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Revenue Recognition
 9 Months Ended
Sep. 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 September 30,Nine Months Ended September 30,
 2024202320242023
 (In thousands)
Crude oil revenues$1,073,933 $775,969 $2,600,888 $2,074,746 
Purchased crude oil sales320,692 269,619 994,059 584,109 
NGL and natural gas revenues47,079 64,656 170,953 227,505 
Purchased NGL and natural gas sales8,763 13,124 30,508 45,596 
Total revenues$1,450,467 $1,123,368 $3,796,408 $2,931,956 

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 nine months ended September 30, 2024 and 2023, revenue recognized related to performance obligations satisfied in prior reporting periods was not material.