CONCENTRATIONS

Sales to Major Customers

Our production is sold on month-to-month contracts at prevailing prices. We obtain credit protections, such as parental guarantees, from certain of our purchasers. The following table identifies customers from whom we derived 10% or more of our total oil and natural gas revenue during the indicated periods:



	Successor		Predecessor
	Period from March 1, 2017 through December 31, 2017		Period from January 1, 2017 through February 28, 2017		Year Ended December 31,
	Period from March 1, 2017 through December 31, 2017		Period from January 1, 2017 through February 28, 2017		2016		2015
Phillips 66 Company	74	%	56	%	68	%	53	%
Shell Trading (US) Company	15	%	7	%	10	%	13	%
Williams Ohio Valley Midstream LLC	—	%	12	%	2	%	9	%
Conoco	—	%	11	%	5	%	2	%

The maximum amount of credit risk exposure at December 31, 2017 (Successor) relating to these customers was $30.5 million.

We believe that the loss of any of these purchasers would not result in a material adverse effect on our ability to market future oil and natural gas production.

Production and Reserve Volumes – Unaudited

All of our estimated proved reserve volumes at December 31, 2017 (Successor) and approximately 88% of our production during 2017 were associated with our GOM deep water, conventional shelf and deep gas properties. We closed the sale of the Appalachia Properties on February 27, 2017 and no longer have assets or operations in Appalachia (see Note 4 – Divestiture).

Cash and Cash Equivalents

A substantial portion of our cash balances are not federally insured.