Quarterly report pursuant to Section 13 or 15(d)

Asset Retirement Obligations

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Asset Retirement Obligations
 9 Months Ended
Sep. 30, 2013
Asset Retirement Obligations

4.  Asset Retirement Obligations

Our ARO primarily represents the estimated present value of the amount we will incur to plug, abandon and remediate our producing properties at the end of their productive lives in accordance with applicable laws. 

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

 

Balance, December 31, 2012

$

  384,053

 

Liabilities settled

 

(59,188

)

Accretion of discount

 

  16,236

 

Disposition of properties

 

(19,564

)

Liabilities incurred

 

  372

 

Revisions of estimated liabilities due to Hurricane Ike (1)

 

  5,526

 

Revisions of estimated liabilities – all other (1)

 

  34,672

 

Balance, September 30, 2013

 

  362,107

 

Less current portion

 

  95,014

 

Long-term

$

  267,093

 

 

 

(1) Revisions are primarily due to increases in the scope of work at several offshore locations required by the Bureau of Safety and Environmental Enforcement (“BSEE”).