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REVENUE RECOGNITION
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Oil and natural gas sales revenue presented within the accompanying statements of operations is reflective of the revenue generated from contracts with customers. Revenue attributable to each identified revenue stream is disaggregated below (in thousands):
Three Months Ended September 30, 2023Three Months Ended September 30, 2022
DJ Basin
Permian Basin(2)
TotalDJ Basin
Permian Basin
Total
Operating net revenues:
Oil
$583,081 $258,595 $841,676 $653,548 $— $653,548 
Natural gas(1)
68,641 12,694 81,335216,917 — 216,917
Natural gas liquids (“NGL”)(1)
77,502 35,403 112,905137,486 — 137,486
Oil and natural gas sales$729,224 $306,692 $1,035,916 $1,007,951 $— $1,007,951 
__________________________
(1)Includes $0.4 million and $0.4 million of deferred revenue that has been recognized during the three months ended September 30, 2023 for natural gas and NGL, respectively.
(2)Represents revenue attributable to the Hibernia Acquisition and Tap Rock Acquisition for the period from August 2, 2023 through September 30, 2023.

Nine Months Ended September 30, 2023Nine Months Ended September 30, 2022
DJ Basin
Permian Basin(2)
TotalDJ Basin
Permian Basin
Total
Operating net revenues:
Oil
$1,584,498 $258,595 $1,843,093 $1,981,308 $— $1,981,308 
Natural gas(1)
217,560 12,694 230,254535,918 — 535,918
NGL(1)
243,714 35,403 279,117459,899 — 459,899
Oil and natural gas sales$2,045,772 $306,692 $2,352,464 $2,977,125 $— $2,977,125 
__________________________
(1)Includes $0.4 million and $0.4 million of deferred revenue that has been recognized during the nine months ended September 30, 2023 for natural gas and NGL, respectively.
(2)Represents revenue attributable to the Hibernia Acquisition and Tap Rock Acquisition for the period from August 2, 2023 through September 30, 2023.
The Company recognizes revenue from the sale of produced oil, natural gas, and NGL at the point in time when control of produced oil, natural gas, or NGL volumes transfer to the purchaser, which may differ depending on the applicable contractual terms. The Company considers the transfer of control to have occurred when the purchaser has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the oil, natural gas, or NGL production. Transfer of control dictates the presentation of gathering, transportation, and processing expenses within the accompanying statements of operations. Gathering, transportation, and processing expenses incurred by the Company prior to the transfer of control are recorded gross within the gathering, transportation, and processing line item on the accompanying statements of operations. Conversely, gathering, transportation, and processing expenses incurred by the Company subsequent to the transfer of control are recorded net within the oil and natural gas sales line item on the accompanying statements of operations. Please refer to Note 1 - Summary of Significant Accounting Policies in the 2022 Form 10-K for more information regarding the types of contracts under which oil, natural gas, and NGL sales revenue is generated.
The Company records revenue in the month production is delivered and control is transferred to the purchaser. However, settlement statements and payment may not be received for 30 to 60 days after the date production is delivered and control is transferred. Until such time settlement statements and payment are received, the Company records a revenue accrual based on, amongst other factors, an estimate of the volumes delivered at estimated prices as determined by the applicable contractual terms. The Company records the differences between its estimates and the actual amounts received for product sales in the month in which payment is received from the purchaser. For the three and nine months ended September 30, 2023 and 2022, revenue recognized in the reporting period related to performance obligations satisfied in prior reporting periods was insignificant. As of September 30, 2023 and December 31, 2022, the Company’s receivables from contracts with customers were $573.1 million and $343.5 million, respectively.