Annual report pursuant to Section 13 and 15(d)

Asset Retirement Obligations

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Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2023
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,
2023 2022
(In thousands)
Asset retirement obligations, beginning of period $60,435  $56,707 
Accretion expense 3,465  3,997 
Liabilities incurred 2,379  669 
Increase due to acquisition of oil and gas properties 2,323  — 
Liabilities settled (4,228) (2,008)
Dispositions (25,551) (4,760)
Revisions to estimates 8,256  5,830 
Asset retirement obligations, end of period 47,079  60,435 
Less: Current asset retirement obligations (4,426) (6,543)
Non-current asset retirement obligations $42,653  $53,892 
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, 2023 and 2022 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.