Asset Retirement Obligation

12 Months Ended

Dec. 31, 2020

Asset Retirement Obligation [Abstract]

Asset Retirement Obligation

10. 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, 2019 and 2020 (in thousands):

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
Accretion expense		125
Liabilities incurred		—
Liabilities settled		(25)
Liabilities sold properties		(50)
Revisions in estimated liabilities		69
Balance December 31, 2020	$	2,117

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.