Revenues

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

The Company adopted ASC 606 on January 1, 2018, using the modified retrospective method for all contracts outstanding on that date. Adoption of ASC 606 had no impact on the Company’s consolidated balance sheet, results of operations, equity or cash flows as of the adoption date.

The following table disaggregates the Company’s revenue by source for the years ended December 31, 2019, 2018, and 2017 (in thousands):


	Year Ended December 31,
	2019		2018		2017
Oil	$	186,360	$	214,651	$	202,539
NGL	35,598		67,111		61,322
Natural gas	44,146		66,964		92,349
Other	741		669		1,089
Total revenues	$	266,845	$	349,395	$	357,299

Oil, natural gas and NGL revenues. A majority of the Company’s revenues come from sales of oil, natural gas and NGLs. In accordance with the contracts governing these sales, performance obligations to customers are satisfied and revenues are recorded at a point in time when control of the oil, natural gas and NGL production passes to the customer at the inlet of the processing plant or pipeline, or the delivery point for onloading to a delivery truck. As the Company’s customers obtain control of the production prior to selling it to other end customers, the Company presents its revenues on a net basis, rather than on a gross basis.

Pricing for the Company’s oil, natural gas and NGL contracts is variable and is based on volumes sold multiplied by either an index price, net of deductions, or a percentage of the sales price obtained by the customer, which is also based on index prices. The transaction price is allocated on a pro-rata basis to each unit of oil, natural gas or NGL sold based on the terms of the contract. Oil, natural gas and NGL revenues are also recorded net of royalties, discounts and allowances, and transportation costs, as applicable. Taxes assessed by governmental authorities on oil, natural gas and NGL sales are presented separately from revenues and are included in production, ad valorem, and other taxes expense in the consolidated statements of operations.

Revenues Receivable. The Company records an asset in accounts receivable, net on its consolidated balance sheet for revenues receivable from contracts with customers at the end of each period. Pricing for revenues receivable is estimated using current month crude oil, natural gas and NGL prices, net of deductions. Revenues receivable are typically collected the month after the Company delivers the related production to its customers. As of December 31, 2019 and 2018 the Company had revenues receivable of $22.3 million and $31.8 million, respectively, and did not record any bad debt expense on revenues receivable during the year ended December 31, 2019.