Annual report pursuant to Section 13 and 15(d)

Asset Retirement Obligations

Asset Retirement Obligations
12 Months Ended
Dec. 31, 2021
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,
2021 2020
(In thousands)
Asset retirement obligations, beginning of period $59,090  $49,733 
Accretion expense 3,743  3,323 
Liabilities incurred 1,826  3,895 
Increase due to acquisition of oil and gas properties 1,898  — 
Liabilities settled (1,769) (2,220)
Dispositions (7,262) (351)
Revisions to estimates (819) 4,710 
Asset retirement obligations, end of period 56,707  59,090 
Less: Current asset retirement obligations (2,249) (1,881)
Non-current asset retirement obligations $54,458  $57,209 
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, 2021 and 2020 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.