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Asset retirement obligations (ARO)
 12 Months Ended
Dec. 31, 2011
Asset retirement obligations (ARO)

9. Asset retirement obligations (ARO)

A reconciliation of the Company’s asset retirement obligations for the years ended December 31, 2010 and 2011, are as follows (in thousands):

 

     Year Ended December 31:  
     2010      2011  

Beginning of year

    $ —         $ —     

Liabilities incurred

      —           639,176   

Liabilities settled

      —           —     

Accretion expense

      —           14,064   

Revisions to estimate

      —           —     
  

 

 

     

 

 

  

End of year

      —           653,240   

Less current asset retirement obligations

      —           (15,398 ) 
  

 

 

     

 

 

  

Long-term asset retirement obligations

    $ —         $ 637,842