The following tables show revenue disaggregated by operating area and product type, for the periods presented:
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| | Year Ended December 31, 2025 |
| | Natural Gas | | Oil | | NGL | | Total |
| Haynesville | | $ | 3,477 | | | $ | — | | | $ | — | | | $ | 3,477 | |
| Northeast Appalachia | | 2,860 | | | — | | | — | | | 2,860 | |
| Southwest Appalachia | | 1,096 | | | 319 | | | 724 | | | 2,139 | |
| Natural gas, oil and NGL revenue | | $ | 7,433 | | | $ | 319 | | | $ | 724 | | | $ | 8,476 | |
| | | | | | | | |
| Marketing revenue | | $ | 2,889 | | | $ | 132 | | | $ | 142 | | | $ | 3,163 | |
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| | Year Ended December 31, 2024 |
| | Natural Gas | | Oil | | NGL | | Total |
| Haynesville | | $ | 1,205 | | | $ | — | | | $ | — | | | $ | 1,205 | |
| Northeast Appalachia | | 1,242 | | | — | | | — | | | 1,242 | |
| Southwest Appalachia | | 239 | | | 69 | | | 214 | | | 522 | |
| | | | | | | | |
| Natural gas, oil and NGL revenue | | $ | 2,686 | | | $ | 69 | | | $ | 214 | | | $ | 2,969 | |
| | | | | | | | |
| Marketing revenue | | $ | 1,095 | | | $ | 116 | | | $ | 79 | | | $ | 1,290 | |
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| | Year Ended December 31, 2023 |
| | Natural Gas | | Oil | | NGL | | Total |
| Haynesville | | $ | 1,300 | | | $ | — | | | $ | — | | | $ | 1,300 | |
| Northeast Appalachia | | 1,483 | | | — | | | — | | | 1,483 | |
| | | | | | | | |
| Eagle Ford | | 70 | | | 596 | | | 98 | | | 764 | |
| | | | | | | | |
| Natural gas, oil and NGL revenue | | $ | 2,853 | | | $ | 596 | | | $ | 98 | | | $ | 3,547 | |
| | | | | | | | |
| Marketing revenue | | $ | 989 | | | $ | 1,332 | | | $ | 179 | | | $ | 2,500 | |
Major Customers
For the year ended December 31, 2025, we had sales to one purchaser that accounted for 11% of our total revenues (before the effects of hedging). For the year ended December 31, 2024, we had no purchaser that accounted for 10% or greater of our total revenues (before the effects of hedging). For the year ended December 31, 2023, we had sales to two purchasers that accounted for approximately 17% and 10% of total revenues (before the effects of hedging). No other purchasers accounted for more than 10% of our total revenues during the years ended December 31, 2025 or 2023.
Accounts Receivable
Accounts receivable as of December 31, 2025 and 2024 are detailed below:
| | | | | | | | | | | | | | |
| | December 31, 2025 | | December 31, 2024 |
| Natural gas, oil and NGL sales | | $ | 1,363 | | | $ | 1,028 | |
| Joint interest | | 232 | | | 191 | |
| Other | | 18 | | | 18 | |
| Allowance for doubtful accounts | | (14) | | | (11) | |
| Total accounts receivable, net | | $ | 1,599 | | | $ | 1,226 | |
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.