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REVENUE RECOGNITION | 12 Months Ended
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Dec. 31, 2019
REVENUE RECOGNITION |
REVENUE RECOGNITION | NOTE 3 – REVENUE RECOGNITION Oil sales Under the Company’s oil sales contracts, the Company sells oil production at the point of delivery and collects an agreed upon index price, net of pricing differentials. The Company recognizes revenue when control transfers to the purchaser at the point of delivery at the net price received. Natural gas sales Under the Company’s natural gas sales processing contracts for our Central Basin Platform properties, Delaware Basin properties and part of our Northwest Shelf assets, the Company delivers unprocessed natural gas to a midstream processing entity at the wellhead. The midstream processing entity obtains control of the natural gas at the wellhead. The midstream processing entity gathers and processes the natural gas and remits proceeds to the Company for the resulting sale of natural gas. Under these processing agreements, the Company recognizes revenue when control transfers to the purchaser at the point of delivery. As such, the Company accounts for any fees and deductions as a reduction of the transaction price. Under the Company natural gas sales processing contracts for the bulk of our Northwest Shelf assets, the Company delivers unprocessed natural gas to a midstream processing entity at the well head. However, the Company maintains ownership of the gas through processing and receives proceeds from the marketing of the resulting products. Under this processing agreement, the Company recognizes the fees associated with the processing as an expense rather than netting these costs against revenue. Disaggregation of Revenue. The following table presents revenues disaggregated by product: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the years ended December 31,
​ |  | 2019 |  | 2018 |  | 2017
Operating revenues |  | ​ |  |  | ​ |  |  | ​ |
Oil | ​ | $ | 191,891,314 | ​ | $ | 116,678,375 | ​ | $ | 64,236,490
Natural gas | ​ |  | 3,811,517 | ​ |  | 3,386,986 | ​ |  | 2,463,210
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total operating revenues | ​ | $ | 195,702,831 | ​ | $ | 120,065,361 | ​ | $ | 66,699,700
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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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