REVENUE RECOGNITION

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

REVENUE RECOGNITION

Disaggregation of Revenue

The following table presents a disaggregation of the Company’s revenue:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(In thousands)
Gathering and processing services	$	104,349	$	107,597	$	310,325	$	290,122
Natural gas, NGLs and condensate sales	221,280		213,803		586,534		618,382
Other revenue	4,672		3,776		10,685		9,493
Total revenues and other	$	330,301	$	325,176	$	907,544	$	917,997

There have been no significant changes to the Company’s contracts with customers during the three and nine months ended September 30, 2023. The Company recognized revenues from minimum volume commitment (“MVC”) deficiency payments of $0.4 million and $0.7 million for the three months ended September 30, 2023 and 2022, respectively, and $1.6 million and $1.0 million for the nine months ended September 30, 2023 and 2022, respectively.

Remaining Performance Obligations

The following table presents our estimated revenue from contracts with customers for remaining performance obligations that has not yet been recognized, representing our contractually committed revenues as of September 30, 2023:

	Amount
Fiscal Year	(In thousands)
Remaining of 2023	$	4,990
2024	56,346
2025	74,384
2026	60,220
2027	57,558
Thereafter	249,826
	$	503,324

Our contractually committed revenue, for the purposes of the tabular presentation above, is limited to customer contracts that have fixed pricing and fixed volume terms and conditions, including contracts with payment obligations associated with MVCs.

Contract Liabilities

The following table provides information about contract liabilities from contracts with customers as of September 30, 2023:

	Amount
	(In thousands)
Balance at December 31, 2022	$	29,300
Reclassification of beginning contract liabilities to revenue as a result of performance obligations being satisfied	(5,819)
Cash received in advance and not recognized as revenue	7,826
Balance at September 30, 2023	31,307
Less: Current portion	5,807
Non-current portion	$	25,500

Contract liabilities relate to payments received in advance of satisfying performance obligations under a contract, which result from contribution in aid of construction payments. Current and noncurrent contract liabilities are included in “Other Current Liabilities” and “Contract Liabilities,” respectively, of the Condensed Consolidated Balance Sheets.

Contract Cost Assets

The Company has capitalized certain costs incurred to obtain a contract that would not have been incurred otherwise. These costs are recovered through the net cash flows of the associated contract. As of September 30, 2023 and December 31, 2022, the Company had contract acquisition cost assets of $72.8 million and $17.8 million, respectively. Current and noncurrent contract cost assets are included in “Prepaid and Other Current Assets” and “Deferred Charges and Other Assets,” respectively, of the Condensed Consolidated Balance Sheets. The Company amortizes these assets as cost of sales on a straight-line basis over the life of the associated long-term customer contracts. The Company recognized cost of sales associated with these assets of $1.7 million and $0.4 million for the three months ended September 30, 2023 and 2022, respectively, and $5.0 million and $1.3 million for the nine months ended September 30, 2023 and 2022, respectively.