NOTE L. Major Customers
The Company's share of oil and gas production is sold to various purchasers who must be prequalified under the Company's credit risk policies and procedures. The Company records allowances for doubtful accounts based on the age of accounts receivables and the financial condition of its purchasers and, depending on facts and circumstances, may require purchasers to provide collateral or otherwise secure their accounts.
The following purchasers individually accounted for ten percent or more of the Company's consolidated oil, NGL and gas revenues, including the revenues from discontinued operations, in at least one of the three years ended December 31, 2013:
|
| | | | | | | | |
| Year Ended December 31, |
| 2013 | | 2012 | | 2011 |
Plains Marketing LP | 26 | % | | 25 | % | | 16 | % |
Enterprise Products Partners L.P. | 12 | % | | 14 | % | | 12 | % |
Occidental Energy Marketing Inc | 12 | % | | 13 | % | | 14 | % |
The loss of any of these significant purchasers could have a material adverse effect on the ability of the Company to sell its oil and gas production.
