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Asset Retirement Obligation

6 Months Ended

Jun. 30, 2011

Asset Retirement Obligation [Abstract]

4. ASSET RETIREMENT OBLIGATION

The following table describes changes to the Company’s asset retirement obligation (ARO) liability for the quarter ended June 30, 2011:


	(In millions)
Asset retirement obligation at December 31, 2010	$	2,872
Liabilities incurred		186
Liabilities settled		(238	)
Accretion expense		75

Asset retirement obligation at June 30, 2011		2,895

Less current portion		(360	)


Asset retirement obligation, long-term	$	2,535

- Definition

The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.

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