Revenue Recognition

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

The Company recognizes revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

Disaggregation of Revenue

Operating revenues are comprised of sales of crude oil, NGLs and natural gas. Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied. The Company recognizes revenue when control has been transferred to the customer, generally at the time commodities reach an agreed-upon delivery point. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products and is generally based upon a negotiated formula, list or fixed price based on a market index. Typically, the Company sells its products directly to customers generally under agreements with payment terms less than 30 days.

The following table summarizes our revenues by product type for the three and nine months ended September 30, 2020 and 2019:

In thousands	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Oil	$	24,524	$	42,187	$	66,510	$	120,496
NGLs	3,202		3,439		7,565		10,381
Natural gas	4,383		7,519		12,285		15,224
Total revenues	$	32,109	$	53,145	$	86,360	$	146,101

As of September 30, 2020 and December 31, 2019 the accounts receivable balance representing amounts due or billable under the terms of contracts with purchasers was $14.3 million and $16.0 million, respectively.