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Asset Retirement Obligations
 3 Months Ended
Mar. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations
ASSET RETIREMENT OBLIGATIONS

We are required to record the estimated fair value of the liabilities relating to the future retirement of our long-lived assets. Our oil and natural gas wells are plugged and abandoned when the oil and natural gas reserves in those wells are depleted or the wells are no longer able to produce. The plugging and abandonment liability for a well is recorded in the period in which the obligation is incurred (at the time the well is drilled or acquired). None of our assets are restricted for purposes of settling these AROs. All of our AROs relate to the plugging costs associated with our oil and gas wells.

The following table shows certain information about our AROs for the periods indicated:
 
 
Three Months Ended
 
 
March 31,
 
 
2015
 
2014
 
 
(In thousands)
ARO liability, January 1:
 
$
100,567

 
$
133,657

Accretion of discount
 
932

 
1,215

Liability incurred
 
5,174

 
635

Liability settled
 
(760
)
 
(548
)
Liability sold
 
(240
)
 
(459
)
Revision of estimates (1)
 
(10,232
)

(14,600
)
ARO liability, March 31:
 
95,441

 
119,900

Less current portion
 
3,467

 
2,961

Total long-term ARO
 
$
91,974

 
$
116,939

_______________________ 
(1)
Plugging liability estimates were revised in both 2015 and 2014 for updates in the cost of services used to plug wells over the preceding year. We had various upward and downward adjustments.