XML 21 R9.htm IDEA: XBRL DOCUMENT v3.21.2
Revenue Recognition (Notes)
 6 Months Ended
Jun. 30, 2021
Revenue Recognition and Deferred Revenue [Abstract]  
Revenue from Contract with Customer [Text Block]
NOTE 3 - REVENUE RECOGNITION

Disaggregated Revenue. The following table presents crude oil, natural gas and NGLs sales disaggregated by commodity and operating region for the periods presented:

Three Months Ended June 30,Six Months Ended June 30,
Revenue by Commodity and Operating Region20212020Percent Change20212020Percent Change
(in thousands)
Crude oil
Wattenberg Field$291,551 $93,540 212 %$527,514 $300,189 76 %
Delaware Basin59,148 22,231 166 %96,836 64,756 50 %
Total$350,699 $115,771 203 %$624,350 $364,945 71 %
 Natural gas
Wattenberg Field$74,664 $29,443 154 %$171,686 $69,520 147 %
Delaware Basin11,139 1,605 *19,763 1,042 *
Total$85,803 $31,048 176 %$191,449 $70,562 171 %
NGLs
Wattenberg Field$83,505 $22,762 267 %$161,282 $48,004 236 %
Delaware Basin13,134 4,340 203 %24,179 10,725 125 %
Total$96,639 $27,102 257 %$185,461 $58,729 216 %
Crude oil, natural gas and NGLs
Wattenberg Field$449,720 $145,745 209 %$860,482 $417,713 106 %
Delaware Basin83,421 28,176 196 %140,778 76,523 84 %
Total$533,141 $173,921 207 %$1,001,260 $494,236 103 %
_____________
* Percent change is not meaningful.

Contract Assets. Contract assets include material contributions in aid of construction, which are common in purchase and processing agreements with midstream service providers that are our customers. The intent of the payments is primarily to reimburse the customer for actual costs incurred related to the construction of its gathering and processing infrastructure. Contract assets are included in other assets on the condensed consolidated balance sheets. The contract assets are amortized as a reduction to crude oil, natural gas and NGLs sales revenue during the periods in which the related production is transferred to the customer.

The following table presents the changes in carrying amounts of the contract assets associated with our crude oil, natural gas and NGLs sales revenue for the six months ended June 30, 2021:
(in thousands)
Beginning balance$25,872 
Reduction to additions previously recognized(819)
Amortized as a reduction to crude oil, natural gas and NGLs sales(1,488)
Ending balance$23,565