REVENUE FROM CONTRACTS WITH CUSTOMERS

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE FROM CONTRACTS WITH CUSTOMERS

REVENUE FROM CONTRACTS WITH CUSTOMERS

Revenue from Contracts with Customers

The following tables present the Company’s revenue from contracts with customers:

	Year Ended December 31,
	2024		2023		2022
	(In millions)
Oil sales	$	9,067	$	7,279	$	7,660
Natural gas sales	89		262		858
Natural gas liquid sales	944		687		1,048
Total oil, natural gas and natural gas liquid revenues	10,100		8,228		9,566
Sales of purchased oil	923		111		—
Other service revenues	29		62		69
Total revenue from contracts with customers	$	11,052	$	8,401	$	9,635

The following tables present the Company’s revenue from oil, natural gas, and natural gas liquids disaggregated by basin:

	Year Ended December 31, 2024
	Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	7,711	$	1,347	$	9	$	9,067
Natural gas sales	65		23		1		89
Natural gas liquid sales	779		165		—		944
Total	$	8,555	$	1,535	$	10	$	10,100

	Year Ended December 31, 2023
	Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	5,746	$	1,527	$	6	$	7,279
Natural gas sales	176		85		1		262
Natural gas liquid sales	500		187		—		687
Total	$	6,422	$	1,799	$	7	$	8,228

	Year Ended December 31, 2022
	Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	5,541	$	2,107	$	12	$	7,660
Natural gas sales	563		292		3		858
Natural gas liquid sales	719		327		2		1,048
Total	$	6,823	$	2,726	$	17	$	9,566

Customers

The Company is subject to risk resulting from the concentration of its crude oil and natural gas sales and receivables with several significant purchasers. For the year ended December 31, 2024, four purchasers each accounted for more than 10% of our revenue: Vitol Inc. (“Vitol”) (17%), Enterprise Crude Oil LLC (“Enterprise”) (15%), Shell Trading (USA) Company (“Shell”) (13%) and DK Trading & Supply LLC (“DK”) (11%). For the year ended December 31, 2023, four purchasers each accounted for more than 10% of the Company’s revenue: Vitol (22%), DK (18%), Shell (14%) and Enterprise (13%). For the year ended December 31, 2022, two purchasers each accounted for more than 10% of the Company’s revenue: Vitol (23%) and Shell (20%). The Company does not require collateral and does not believe the loss of any single purchaser would materially impact its operating results, as crude oil and natural gas are fungible products with well-established markets and numerous purchasers.