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Revenue Recognition
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Revenues from contracts with customers were as follows for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
 (In thousands)
Crude oil revenues$848,104 $647,868 $1,526,955 $1,298,776 
Purchased crude oil sales346,721 205,226 673,368 314,491 
NGL and natural gas revenues54,563 47,558 123,874 162,850 
Purchased NGL and natural gas sales11,292 11,419 21,743 32,471 
Total revenues$1,260,680 $912,071 $2,345,940 $1,808,588 

The Company records revenue when the performance obligations under the terms of its customer contracts are satisfied. For sales of commodities, the Company records revenue in the month the production or purchased product is delivered to the purchaser. However, settlement statements and payments are typically not received for 20 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production that was delivered to the purchaser and the price that will be received for the sale of the product. The Company uses knowledge of its properties, its properties’ historical performance, spot market prices and other factors as the basis for these estimates. The Company records the differences between estimates and the actual amounts received for product sales once payment is received from the purchaser. In certain cases, the Company is required to estimate these volumes during a reporting period and record any differences between the estimated volumes and actual volumes in the following reporting period. Differences between estimated and actual revenues have historically not been significant. For the three and six months ended June 30, 2024 and 2023, revenue recognized related to performance obligations satisfied in prior reporting periods was not material.