Annual report pursuant to Section 13 and 15(d)

Asset Retirement Obligations

v3.22.4
Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2022
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,
2022 2021
(In thousands)
Asset retirement obligations, beginning of period $56,707  $59,090 
Accretion expense 3,997  3,743 
Liabilities incurred 669  1,826 
Increase due to acquisition of oil and gas properties —  1,898 
Liabilities settled (2,008) (1,769)
Dispositions (4,760) (7,262)
Revisions to estimates 5,830  (819)
Asset retirement obligations, end of period 60,435  56,707 
Less: Current asset retirement obligations (6,543) (2,249)
Non-current asset retirement obligations $53,892  $54,458 
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, 2022 and 2021 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.