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Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2017
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 (AROs). 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 plugging costs associated with our oil and gas wells.

The following table shows certain information about our AROs for the periods indicated:
 
2017
 
2016
 
(In thousands)
ARO liability, January 1:
$
70,170

 
$
98,297

Accretion of discount
2,886

 
2,779

Liability incurred
1,948

 
584

Liability settled
(2,694
)
 
(1,215
)
Liability sold
(1,735
)
 
(10,882
)
Revision of estimates (1)
(1,131
)
 
(19,393
)
ARO liability, December 31:
69,444

 
70,170

Less current portion
1,726

 
2,906

Total long-term ARO liability
$
67,718

 
$
67,264

_________________________
(1)
Plugging liability estimates were revised in both 2017 and 2016 for updates in the cost of services used to plug wells over the preceding year. We had various upward and downward adjustments and changes in estimated timing of cash flows.