Revenue Recognition

12 Months Ended

Dec. 31, 2021

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,
	2021		2020
Customers	$	96,195	$	39,672
Joint interest partners	21,755		3,079
Derivative settlements from counterparties	1,037		3,287
Other	18		8
Total	119,005		46,046
Less: Allowance for credit losses	(411)		(197)
Accounts receivable, net of allowance for credit losses	$	118,594	$	45,849

Major Customers

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. For the year ended December 31, 2019, four customers accounted for 76% of our consolidated product revenues of which 37%, 18%, 11%, and 10% of the consolidated revenues were generated from these customers, respectively.