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Significant Concentrations | 12 Months Ended
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Dec. 31, 2018
Risks and Uncertainties [Abstract] |
Significant Concentrations | Significant Concentrations Major customers. For the year ended December 31, 2018, no purchaser accounted for more than 10% of the Company’s total sales. For the year ended December 31, 2017, sales to Shell Trading (US) Company accounted for approximately 16% of the Company’s total sales. For the year ended December 31, 2016, sales to PBF Holding Company LLC accounted for approximately 10% of the Company’s total sales. No other purchasers accounted for more than 10% of the Company’s total sales for the years ended December 31, 2017 and 2016. Total sales include revenues from the Company’s exploration and production segment only, as OMS and OWS provide services to OPNA. Substantially all of the Company’s accounts receivable result from sales of oil and natural gas as well as joint interest billings (“JIB”) to third-party companies who have working interest payment obligations in projects completed by the Company. Burlington Resources Oil & Gas LP accounted for approximately 11% of the Company’s JIB receivables balance at December 31, 2018. Continental Resources, Inc. accounted for approximately 13% of the Company’s JIB receivables balance at December 31, 2017. This concentration of customers and joint interest owners may impact the Company’s overall credit risk, either positively or negatively, in that these entities may be similarly affected by changes in economic or other conditions, including the current downturn in oil prices. Management believes that the loss of any of these purchasers would not have a material adverse effect on the Company’s operations, as there are a number of alternative oil and natural gas purchasers in the Company’s producing regions.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
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- References No definition available. + Details
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