Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.21.1
Revenue
3 Months Ended
Mar. 31, 2021
Revenue  
Revenue

(4) Revenue

(a)

Disaggregation of Revenue

The table set forth below presents revenue disaggregated by type and the reportable segment to which it relates (in thousands). See Note 16—Reportable Segments for more information on reportable segments.

Three Months Ended March 31,

   

2020

   

2021

   

Reportable Segment

Revenues from contracts with customers:

Natural gas sales

$

411,082

720,369

Exploration and production

Natural gas liquids sales (ethane)

26,796

36,110

Exploration and production

Natural gas liquids sales (C3+ NGLs)

230,877

404,209

Exploration and production

Oil sales

35,646

44,686

Exploration and production

Marketing

46,073

164,790

Marketing

Total revenue from contracts with customers

750,474

1,370,164

Income from derivatives, deferred revenue and other sources

566,631

(165,966)

Total revenue

$

1,317,105

1,204,198

(b)

Transaction Price Allocated to Remaining Performance Obligations

For the Company’s product sales that have a contract term greater than one year, the Company utilized the practical expedient in ASC 606, Revenue from Contracts with Customers (“ASC 606”), which does not require the disclosure of the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under the Company’s product sales contracts, each unit of product delivered to the customer represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. For the Company’s product sales that have a contract term of one year or less, the Company utilized the practical expedient in ASC 606, which does not require the 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.

(c) Contract Balances

Under the Company’s sales contracts, the Company invoices customers after its performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company’s contracts do not give rise to contract assets or liabilities. As of December 31, 2020 and March 31, 2021, the Company’s receivables from contracts with customers were $425 million and $447 million, respectively.