Quarterly report pursuant to Section 13 or 15(d)

Asset Retirement Obligations

v2.4.0.8
Asset Retirement Obligations
6 Months Ended
Jun. 30, 2014
Asset Retirement Obligations

3.  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, 2013

$

354,422

 

Liabilities settled

 

(30,338

)

Accretion of discount

 

10,112

 

Liabilities assumed through acquisition (1)

 

15,086

 

Liabilities incurred

 

755

 

Revisions of estimated liabilities (2)

 

7,566

 

Balance, June 30, 2014

 

357,603

 

Less current portion

 

69,923

 

Long-term

$

287,680

 

 

 

 

(1)  Includes the Woodside Properties acquisition and another immaterial acquisition.

(2) Revisions were primarily due to increased estimates related to work requiring coiled tubing at two locations and removal of a platform at one location.