Annual report pursuant to Section 13 and 15(d)

Asset Retirement Obligations

v3.6.0.2
Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2016
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,



2016

 

2015

Asset retirement obligations at January 1, 2016

 

$

 5,107 

 

$

 6,674 

Accretion expense

 

 

 958 

 

 

 660 

Liabilities incurred

 

 

 84 

 

 

 165 

Liabilities settled

 

 

 (2,378)

 

 

 (2,964)

Revisions to estimate

 

 

 2,890 

 

 

 572 

Asset retirement obligations at end of period

 

 

 6,661 

 

 

 5,107 

Less: Current asset retirement obligations

 

 

 (2,729)

 

 

 (790)

   Long-term asset retirement obligations at December 31, 2016

 

$

 3,932 

 

$

 4,317 



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, 2016 and 2015 as long-term restricted investments were $3,332 and $3,309, 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.