Asset Retirement Obligations

12 Months Ended

Dec. 31, 2021

Asset Retirement Obligation [Abstract]

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


	Years Ended December 31,
	2021	2020
	(In thousands)
Asset retirement obligations, beginning of period	$59,090	$49,733
Accretion expense	3,743	3,323
Liabilities incurred	1,826	3,895
Increase due to acquisition of oil and gas properties	1,898	—
Liabilities settled	(1,769)	(2,220)
Dispositions	(7,262)	(351)
Revisions to estimates	(819)	4,710
Asset retirement obligations, end of period	56,707	59,090
Less: Current asset retirement obligations	(2,249)	(1,881)
Non-current asset retirement obligations	$54,458	$57,209

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, 2021 and 2020 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.