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Asset Retirement Obligation
 12 Months Ended
Dec. 31, 2014
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligation
Asset Retirement Obligation
The Company accounts for asset retirement obligations in accordance with ASC Topic 410-20, which requires recording the fair value of an asset retirement obligation associated with tangible long-lived assets in the period incurred. Asset retirement obligations associated with long-lived assets included within the scope of ASC Topic 410-20 are those for which there is a legal obligation to settle under existing or enacted law, statute, written or oral contract or by legal construction under the doctrine of promissory estoppel. The Company has legal obligations to plug, abandon and dismantle existing wells and facilities that it has acquired and constructed.
The following table describes the changes to the Company’s asset retirement obligation (in thousands):
 
Year Ended December 31,
 
2014
 
2013
Asset retirement obligation, beginning of period
$
48,536

 
$
27,260

Liabilities assumed
—

 
15,319

Liabilities incurred
756

 
498

Liabilities settled
(3,623
)
 
(3,335
)
Accretion expense
2,958

 
1,753

Revisions in estimated cash flows
6,343

 
7,041

Asset retirement obligation, end of period
54,970

 
48,536

Less: current portion of asset retirement obligation
(2,756
)
 
(3,113
)
Long-term asset retirement obligation
$
52,214

 
$
45,423