Quarterly report pursuant to Section 13 or 15(d)

ASSET RETIREMENT OBLIGATIONS

v3.23.3
ASSET RETIREMENT OBLIGATIONS
9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
ASSET RETIREMENT OBLIGATIONS

NOTE 8 ASSET RETIREMENT OBLIGATIONS

AROs represent the estimated present value of the amount incurred to plug, abandon and remediate the Company’s properties at the end of their productive lives. A summary of the changes to ARO is as follows (in thousands):

Nine Months Ended September 30, 

    

2023

    

2022

Asset retirement obligations, beginning of period

$

466,429

$

424,495

Liabilities settled

 

(24,918)

 

(61,285)

Accretion expense

 

21,641

 

19,536

Liabilities acquired

 

16,352

 

33,202

Liabilities incurred

113

138

Revisions of estimated liabilities

 

18,797

 

37,524

Asset retirement obligations, end of period

498,414

453,610

Less: Current portion

 

(33,169)

 

(54,886)

Long-term

$

465,245

$

398,724