REVENUES

9 Months Ended

Sep. 30, 2019

(4) REVENUES

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

	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Marine transportation segment:
Inland transportation	$	316,000	$	288,573	$	909,247	$	827,848
Coastal transportation		96,665		93,467		275,825		272,758
	$	412,665	$	382,040	$	1,185,072	$	1,100,606
Distribution and services segment:
Oil and gas	$	118,096	$	201,475	$	540,061	$	780,825
Commercial and industrial		136,048		121,330		457,339		367,773
	$	254,144	$	322,805	$	997,400	$	1,148,598

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 during the 2019 first nine months that was included in the opening contract liability balance was $75,105,000. 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 September 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.