4. REVENUE
The following table presents estimated revenue expected to be recognized over the remaining contract period related to performance obligations that are unsatisfied and are comprised of estimated MVC shortfall payments.
The Company applies the practical expedient in paragraph 606-10-50-14 of Topic 606 for certain arrangements that are considered optional purchases (i.e., there is no enforceable obligation for the customer to make purchases) and those amounts are therefore excluded from the table.
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| 2026 | | 2027 | | 2028 | | 2029 | | 2030 | | Thereafter |
| (in thousands) |
Gathering services and related fees | $ | 27,416 | | | $ | 10,810 | | | $ | 10,043 | | | $ | 1,200 | | | $ | — | | | $ | — | |
Revenue by Category. In the following tables, revenue is disaggregated by geographic area and major products and services. For more detailed information about reportable segments, see Note 18 - Segment Information.
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| Year ended December 31, 2025 |
| Gathering services and related fees | | Natural gas, NGLs and condensate sales | | Other revenues | | Total |
| (in thousands) |
| Reportable Segments: | | | | | | | |
| Rockies | $ | 62,760 | | | $ | 244,478 | | | $ | 22,113 | | | $ | 329,351 | |
| Permian | — | | | — | | | 3,641 | | | 3,641 | |
Mid-Con | 131,538 | | | 18,554 | | | 9,140 | | | 159,232 | |
| Piceance | 61,379 | | | 2,027 | | | 6,461 | | | 69,867 | |
| Northeast | — | | | — | | | — | | | — | |
| Total reportable segments | 255,677 | | | 265,059 | | | 41,355 | | | 562,091 | |
| Corporate and other | — | | | — | | | — | | | — | |
| | | | | | | |
| Total | $ | 255,677 | | | $ | 265,059 | | | $ | 41,355 | | | $ | 562,091 | |
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| Year ended December 31, 2024 |
| Gathering services and related fees | | Natural gas, NGLs and condensate sales | | Other revenues | | Total |
| (in thousands) |
| Reportable Segments: | | | | | | | |
| Rockies | $ | 63,219 | | | $ | 190,535 | | | $ | 14,757 | | | $ | 268,511 | |
| Permian | — | | | — | | | 3,641 | | | 3,641 | |
| Mid-Con | 45,659 | | | 1,717 | | | 9,515 | | | 56,891 | |
| Piceance | 73,115 | | | 2,775 | | | 5,109 | | | 80,999 | |
| Northeast | 18,851 | | | — | | | — | | | 18,851 | |
| Total reportable segments | 200,844 | | | 195,027 | | | 33,022 | | | 428,893 | |
| Corporate and other | — | | | — | | | 726 | | | 726 | |
| Total | $ | 200,844 | | | $ | 195,027 | | | $ | 33,748 | | | $ | 429,619 | |
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| Year ended December 31, 2023 |
| Gathering services and related fees | | Natural gas, NGLs and condensate sales | | Other revenues | | Total |
| (in thousands) |
| Reportable Segments: | | | | | | | |
| Rockies | $ | 65,869 | | | $ | 173,688 | | | $ | 15,474 | | | $ | 255,031 | |
| Permian | — | | | — | | | 3,570 | | | 3,570 | |
| Mid-Con | 37,508 | | | 778 | | | 6,831 | | | 45,117 | |
| Piceance | 81,041 | | | 4,788 | | | 5,588 | | | 91,417 | |
| Northeast | 63,805 | | | — | | | — | | | 63,805 | |
| Total reportable segments | 248,223 | | | 179,254 | | | 31,463 | | | 458,940 | |
| Corporate and other | — | | | — | | | (37) | | | (37) | |
| Total | $ | 248,223 | | | $ | 179,254 | | | $ | 31,426 | | | $ | 458,903 | |
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.