Annual report pursuant to Section 13 and 15(d)

Asset Retirement Obligations

v2.4.1.9
Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2014
Asset Retirement Obligation [Abstract]  
Asset Retirement Obligations

Note 12 - Asset Retirement Obligations

 

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

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

 

2014

 

2013

Asset retirement obligations at January 1, 2014

 

$
6,732 

 

$
13,301 

Accretion expense

 

 
826 

 

 
1,785 

Liabilities incurred

 

 
638 

 

 
679 

Liabilities assumed

 

 
140 

 

 

—

Liabilities settled

 

 
(2,130)

 

 
(457)

Liabilities related to oil and gas properties sold

 

 

—

 

 
(4,765)

Revisions to estimate

 

 
468 

 

 
(3,811)

Asset retirement obligations at end of period

 

 
6,674 

 

 
6,732 

Less: Current asset retirement obligations

 

 
(4,747)

 

 
(4,120)

Long-term asset retirement obligations at December 31, 2014

 

$
1,927 

 

$
2,612 

 

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, 2014 as long-term restricted investments were $3,810. 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.