XML 20 R8.htm IDEA: XBRL DOCUMENT v3.25.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2025
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 March 31,
 20252024
 (In thousands)
Crude oil revenues$956,138 $678,851 
Purchased crude oil sales103,872 326,647 
NGL and natural gas revenues147,287 69,311 
Purchased NGL and natural gas sales7,750 10,451 
Total revenues$1,215,047 $1,085,260 

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 revenues during a reporting period and record any differences between the estimated revenues and actual revenues in the following reporting period. Differences between estimated revenues and actual revenues have historically not been significant. For the three months ended March 31, 2025 and 2024, revenue recognized related to performance obligations satisfied in prior reporting periods was not material.