REVENUES

6 Months Ended

Jun. 30, 2019

(4) REVENUES

The following table sets forth the Company’s revenues by major source for the three months and six months ended June 30, 2019 and 2018 (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2019		2018		2019		2018
Marine transportation segment:
Inland transportation	$	310,162	$	286,920	$	593,247	$	539,275
Coastal transportation		94,124		91,243		179,160		179,291
	$	404,286	$	378,163	$	772,407	$	718,566
Distribution and services segment:
Oil and gas	$	198,864	$	304,859	$	421,965	$	579,350
Commercial and industrial		167,892		119,649		321,291		246,443
	$	366,756	$	424,508	$	743,256	$	825,793

Contract Assets and Liabilities. Contract liabilities represent advance consideration received from customers, and are recognized as revenue over time as the related performance obligation is satisfied. The amount of revenue recognized in the first six months of 2019 that was included in the opening contract liability balance was $73,370,000. The Company has recognized all contract liabilities within the deferred revenues financial statement caption on the balance sheet. The Company did not have any contract assets at June 30, 2019 or December 31, 2018.

The Company applies the practical expedient that allows non-disclosure of information about remaining performance obligations that have original expected durations of one year or less.