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Note 3 - Revenue From Contracts With Customers | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] | 3. REVENUE FROM CONTRACTS WITH CUSTOMERS The Company disaggregates its share of revenue from the sale of oil and natural gas and liquids by region. In 2023, the Company evaluated its disaggregation by region and determined that it was appropriate to group West Texas, South Texas, and the Gulf Coast into a single region. In 2023, we gained a deeper understanding of the assets we acquired in 2022 and our chief operating decision maker began to evaluate our assets and make decisions on a more aggregated regional basis. As a result, we restructured our operations and corporate support teams to support this effort and changed the way that we discussed our assets internally and externally in 2023 as compared to 2022. Additionally, in 2023, there were no significant distinguishing economic characteristics in the sale of oil and natural gas liquids that would warrant continued disaggregation of West Texas, South Texas, and the Gulf Coast as separate regions. Our Rockies and Mid-Continent regions remain at the same level of disaggregation in 2023 as 2022. The Company’s revenues in its Rockies, West Texas, South Texas, and Gulf Coast, and Mid-Continent regions are presented in the following table for the year ended December 31, 2023, along with comparable disaggregation for the year ended December 31, 2022:
|  | Year Ended |
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Revenue: |  |  |  |  |  |  |  |
Rockies |  |  |  |  |  |  |  |
Oil |  | $ | 10,064 |  |  | $ | 14,318 |
Natural gas and liquids |  |  | 326 |  |  |  | 1,138 |
Total |  |  | 10,390 |  |  |  | 15,456 |
West Texas, South Texas, and Gulf Coast |  |  |  |  |  |  |  |
Oil |  |  | 11,820 |  |  |  | 15,561 |
Natural gas and liquids |  |  | 531 |  |  |  | 1,554 |
Total |  |  | 12,351 |  |  |  | 17,115 |
Mid-Continent |  |  |  |  |  |  |  |
Oil |  |  | 6,468 |  |  |  | 6,414 |
Natural gas and liquids |  |  | 3,107 |  |  |  | 5,567 |
Total |  |  | 9,575 |  |  |  | 11,981 |
Total revenue |  | $ | 32,316 |  |  | $ | 44,552 |
The Company's disaggregation of revenues from its share of revenue from the sale of oil and natural gas and liquids for the year ended December 31, 2022, was as follows:
|  | Year Ended |
|  | December 31, |
|  | 2022 |
|  | (in thousands) |
Revenue: |  |  |  |
Rockies |  |  |  |
Oil |  | $ | 14,318 |
Natural gas and liquids |  |  | 1,138 |
Total |  |  | 15,456 |
South Texas |  |  |  |
Oil |  |  | 6,384 |
Natural gas and liquids |  |  | 774 |
Total |  |  | 7,158 |
West Texas |  |  |  |
Oil |  |  | 5,408 |
Natural gas and liquids |  |  | 331 |
Total |  |  | 5,739 |
Gulf Coast |  |  |  |
Oil |  |  | 3,769 |
Natural gas and liquids |  |  | 449 |
Total |  |  | 4,218 |
Mid-Continent |  |  |  |
Oil |  |  | 6,414 |
Natural gas and liquids |  |  | 5,567 |
Total |  |  | 11,981 |
Total revenue |  | $ | 44,552 |

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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