v3.25.1
REVENUE RECOGNITION
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Disaggregation of Revenue
The following table presents a disaggregation of the Company’s revenue:
Three Months Ended March 31,
20252024
(In thousands)
Gathering and processing services$127,926 $102,195 
Natural gas, NGLs and condensate sales312,505 236,567 
Other revenue2,832 2,632 
   Total revenues$443,263 $341,394 
There have been no significant changes to the Company’s contracts with customers during the three months ended March 31, 2025, aside from the addition of certain gas gathering and processing agreements associated with the Durango Acquisition in 2024. Contracts with customers acquired through the Durango Acquisition had similar structures to the Company’s existing contracts with customers. The Company recognized $0.3 million in revenues from MVC deficiency payments for the three months ended March 31, 2025. The Company did not recognize any revenue from MVC deficiency payments for the three months ended March 31, 2024.
Remaining Performance Obligations
The following table presents our estimated revenue from contracts with customers for remaining performance obligations that have not yet been recognized, representing our contractually committed revenues as of March 31, 2025:
Amount
Fiscal Year(In thousands)
Remaining of 2025$40,424 
202672,548 
202775,961 
202874,856 
202972,225 
Thereafter163,731 
$499,745 
Our contractually committed revenue, for the purposes of the tabular presentation above, is limited to customer contracts that have fixed pricing and fixed volume terms and conditions, including contracts with payment obligations associated with MVCs.
Contract Liabilities
The following table provides information about contract liabilities from contracts with customers as of March 31, 2025:
Amount
(In thousands)
Balance at December 31, 2024$26,665 
Reclassification of beginning contract liabilities to revenue as a result of performance obligations being satisfied(1,687)
Cash received in advance and not recognized as revenue425 
Balance at March 31, 202525,403 
Less: Current portion5,049 
Non-current portion$20,354 
Contract liabilities relate to payments received in advance of satisfying performance obligations under a contract, which result from contribution in aid of construction payments. Current and noncurrent contract liabilities are included in “Other Current Liabilities” and “Contract Liabilities,” respectively, in the Condensed Consolidated Balance Sheets.
Contract Cost Assets
The Company has capitalized certain costs incurred to obtain a contract or additional contract dedicated acreage or volumes that would not have been incurred if the contract or associated acreage and volumes had not been obtained. As of March 31, 2025 and December 31, 2024, the Company had contract acquisition cost assets of $62.9 million and $64.6 million, respectively. Current and noncurrent contract cost assets are included in “Prepaid and Other Current Assets” and “Deferred Charges and Other Assets,” respectively, in the Condensed Consolidated Balance Sheets. The Company amortizes these assets as cost of sales on a straight-line basis over the life of the associated long-term customer contracts. The Company recognized costs of sales associated with these assets of $1.7 million for the three months ended March 31, 2025 and 2024.