Revenue Recognition

12 Months Ended

Dec. 31, 2022

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,
	2022		2021
Customers	$	109,149	$	96,195
Joint interest partners	30,730		21,755
Derivative settlements from counterparties 1	437		1,037
Other	114		18
Total	140,430		119,005
Less: Allowance for credit losses	(715)		(411)
Accounts receivable, net of allowance for credit losses	$	139,715	$	118,594

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1     See Note 6 for information regarding our derivative instruments.

Major Customers

For the year ended December 31, 2022, two customers accounted for 43% of our consolidated product revenues, of which 27%, and 16% of the consolidated revenues were generated from these customers, respectively. 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.