Note 8 - Revenues

9 Months Ended

Sep. 30, 2020

NOTE 8—REVENUE

Our revenue is derived from contracts for the sale of coal which is recognized at the point in time control is transferred to our customer. Generally, domestic sales contracts have terms of about one year and the pricing is typically fixed. Export sales have spot or term contracts and pricing can either be by fixed-price or a price derived against index-based pricing mechanisms. Sales completed with delivery to an export terminal are reported as export revenue. Disaggregated information about our revenue is presented below:


	Three months ended September 30,				Nine months ended September 30,
(In thousands)	2020		2019		2020		2019
Coal Sales
Domestic revenues	$	13,546	$	50,382	$	64,764	$	126,498
Export revenues		25,913		10,998		53,005		58,103
Total revenues	$	39,459	$	61,380	$	117,769	$	184,601

As of September 30, 2020, we had outstanding performance obligations for the remainder of 2020 of approximately 0.6 million tons for contracts with fixed sales prices averaging $88/ton and 0.2 million tons for contracts with index-based pricing mechanisms. Of the 0.6 million tons, 0.2 million at $91/ton may not ship in 2020 due to material adverse change and force majeure notices we have received to date. We intend to work with our customers in order to mitigate the impacts of these reductions and preserve the value of these contracts as much as possible, while taking into account the challenges of operating in the midst of a global pandemic. We cannot be certain whether additional volumes may be delayed or curtailed due to COVID-19.