Segment Information and Major Customers

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Information and Major Customers

9. Segment Information and Major Customers

The Company operates in one industry – oil and gas exploration, development, operation and servicing. The Company’s oil and gas activities are entirely in the United States.

The Company sells its oil and natural gas and liquids production to a number of direct purchasers under direct contracts or through other operators under joint operating agreements. Listed below are the purchasers of the Company’s production which represented more than 10% of the Company’s sales in the year 2019.

Oil:
Apache Corporation	53.98	%
Plains All American Inc.	15.88	%
Natural gas and liquids:
Apache Corporation	39.09	%
Targa Pipeline Mid-Continent West Tex, LLC	12.50	%

Although there are no long-term oil and gas purchasing agreements with these purchasers, the Company believes that they will continue to purchase its oil and gas products and, if not, could be replaced by other purchasers.