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Revenue Recognition
12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Disaggregation of Revenue
The following table presents revenues from contracts with customers disaggregated by product:
Year Ended December 31,
(In millions)202220212020
OPERATING REVENUES
Natural gas $5,469 $2,798 $1,405 
Oil3,016 616 — 
NGL964 243 — 
Other 65 13 — 
$9,514 $3,670 $1,405 
All of the Company’s revenues from contracts with customers represent products transferred at a point in time as control is transferred to the customer and generated in the U.S.
Transaction Price Allocated to Remaining Performance Obligations
A significant number of the Company’s product sales contracts are short-term in nature with a contract term of one year or less. For those contracts, the Company has utilized the practical expedient exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.
As of December 31, 2022, the Company has $7.2 billion of unsatisfied performance obligations related to natural gas sales that have a fixed pricing component and a contract term greater than one year. The Company expects to recognize these obligations over the next 16 years.
Contract Balances
Receivables from contracts with customers are recorded when the right to consideration becomes unconditional, generally when control of the product has been transferred to the customer. Receivables from contracts with customers were $1.1 billion and $922 million as of December 31, 2022 and 2021, respectively, and are reported in accounts receivable, net in the Consolidated Balance Sheet. As of December 31, 2022 and 2021, the Company had no assets or liabilities related to its revenue contracts, including no upfront payments or rights to deficiency payments.