Quarterly report pursuant to Section 13 or 15(d)

Note 5 - Asset Retirement Obligations

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Note 5 - Asset Retirement Obligations
6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Asset Retirement Obligation Disclosure [Text Block]

5.

Asset Retirement Obligations

 

Our asset retirement obligations (“ARO”) represent the estimated present value of the amount incurred to plug, abandon and remediate our properties at the end of their productive lives.

 

A summary of the changes to our ARO is as follows (in thousands):

 

Balances, December 31, 2019

  $ 355,594  

Liabilities settled

    (2,164 )

Accretion of discount

    11,684  

Liabilities incurred, including acquisitions

    2,814  

Revisions of estimated liabilities

    6,879  

Balances, June 30, 2020

    374,807  

Less current portion

    12,506  

Long-term

  $ 362,301