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Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations

7.  Asset Retirement Obligations

The following table describes changes to our asset retirement obligations:

 

 

2015

 

 

2014

 

 

 

(In millions)

 

Asset retirement obligations at beginning of period

 

$

2,723

 

 

$

2,772

 

Liabilities incurred

 

 

57

 

 

 

63

 

Liabilities settled or disposed of

 

 

(360

)

 

 

(420

)

Accretion expense

 

 

126

 

 

 

136

 

Revisions of estimated liabilities

 

 

92

 

 

 

263

 

Foreign currency translation

 

 

(255

)

 

 

(91

)

Asset retirement obligations at end of period

 

 

2,383

 

 

 

2,723

 

Less: Current obligations

 

 

225

 

 

 

442

 

Long-term obligations at end of period

 

$

2,158

 

 

$

2,281

 

The liabilities settled or disposed of related primarily to abandonment activities conducted at the Valhall field offshore Norway and at formerly operated fields in the U.K. North Sea.  The revisions in 2015 and 2014 primarily reflect changes in the expected scope of operations and updates to service and equipment costs.