XML 38 R22.htm IDEA: XBRL DOCUMENT v3.20.2
Asset Retirement Obligation (FY)
 6 Months Ended 12 Months Ended
Jun. 30, 2020
Dec. 31, 2019
Asset Retirement Obligation [Abstract]    
Asset Retirement Obligation
(6)  Asset Retirement Obligation

Our asset retirement obligations represent the estimated present value of the amount we will incur to plug, abandon, and remediate our producing properties at the end of their productive lives in accordance with applicable laws. The following table summarizes the Company’s Asset Retirement Obligation transactions for the six months ended June 30, 2020 (in thousands):

Balance December 31, 2019
 
$
1,998
 
Accretion expense
  
63
 
Liabilities incurred
  
—
 
Liabilities settled
  
—
 
Liabilities relieved - sold properties
  
(50
)
Balance June 30, 2020
 
$
2,011
 
11. Asset Retirement Obligation

Our asset retirement obligations represent the estimated present value of the amount we will incur to plug, abandon and remediate our producing properties at the end of their productive lives in accordance with applicable laws. The following table summarizes the Company’s Asset Retirement Obligation transactions for the years ended December 31, 2018 and 2019 (in thousands):

Balance December 31, 2017
 
$
2,270
 
     
Accretion expense
  
141
 
Liabilities incurred
  
7
 
Liabilities settled
  
(41
)
Revisions in estimated liabilities
  
(198
)
Balance December 31, 2018
 
$
2,179
 
     
Accretion expense
  
132
 
Liabilities incurred
  
12
 
Liabilities settled
  
(83
)
Liabilities sold properties
  
(55
)
Revisions in estimated liabilities
  
(187
)
Balance December 31, 2019
 
$
1,998
 

The revisions in estimated liabilities resulted from change in timing of wells to be plugged, change in inflation factor, and change in current plugging costs.