Revenue Recognition (Notes)

3 Months Ended

Mar. 31, 2022

Revenue Recognition and Deferred Revenue [Abstract]

Revenue from Contract with Customer [Text Block]

NOTE 3 - REVENUE RECOGNITION

Disaggregated Revenue. The following table presents crude oil, natural gas and NGLs sales disaggregated by commodity and operating region for the periods presented:

	Three Months Ended March 31,
Revenue by Commodity and Operating Region	2022		2021		Percent Change
	(in thousands)
Crude oil
Wattenberg Field	$	451,911	$	235,963	92	%
Delaware Basin	97,838		37,688		160	%
Total	549,749		273,651		101	%
Natural gas
Wattenberg Field	143,699		97,022		48	%
Delaware Basin	19,425		8,624		125	%
Total	163,124		105,646		54	%
NGLs
Wattenberg Field	138,875		77,777		79	%
Delaware Basin	30,630		11,045		177	%
Total	169,505		88,822		91	%
Crude oil, natural gas and NGLs
Wattenberg Field	734,485		410,762		79	%
Delaware Basin	147,893		57,357		158	%
Total	$	882,378	$	468,119	88	%

Contract Assets. Contract assets include material contributions in aid of construction, which are common in purchase and processing agreements with midstream service providers that are our customers. The intent of the payments is primarily to reimburse the customer for actual costs incurred related to the construction of its gathering and processing infrastructure. Contract assets are included in other assets on the condensed consolidated balance sheets. The contract assets are amortized as a reduction to crude oil, natural gas and NGLs sales revenue during the periods in which the related production is transferred to the customer.

The following table presents the changes in carrying amounts of the contract assets for the three months ended March 31, 2022:

	(in thousands)
Beginning balance	$	15,472
Additions (Net reduction to additions previously recognized)	(5,112)
Amortized as a reduction to crude oil, natural gas and NGLs sales	(328)
Ending balance	$	10,032