Revenue Recognition

12 Months Ended

Dec. 31, 2023

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)	2023		2022		2021
OPERATING REVENUES
Natural gas	$	2,292	$	5,469	$	2,798
Oil	2,667		3,016		616
NGL	644		964		243
Other	81		65		13
	$	5,684	$	9,514	$	3,670

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, 2023, the Company has $6.6 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 15 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 $723 million and $1.1 billion as of December 31, 2023 and 2022, respectively, and are reported in accounts receivable, net in the Consolidated Balance Sheet. As of December 31, 2023 and 2022, the Company had no assets or liabilities related to its revenue contracts, including no upfront payments or rights to deficiency payments.