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ASSET RETIREMENT OBLIGATION

3 Months Ended

Mar. 31, 2012

12. ASSET RETIREMENT OBLIGATION

Activity related to the Company’s asset retirement obligation during the three months ended March 31, 2012 is as follows:

(In thousands)
Carrying amount of asset retirement obligations at beginning of period	$	60,142
Liabilities incurred	560
Liabilities settled	(162		)
Accretion expense	744
Carrying amount of asset retirement obligations at end of period	$	61,284

- 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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