Asset Retirement Obligations

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligation [Abstract]

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


	Years Ended December 31,
	2022	2021
	(In thousands)
Asset retirement obligations, beginning of period	$56,707	$59,090
Accretion expense	3,997	3,743
Liabilities incurred	669	1,826
Increase due to acquisition of oil and gas properties	—	1,898
Liabilities settled	(2,008)	(1,769)
Dispositions	(4,760)	(7,262)
Revisions to estimates	5,830	(819)
Asset retirement obligations, end of period	60,435	56,707
Less: Current asset retirement obligations	(6,543)	(2,249)
Non-current asset retirement obligations	$53,892	$54,458

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, 2022 and 2021 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.