continent
Oil		6,468		6,414
Natural gas and liquids		3,107		5,567
Total		9,575		11,981
Total revenue	$	32,316	$	44,552

The Company's disaggregation of revenues from its share of revenue from the sale of oil and natural gas and liquids for the year ended  December 31, 2022, was as follows:

	Year Ended
	December 31,
	2022
	(in thousands)
Revenue:
Rockies
Oil	$	14,318
Natural gas and liquids		1,138
Total		15,456
South Texas
Oil		6,384
Natural gas and liquids		774
Total		7,158
West Texas
Oil		5,408
Natural gas and liquids		331
Total		5,739
Gulf Coast
Oil		3,769
Natural gas and liquids		449
Total		4,218
Mid-Continent
Oil		6,414
Natural gas and liquids		5,567
Total		11,981
Total revenue	$	44,552