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ASSET RETIREMENT OBLIGATIONS
 12 Months Ended
Dec. 31, 2017
Asset Retirement Obligation Disclosure [Abstract]  
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS
Upon emergence from bankruptcy, as discussed in Note 3 – Fresh Start Accounting, the Company adopted fresh start accounting which included the adjustment of asset retirement obligations to estimated fair values at February 28, 2017. The following table presents the change in our asset retirement obligations during the indicated periods (in thousands, inclusive of current portion):
 
 
Successor
 
 
Predecessor
 
 
Period from
March 1, 2017
through
December 31, 2017
 
 
Period from
January 1, 2017
through
February 28, 2017
 
Year Ended December 31,
 
 
 
 
 
2016
 
2015
Beginning balance
 
$
290,067

 
 
$
242,019

 
$
225,866

 
$
316,409

Liabilities incurred
 
2,280

 
 
—

 
2,338

 
15,933

Liabilities settled
 
(81,197
)
 
 
(3,641
)
 
(19,630
)
 
(72,713
)
Divestment of properties
 
—

 
 
(8,672
)
 
—

 
(248
)
Accretion expense
 
21,151

 
 
5,447

 
40,229

 
25,988

Revision of estimates
 
(19,200
)
 
 
—

 
(6,784
)
 
(59,503
)
Fair value fresh start adjustment
 
—

 
 
54,914

 
—

 
—

Asset retirement obligations, end of period
 
$
213,101

 
 
$
290,067

 
$
242,019

 
$
225,866