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Revenues from Contracts with Customers
9 Months Ended
Sep. 30, 2019
Revenue From Contract With Customer [Abstract]  
Revenues from Contracts with Customers

(5) REVENUES FROM CONTRACTS WITH CUSTOMERS

Revenue Recognition

Natural gas, NGLs and oil sales revenues are generally recognized when control of the product is transferred to the customer and collectability is reasonably assured.

Disaggregation of Revenue

We have three material revenue streams in our business: natural gas sales, NGLs sales and oil sales. Revenues on sales of natural gas, NGLs, oil and purchased natural gas and NGLs are recognized when control of the product is transferred to the purchaser and payment can be reasonably assured. Sales prices are negotiated based on factors normally considered in the industry, such as index or spot price, distance from the well to the pipeline or market, commodity quality and prevailing supply and demand conditions. We enter into purchase transactions with third parties and separate sale transactions to make use of unused gas pipeline capacity commitments. Revenues and expenses from these transactions are presented on a gross basis as we act as a principal in the transaction by assuming control of the commodities purchased and the responsibility to deliver the commodities sold. The majority of our product sale commitments are short-term in nature with a contract term of one year or less. Our product sales that have a contractual term greater than one year have no long-term fixed consideration. Accounts receivable attributable to our revenue contracts with customers was $209.1 million at September 30, 2019 and $438.3 million at December 31, 2018. Revenue attributable to each of our identified revenue streams is disaggregated below (in thousands):

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

 

2018

 

 

 

2019

 

 

2018

 

Natural gas sales

$

284,980

 

 

$

390,656

 

 

$

1,063,323

 

$

1,182,580

 

NGLs sales

 

143,195

 

 

 

278,563

 

 

 

508,035

 

 

705,793

 

Oil sales

 

46,579

 

 

 

67,212

 

 

 

138,629

 

 

206,077

 

Total natural gas, NGLs and oil sales

 

474,754

 

 

 

736,431

 

 

 

1,709,987

 

 

2,094,450

 

Sales of purchased natural gas

 

70,404

 

 

 

105,840

 

 

 

293,209

 

 

255,134

 

Sales of purchased NGLs

 

(183

)

 

 

(154

)

 

 

1,425

 

 

879

 

Other marketing revenue

 

2,794

 

 

 

3,699

 

 

 

9,200

 

 

11,435

 

Total

$

547,769

 

 

$

845,816

 

 

$

2,013,821

 

$

2,361,898