ASSET RETIREMENT OBLIGATIONS

12 Months Ended

Dec. 31, 2019

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligation Disclosure [Text Block]

ASSET RETIREMENT OBLIGATIONS

The following table presents the changes in carrying amounts of the asset retirement obligations associated with our working interest in crude oil and natural gas properties:

	Year Ended December 31,
	2019			2018
	(in thousands)
Beginning balance	$	115,021		$	87,306
Obligations incurred with development activities	4,605			2,793
Obligations incurred with acquisition	2,882			4,332
Accretion expense	6,117			5,075
Revisions in estimated cash flows	28,991			30,166
Obligations discharged with asset retirements	(23,426		)	(14,651		)
Obligations discharged with divestitures	(6,939		)	—
Balance at December 31	127,251			115,021
Liabilities held-for-sale	—			(4,111		)
Current portion	(32,200		)	(25,598		)
Long-term portion	$	95,051		$	85,312

Our estimated asset retirement obligations liability is based on historical experience in plugging and abandoning wells, estimated economic lives and estimated plugging, abandonment and surface reclamation costs considering federal and state regulatory requirements in effect at that time. The liability is discounted using the credit-adjusted risk-free rate estimated at the time the liability is incurred or revised. To the extent future revisions to these assumptions impact the present value of the existing asset retirement obligations liability, a corresponding adjustment is made to the properties and equipment balance. Changes in the liability due to the passage of time are recognized as an increase in the carrying amount of the liability and as accretion expense. Short-term asset retirement obligations are included in other accrued expenses.

The revisions in estimated cash flows during 2019 and 2018 were primarily due to increases in the estimated surface reclamation costs to obtain final well pad reclamation approval from the applicable regulatory agencies.