Note 8 - Revenues

6 Months Ended

Jun. 30, 2020

NOTE 8—REVENUE

Our revenue is derived from contracts for the sale of coal which is recognized at the point in time control is transferred to our customer. Generally, domestic sales contracts have terms of about one year and the pricing is typically fixed. Export sales have spot or term contracts and pricing can either be by fixed-price or a price derived against index-based pricing mechanisms. Sales completed with delivery to an export terminal are reported as export revenue. Disaggregated information about our revenue is presented below:


	Three months ended June 30,				Six months ended June 30,
(In thousands)	2020		2019		2020		2019
Coal Sales
Domestic revenues	$	20,686	$	39,544	$	51,218	$	76,116
Export revenues		15,688		26,217		27,092		47,105
Total revenues	$	36,374	$	65,761	$	78,310	$	123,221

As of June 30, 2020, we had outstanding performance obligations for the remainder of 2020 of approximately 0.8 million tons for contracts with fixed sales prices averaging $93/ton and 0.1 million tons for contracts with index-based pricing mechanisms. Of the 0.8 million tons, 0.2 million at $91/ton may not ship in 2020 due to material adverse change and force majeure notices we have received to date. We intend to work with our customers in order to preserve the value of these contracts, while taking into account the challenges of operating in the midst of a global pandemic. We cannot be certain whether additional volumes may be delayed or curtailed due to COVID-19.