CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS

12 Months Ended

Dec. 31, 2022

Risks and Uncertainties [Abstract]

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERSOur financial instruments that potentially subject us to concentrations of credit risk primarily consist of trade receivables with a variety of oil and natural gas companies. Our credit risk is considered limited due to the many customers comprising our customer base and we do not generally require collateral related to our receivables.

The following table presents third-party customers that accounted for over 10% of each of our segments' revenues:

	Year Ended December 31,
	2022	2021
Oil and Natural Gas (1):
CVR Energy, Inc.	10%	11%
Drilling:
Diamondback E&P, LLC	19%	15%
Coterra Energy, Inc.	15%	*
Citizen Energy III, LLC	14%	20%
Earthstone Operating, LLC	12%	11%
EOG Resources, Inc.	11%	21%
Slawson Exploration Company, Inc.	*	12%
Mid-Stream (2):
ONEOK, Inc.	36%	37%
Southwest Energy, LP	15%	*
Symmetry Energy Solutions LLC	14%	*
Range Resources Corporation	*	11%
Koch Energy Services	*	10%

* Revenue accounted for less than 10% of the segment's revenues.

1) See Note 19 - Superior Investment for information on affiliate activity with Superior

2) Mid-Stream amounts shown in this table for the year ended December 31, 2022 reflect Superior activity on a consolidated basis for the two months prior to March 1, 2022.

We had a concentration of cash with one bank of $2.8 million and $36.6 million as of December 31, 2022 and 2021, respectively. We also had a concentration of cash equivalents of $134.7 million and $76.0 million in two separate money market funds comprised of U.S. Government and U.S. Treasury securities as of December 31, 2022 compared to cash equivalents of $27.0 million in one of those funds as of December 31, 2021.

Using derivative instruments involves the risk that the counterparties cannot meet the financial terms of the transactions. We considered this non-performance risk regarding our counterparties and our own non-performance risk in our derivative valuation at December 31, 2022 and determined there was no material risk at that time. The fair value of the net derivative liabilities with Bank of Oklahoma, our only commodity derivative counterparty, was $23.6 million of December 31, 2022.