Annual report pursuant to Section 13 and 15(d)

Asset Retirement Obligations

v3.3.1.900
Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2015
Asset Retirement Obligations [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,

 

2015

 

2014

Asset retirement obligations at January 1, 2015

 

$

 6,674 

 

$

 6,732 

Accretion expense

 

 

 660 

 

 

 826 

Liabilities incurred

 

 

 165 

 

 

 638 

Liabilities assumed

 

 

—

 

 

 140 

Liabilities settled

 

 

 (2,964)

 

 

 (2,130)

Revisions to estimate

 

 

 572 

 

 

 468 

Asset retirement obligations at end of period

 

 

 5,107 

 

 

 6,674 

Less: Current asset retirement obligations

 

 

 (790)

 

 

 (4,747)

Long-term asset retirement obligations at December 31, 2015

 

$

 4,317 

 

$

 1,927 

 

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, 2015 and 2014 as long-term restricted investments were $3,309 and $3,810, respectively. 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.