Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

NOTE 2 – REVENUE FROM CONTRACTS WITH CUSTOMERS

Change in Accounting Policy

The Company adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”, on January 1, 2018, using the modified retrospective method applied to contracts that were not completed as of January 1, 2018. Refer to Note 1 – Basis of Presentation and Significant Accounting Policies for additional information.

Exploration and Production

There were no significant changes to the timing or valuation of revenue recognized for sales of production from exploration and production activities.

Lease Bonus Revenue

There were no significant changes to the timing or valuation of revenue recognized for lease bonus revenue. 

Disaggregation of Revenue from Contracts with Customers

The following table disaggregates revenue by significant product type for the years ended December 31, 2018 and 2017:

	Year Ended December 31,
	2018		2017
Oil sales	$	1,416,946	$	510,006
Natural gas sales		663,389		118,504
Natural gas liquids sales		162,987		1,882
Lease bonus revenue		113,335		—
Total revenue from customers	$	2,356,660	$	630,392

There were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of December 31, 2018 or 2017.