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Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2015
Asset Retirement Obligations  
Asset Retirement Obligations

(7) Asset Retirement Obligations

The following is a reconciliation of the Company’s asset retirement obligations for the years ended December 31, 2014 and 2015 (in thousands).

 

 

 

 

 

 

 

 

 

 

2014

 

2015

 

Asset retirement obligations—beginning of year

 

$
11,859

 

$
16,614

 

Obligations incurred for wells drilled

 

 
3,484

 

 
9,213

 

Revisions to prior estimates

 

 

 —

 

 
3,130

 

Accretion expense

 

 
1,271

 

 
1,655

 

Asset retirement obligations—end of year

 

$
16,614

 

$
30,612

 

 

Revisions to prior estimates in 2015 are primarily due to a decrease in the estimated economic lives of our wells as a result of the decrease in commodity prices during 2015.  Asset retirement obligations are included in other liabilities on the consolidated balance sheets.