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Asset Retirement Obligation

3 Months Ended

Mar. 31, 2012

Asset Retirement Obligation [Abstract]

5. ASSET RETIREMENT OBLIGATION

The following table describes changes to the Company’s asset retirement obligation (ARO) liability for the quarter ended March 31, 2012:


	(In millions)
Asset retirement obligation at December 31, 2011	$	3,887
Liabilities incurred		109
Liabilities settled		(121	)
Accretion expense		55

Asset retirement obligation at March 31, 2012		3,930
Less current portion		(448	)

Asset retirement obligation, long-term	$	3,482

- 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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