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Asset Retirement Obligation
 12 Months Ended
Dec. 31, 2015
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,
 
2015
 
2014
Asset retirement obligation, beginning of period
$
54,970

 
$
48,536

Liabilities incurred
466

 
756

Liabilities settled
(5,002
)
 
(3,623
)
Accretion expense
3,259

 
2,958

Revisions in estimated cash flows
(11,137
)
 
6,343

Asset retirement obligation, end of period
42,556

 
54,970

Less: current portion of asset retirement obligation
(6,015
)
 
(2,756
)
Long-term asset retirement obligation
$
36,541

 
$
52,214


Liabilities settled during 2015 included $1.8 million as a result of the sale of our Woodford and Mississippian Lime assets.