Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2019

Asset Retirement Obligation Disclosure [Abstract]

Schedule of asset retirement obligations

The following table describes the changes in our AROs (both current and long-term) (in thousands):

AROs at January 1, 2019	$	—
Liability incurred during the period (1)	53,294
Liability settled during the period	(28,296		)
Revisions in estimated cash flows	822
Accretion expense	2,438
AROs at December 31, 2019	$	28,258

(1)

In connection with the acquisition in January 2019 of certain assets associated with the Droshky Prospect (Notes 1 and 8), we assumed the AROs for the required P&A of those assets in exchange for agreed-upon amounts to be paid by Marathon Oil as the P&A work is completed. We initially recognized $53.3 million of ARO liability, $50.8 million of receivables and $2.5 million of acquired property for this transaction.