Annual report pursuant to Section 13 and 15(d)

Asset Retirement Obligations

v3.19.3.a.u2
Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2019
Asset Retirement Obligation [Abstract]  
Asset Retirement Obligations Asset Retirement Obligations
The table below summarizes the activity for the Company’s asset retirement obligations:

 
Years Ended December 31,
 
 
2019
 
2018
 
 
(In thousands)
Asset retirement obligations, beginning of period
 

$14,292

 

$6,020

Accretion expense
 
945

 
874

Liabilities incurred
 
615

 
973

Increase due to acquisition of oil and gas properties
 
26,107

 
570

Liabilities settled
 
(3,394
)
 
(1,288
)
Dispositions
 
(1,776
)
 
(614
)
Revisions to estimates
 
12,944

 
7,757

Asset retirement obligations, end of period
 
49,733

 
14,292

Less: Current asset retirement obligations
 
(873
)
 
(3,887
)
Non-current asset retirement obligations
 

$48,860

 

$10,405


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, 2019 and 2018 as long-term restricted investments were $3.5 million and $3.4 million, respectively, and are presented in “Other assets, net.” 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.