Annual report pursuant to Section 13 and 15(d)

Asset Retirement Obligations

v3.20.4
Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2020
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,
2020 2019
(In thousands)
Asset retirement obligations, beginning of period $49,733  $14,292 
Accretion expense 3,323  945 
Liabilities incurred 3,895  615 
Increase due to acquisition of oil and gas properties —  26,107 
Liabilities settled (2,220) (3,394)
Dispositions (351) (1,776)
Revisions to estimates 4,710  12,944 
Asset retirement obligations, end of period 59,090  49,733 
Less: Current asset retirement obligations (1,881) (873)
Non-current asset retirement obligations $57,209  $48,860 
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, 2020 and 2019 as long-term restricted investments were $3.5 million, 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.