Quarterly report pursuant to Section 13 or 15(d)

Asset Retirement Obligations

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Asset Retirement Obligations
9 Months Ended
Sep. 30, 2018
Asset Retirement Obligations  
Asset Retirement Obligations

8. Asset Retirement Obligations

Asset Retirement Obligations (“AROs”) represent the estimated future abandonment costs of tangible assets, such as wells, service assets and other facilities. The estimated fair value of the AROs at inception are capitalized as part of the carrying amount of the related long-lived assets. The following table reflects the changes in the Company’s AROs for the periods presented (in thousands):

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

    

2018

    

2017

Asset retirement obligations — beginning of period

 

$

15,506

 

$

14,200

Liabilities incurred

 

 

316

 

 

259

Revisions

 

 

 

 

Liabilities settled

 

 

(1)

 

 

(107)

Liabilities eliminated through asset sales

 

 

(8,699)

 

 

(1,146)

Current period accretion expense

 

 

694

 

 

833

Asset retirement obligations — end of period

 

$

7,816

 

$

14,039