Asset Retirement Obligations

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligations

Asset Retirement Obligations

(8) Asset Retirement Obligations

The following table presents a reconciliation of the Company’s asset retirement obligations (in thousands):

	Year Ended December 31,
	2022		2023
Beginning balance	$	53,952		59,485
Obligations incurred		3,456		1,106
Accretion expense		4,906		3,244
Settlement of obligations		(1,050)		(718)
Obligations on sold properties		(42)		—
Revisions to prior estimates		(1,737)		(3,903)
Ending balance	$	59,485		59,214

Revisions to prior estimates during the years ended December 31, 2022 and 2023 are primarily due to increases in estimated well lives. Asset retirement obligations are included in Other liabilities on the Company’s consolidated balance sheets.