Asset Retirement Obligation

3 Months Ended

Mar. 31, 2013

Asset Retirement Obligation Disclosure [Abstract]

5. ASSET RETIREMENT OBLIGATION

The following table describes changes to the Company’s asset retirement obligation (ARO) liability for the three-month period ended March 31, 2013:


	(In millions)
Asset retirement obligation at December 31, 2012	$	4,578
Liabilities incurred		132
Liabilities acquired		53
Liabilities settled		(163	)
Accretion expense		65

Asset retirement obligation at March 31, 2013		4,665
Less current portion		(468	)

Asset retirement obligation, long-term	$	4,197

- 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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