XML 22 R10.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Note 3 - Revenue Recognition
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

3. REVENUE RECOGNITION

 

The Company disaggregates revenues from its share of revenue from the sale of oil and natural gas and liquids by region. The Company’s revenues in the Rockies region, West Texas, South Texas, and Gulf Coast region, and Mid-Continent region for the three and six months ended June 30, 2024 and 2023, are presented in the following table:

 

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 
  

2024

  

2023

  

2024

  

2023

 
  

(in thousands)

 

Revenue:

                

Rockies

                

Oil

 $2,042  $2,470  $3,763  $4,809 

Natural gas and liquids

  41   128   82   216 

Total

 $2,083  $2,598  $3,845  $5,025 
                 

West Texas, South Texas, and Gulf Coast

                

Oil

 $1,807  $3,022  $3,406  $5,977 

Natural gas and liquids

  69   112   115   321 

Total

 $1,876  $3,134  $3,521  $6,298 
                 

Mid-Continent

                

Oil

 $1,623  $1,536  $3,030  $3,338 

Natural gas and liquids

  464   710   1,041   1,590 

Total

 $2,087  $2,246  $4,071  $4,928 
                 

Combined Total

 $6,046  $7,978  $11,437  $16,251 

 

 

Significant concentrations of credit risk 

 

The Company has exposure to credit risk in the event of non-payment of oil and natural gas receivables by purchasers of its operated oil and natural gas properties. The following table presents the purchasers that accounted for 10% or more of the Company’s total oil and natural gas revenue for at least one of the periods presented:

 

  

Six Months Ended

 
  

June 30,

 
  

2024

  

2023

 

Purchaser A

  28%  23%

Purchaser B

  25%  18%

Purchaser C

  11%  9%