Asset Retirement Obligations

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation [Abstract]

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


	Years Ended December 31,
	2023	2022
	(In thousands)
Asset retirement obligations, beginning of period	$60,435	$56,707
Accretion expense	3,465	3,997
Liabilities incurred	2,379	669
Increase due to acquisition of oil and gas properties	2,323	—
Liabilities settled	(4,228)	(2,008)
Dispositions	(25,551)	(4,760)
Revisions to estimates	8,256	5,830
Asset retirement obligations, end of period	47,079	60,435
Less: Current asset retirement obligations	(4,426)	(6,543)
Non-current asset retirement obligations	$42,653	$53,892

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, 2023 and 2022 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.