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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark one)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-12209

RANGE RESOURCES CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

34-1312571

(State or Other Jurisdiction of Incorporation or Organization)

(IRS Employer Identification No.)

100 Throckmorton Street, Suite 1200

Fort Worth, Texas

76102

(Address of Principal Executive Offices)

(Zip Code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, (Par Value $0.01)

 

RRC

 

New York Stock Exchange

 

Registrant’s telephone number, including area code

(817) 870-2601

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

 

 

 

Emerging Growth Company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No

242,626,942 shares of common stock were outstanding on April 19, 2024

 


 

RANGE RESOURCES CORPORATION

FORM 10-Q

Quarter Ended March 31, 2024

Unless the context otherwise indicates, all references in this report to "Range Resources," "Range," "we," "us," or "our" are to Range Resources Corporation and its directly and indirectly owned subsidiaries. For certain industry specific terms used in this Form 10-Q, please see "Glossary of Certain Defined Terms" in our 2023 Annual Report on Form 10-K.

TABLE OF CONTENTS

 

 

 

 

 

Page

PART I – FINANCIAL INFORMATION

 

 

ITEM 1.

Financial Statements:

3

Consolidated Balance Sheets

3

Consolidated Statements of Income (Unaudited)

 

4

 

 

Consolidated Statements of Comprehensive Income (Unaudited)

 

5

Consolidated Statements of Cash Flows (Unaudited)

 

6

 

 

Consolidated Statements of Stockholders’ Equity (Unaudited)

 

7

Notes to Consolidated Financial Statements (Unaudited)

 

9

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

22

ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

 

34

ITEM 4.

Controls and Procedures

 

35

 

PART II – OTHER INFORMATION

 

 

ITEM 1.

Legal Proceedings

37

ITEM 1A.

Risk Factors

 

37

ITEM 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

37

ITEM 5.

 

Other Information

 

37

ITEM 6.

Exhibits

 

38

 

SIGNATURES

 

39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2


 

PART I – FINANCIAL INFORMATION

 

ITEM 1. Financial Statements

RANGE RESOURCES CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

 

 

March 31,

 

 

December 31,

 

 

2024

 

 

2023

 

Assets

(Unaudited)

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

343,111

 

 

$

211,974

 

Accounts receivable, less allowance for doubtful accounts of $308 in 2024 and 2023

 

167,215

 

 

 

274,669

 

Contingent consideration receivable

 

8,000

 

 

 

8,000

 

Derivative assets

 

299,987

 

 

 

341,330

 

Prepaid assets

 

23,355

 

 

 

18,159

 

Other current assets

 

19,972

 

 

 

15,992

 

Total current assets

 

861,640

 

 

 

870,124

 

Derivative assets

 

78,093

 

 

 

101,641

 

Natural gas properties, successful efforts method

 

11,393,388

 

 

 

11,225,482

 

Accumulated depletion and depreciation

 

(5,193,291

)

 

 

(5,107,801

)

 

 

6,200,097

 

 

 

6,117,681

 

Other property and equipment

 

73,642

 

 

 

72,639

 

Accumulated depreciation and amortization

 

(71,279

)

 

 

(70,943

)

 

 

2,363

 

 

 

1,696

 

Operating lease right-of-use assets

 

148,225

 

 

 

23,821

 

Other assets

 

81,383

 

 

 

88,922

 

Total assets

$

7,371,801

 

 

$

7,203,885

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

$

150,500

 

 

$

110,134

 

Asset retirement obligations

 

2,395

 

 

 

2,395

 

Accrued liabilities

 

250,430

 

 

 

290,579

 

Deferred compensation liabilities

 

34,544

 

 

 

44,149

 

Accrued interest

 

27,187

 

 

 

37,261

 

Derivative liabilities

 

10,744

 

 

 

222

 

Operating lease liabilities

 

81,044

 

 

 

11,584

 

Divestiture contract obligation

 

81,432

 

 

 

86,762

 

Total current liabilities

 

638,276

 

 

 

583,086

 

Senior notes

 

1,755,713

 

 

 

1,774,229

 

Deferred tax liabilities

 

577,906

 

 

 

561,288

 

Derivative liabilities

 

470

 

 

 

107

 

Deferred compensation liabilities

 

80,943

 

 

 

72,976

 

Operating lease liabilities

 

70,852

 

 

 

16,064

 

Asset retirement obligations and other liabilities

 

122,463

 

 

 

119,896

 

Divestiture contract obligation

 

298,411

 

 

 

310,688

 

Total liabilities

 

3,545,034

 

 

 

3,438,334

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

Preferred stock, $1 par, 10,000,000 shares authorized, none issued and outstanding

 

 

 

 

 

Common stock, $0.01 par, 475,000,000 shares authorized, 267,310,053 issued at
   March 31, 2024 and
265,756,369 issued at December 31, 2023

 

2,673

 

 

 

2,658

 

Common stock held in treasury, at cost, 24,716,065 shares at March 31, 2024 and
   
24,716,065 shares at December 31, 2023

 

(448,681

)

 

 

(448,681

)

Additional paid-in capital

 

5,868,617

 

 

 

5,879,705

 

Accumulated other comprehensive income

 

632

 

 

 

647

 

Retained deficit

 

(1,596,474

)

 

 

(1,668,778

)

Total stockholders' equity

 

3,826,767

 

 

 

3,765,551

 

Total liabilities and stockholders’ equity

$

7,371,801

 

 

$

7,203,885

 

The accompanying notes are an integral part of these consolidated financial statements.

3


 

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited, in thousands, except per share data)

 

 

Three Months Ended March 31,

 

 

2024

 

 

2023

 

 

 

 

 

 

 

Revenues and other income:

 

 

 

 

 

Natural gas, NGLs and oil sales

$

567,001

 

 

$

736,282

 

Derivative fair value income

 

46,598

 

 

 

367,967

 

Brokered natural gas, marketing and other

 

31,770

 

 

 

82,111

 

Total revenues and other income

 

645,369

 

 

 

1,186,360

 

Costs and expenses:

 

 

 

 

 

Direct operating

 

22,161

 

 

 

26,984

 

Transportation, gathering, processing and compression

 

290,875

 

 

 

285,483

 

Taxes other than income

 

5,368

 

 

 

7,894

 

Brokered natural gas and marketing

 

31,603

 

 

 

67,068

 

Exploration

 

4,526

 

 

 

4,604

 

Abandonment and impairment of unproved properties

 

2,371

 

 

 

7,510

 

General and administrative

 

43,941

 

 

 

43,146

 

Exit costs

 

10,315

 

 

 

12,323

 

Deferred compensation plan

 

6,405

 

 

 

9,396

 

Interest

 

30,476

 

 

 

32,202

 

Gain on early extinguishment of debt

 

(64

)

 

 

 

Depletion, depreciation and amortization

 

87,137

 

 

 

86,562

 

Gain on the sale of assets

 

(87

)

 

 

(138

)

Total costs and expenses

 

535,027

 

 

 

583,034

 

 

 

 

 

 

 

Income before income taxes

 

110,342

 

 

 

603,326

 

Income tax expense:

 

 

 

 

 

Current

 

1,582

 

 

 

2,699

 

Deferred

 

16,622

 

 

 

119,180

 

 

 

18,204

 

 

 

121,879

 

Net income

$

92,138

 

 

$

481,447

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

Basic

$

0.38

 

 

$

1.98

 

Diluted

$

0.38

 

 

$

1.95

 

 

 

 

 

 

 

Dividends declared per share

$

0.08

 

 

$

0.08

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

Basic

 

240,505

 

 

 

238,019

 

Diluted

 

242,406

 

 

 

240,882

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

4


 

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited, in thousands)

 

 

Three Months Ended March 31,

 

 

2024

 

 

2023

 

 

 

 

 

 

 

Net income

$

92,138

 

 

$

481,447

 

Other comprehensive income:

 

 

 

 

 

Postretirement benefits:

 

 

 

 

 

Amortization of prior service costs/actuarial gain

 

(19

)

 

 

12

 

Income tax expense (benefit)

 

4

 

 

 

(3

)

Total comprehensive income

$

92,123

 

 

$

481,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

5


 

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

 

 

Three Months Ended March 31,

 

 

2024

 

 

2023

 

 

 

 

 

 

 

Operating activities:

 

 

 

 

 

Net income

$

92,138

 

 

$

481,447

 

Adjustments to reconcile net income to net cash provided from operating activities:

 

 

 

 

 

Deferred income tax expense

 

16,622

 

 

 

119,180

 

Depletion, depreciation and amortization

 

87,137

 

 

 

86,562

 

Abandonment and impairment of unproved properties

 

2,371

 

 

 

7,510

 

Derivative fair value income

 

(46,598

)

 

 

(367,967

)

Cash settlements on derivative financial instruments

 

122,373

 

 

 

34,468

 

Divestiture contract obligation, including accretion

 

10,267

 

 

 

12,215

 

Amortization of deferred financing costs and other

 

1,232

 

 

 

1,310

 

Deferred and stock-based compensation

 

18,215

 

 

 

20,681

 

Gain on the sale of assets

 

(87

)

 

 

(138

)

Gain on early extinguishment of debt

 

(64

)

 

 

 

Changes in working capital:

 

 

 

 

 

Accounts receivable

 

107,454

 

 

 

225,213

 

Other current assets

 

(8,944

)

 

 

(5,335

)

Accounts payable

 

12,188

 

 

 

(10,822

)

Accrued liabilities and other

 

(82,374

)

 

 

(129,368

)

Net cash provided from operating activities

 

331,930

 

 

 

474,956

 

Investing activities:

 

 

 

 

 

Additions to natural gas properties

 

(132,881

)

 

 

(125,468

)

Additions to field service assets

 

(1,003

)

 

 

(74

)

Acreage purchases

 

(21,714

)

 

 

(12,742

)

Proceeds from disposal of assets

 

31

 

 

 

660

 

Purchases of marketable securities held by the deferred compensation plan

 

(13,556

)

 

 

(1,869

)

Proceeds from the sales of marketable securities held by the deferred
   compensation plan

 

15,234

 

 

 

1,200

 

Net cash used in investing activities

 

(153,889

)

 

 

(138,293

)

Financing activities:

 

 

 

 

 

Borrowings on credit facility

 

 

 

 

185,000

 

Repayments on credit facility

 

 

 

 

(204,000

)

Repayment of senior notes

 

(14,975

)

 

 

 

Dividends paid

 

(19,407

)

 

 

(19,334

)

Treasury stock purchases

 

 

 

 

(7,834

)

Taxes paid for shares withheld

 

(24,214

)

 

 

(39,057

)

Change in cash overdrafts

 

10,003

 

 

 

(29,064

)

Proceeds from the sales of common stock held by the deferred
  compensation plan

 

1,689

 

 

 

5,052

 

Net cash used in financing activities

 

(46,904

)

 

 

(109,237

)

Increase in cash and cash equivalents

 

131,137

 

 

 

227,426

 

Cash and cash equivalents at beginning of period

 

211,974

 

 

 

207

 

Cash and cash equivalents at end of period

$

343,111

 

 

$

227,633

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

6


 

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in thousands, except per share data)

 

Fiscal Year 2024

 

 

 

 

 

 

 

 

 

Common

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

stock

 

 

Additional

 

 

other

 

 

 

 

 

 

 

 

Common stock

 

 

Treasury

 

 

held in

 

 

paid-in

 

 

comprehensive

 

 

Retained

 

 

 

 

 

Shares

 

 

Par value

 

 

shares

 

 

treasury

 

 

capital

 

 

income (loss)

 

 

deficit

 

 

Total

 

Balance as of December 31, 2023

 

265,756

 

 

$

2,658

 

 

 

(24,716

)

$

(448,681

)

 

$

5,879,705

 

 

$

647

 

 

$

(1,668,778

)

 

$

3,765,551

 

Issuance of common stock

 

1,547

 

 

 

15

 

 

 

 

 

 

 

 

 

(22,428

)

 

 

 

 

 

 

 

 

(22,413

)

Issuance of common stock upon
   vesting of PSUs

 

7

 

 

 

 

 

 

 

 

 

 

 

 

361

 

 

 

 

 

 

(361

)

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

10,979

 

 

 

 

 

 

 

 

 

10,979

 

Dividends ($0.08 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,473

)

 

 

(19,473

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15

)

 

 

 

 

 

(15

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

92,138

 

 

 

92,138

 

Balance as of March 31, 2024

 

267,310

 

 

$

2,673

 

 

 

(24,716

)

$

(448,681

)

 

$

5,868,617

 

 

$

632

 

 

$

(1,596,474

)

 

$

3,826,767

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

7


 

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in thousands, except per share data)

 

Fiscal Year 2023

 

 

 

 

 

 

 

 

 

Common

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

stock

 

 

Additional

 

 

other

 

 

 

 

 

 

 

 

Common stock

 

 

Treasury

 

 

held in

 

 

paid-in

 

 

comprehensive

 

 

Retained

 

 

 

 

 

Shares

 

 

Par value

 

 

shares

 

 

treasury

 

 

capital

 

 

income

 

 

deficit

 

 

Total

 

Balance as of December 31, 2022

 

262,887

 

 

$

2,629

 

 

 

(24,002

)

 

$

(429,659

)

 

$

5,764,970

 

 

$

467

 

 

$

(2,462,401

)

 

$

2,876,006

 

Issuance of common stock

 

2,974

 

 

 

28

 

 

 

 

 

 

 

 

 

(33,963

)

 

 

 

 

 

 

 

 

(33,935

)

Issuance of common stock
   upon vesting of PSUs

 

6

 

 

 

 

 

 

 

 

 

 

 

 

278

 

 

 

 

 

 

(278

)

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

9,096

 

 

 

 

 

 

 

 

 

9,096

 

Dividends ($0.08 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,334

)

 

 

(19,334

)

Treasury stock issuance

 

 

 

 

 

 

 

1

 

 

 

20

 

 

 

(20

)

 

 

 

 

 

 

 

 

 

Treasury stock repurchased

 

 

 

 

 

 

 

(323

)

 

 

(7,737

)

 

 

 

 

 

 

 

 

 

 

 

(7,737

)

Excise tax on stock repurchases

 

 

 

 

 

 

 

 

 

 

(97

)

 

 

 

 

 

 

 

 

 

 

 

(97

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

 

 

 

 

 

 

9

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

481,447

 

 

 

481,447

 

Balance as of March 31, 2023

 

265,867

 

 

$

2,657

 

 

 

(24,324

)

 

$

(437,473

)

 

$

5,740,361

 

 

$

476

 

 

$

(2,000,566

)

 

$

3,305,455

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

8


 

RANGE RESOURCES CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(1) SUMMARY OF ORGANIZATION AND NATURE OF BUSINESS

Range Resources Corporation is a Fort Worth, Texas-based independent natural gas, natural gas liquids (NGLs) and crude oil and condensate company engaged in the exploration, development and acquisition of natural gas and liquids properties in the Appalachian region of the United States. Our objective is to build stockholder value through returns-focused development of natural gas properties. Range is a Delaware corporation with our common stock listed and traded on the New York Stock Exchange under the symbol "RRC."

(2) BASIS OF PRESENTATION

These consolidated financial statements are unaudited but, in the opinion of management, reflect all adjustments necessary for a fair statement of the results for the periods reported. All adjustments are of a normal recurring nature unless otherwise disclosed. These consolidated financial statements, including selected notes, have been prepared in accordance with the applicable rules of the Securities Exchange Commission (the SEC) and do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America (U.S. GAAP) for complete financial statements.

These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2023 Annual Report on Form 10-K filed with the SEC on February 21, 2024. The results of operations for first quarter ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year. We make certain reclassifications to the prior year statements to conform with the current year presentation. These reclassifications have no impact on previously reported stockholders' equity, net income or cash flows.

(3) NEW ACCOUNTING STANDARDS

Not Yet Adopted

There were no issued or pending accounting standards expected to have a material impact on our consolidated financial statements.

(4) REVENUES FROM CONTRACTS WITH CUSTOMERS

Disaggregation of Revenue

We have three material revenue streams in our business: natural gas sales, NGLs sales and condensate sales (referred to below as oil sales). Brokered revenue attributable to each product sales type is included here because the volume of product that we purchase is subsequently sold to separate counterparties in accordance with existing sales contracts under which we also sell our production. Other marketing revenue for the three months ended March 31, 2023 includes the receipt of a $3.6 million make-whole payment. Accounts receivable attributable to our revenue contracts with customers was $161.3 million at March 31, 2024 and $263.9 million at December 31, 2023. Revenue attributable to each of our identified revenue streams is disaggregated below (in thousands):

 

 

 

Three Months Ended
March 31,

 

 

2024

 

 

2023

 

Natural gas sales

$

271,475