ASSET RETIREMENT OBLIGATIONS

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

ASSET RETIREMENT OBLIGATIONS

NOTE 5 — ASSET RETIREMENT OBLIGATIONS

AROs represent the estimated present value of the amount incurred to plug, abandon and remediate the Company’s properties at the end of their productive lives. A summary of the changes to ARO is as follows (in thousands):

	Six Months Ended June 30,
	2024		2023
Asset retirement obligations, beginning of period	$	498,815	$	466,430
Liabilities settled		(11,997)		(11,841)
Accretion expense		16,369		15,227
Liabilities acquired		17,647		—
Liabilities incurred		—		113
Revisions of estimated liabilities		13,641		10,903
Asset retirement obligations, end of period		534,475		480,832
Less: Current portion		(35,627)		(37,763)
Long-term	$	498,848	$	443,069