Note 10 - Revenue from Contracts with Customers
All of the Company's revenues are generated in the states of Pennsylvania and Texas. Revenues consist of the following:
| | | | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, 2025 | | |
| (in thousands) | | Pennsylvania | | Texas | | Total | | |
| Natural gas | | $ | 67,668 | | | $ | 607,410 | | | $ | 675,078 | | | |
| NGLs | | — | | | 173,059 | | | 173,059 | | | |
| Oil | | — | | | 9,460 | | | 9,460 | | | |
| Total natural gas, NGL, and oil sales | | $ | 67,668 | | | $ | 789,929 | | | $ | 857,597 | | | |
| | | | | | | | |
| Marketing revenues | | — | | | 12,304 | | | 12,304 | | | |
| Midstream revenues | | — | | | 10,456 | | | 10,456 | | | |
| Related party and other | | — | | | 13,424 | | | 13,424 | | | |
| Total | | $ | 67,668 | | | $ | 826,113 | | | $ | 893,781 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, 2024 | | |
| (in thousands) | | Pennsylvania | | Texas | | Total | | |
| Natural gas | | $ | 38,795 | | | $ | 346,661 | | | $ | 385,456 | | | |
| NGLs | | — | | | 165,508 | | | 165,508 | | | |
| Oil | | — | | | 6,606 | | | 6,606 | | | |
| Total natural gas, NGL, and oil sales | | $ | 38,795 | | | $ | 518,775 | | | $ | 557,570 | | | |
| | | | | | | | |
| Marketing revenues | | — | | | 10,668 | | | 10,668 | | | |
| Midstream revenues | | 2,014 | | | 10,546 | | | 12,560 | | | |
| Related party and other | | — | | | 23,732 | | | 23,732 | | | |
| Total | | $ | 40,809 | | | $ | 563,721 | | | $ | 604,530 | | | |
| | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, 2023 |
| (in thousands) | | Pennsylvania | | Texas | | Total |
| Natural gas | | $ | 57,678 | | | $ | 452,168 | | | $ | 509,846 | |
| NGLs | | — | | | 187,860 | | | 187,860 | |
| Oil | | — | | | 8,445 | | | 8,445 | |
| Total natural gas, NGL, and oil sales | | $ | 57,678 | | | $ | 648,473 | | | $ | 706,151 | |
| | | | | | |
| Marketing revenues | | — | | | 8,710 | | | 8,710 | |
| Midstream revenues | | 4,635 | | | 11,533 | | | 16,168 | |
| Related party and other | | — | | | 8,251 | | | 8,251 | |
| Total | | $ | 62,313 | | | $ | 676,967 | | | $ | 739,280 | |
As of December 31, 2025 and 2024, the Company's receivables from contracts with customers were $76.8 million and $45.8 million, respectively.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.