Revenue Recognition (Notes)

6 Months Ended

Jun. 30, 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 June 30,						Six Months Ended June 30,
Revenue by Commodity and Operating Region	2022		2021		Percent Change		2022		2021		Percent Change
	(in thousands)
Crude oil
Wattenberg Field	$	599,162	$	291,551	106	%	$	1,051,073	$	527,514	99	%
Delaware Basin	141,671		59,148		140	%	239,509		96,836		147	%
Total	$	740,833	$	350,699	111	%	1,290,582		624,350		107	%
Natural gas
Wattenberg Field	$	237,713	$	74,664	218	%	381,412		171,686		122	%
Delaware Basin	40,004		11,139		259	%	59,429		19,763		201	%
Total	$	277,717	$	85,803	224	%	440,841		191,449		130	%
NGLs
Wattenberg Field	$	181,552	$	83,505	117	%	320,427		161,282		99	%
Delaware Basin	37,578		13,134		186	%	68,208		24,179		182	%
Total	$	219,130	$	96,639	127	%	388,635		185,461		110	%
Crude oil, natural gas and NGLs
Wattenberg Field	$	1,018,427	$	449,720	126	%	1,752,912		860,482		104	%
Delaware Basin	219,253		83,421		163	%	367,146		140,778		161	%
Total	$	1,237,680	$	533,141	132	%	$	2,120,058	$	1,001,260	112	%

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 six months ended June 30, 2022:

	(in thousands)
Beginning balance	$	15,472
Reductions to assets previously recognized (1)	(12,307)
Amortized as a reduction to crude oil, natural gas and NGLs sales	(429)
Ending balance	$	2,736

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(1) The reductions to our contract asset amounts previously recognized is due to the continued improvements in natural gas prices in 2022, which resulted in us receiving reimbursements from our third party gas processor during 2022 as part of our long-term gas processing agreement.