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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 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):

	September 30, 2020			December 31, 2019
Oil and natural gas properties:
Unproved	$	478,644		$	508,576
Proved		2,885,622			2,783,232
Gross oil and natural gas properties		3,364,266			3,291,808
Less accumulated depreciation, depletion and amortization		(1,668,786	)		(1,532,127	)
Oil and natural gas properties, net		1,695,480			1,759,681
Other property and equipment		19,596			20,000
Less accumulated depreciation		(9,285	)		(8,774	)
Other property and equipment, net		10,311			11,226
Property and equipment, net	$	1,705,791		$	1,770,907

Summary of Revenue Disaggregated by Type

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Revenues (in thousands)
Natural gas sales	$	72,926	$	87,841	$	217,604	$	264,030
NGL sales		18,439		20,200		44,949		60,841
Oil sales		17,153		44,980		52,918		103,407
Brokered natural gas and marketing revenue		6,831		10,228		23,859		31,747
Other revenue		56		46		183		307
Total revenues	$	115,405	$	163,295	$	339,513	$	460,332

Concentration Risk

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

	September 30, 2020		December 31, 2019
Receivables by product or service:
Sale of oil and natural gas and related products and services	$	53,466	$	63,730
Joint interest owners		6,983		12,156
Derivatives		1,728		210
Other		1,306		1,306
Total	$	63,483	$	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 nine months ended September 30, 2020 (in thousands):

	Nine Months Ended September 30, 2020
Asset retirement obligations, beginning of period	$	31,841
Accretion		2,245
Additional liabilities incurred		15
Obligation for wells drilled		181
Liabilities settled via plugging		(178	)
Liabilities sold/disposed		(901	)
Less: current ARO portion		(2,867	)
Asset retirement obligations, end of period	$	30,336