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Asset Retirement Obligations
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2013
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| Asset Retirement Obligation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset Retirement Obligations |
Asset Retirement Obligations
The table below summarizes the Company’s asset retirement obligations activity for the nine months ended September 30, 2013:
Certain of the Company’s operating agreements require that assets be restricted for future abandonment obligations. Amounts recorded on the Consolidated Balance Sheets as restricted investments were $3,800 at September 30, 2013. These investments include primarily U.S. Government securities, and are held in abandonment trusts dedicated to pay future abandonment costs for several of the Company’s crude oil and natural gas properties.
On October 17, 2013, the Company announced entrance into an agreement to sell its interest in the Medusa field, Medusa Spar LLC, and substantially all of its Gulf of Mexico shelf properties to W&T. Under the agreement, which is expected to close on or before November 30, 2013, W&T will assume an estimated $4,500 of the ARO related to these offshore assets. See Note 2 for additional information.
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