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Asset Retirement Obligations | 9 Months Ended
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Sep. 30, 2021
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations | (10) ASSET RETIREMENT OBLIGATIONS Our asset retirement obligations primarily represent the estimated present value of the amounts we will incur to plug, abandon and remediate our producing properties at the end of their productive lives. Significant inputs used in determining such obligations include estimates of plugging and abandonment costs, estimated future inflation rates and well lives. The inputs are calculated based on historical data as well as current estimated costs. A reconciliation of our liability for plugging and abandonment costs for the nine months ended September 30, 2021 and the year ended December 31, 2020 is as follows (in thousands):
|  | Nine Months Ended September 30, 2021 |  |  | Year Ended December 31, 2020 |
Beginning of period |  | $ | 79,822 |  |  | $ | 251,076 |
Liabilities incurred |  |  | 88 |  |  |  | 1,483 |
Acquisitions |  |  | — |  |  |  | 123 |
Liabilities settled |  |  | (5,719 | ) |  |  | (4,634 | )
Disposition of wells |  |  | — |  |  |  | (176,748 | )
Accretion expense |  |  | 4,257 |  |  |  | 7,518 |
Change in estimate |  |  | 2,856 |  |  |  | 1,004 |
End of period |  |  | 81,304 |  |  |  | 79,822 |
Less current portion |  |  | (6,689 | ) |  |  | (6,689 | )
Long-term asset retirement obligations |  | $ | 74,615 |  |  | $ | 73,133 |
Accretion expense is recognized as a component of depreciation, depletion and amortization expense in the accompanying consolidated statements of operations.

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2175671 + Details
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