Annual report pursuant to Section 13 and 15(d)

Asset Retirement Obligations

v3.8.0.1
Asset Retirement Obligations
12 Months Ended
Dec. 31, 2017
Asset Retirement Obligation [Abstract]  
Asset Retirement Obligations
Asset Retirement Obligations

The table below summarizes the activity for the Company’s asset retirement obligations:

 
For the Year Ended December 31,

 
2017
 
2016
Asset retirement obligations at January 1, 2017 and 2016, respectively
 
$
6,661

 
$
5,107

Accretion expense
 
677

 
958

Liabilities incurred
 
278

 
84

Liabilities settled
 
(711
)
 
(2,378
)
Revisions to estimate (a)
 
(885
)
 
2,890

Asset retirement obligations at end of period
 
6,020

 
6,661

Less: Current asset retirement obligations
 
(1,295
)
 
(2,729
)
   Long-term asset retirement obligations at December 31, 2017 and 2016, respectively
 
$
4,725

 
$
3,932


(a)
Revisions to estimated asset retirement obligations can result from changes in retirement cost estimates, revisions to estimated inflation rates and changes in the estimated timing of abandonment.

Certain of the Company’s operating agreements require that assets be restricted for future abandonment obligations. Amounts recorded on the Consolidated Balance Sheets at December 31, 2017 and 2016 as long-term restricted investments were $3,372 and $3,332, respectively. These assets, which primarily include short-term U.S. Government securities, are held in abandonment trusts dedicated to pay future abandonment costs for several of the Company’s oil and natural gas properties.