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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Summary of Property and Equipment Including Oil and Natural Gas Properties

A summary of property and equipment including oil and natural gas properties is as follows (in thousands):

	June 30, 2020			December 31, 2019
Oil and natural gas properties:
Unproved	$	487,066		$	508,576
Proved		2,865,729			2,783,232
Gross oil and natural gas properties		3,352,795			3,291,808
Less accumulated depreciation, depletion and amortization		(1,616,730	)		(1,532,127	)
Oil and natural gas properties, net		1,736,065			1,759,681
Other property and equipment		19,958			20,000
Less accumulated depreciation		(9,320	)		(8,774	)
Other property and equipment, net		10,638			11,226
Property and equipment, net	$	1,746,703		$	1,770,907

Summary of Revenue Disaggregated by Type

The following table illustrates the revenue disaggregated by type for the three and six months ended June 30, 2020 and 2019:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Revenues (in thousands)
Natural gas sales	$	65,586	$	94,364	$	144,678	$	176,189
NGL sales		7,962		19,393		26,510		40,641
Oil sales		9,534		29,672		35,765		58,427
Brokered natural gas and marketing revenue		7,540		11,989		17,028		21,519
Other revenue		62		122		127		261
Total revenues	$	90,684	$	155,540	$	224,108	$	297,037

Concentration Risk

The following table summarizes the Company’s concentration of receivables, net of allowances (if any), by product or service as of June 30, 2020 and December 31, 2019 (in thousands):

	June 30, 2020		December 31, 2019
Receivables by product or service:
Sale of oil and natural gas and related products and services	$	47,696	$	63,730
Joint interest owners		9,331		12,156
Derivatives		1,473		210
Other		1,304		1,306
Total	$	59,804	$	77,402

Changes in Company's Asset Retirement Obligation Liability

The following table sets forth the changes in the Company’s ARO liability for the six months ended June 30, 2020 (in thousands):

	Six Months Ended June 30, 2020
Asset retirement obligations, beginning of period	$	31,841
Accretion		1,492
Additional liabilities incurred		10
Obligation for wells drilled		128
Liabilities settled via plugging		(102	)
Liabilities sold/disposed		(901	)
Less: current ARO portion		(2,516	)
Asset retirement obligations, end of period	$	29,952