Quarterly report pursuant to Section 13 or 15(d)

Asset Retirement Obligations

v2.4.1.9
Asset Retirement Obligations
3 Months Ended
Mar. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]  
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, 2014

$

390,568

 

Liabilities settled

 

(19,554

)

Accretion of discount

 

5,390

 

Liabilities incurred

 

1,536

 

Revisions of estimated liabilities (1)

 

3,283

 

Balance, March 31, 2015

 

381,223

 

Less current portion

 

16,500

 

Long-term

$

364,723

 

 

 

(1) Revisions were primarily attributable to increases from non-operated properties.