Asset Retirement Obligations

12 Months Ended

Dec. 31, 2020

Asset Retirement Obligation [Abstract]

The table below summarizes the activity for the Company’s asset retirement obligations:


	Years Ended December 31,
	2020	2019
	(In thousands)
Asset retirement obligations, beginning of period	$49,733	$14,292
Accretion expense	3,323	945
Liabilities incurred	3,895	615
Increase due to acquisition of oil and gas properties	—	26,107
Liabilities settled	(2,220)	(3,394)
Dispositions	(351)	(1,776)
Revisions to estimates	4,710	12,944
Asset retirement obligations, end of period	59,090	49,733
Less: Current asset retirement obligations	(1,881)	(873)
Non-current asset retirement obligations	$57,209	$48,860

Certain of the Company’s operating agreements require that assets be restricted for future abandonment obligations. Amounts recorded on the consolidated balance sheets at December 31, 2020 and 2019 as long-term restricted investments were $3.5 million, and are presented in “Other assets, net.” These assets, which primarily include short-term U.S. Government securities, are held in abandonment trusts dedicated to pay future abandonment costs for several of the Company’s oil and natural gas properties.